Bausch Health Cos (BHC) Financials

$5.46 -0.01 (-0.09%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$5.40 -0.06 (-1.10%)

As of 05/22/2026 08:00 PM Eastern

Annual Income Statements for Bausch Health Cos

This table shows Bausch Health Cos' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-292	-2,409	2,404	-4,148	-1,788	-6,316	-948	-225	-592	-46	157
Consolidated Net Income / (Loss)	-288	-2,408	2,404	-4,144	-1,783	-559	-937	-212	-611	-72	120
Net Income / (Loss) Continuing Operations	-288	-2,408	2,404	-4,144	-1,783	-6,315	-937	-212	-611	-72	120
Total Pre-Tax Income	-155	-2,435	-1,741	-4,154	-1,837	-6,690	-1,024	-129	-390	167	367
Total Operating Income	1,527	-566	102	-2,384	-203	676	450	454	963	1,546	1,813
Total Gross Profit	7,915	7,063	6,176	6,029	6,251	0.00	6,040	5,760	6,198	6,843	7,253
Total Revenue	10,447	9,674	8,724	8,380	8,601	0.00	8,434	8,124	8,757	9,625	10,266
Operating Revenue	10,447	9,674	8,724	8,380	8,601	-	8,434	8,124	8,757	9,625	10,266
Total Cost of Revenue	2,532	2,611	2,548	2,351	2,350	0.00	2,394	2,364	2,559	2,782	3,013
Operating Cost of Revenue	2,532	2,611	2,548	2,351	2,350	0.00	2,394	2,364	2,559	2,782	3,013
Total Operating Expenses	6,388	7,629	6,074	8,413	6,454	5,080	5,590	5,306	5,235	5,297	5,440
Selling, General & Admin Expense	2,700	2,810	2,582	2,473	2,554	2,367	2,624	2,625	2,917	3,296	3,438
Research & Development Expense	440	455	361	413	471	452	465	529	604	616	629
Amortization Expense	2,257	2,673	2,690	2,644	1,897	1,645	1,375	1,215	1,077	1,077	1,001
Other Operating Expenses / (Income)	325	60	-637	-29	1,426	502	373	35	28	247	142
Impairment Charge	304	1,499	1,026	2,890	75	114	703	839	547	29	153
Restructuring Charge	362	132	52	22	31	-	50	63	62	32	77
Total Other Income / (Expense), net	-1,682	-1,869	-1,843	-1,770	-1,634	-1,610	-1,474	-583	-1,353	-1,379	-1,446
Interest Expense	1,583	1,836	1,962	1,804	1,654	1,593	1,488	589	1,327	1,365	1,442
Interest & Investment Income	4.00	8.00	12	11	12	13	7.00	14	26	33	48
Other Income / (Expense), net	-103	-41	107	23	8.00	-30	7.00	-8.00	-52	-47	-52
Income Tax Expense	133	-27	-4,145	-10	-54	-375	-87	83	221	239	247
Net Income / (Loss) Attributable to Noncontrolling Interest	4.00	1.00	0.00	4.00	5.00	1.00	11	13	-19	-26	-37
Basic Earnings per Share	($0.85)	($6.94)	$6.86	($11.81)	($5.08)	($1.58)	($2.64)	($0.62)	($1.62)	($0.13)	$0.42
Weighted Average Basic Shares Outstanding	342.70M	347.30M	350.20M	351.30M	352.10M	355M	358.90M	362M	364.90M	368M	370.90M
Diluted Earnings per Share	($0.85)	($6.94)	$6.83	($11.81)	($5.08)	($1.58)	($2.64)	($0.62)	($1.62)	($0.13)	$0.42
Weighted Average Diluted Shares Outstanding	342.70M	347.30M	351.80M	351.30M	352.10M	355M	358.90M	362M	364.90M	368M	375M
Weighted Average Basic & Diluted Shares Outstanding	343.50M	347.10M	350.40M	351.30M	352.10M	355M	359.65M	362.04M	365.41M	367.93M	370.56M

This table shows Bausch Health Cos' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-378	-39	-64	10	-85	93	-58	148	179	-112	-1,423
Consolidated Net Income / (Loss)	-382	-47	-77	-1.00	-92	98	-86	128	181	-103	-1,431
Net Income / (Loss) Continuing Operations	-382	-47	-77	-1.00	-92	98	-86	128	181	-103	-1,431
Total Pre-Tax Income	-326	-7.00	-69	48	-21	209	-47	140	218	56	-1,354
Total Operating Income	14	362	281	389	318	558	276	444	619	474	-950
Total Gross Profit	1,615	1,703	1,513	1,684	1,814	1,832	1,558	1,766	1,931	1,998	1,786
Total Revenue	2,238	2,408	2,153	2,403	2,510	2,559	2,259	2,530	2,681	2,796	2,524
Operating Revenue	2,238	2,408	2,153	2,403	2,510	2,559	2,259	2,530	2,681	2,796	2,524
Total Cost of Revenue	623	705	640	719	696	727	701	764	750	798	738
Operating Cost of Revenue	623	705	640	719	696	727	701	764	750	798	738
