Detailed financial statements for Bausch Health Companies Inc. (BHC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Bausch Health Companies Inc., together with its associated entities, is engaged in the development, manufacturing, and commercialization of a diverse portfolio of pharmaceutical products, medical devices, and over-the-counter remedies. Its primary therapeutic focus areas include ophthalmology, digestive health, and dermatology.
Analysis Summary
Bausch Health Companies Inc. reported revenue of $10.27B in the most recent fiscal year, growing at a 5-year CAGR of 5.0%.
Trailing-twelve-month margins: gross margin 79.1%, operating margin 28.0%, net margin -7.6%. Free cash flow grew at 4.6% CAGR over 5 years.
At $8.91 (closing price, October 29, 2026), BHC has negative trailing earnings (P/E not meaningful) and an ROE of 58.90%. Market capitalisation stands at $3.3B.
Balance sheet quality for BHC: current ratio of 1.5, net debt of $19.88B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.00B represents 639% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.67B | $8.72B | $8.38B | $8.60B | $8.03B | $8.43B | $8.12B | $8.76B | $9.62B | $10.27B |
| Cost of Revenue | $2.57B | $2.55B | $2.35B | $2.35B | $2.25B | $2.39B | $2.36B | $2.56B | $2.78B | $3.01B |
| Gross Profit | $7.10B | $6.18B | $6.03B | $6.25B | $5.78B | $6.04B | $5.76B | $6.20B | $6.84B | $7.25B |
| Research & Development | $469.0M | $369.0M | $442.0M | $516.0M | $485.0M | $473.0M | $530.0M | $604.0M | $634.0M | $629.0M |
| Selling, General & Admin | $2.78B | $2.58B | $2.47B | $2.55B | $2.37B | $2.49B | $2.53B | $2.90B | $3.28B | $3.44B |
| Operating Expenses | $7.67B | $6.07B | $8.41B | $6.45B | $5.10B | $5.59B | $5.31B | $5.24B | $5.30B | $5.07B |
| Operating Income | -$566.0M | $102.0M | -$2.38B | -$203.0M | $676.0M | $450.0M | $454.0M | $963.0M | $1.55B | $2.19B |
| EBITDA | $4.07B | $3.41B | $3.32B | $3.42B | $3.14B | $3.26B | $2.88B | $2.88B | $3.13B | $3.18B |
| Interest Expense | $1.84B | $1.84B | $1.69B | $1.61B | $1.53B | $1.43B | $1.46B | $1.33B | $1.39B | $1.60B |
| Pre-tax Income | -$2.44B | -$1.74B | -$4.15B | -$1.84B | -$934.0M | -$1.02B | -$129.0M | -$390.0M | $167.0M | $367.0M |
| Income Tax | -$27.0M | -$4.14B | -$10.0M | -$54.0M | -$375.0M | -$87.0M | $83.0M | $221.0M | $239.0M | $247.0M |
| Net Income | -$2.41B | $2.40B | -$4.15B | -$1.78B | -$559.0M | -$948.0M | -$225.0M | -$592.0M | -$46.0M | $157.0M |
| EPS | $-6.94 | $8.63 | $-11.86 | $-5.06 | $-1.57 | $-2.61 | $-0.62 | $-1.62 | $-0.13 | $0.43 |
| EPS (Diluted) | $-6.94 | $8.59 | $-11.86 | $-5.06 | $-1.57 | $-2.61 | $-0.62 | $-1.62 | $-0.13 | $0.43 |
| Shares Outstanding (Diluted) | 347.3 M | 351.8 M | 349.9 M | 352.1 M | 355.0 M | 358.9 M | 362.0 M | 364.9 M | 368.0 M | 375.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.68B | $2.80B | $2.52B | $2.85B |
| Gross Profit | $1.93B | $2.00B | $1.79B | $2.08B |
| Operating Income | $636.0M | $829.0M | $521.0M | $775.0M |
| EBITDA | $936.0M | $743.0M | -$657.0M | $1.02B |
| Net Income | $179.0M | -$112.0M | -$1.42B | $258.0M |
| EPS | $0.48 | $-0.31 | $-3.79 | $0.67 |
