BHCNYSEPharmaceutical PreparationsFiscal year ends December 31
Bausch Health Companies Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$6.32+0.02 (+0.32%)
Close on Oct 19, 2026
- Market cap
- $2.39B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
17.7%+9.2 pts over 5 years
Net margin
1.5%+8.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.7% | +8.1% | +5.0% | -0.2% | |
| Operating income | +17.3% | +58.7% | +21.8% | +1.7% | |
| Free cash flow | -20.4% | – | +4.4% | -6.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -70.1% | -17.1% | |
| Return on assets | – | -1.7% | 0.6% | |
| Current ratio | 1.41 | 1.09 | 1.47 | |
| Debt to equity | 9.47 | 44.72 | -37.58 | |
| Net debt to EBITDA | 12.74× | 8.84× | 6.46× | |
| Interest coverage | – | 0.4× | 1.1× | |
| Inventory turnover | 2.2× | – | – | |
| Capex to revenue | 2.4% | 3.8% | 3.9% | |
| Diluted shares | 347M | 355M | 375M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Bausch Health Companies generated $6.18B from operations and spent $1.44B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$6.18B
Used
$1.44B
Capital expenditure$1.44B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.5%
×Asset turnover0.39×
×Equity multiplier-28.85×
=Return on equity, FY2025-17.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.5% | 0.39× | -28.85× | -17.1% |
| FY2024 | -0.5% | 0.36× | -23.41× | 4.0% |
| FY2023 | -6.8% | 0.33× | -30.94× | 69.1% |
| FY2022 | -2.8% | 0.30× | -68.78× | 56.4% |
| FY2021 | -11.2% | 0.28× | 140.79× | -442.0% |
| FY2020 | -7.0% | 0.25× | 40.71× | -70.1% |
| FY2019 | -20.8% | 0.26× | 17.48× | -94.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$157.00M
- Cash generatingOperating cash flow above zero$1.40B
- Return on assets improvedROA up on the prior year-0.2% → 0.6%
- Earnings backed by cashOperating cash flow above net income$1.40B vs $157.00M
- Less leverageLong-term debt to assets fell71.4% → 78.1%
- Better liquidityCurrent ratio rose0.86 → 1.47
- No dilutionShare count did not rise368M → 375M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.35 → 0.39