Total Operating Expenses	1,601	1,341	1,232	1,295	1,496	1,274	1,282	1,322	1,312	1,524	2,736
Selling, General & Admin Expense	715	766	794	832	850	820	867	894	795	882	861
Research & Development Expense	153	152	151	156	146	163	143	159	166	161	163
Amortization Expense	253	282	274	270	274	259	256	256	253	236	241
Other Operating Expenses / (Income)	60	28	0.00	20	225	2.00	15	-18	80	65	32
Impairment Charge	406	91	1.00	5.00	0.00	23	0.00	0.00	1.00	152	1,426
Restructuring Charge	14	22	12	12	1.00	7.00	1.00	31	17	28	13
Total Other Income / (Expense), net	-340	-369	-350	-341	-339	-349	-323	-304	-401	-418	-404
Interest Expense	339	362	344	338	346	337	330	287	409	416	403
Interest & Investment Income	6.00	7.00	9.00	8.00	7.00	9.00	11	13	15	9.00	10
Other Income / (Expense), net	-7.00	-14	-15	-11	0.00	-21	-4.00	-30	-7.00	-11	-11
Income Tax Expense	56	40	8.00	49	71	111	39	12	37	159	77
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.00	-8.00	-13	-11	-7.00	5.00	-28	-20	2.00	9.00	-8.00
Basic Earnings per Share	($1.03)	($0.11)	($0.17)	$0.03	($0.23)	$0.24	($0.16)	$0.40	$0.48	($0.30)	($3.82)
Weighted Average Basic Shares Outstanding	365.40M	364.90M	366.80M	367.90M	368.40M	368M	369.60M	370.90M	371.30M	370.90M	372.80M
Diluted Earnings per Share	($1.03)	($0.11)	($0.17)	$0.03	($0.23)	$0.24	($0.16)	$0.40	$0.48	($0.30)	($3.82)
Weighted Average Diluted Shares Outstanding	365.40M	364.90M	366.80M	370.20M	368.40M	368M	369.60M	373.10M	375.50M	375M	372.80M
Weighted Average Basic & Diluted Shares Outstanding	365.20M	365.41M	366.80M	367.10M	367.80M	367.93M	369.55M	369.79M	370.52M	370.56M	373.48M

This table details how cash moves in and out of Bausch Health Cos' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	274	-55	255	-48	2,521	-1,428	303	-1,528	371	239	124
Net Cash From Operating Activities	2,257	2,087	2,290	1,501	1,501	1,111	1,426	-728	1,032	1,597	1,400
Net Cash From Continuing Operating Activities	2,257	2,087	2,290	1,501	1,501	1,111	1,426	-728	1,032	1,597	1,400
Net Income / (Loss) Continuing Operations	-288	-2,408	2,404	-4,144	-1,783	-559	-937	-212	-611	-72	120
Consolidated Net Income / (Loss)	-288	-2,408	2,404	-4,144	-1,783	-559	-937	-212	-611	-72	120
Depreciation Expense	2,467	2,866	2,858	2,819	2,075	1,825	1,552	1,394	1,264	1,267	1,208
Amortization Expense	145	118	151	79	63	61	55	99	88	137	158
Non-Cash Adjustments To Reconcile Net Income	761	1,857	419	2,873	1,694	625	1,109	-1,437	822	192	53
Changes in Operating Assets and Liabilities, net	-828	-346	-3,542	-126	-548	-841	-353	-572	-531	73	-139
Net Cash From Investing Activities	-15,577	-125	2,887	-196	-419	-261	409	-303	-2,145	-454	-595
Net Cash From Continuing Investing Activities	-15,577	-125	2,887	-196	-419	-261	409	-303	-2,145	-454	-595
Purchase of Property, Plant & Equipment	-235	-235	-171	-157	-270	-302	-269	-218	-215	-337	-397
Acquisitions	-15,526	-86	-165	-78	-188	-7.00	-14	-50	-57	-3.00	-10
Purchase of Investments	-49	-1.00	-7.00	-7.00	-16	-4.00	-19	-62	-1,917	-148	-215
Divestitures	0.00	199	3,253	39	45	21	669	5.00	5.00	7.00	7.00
Sale and/or Maturity of Investments	251	17	2.00	7.00	10	8.00	15	22	26	14	8.00
Other Investing Activities, net	-31	-19	-25	0.00	0.00	23	27	0.00	13	13	12
Net Cash From Financing Activities	13,624	-1,963	-4,963	-1,353	1,443	-2,294	-1,513	-474	1,475	-868	-742
Net Cash From Continuing Financing Activities	13,624	-1,963	-4,963	-1,353	1,443	-2,294	-1,513	-474	1,475	-868	-742
Repayment of Debt	-5,289	-2,545	-14,339	-10,232	-4,454	-5,684	-3,478	-7,928	-1,757	-1,476	-11,246
Issuance of Debt	17,825	1,223	9,425	8,944	5,972	3,455	2,100	6,836	3,291	661	10,554