| EPS (Diluted) | $0.47 | $-0.31 | $-3.79 | $0.68 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $542.0M | $720.0M | $721.0M | $3.24B | $605.0M | $582.0M | $564.0M | $947.0M | $1.18B | $1.32B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.52B | $2.13B | $1.86B | $1.84B | $1.58B | $1.77B | $1.79B | $2.00B | $2.14B | $2.35B |
| Inventory | $1.06B | $1.05B | $934.0M | $1.11B | $1.09B | $993.0M | $1.09B | $1.54B | $1.59B | $1.63B |
| Total Current Assets | $5.08B | $4.75B | $723.0M | $6.97B | $5.34B | $5.61B | $4.25B | $5.60B | $5.77B | $6.15B |
| Property, Plant & Equipment | $1.31B | $1.40B | $1.35B | $1.47B | $1.57B | $1.60B | $1.60B | $1.71B | $1.78B | $2.07B |
| Goodwill | $15.79B | $15.59B | $13.14B | $13.13B | $13.04B | $12.46B | $11.55B | $11.18B | $11.09B | $11.25B |
| Intangible Assets | $18.88B | $15.21B | $12.00B | $10.20B | $8.45B | $6.95B | $5.80B | $6.46B | $5.55B | $4.63B |
| Total Assets | $43.53B | $37.50B | $27.45B | $33.86B | $31.20B | $29.20B | $25.69B | $27.35B | $26.52B | $26.32B |
| Accounts Payable | $324.0M | $365.0M | $411.0M | $503.0M | $337.0M | $407.0M | $521.0M | $719.0M | $656.0M | $598.9M |
| Short-term Debt | $1.0M | $209.0M | $228.0M | $1.23B | 0 | 0 | $432.0M | $450.0M | $2.67B | $296.5M |
| Total Current Liabilities | $3.61B | $4.27B | $3.84B | $6.25B | $4.91B | $5.20B | $3.94B | $4.30B | $6.75B | $4.17B |
| Long-term Debt | $29.84B | $25.23B | $24.08B | $24.66B | $23.93B | $22.65B | $20.33B | $21.94B | $18.94B | $20.72B |
| Total Liabilities | $40.27B | $31.55B | $29.68B | $32.73B | $30.59B | $29.24B | $25.43B | $27.43B | $26.84B | $25.94B |
| Retained Earnings | -$5.13B | -$2.73B | -$5.66B | -$7.45B | -$8.01B | -$8.96B | -$9.19B | -$9.78B | -$9.82B | -$9.65B |
| Total Equity | $3.15B | $5.85B | $2.73B | $1.06B | $535.0M | -$106.0M | -$692.0M | -$1.02B | -$1.28B | -$553.0M |
| Total Debt | $29.85B | $25.44B | $24.30B | $25.89B | $23.93B | $22.65B | $20.77B | $22.39B | $21.83B | $21.21B |
| Net Debt | $29.30B | $24.72B | $23.58B | $22.65B | $23.32B | $22.07B | $20.20B | $21.44B | $20.65B | $19.88B |
| Working Capital | $1.47B | $478.0M | -$3.11B | $721.0M | $429.0M | $409.0M | $306.0M | $1.29B | -$978.0M | $1.97B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.34B | $1.32B | $1.30B | $1.82B |
| Total Assets | $26.80B | $26.32B | $24.50B | $24.79B |
| Total Liabilities | $26.44B | $25.94B | $25.58B | $25.60B |
| Total Equity | -$564.4M | -$553.0M | -$2.06B | -$1.77B |
| Total Debt | $21.02B | $21.21B | $20.80B | $20.78B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$2.41B | $2.40B | -$4.14B | -$1.78B | -$559.0M | -$937.0M | -$212.0M | -$611.0M | -$72.0M | $120.0M |
| Depreciation & Amortization | $2.87B | $2.86B | $2.82B | $2.08B | $1.82B | $1.55B | $1.39B | $1.26B | $1.27B | $1.21B |
| Stock-based Compensation | $165.0M | $87.0M | $87.0M | $102.0M | $105.0M | $128.0M | $126.0M | $132.0M | $150.0M | $216.0M |
| Change in Working Capital | -$110.0M | $844.0M | $18.0M | -$318.0M | -$366.0M | -$128.0M | -$396.0M | -$582.0M | $7.0M | -$222.8M |
| Operating Cash Flow | $2.09B | $2.29B | $1.50B | $1.50B | $1.11B | $1.43B | -$728.0M | $1.03B | $1.60B | $1.40B |
| Capital Expenditure | -$291.0M | -$336.0M | -$235.0M | -$278.0M | -$309.0M | -$283.0M | -$268.0M | -$272.0M | -$337.0M | -$397.0M |
