This page shows Bausch Health Companies Inc (BHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Bausch Health Companies Inc has an operating margin of 17.7%, meaning the company retains $18 of operating profit per $100 of revenue. This results in a moderate score of 61/100, indicating healthy but not exceptional operating efficiency. This is up from 16.1% the prior year.
Bausch Health Companies Inc's revenue grew 6.7% year-over-year to $10.3B, a solid pace of expansion. This earns a growth score of 44/100.
Bausch Health Companies Inc's current ratio of 1.47 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 25/100, which could limit financial flexibility.
Bausch Health Companies Inc has a free cash flow margin of 9.8%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.
Bausch Health Companies Inc scores 0.24, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Bausch Health Companies Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Bausch Health Companies Inc generates $8.92 in operating cash flow ($1.4B OCF vs $157.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Bausch Health Companies Inc earns $1.1 in operating income for every $1 of interest expense ($1.8B vs $1.6B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Bausch Health Companies Inc generated $10.3B in revenue in fiscal year 2025. This represents an increase of 6.7% from the prior year.
Bausch Health Companies Inc's EBITDA was $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.4% from the prior year.
Bausch Health Companies Inc reported $157.0M in net income in fiscal year 2025. This represents an increase of 441.3% from the prior year.
Bausch Health Companies Inc earned $0.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 423.1% from the prior year.
Cash & Balance Sheet
Bausch Health Companies Inc generated $1.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 20.4% from the prior year.
Bausch Health Companies Inc held $1.3B in cash against $20.6B in long-term debt as of fiscal year 2025.
Bausch Health Companies Inc had 371M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.
Margins & Returns
Bausch Health Companies Inc's operating margin was 17.7% in fiscal year 2025, reflecting core business profitability. This is up 1.6 percentage points from the prior year.
Bausch Health Companies Inc's net profit margin was 1.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.0 percentage points from the prior year.
Capital Allocation
Bausch Health Companies Inc invested $629.0M in research and development in fiscal year 2025. This represents an increase of 2.1% from the prior year.
Bausch Health Companies Inc invested $397.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 17.8% from the prior year.
BHC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8B+4.3% | $2.7B+6.0% | $2.5B+12.0% | $2.3B-11.7% | $2.6B+2.0% | $2.5B+4.5% | $2.4B+11.6% | $2.2B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $161.0M-3.0% | $166.0M+4.4% | $159.0M+11.2% | $143.0M-12.3% | $163.0M+11.6% | $146.0M-6.4% | $156.0M+3.3% | $151.0M |
| SG&A Expenses | $882.0M+10.9% | $795.0M-11.1% | $894.0M+3.1% | $867.0M+5.7% | $820.0M-3.5% | $850.0M+2.2% | $832.0M+4.8% | $794.0M |
| Operating Income | $474.0M-23.4% | $619.0M+39.4% | $444.0M+60.9% | $276.0M-50.5% | $558.0M+75.5% | $318.0M-18.3% | $389.0M+38.4% | $281.0M |
| Interest Expense | $397.0M-3.6% | $412.0M-11.4% | $465.0M+40.9% | $330.0M-2.1% | $337.0M-2.6% | $346.0M-1.1% | $350.0M-1.4% | $355.0M |