Other Financing Activities, net	-264	-641	-49	-65	-75	-65	-135	618	-59	-53	-50
Effect of Exchange Rate Changes	-30	-54	41	-	-4.00	16	-19	-23	9.00	-36	61

This table details how cash moves in and out of Bausch Health Cos' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	192	182	-207	-132	127	451	-44	586	-403	-15	-13
Net Cash From Operating Activities	282	390	211	380	405	601	211	289	405	495	230
Net Cash From Continuing Operating Activities	282	390	211	380	405	601	211	289	405	495	230
Net Income / (Loss) Continuing Operations	-382	-47	-77	-1.00	-92	98	-86	128	181	-103	-1,431
Consolidated Net Income / (Loss)	-382	-47	-77	-1.00	-92	98	-86	128	181	-103	-1,431
Depreciation Expense	301	329	320	318	322	307	305	307	306	290	295
Amortization Expense	28	37	34	34	34	35	37	61	36	24	17
Non-Cash Adjustments To Reconcile Net Income	486	157	26	41	18	107	29	-256	-41	321	1,362
Changes in Operating Assets and Liabilities, net	-151	-86	-92	-12	123	54	-74	49	-77	-37	-13
Net Cash From Investing Activities	-1,889	-148	-73	-79	-102	-200	-130	-100	-83	-282	-139
Net Cash From Continuing Investing Activities	-1,889	-148	-73	-79	-102	-200	-130	-100	-83	-282	-139
Purchase of Property, Plant & Equipment	-42	-98	-82	-78	-71	-106	-115	-99	-91	-92	-109
Acquisitions	-4.00	-46	-1.00	-1.00	-	-1.00	-9.00	-1.00	-	-	-38
Purchase of Investments	-1,858	-17	-3.00	-2.00	-47	-96	-16	-1.00	-6.00	-192	-1.00
Divestitures	4.00	-	1.00	1.00	5.00	-	0.00	-	7.00	-	3.00
Sale and/or Maturity of Investments	4.00	13	6.00	1.00	4.00	3.00	4.00	1.00	1.00	2.00	1.00
Other Investing Activities, net	7.00	-	6.00	-	7.00	-	6.00	-	6.00	-	5.00
Net Cash From Financing Activities	1,816	-79	-340	-424	-189	85	-146	358	-719	-235	-100
Net Cash From Continuing Financing Activities	1,816	-79	-340	-424	-189	85	-146	358	-719	-235	-100
Repayment of Debt	-860	-206	-394	-495	-176	-411	-173	-10,006	-707	-360	-2,860
Issuance of Debt	2,690	146	75	80	-	506	50	10,372	-1.00	133	2,802
Other Financing Activities, net	-14	-19	-21	-9.00	-13	-10	-23	-8.00	-11	-8.00	-42
Effect of Exchange Rate Changes	-17	19	-5.00	-9.00	13	-35	21	39	-6.00	7.00	-4.00

This table presents Bausch Health Cos' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	48,965	43,529	37,497	32,492	33,863	31,199	29,202	25,686	27,350	26,523	26,366
Total Current Assets	5,507	5,077	4,746	4,211	6,969	5,342	5,607	4,247	5,596	5,774	6,157
Cash & Equivalents	597	542	720	721	3,243	605	582	564	947	1,181	1,309
Restricted Cash	-	0.00	77	2.00	1.00	1,211	1,537	-	15	20	16
Accounts Receivable	2,687	2,517	2,130	1,865	1,839	1,577	1,775	1,790	1,998	2,140	2,351
Inventories, net	1,257	1,061	1,048	934	1,107	1,094	993	1,090	1,544	1,595	1,629
Prepaid Expenses	963	696	771	689	779	855	720	776	1,092	838	852
Plant, Property, & Equipment, net	1,442	1,312	1,403	1,353	1,466	1,567	1,598	1,600	1,707	1,780	2,074
Total Noncurrent Assets	42,016	37,140	31,348	26,928	25,428	24,290	21,997	19,839	20,047	18,969	18,135
Goodwill	18,553	15,794	15,593	13,142	13,126	13,044	12,457	11,547	11,183	11,087	11,271
Intangible Assets	23,083	18,884	15,211	12,001	10,201	8,445	6,948	5,800	6,456	5,551	4,643
Noncurrent Deferred & Refundable Income Taxes	156	146	433	1,676	1,690	2,137	2,252	2,166	2,101	1,968	1,843
Other Noncurrent Operating Assets	224	184	111	109	411	664	340	326	307	363	378
Total Liabilities & Shareholders' Equity	48,965	43,529	37,497	32,492	33,863	31,199	29,202	25,686	27,350	26,523	26,366
Total Liabilities	42,936	40,271	31,553	29,677	32,727	30,594	29,236	25,426	27,432	26,845	25,989
Total Current Liabilities	5,313	3,609	4,268	3,836	6,248	4,913	5,198	3,941	4,302	6,752	4,180
Short-Term Debt	1,020	1.00	209	228	1,234	-	0.00	432	450	2,674	225