| Acquisitions | -$49.0M | -$165.0M | $5.0M | -$180.0M | 0 | 0 | -$45.0M | -$1.89B | 0 | 0 |
| Stock Repurchased | -$11.0M | -$4.0M | -$10.0M | -$40.0M | 0 | 0 | 0 | 0 | -$26.0M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $1.80B | $1.95B | $1.27B | $1.22B | $802.0M | $1.14B | -$996.0M | $760.0M | $1.26B | $1.00B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $405.0M | $495.9M | $230.0M | $670.0M |
| Capital Expenditure | -$91.0M | -$93.4M | -$147.0M | -$77.0M |
| Free Cash Flow | $314.0M | $402.5M | $83.0M | $593.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $43.0M | 0 | $52.0M | $54.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -9.8% | -3.9% | +2.6% | -6.7% | +5.1% | -3.7% | +7.8% | +9.9% | +6.7% | |
| Net Income Growth (YoY) | +199.8% | -272.5% | +57.0% | +68.6% | -69.6% | +76.3% | -163.1% | +92.2% | +441.3% | |
| EPS Growth (YoY) | +224.4% | -237.4% | +57.3% | +69.0% | -66.2% | +76.2% | -161.3% | +92.0% | +430.8% | |
| Shares Change (YoY) | +1.3% | -0.5% | +0.6% | +0.8% | +1.1% | +0.9% | +0.8% | +0.8% | +1.9% | |
| FCF Growth (YoY) | +8.8% | -35.2% | -3.4% | -34.4% | +42.5% | -187.1% | +176.3% | +65.8% | -20.4% | |
| Gross Margin | 73.4% | 70.8% | 71.9% | 72.7% | 72.0% | 71.6% | 70.9% | 70.8% | 71.1% | 70.7% |
| Operating Margin | -5.9% | 1.2% | -28.4% | -2.4% | 8.4% | 5.3% | 5.6% | 11.0% | 16.1% | 21.3% |
| EBITDA Margin | 42.1% | 39.1% | 39.6% | 39.7% | 39.1% | 38.7% | 35.4% | 32.9% | 32.6% | 31.0% |
| Net Margin | -24.9% | 27.6% | -49.5% | -20.7% | -7.0% | -11.2% | -2.8% | -6.8% | -0.5% | 1.5% |
| FCF Margin | 18.6% | 22.4% | 15.1% | 14.2% | 10.0% | 13.6% | -12.3% | 8.7% | 13.1% | 9.8% |
| Effective Tax Rate | 1.1% | 238.1% | 0.2% | 2.9% | 40.1% | 8.5% | -64.3% | -56.7% | 143.1% | 67.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.17 | $5.55 | $3.62 | $3.47 | $2.26 | $3.18 | $-2.75 | $2.08 | $3.42 | $2.67 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 347.1 M | 350.2 M | 349.9 M | 352.1 M | 355.0 M | 358.9 M | 362.0 M | 364.9 M | 368.0 M | 370.9 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 58.90% |
| Return on Invested Capital | 62.51% |
| Return on Assets | -3.30% |
| Gross Margin | 79.05% |
| Operating Margin | 28.04% |
| Net Margin | -7.59% |
Financial Health
| Debt / Equity | -0.65 |
| Current Ratio | 1.56 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.30 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.09 | 2.41 | -1.56 | -5.91 | -13.25 | -10.58 | -10.13 | -4.95 | -62.00 | 16.16 |
| P/B | 1.60 | 1.24 | 2.36 | 9.91 | 13.80 | -93.48 | -3.29 | -2.86 | -2.32 | -4.66 |
| P/S | 0.52 | 0.83 | 0.77 | 1.22 | 0.92 | 1.17 | 0.28 | 0.33 | 0.31 | 0.25 |
| Gross Margin | 73.4% | 70.8% | 71.9% | 72.7% | 72.0% | 71.6% | 70.9% | 70.8% | 71.1% | 70.7% |
| Operating Margin | -5.9% | 1.2% | -28.4% | -2.4% | 8.4% | 5.3% | 5.6% | 11.0% | 16.1% | 21.3% |
| Net Margin | -24.9% | 27.6% | -49.5% | -20.7% | -7.0% | -11.2% | -2.8% | -6.8% | -0.5% | 1.5% |
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Explore sector: Healthcare · Drug Manufacturers - Specialty & Generic
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