| Income Tax | $159.0M+329.7% | $37.0M+208.3% | $12.0M-69.2% | $39.0M-64.9% | $111.0M+56.3% | $71.0M+44.9% | $49.0M+512.5% | $8.0M |
| Net Income | -$112.0M-162.6% | $179.0M+20.9% | $148.0M+355.2% | -$58.0M-162.4% | $93.0M+209.4% | -$85.0M-950.0% | $10.0M+115.6% | -$64.0M |
| EPS (Diluted) | N/A | $0.48+20.0% | $0.40+350.0% | $-0.16 | N/A | $-0.23-866.7% | $0.03+117.6% | $-0.17 |
BHC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $26.4B-1.7% | $26.8B-1.6% | $27.3B+3.2% | $26.4B-0.4% | $26.5B-0.1% | $26.5B+0.2% | $26.5B-1.6% | $26.9B |
| Current Assets | $6.2B-1.5% | $6.2B-4.1% | $6.5B+13.6% | $5.7B-0.7% | $5.8B+7.9% | $5.4B+2.7% | $5.2B-3.4% | $5.4B |
| Cash & Equivalents | $1.3B+0.1% | $1.3B-24.3% | $1.7B+52.3% | $1.1B-4.0% | $1.2B+64.3% | $719.0M+20.8% | $595.0M-18.8% | $733.0M |
| Inventory | $1.6B+1.9% | $1.6B-3.4% | $1.7B+2.6% | $1.6B+1.1% | $1.6B-3.6% | $1.7B+2.7% | $1.6B-1.5% | $1.6B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $11.3B-0.1% | $11.3B-0.1% | $11.3B+1.3% | $11.2B+0.6% | $11.1B-0.8% | $11.2B+0.4% | $11.1B-0.3% | $11.2B |
| Total Liabilities | $26.0B-1.8% | $26.5B-2.4% | $27.1B+1.7% | $26.7B-0.7% | $26.8B+0.2% | $26.8B+0.2% | $26.7B-1.3% | $27.1B |
| Current Liabilities | $4.2B-12.8% | $4.8B-3.7% | $5.0B+16.9% | $4.3B-37.0% | $6.8B+49.8% | $4.5B+3.1% | $4.4B-0.8% | $4.4B |
| Long-Term Debt | $20.6B+0.6% | $20.5B-1.9% | $20.9B-1.7% | $21.2B+12.1% | $18.9B-10.0% | $21.1B-0.7% | $21.2B-1.5% | $21.5B |
| Total Equity | -$554.0M+1.9% | -$565.0M+26.0% | -$764.0M+35.4% | -$1.2B+7.5% | -$1.3B-8.9% | -$1.2B+0.1% | -$1.2B-5.4% | -$1.1B |
| Retained Earnings | -$9.7B-1.2% | -$9.6B+1.8% | -$9.7B+1.5% | -$9.9B-0.6% | -$9.8B+0.9% | -$9.9B-0.9% | -$9.8B+0.1% | -$9.8B |
BHC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $495.0M+22.2% | $405.0M+40.1% | $289.0M+37.0% | $211.0M-64.9% | $601.0M+48.4% | $405.0M+6.6% | $380.0M+80.1% | $211.0M |
| Capital Expenditures | $92.0M+1.1% | $91.0M-8.1% | $99.0M-13.9% | $115.0M+8.5% | $106.0M+49.3% | $71.0M-9.0% | $78.0M-4.9% | $82.0M |
| Free Cash Flow | $403.0M+28.3% | $314.0M+65.3% | $190.0M+97.9% | $96.0M-80.6% | $495.0M+48.2% | $334.0M+10.6% | $302.0M+134.1% | $129.0M |
| Investing Cash Flow | -$282.0M-239.8% | -$83.0M+17.0% | -$100.0M+23.1% | -$130.0M+35.0% | -$200.0M-96.1% | -$102.0M-29.1% | -$79.0M-8.2% | -$73.0M |
| Financing Cash Flow | -$235.0M+67.3% | -$719.0M-300.8% | $358.0M+345.2% | -$146.0M-271.8% | $85.0M+145.0% | -$189.0M+55.4% | -$424.0M-24.7% | -$340.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BHC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 17.0%-6.1pp | 23.1%+5.5pp | 17.5%+5.3pp | 12.2%-9.6pp | 21.8%+9.1pp | 12.7%-3.5pp | 16.2%+3.1pp | 13.1% |
| Net Margin | -4.0%-10.7pp | 6.7%+0.8pp | 5.9%+8.4pp | -2.6%-6.2pp | 3.6%+7.0pp | -3.4%-3.8pp | 0.4%+3.4pp | -3.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -0.4%-1.1pp | 0.7%+0.1pp | 0.5%+0.8pp | -0.2%-0.6pp | 0.4%+0.7pp | -0.3%-0.4pp | 0.0%+0.3pp | -0.2% |
| Current Ratio | 1.47+0.2 | 1.300.0 | 1.31-0.0 | 1.35+0.5 | 0.86-0.3 | 1.190.0 | 1.19-0.0 | 1.23 |
| Debt-to-Equity | -37.17-1.0 | -36.22-8.9 | -27.30-9.4 | -17.94-3.1 | -14.81+3.1 | -17.93+0.1 | -18.05+1.3 | -19.31 |
| FCF Margin | 14.4%+2.7pp | 11.7%+4.2pp | 7.5%+3.3pp | 4.3%-15.1pp | 19.3%+6.0pp | 13.3%+0.7pp | 12.6%+6.6pp | 6.0% |
Note: Shareholder equity is negative (-$554.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Bausch Health Companies Inc's annual revenue?