Accounts Payable	434	324	365	411	503	337	407	521	719	589	600
Accrued Expenses	3,859	3,227	3,694	3,197	4,511	4,576	4,791	2,988	3,133	3,489	3,344
Total Noncurrent Liabilities	37,623	36,662	27,285	25,841	26,479	25,681	24,038	21,485	23,130	20,093	21,786
Long-Term Debt	30,265	29,845	25,235	24,077	24,661	23,925	22,654	20,334	21,938	18,942	20,592
Noncurrent Deferred & Payable Income Tax Liabilities	6,023	5,434	1,180	885	705	528	529	202	163	128	147
Other Noncurrent Operating Liabilities	1,144	1,326	870	879	1,113	1,228	855	949	1,029	1,023	1,047
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,029	3,258	5,944	2,815	1,136	605	-34	260	-82	-322	377
Total Preferred & Common Equity	5,910	3,152	5,849	2,733	1,063	535	-106	-692	-1,022	-1,279	-554
Total Common Equity	5,910	3,152	5,849	2,733	1,063	535	-106	-692	-1,022	-1,279	-554
Common Stock	10,202	10,389	10,470	10,534	10,601	10,681	10,779	10,550	10,637	10,724	10,873
Retained Earnings	-2,750	-5,129	-2,725	-5,664	-7,452	-8,013	-8,961	-9,186	-9,778	-9,824	-9,667
Accumulated Other Comprehensive Income / (Loss)	-1,542	-2,108	-1,896	-2,137	-2,086	-2,133	-1,924	-2,056	-1,881	-2,179	-1,760
Noncontrolling Interest	119	106	95	82	73	70	72	952	940	957	931

This table presents Bausch Health Cos' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	26,298	25,445	25,503	27,064	26,913	26,495	26,540	26,421	27,266	26,824	24,498
Total Current Assets	4,010	4,237	4,461	5,048	5,396	5,211	5,351	5,732	6,514	6,249	5,978
Cash & Equivalents	486	518	579	760	733	595	719	1,134	1,727	1,308	1,299
Restricted Cash	11	13	9.00	20	22	28	31	23	16	32	13
Accounts Receivable	1,739	1,688	1,743	1,948	2,048	2,102	2,094	2,072	2,210	2,417	2,191
Inventories, net	1,056	1,222	1,240	1,272	1,636	1,612	1,655	1,613	1,655	1,598	1,601
Prepaid Expenses	718	796	890	1,048	957	874	852	890	906	894	874
Plant, Property, & Equipment, net	1,507	1,596	1,599	1,584	1,713	1,738	1,789	1,882	1,994	2,026	2,095
Total Noncurrent Assets	20,781	19,612	19,443	20,432	19,804	19,546	19,400	18,807	18,758	18,549	16,425
Goodwill	12,044	11,579	11,628	11,187	11,160	11,127	11,171	11,153	11,298	11,287	9,807
Intangible Assets	6,024	5,552	5,299	6,728	6,183	5,903	5,652	5,297	5,047	4,830	4,404
Noncurrent Deferred & Refundable Income Taxes	2,372	2,163	2,191	2,189	2,149	2,187	2,188	1,977	2,025	2,050	1,845
Other Noncurrent Operating Assets	341	318	325	328	312	329	389	380	388	382	369
Total Liabilities & Shareholders' Equity	26,298	25,445	25,503	27,064	26,913	26,495	26,540	26,421	27,266	26,824	24,498
Total Liabilities	25,865	25,300	25,232	27,299	27,087	26,722	26,782	26,661	27,119	26,468	25,580
Total Current Liabilities	3,831	3,923	3,967	4,224	4,405	4,369	4,506	4,256	4,975	4,793	4,530
Short-Term Debt	411	446	444	536	538	452	453	282	879	579	889
Accounts Payable	486	561	515	569	642	579	667	620	627	616	593
Accrued Expenses	2,934	2,916	3,008	3,119	3,225	3,338	3,386	3,354	3,469	3,598	3,037
Other Current Liabilities	-	-	-	-	-	-	-	-	-	-	11
Total Noncurrent Liabilities	22,034	21,377	21,265	23,075	22,682	22,353	22,028	22,405	22,144	21,675	21,050
Long-Term Debt	20,804	20,207	20,108	21,894	21,536	21,208	21,054	21,228	20,859	20,463	19,875
Noncurrent Deferred & Payable Income Tax Liabilities	422	205	215	213	170	170	169	134	144	145	179
Other Noncurrent Operating Liabilities	808	965	942	968	976	975	805	1,043	1,141	1,067	996
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	433	145	271	-235	-174	-227	-242	-240	147	356	-1,082
Total Preferred & Common Equity	-525	-800	-663	-1,180	-1,115	-1,175	-1,174	-1,183	-764	-565	-2,059
Total Common Equity	-525	-800	-663	-1,180	-1,115	-1,175	-1,174	-1,183	-764	-565	-2,059
Common Stock	10,516	10,576	10,600	10,610	10,644	10,664	10,690	10,728	10,760	10,790	10,837
Retained Earnings	-8,776	-9,387	-9,361	-9,739	-9,842	-9,832	-9,917	-9,882	-9,734	-9,555	-11,090
Accumulated Other Comprehensive Income / (Loss)	-2,265	-1,989	-1,902	-2,051	-1,917	-2,007	-1,947	-2,029	-1,790	-1,800	-1,806
Noncontrolling Interest	958	945	934	945	941	948	932	943	911	921	977

This table displays calculated financial ratios and metrics derived from Bausch Health Cos' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.31%	-7.40%	-9.82%	-3.94%	2.64%	-100.00%	0.00%	-3.68%	7.79%	9.91%	6.66%
EBITDA Growth	13.98%	-41.11%	35.38%	-83.31%	261.83%	30.31%	-18.48%	-6.06%	16.71%	28.28%	7.72%
EBIT Growth	-23.32%	-142.63%	134.43%	-1,229.67%	91.74%	431.28%	-29.26%	-2.41%	104.26%	64.54%	17.48%
NOPAT Growth	-36.02%	-137.07%	118.02%	-2,437.25%	91.48%	433.00%	-33.43%	0.89%	112.11%	-198.88%	188.94%
Net Income Growth	-132.73%	-736.11%	199.83%	-272.38%	56.97%	68.65%	-67.62%	77.37%	-188.21%	88.22%	266.67%
EPS Growth	-132.95%	-716.47%	198.42%	-272.91%	56.99%	68.90%	-67.09%	76.52%	-161.29%	91.98%	423.08%
Operating Cash Flow Growth	-2.38%	-7.53%	9.73%	-34.45%	0.00%	-25.98%	28.35%	-151.05%	241.76%	54.75%	-12.34%
Free Cash Flow Firm Growth	-557.67%	139.71%	-103.92%	1,167.29%	-2.27%	-37.35%	63.50%	-85.89%	-158.27%	381.13%	33.94%
Invested Capital Growth	79.53%	-17.52%	1.02%	-13.71%	-9.89%	-4.51%	-9.74%	-0.19%	4.31%	-5.86%	-0.95%
Revenue Q/Q Growth	5.40%	-3.54%	-2.68%	-0.50%	1.21%	-100.00%	1,889.15%	2,746.25%	2.52%	1.59%	2.36%
EBITDA Q/Q Growth	-0.47%	-1.74%	-7.82%	4.88%	-37.52%	66.25%	17.27%	-24.05%	35.19%	6.03%	-3.16%
EBIT Q/Q Growth	-20.23%	-10.61%	-66.07%	12.33%	-121.31%	252.00%	437.65%	-57.81%	189.21%	14.43%	-4.03%
NOPAT Q/Q Growth	-39.86%	-3.04%	-82.23%	12.71%	-122.61%	271.14%	476.92%	-57.05%	163.84%	-170.53%	-49.38%
Net Income Q/Q Growth	-147.96%	-5.49%	74.20%	-25.96%	-193.26%	70.95%	19.29%	-178.52%	37.27%	66.82%	-62.62%
EPS Q/Q Growth	-148.85%	-5.63%	76.03%	-25.77%	-191.95%	71.01%	19.51%	-186.11%	38.64%	72.92%	-56.25%
Operating Cash Flow Q/Q Growth	-9.46%	-3.92%	2.97%	-14.72%	-5.36%	16.82%	-20.60%	38.25%	-7.61%	15.22%	-7.04%
Free Cash Flow Firm Q/Q Growth	-12.89%	306.88%	-105.82%	69.33%	6.16%	-23.17%	-7.93%	487.41%	-2,345.88%	-63.40%	-58.27%
Invested Capital Q/Q Growth	2.19%	-11.09%	0.63%	-2.22%	-5.98%	-1.29%	0.90%	-3.26%	-0.33%	-3.23%	-0.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.76%	73.01%	70.79%	71.95%	72.68%	0.00%	71.61%	70.90%	70.78%	71.10%	70.65%
EBITDA Margin	38.63%	24.57%	36.89%	6.41%	22.59%	0.00%	24.47%	23.87%	25.84%	30.16%	30.46%
Operating Margin	14.62%	-5.85%	1.17%	-28.45%	-2.36%	0.00%	5.34%	5.59%	11.00%	16.06%	17.66%
EBIT Margin	13.63%	-6.27%	2.40%	-28.17%	-2.27%	0.00%	5.42%	5.49%	10.40%	15.57%	17.15%
Profit (Net Income) Margin	-2.76%	-24.89%	27.56%	-49.45%	-20.73%	0.00%	-11.11%	-2.61%	-6.98%	-0.75%	1.17%
Tax Burden Percent	185.81%	98.89%	-138.08%	99.76%	97.06%	8.36%	91.50%	164.34%	156.67%	-43.11%	32.70%
Interest Burden Percent	-10.88%	401.15%	-833.01%	175.94%	942.05%	-1,035.60%	-224.07%	-28.92%	-42.81%	11.14%	20.84%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	143.11%	67.30%
Return on Invested Capital (ROIC)	3.74%	-1.18%	0.23%	-5.86%	-0.57%	0.00%	1.46%	1.55%	3.22%	-3.22%	2.96%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.19%	-8.15%	9.26%	-16.12%	-7.66%	0.00%	-4.41%	-1.05%	-2.95%	-0.38%	0.60%
Return on Net Nonoperating Assets (RNNOA)	-8.78%	-50.67%	52.01%	-88.77%	-89.69%	0.00%	-329.65%	-189.16%	-689.74%	38.86%	433.40%
Return on Equity (ROE)	-5.04%	-51.86%	52.25%	-94.62%	-90.26%	-64.22%	-328.20%	-187.61%	-686.52%	35.64%	436.36%