Bausch Health Companies Inc (BHC) reported $10.3B in total revenue for fiscal year 2025. This represents a 6.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Bausch Health Companies Inc's revenue growing?
Bausch Health Companies Inc (BHC) revenue grew by 6.7% year-over-year, from $9.6B to $10.3B in fiscal year 2025.
Is Bausch Health Companies Inc profitable?
Yes, Bausch Health Companies Inc (BHC) reported a net income of $157.0M in fiscal year 2025, with a net profit margin of 1.5%.
What is Bausch Health Companies Inc's EBITDA?
Bausch Health Companies Inc (BHC) had EBITDA of $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Bausch Health Companies Inc have?
As of fiscal year 2025, Bausch Health Companies Inc (BHC) had $1.3B in cash and equivalents against $20.6B in long-term debt.
What is Bausch Health Companies Inc's operating margin?
Bausch Health Companies Inc (BHC) had an operating margin of 17.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Bausch Health Companies Inc's net profit margin?
Bausch Health Companies Inc (BHC) had a net profit margin of 1.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Bausch Health Companies Inc's free cash flow?
Bausch Health Companies Inc (BHC) generated $1.0B in free cash flow during fiscal year 2025. This represents a -20.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Bausch Health Companies Inc's operating cash flow?
Bausch Health Companies Inc (BHC) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bausch Health Companies Inc's total assets?
Bausch Health Companies Inc (BHC) had $26.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bausch Health Companies Inc's capital expenditures?
Bausch Health Companies Inc (BHC) invested $397.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Bausch Health Companies Inc spend on research and development?
Bausch Health Companies Inc (BHC) invested $629.0M in research and development during fiscal year 2025.
What is Bausch Health Companies Inc's current ratio?
Bausch Health Companies Inc (BHC) had a current ratio of 1.47 as of fiscal year 2025, which is considered adequate.
What is Bausch Health Companies Inc's debt-to-equity ratio?
Bausch Health Companies Inc (BHC) had a debt-to-equity ratio of -37.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bausch Health Companies Inc's return on assets (ROA)?
Bausch Health Companies Inc (BHC) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Bausch Health Companies Inc's debt-to-equity ratio negative or unusual?
Bausch Health Companies Inc (BHC) has negative shareholder equity of -$554.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Bausch Health Companies Inc's Altman Z-Score?
Bausch Health Companies Inc (BHC) has an Altman Z-Score of 0.24, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Bausch Health Companies Inc's Piotroski F-Score?
Bausch Health Companies Inc (BHC) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bausch Health Companies Inc's earnings high quality?
Bausch Health Companies Inc (BHC) has an earnings quality ratio of 8.92x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Bausch Health Companies Inc cover its interest payments?
Bausch Health Companies Inc (BHC) has an interest coverage ratio of 1.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Bausch Health Companies Inc?
Bausch Health Companies Inc (BHC) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.