Cash Return on Invested Capital (CROIC)	-53.16%	18.02%	-0.78%	8.86%	9.84%	6.65%	11.70%	1.74%	-0.99%	2.82%	3.91%
Operating Return on Assets (OROA)	3.78%	-1.31%	0.52%	-6.75%	-0.59%	0.00%	1.51%	1.63%	3.44%	5.56%	6.66%
Return on Assets (ROA)	-0.77%	-5.21%	5.93%	-11.84%	-5.37%	0.00%	-3.10%	-0.77%	-2.30%	-0.27%	0.45%
Return on Common Equity (ROCE)	-4.93%	-50.60%	51.11%	-92.71%	-86.71%	-58.94%	-246.58%	662.45%	6,610.62%	203.01%	-14,542.81%
Return on Equity Simple (ROE_SIMPLE)	-4.87%	-76.40%	41.10%	-151.63%	-167.73%	-104.49%	883.96%	30.64%	59.78%	5.63%	0.00%
Net Operating Profit after Tax (NOPAT)	1,069	-396	71	-1,669	-142	473	315	318	674	-667	593
NOPAT Margin	10.23%	-4.10%	0.82%	-19.91%	-1.65%	0.00%	3.73%	3.91%	7.70%	-6.93%	5.77%
Net Nonoperating Expense Percent (NNEP)	5.93%	6.97%	-9.03%	10.26%	7.10%	4.61%	5.87%	2.60%	6.17%	-2.84%	2.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.51%	3.02%	-3.13%	2.80%
Cost of Revenue to Revenue	24.24%	26.99%	29.21%	28.05%	27.32%	0.00%	28.39%	29.10%	29.22%	28.90%	29.35%
SG&A Expenses to Revenue	25.84%	29.05%	29.60%	29.51%	29.69%	0.00%	31.11%	32.31%	33.31%	34.24%	33.49%
R&D to Revenue	4.21%	4.70%	4.14%	4.93%	5.48%	0.00%	5.51%	6.51%	6.90%	6.40%	6.13%
Operating Expenses to Revenue	61.15%	78.86%	69.62%	100.39%	75.04%	0.00%	66.28%	65.31%	59.78%	55.03%	52.99%
Earnings before Interest and Taxes (EBIT)	1,424	-607	209	-2,361	-195	646	457	446	911	1,499	1,761
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,036	2,377	3,218	537	1,943	2,532	2,064	1,939	2,263	2,903	3,127
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.90	1.60	1.24	2.36	9.92	13.81	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.34	0.52	0.83	0.77	1.23	0.00	1.18	0.28	0.33	0.31	0.25
Price to Earnings (P/E)	0.00	0.00	3.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.40
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	33.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.10%
Enterprise Value to Invested Capital (EV/IC)	1.79	1.14	1.05	1.14	1.40	1.30	1.49	1.14	1.19	1.21	1.16
Enterprise Value to Revenue (EV/Rev)	6.29	3.56	3.67	3.59	3.87	0.00	3.62	2.88	2.89	2.53	2.24
Enterprise Value to EBITDA (EV/EBITDA)	16.27	14.50	9.94	56.10	17.12	11.68	14.79	12.08	11.18	8.38	7.35
Enterprise Value to EBIT (EV/EBIT)	46.13	0.00	153.04	0.00	0.00	45.77	66.80	52.53	27.77	16.24	13.06
Enterprise Value to NOPAT (EV/NOPAT)	61.45	0.00	447.98	0.00	0.00	62.48	96.91	73.71	37.52	0.00	38.80
Enterprise Value to Operating Cash Flow (EV/OCF)	29.10	16.51	13.97	20.07	22.16	26.61	21.41	0.00	24.51	15.24	16.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	5.71	0.00	11.93	13.48	19.12	12.08	65.66	0.00	41.64	29.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.19	9.16	4.28	8.63	22.79	39.55	-666.29	79.87	-273.02	-67.13	55.22
Long-Term Debt to Equity	5.02	9.16	4.25	8.55	21.71	39.55	-666.29	78.21	-267.54	-58.83	54.62
Financial Leverage	4.00	6.21	5.62	5.51	11.70	25.71	74.68	180.25	233.87	-103.57	726.20
Leverage Ratio	6.58	9.96	8.81	7.99	16.79	37.37	105.78	242.87	297.96	-133.35	961.62
Compound Leverage Factor	-0.72	39.95	-73.35	14.06	158.21	-387.01	-237.02	-70.25	-127.55	-14.86	200.41
Debt to Total Capital	83.84%	90.16%	81.06%	89.62%	95.80%	97.53%	100.15%	98.76%	100.37%	101.51%	98.22%
Short-Term Debt to Total Capital	2.73%	0.00%	0.67%	0.84%	4.57%	0.00%	0.00%	2.05%	2.02%	12.56%	1.06%
Long-Term Debt to Total Capital	81.11%	90.16%	80.40%	88.78%	91.23%	97.53%	100.15%	96.71%	98.35%	88.95%	97.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.32%	0.32%	0.30%	0.30%	0.27%	0.29%	0.32%	4.53%	4.21%	4.49%	4.39%
Common Equity to Total Capital	15.84%	9.52%	18.63%	10.08%	3.93%	2.18%	-0.47%	-3.29%	-4.58%	-6.01%	-2.61%
Debt to EBITDA	7.75	12.56	7.91	45.26	13.33	9.45	10.98	10.71	9.89	7.45	6.66
Net Debt to EBITDA	7.60	12.33	7.66	43.91	11.66	8.73	9.95	10.42	9.47	7.03	6.23
Long-Term Debt to EBITDA	7.50	12.56	7.84	44.84	12.69	9.45	10.98	10.49	9.69	6.53	6.59
Debt to NOPAT	29.27	-75.33	356.36	-14.56	-182.23	50.56	71.92	65.34	33.21	-32.43	35.12
Net Debt to NOPAT	28.71	-73.96	345.20	-14.13	-159.40	46.72	65.19	63.57	31.78	-30.63	32.88
Long-Term Debt to NOPAT	28.31	-75.33	353.43	-14.43	-173.55	50.56	71.92	63.98	32.54	-28.42	34.74
Altman Z-Score	0.72	0.13	0.30	-0.08	0.15	-0.13	0.13	-0.06	0.05	0.05	0.25
Noncontrolling Interest Sharing Ratio	2.11%	2.42%	2.18%	2.02%	3.92%	8.21%	24.87%	453.10%	1,062.92%	-469.55%	3,432.73%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.04	1.41	1.11	1.10	1.12	1.09	1.08	1.08	1.30	0.86	1.47
Quick Ratio	0.62	0.85	0.67	0.67	0.81	0.44	0.45	0.60	0.68	0.49	0.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-15,195	6,035	-237	2,525	2,468	1,546	2,528	357	-208	584	783
Operating Cash Flow to CapEx	1,016.67%	888.09%	1,339.18%	956.05%	555.93%	367.88%	530.11%	-333.95%	480.00%	473.89%	352.64%
Free Cash Flow to Firm to Interest Expense	-9.60	3.29	-0.12	1.40	1.49	0.97	1.70	0.61	-0.16	0.43	0.54
Operating Cash Flow to Interest Expense	1.43	1.14	1.17	0.83	0.91	0.70	0.96	-1.24	0.78	1.17	0.97
Operating Cash Flow Less CapEx to Interest Expense	1.29	1.01	1.08	0.75	0.74	0.51	0.78	-1.61	0.62	0.92	0.70
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.21	0.22	0.24	0.26	0.00	0.28	0.30	0.33	0.36	0.39
Accounts Receivable Turnover	4.39	3.72	3.75	4.20	4.64	0.00	5.03	4.56	4.62	4.65	4.57
Inventory Turnover	2.36	2.25	2.42	2.37	2.30	0.00	2.29	2.27	1.94	1.77	1.87
Fixed Asset Turnover	7.59	7.03	6.43	6.08	6.10	0.00	5.33	5.08	5.30	5.52	5.33
Accounts Payable Turnover	6.09	6.89	7.40	6.06	5.14	0.00	6.44	5.09	4.13	4.05	5.07
Days Sales Outstanding (DSO)	83.20	98.17	97.21	87.00	78.59	0.00	72.53	80.09	78.94	78.46	79.84
Days Inventory Outstanding (DIO)	154.69	162.02	151.06	153.86	158.50	0.00	159.10	160.81	187.85	205.92	195.28
Days Payable Outstanding (DPO)	59.97	52.98	49.35	60.24	70.98	0.00	56.72	71.64	88.43	90.20	72.02
Cash Conversion Cycle (CCC)	177.93	207.21	198.92	180.62	166.12	0.00	174.91	169.25	178.36	194.18	203.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	36,714	30,283	30,591	26,397	23,787	22,714	20,501	20,462	21,344	20,093	19,903
Invested Capital Turnover	0.37	0.29	0.29	0.29	0.34	0.00	0.39	0.40	0.42	0.46	0.51
Increase / (Decrease) in Invested Capital	16,264	-6,431	308	-4,194	-2,610	-1,073	-2,213	-39	882	-1,251	-190
Enterprise Value (EV)	65,683	34,458	31,986	30,125	33,269	29,566	30,528	23,427	25,295	24,336	22,998
Market Capitalization	34,876	5,048	7,244	6,461	10,545	7,387	9,921	2,273	2,929	2,964	2,575
Book Value per Share	$17.23	$9.07	$16.78	$7.81	$3.02	$1.51	($0.30)	($1.91)	($2.80)	($3.48)	($1.50)
Tangible Book Value per Share	($104.13)	($90.68)	($71.59)	($64.07)	($63.17)	($59.00)	($54.30)	($49.85)	($51.10)	($48.71)	($44.45)
Total Capital	37,314	33,104	31,388	27,120	27,031	24,530	22,620	21,026	22,306	21,294	21,194
Total Debt	31,285	29,846	25,444	24,305	25,895	23,925	22,654	20,766	22,388	21,616	20,817
Total Long-Term Debt	30,265	29,845	25,235	24,077	24,661	23,925	22,654	20,334	21,938	18,942	20,592
Net Debt	30,688	29,304	24,647	23,582	22,651	22,109	20,535	20,202	21,426	20,415	19,492
Capital Expenditures (CapEx)	222	235	171	157	270	302	269	218	215	337	397
Debt-free, Cash-free Net Working Capital (DFCFNWC)	617	927	-110	-120	-1,289	-1,387	-1,710	174	782	495	877
Debt-free Net Working Capital (DFNWC)	1,214	1,469	687	603	1,955	429	409	738	1,744	1,696	2,202
Net Working Capital (NWC)	194	1,468	478	375	721	429	409	306	1,294	-978	1,977
Net Nonoperating Expense (NNE)	1,357	2,012	-2,333	2,475	1,641	1,032	1,252	530	1,285	-595	473
Net Nonoperating Obligations (NNO)	30,685	27,025	24,647	23,582	22,651	22,109	20,535	20,202	21,426	20,415	19,526
Total Depreciation and Amortization (D&A)	2,612	2,984	3,009	2,898	2,138	1,886	1,607	1,493	1,352	1,404	1,366
Debt-free, Cash-free Net Working Capital to Revenue	5.91%	9.58%	-1.26%	-1.43%	-14.99%	0.00%	-20.28%	2.14%	8.93%	5.14%	8.54%
Debt-free Net Working Capital to Revenue	11.62%	15.19%	7.87%	7.20%	22.73%	0.00%	4.85%	9.08%	19.92%	17.62%	21.45%
Net Working Capital to Revenue	1.86%	15.17%	5.48%	4.47%	8.38%	0.00%	4.85%	3.77%	14.78%	-10.16%	19.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.85)	($6.94)	$6.86	($11.81)	($5.08)	($1.58)	($2.64)	($0.62)	($1.62)	($0.13)	$0.42
Adjusted Weighted Average Basic Shares Outstanding	342.70M	347.30M	350.20M	351.30M	352.10M	355.62M	358.90M	362M	364.90M	368M	370.90M
Adjusted Diluted Earnings per Share	($0.85)	($6.94)	$6.83	($11.81)	($5.08)	($1.58)	($2.64)	($0.62)	($1.62)	($0.13)	$0.42
Adjusted Weighted Average Diluted Shares Outstanding	342.70M	347.30M	351.80M	351.30M	352.10M	355.62M	358.90M	362M	364.90M	368M	375M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($5.08)	($1.58)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	343.50M	347.84M	348.84M	350.99M	352.70M	355M	359.65M	362.04M	365.41M	367.93M	370.56M
Normalized Net Operating Profit after Tax (NOPAT)	1,535	746	826	370	-68	553	842	949	1,100	1,125	1,430
Normalized NOPAT Margin	14.69%	7.71%	9.47%	4.41%	-0.79%	0.00%	9.98%	11.68%	12.57%	11.69%	13.93%
Pre Tax Income Margin	-1.48%	-25.17%	-19.96%	-49.57%	-21.36%	0.00%	-12.14%	-1.59%	-4.45%	1.74%	3.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.90	-0.33	0.11	-1.31	-0.12	0.41	0.31	0.76	0.69	1.10	1.22
NOPAT to Interest Expense	0.68	-0.22	0.04	-0.93	-0.09	0.30	0.21	0.54	0.51	-0.49	0.41
EBIT Less CapEx to Interest Expense	0.76	-0.46	0.02	-1.40	-0.28	0.22	0.13	0.39	0.52	0.85	0.95
NOPAT Less CapEx to Interest Expense	0.54	-0.34	-0.05	-1.01	-0.25	0.11	0.03	0.17	0.35	-0.74	0.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-3.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-28.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Bausch Health Cos' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	370,562,428.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	370,562,428.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-3.84
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.38%	9.80%	10.75%	10.89%	12.15%	6.27%	4.92%	5.29%	6.81%	9.26%	11.73%
EBITDA Growth	-44.74%	471.20%	25.25%	1.67%	100.60%	23.11%	-0.97%	7.12%	41.54%	-11.60%	-205.70%
EBIT Growth	-97.21%	240.32%	61.21%	-3.32%	4,442.86%	54.31%	2.26%	9.52%	92.45%	-13.78%	-453.31%
NOPAT Growth	-95.62%	253.39%	60.57%	-105.76%	2,171.43%	3.25%	-1.78%	5,109.06%	130.88%	-433.21%	-444.20%
Net Income Growth	-194.79%	88.54%	63.16%	-103.70%	75.92%	308.51%	-11.69%	12,900.00%	296.74%	-205.10%	-1,563.95%
EPS Growth	-193.64%	90.27%	69.09%	-57.14%	77.67%	318.18%	5.88%	1,233.33%	308.70%	-225.00%	-2,287.50%
Operating Cash Flow Growth	122.33%	-17.89%	37.01%	84.47%	43.62%	54.10%	0.00%	-23.95%	0.00%	-17.64%	9.00%
Free Cash Flow Firm Growth	58.19%	-398.10%	-261.25%	-144.38%	444.06%	340.64%	279.83%	284.18%	39.37%	-145.07%	-12.01%
Invested Capital Growth	1.25%	4.31%	4.33%	2.84%	-3.04%	-5.86%	-4.88%	-3.21%	-3.40%	-0.95%	-8.67%
Revenue Q/Q Growth	3.28%	7.60%	-10.59%	11.61%	4.45%	1.95%	-11.72%	12.00%	5.97%	4.29%	-9.73%
EBITDA Q/Q Growth	-53.20%	112.50%	-13.17%	17.74%	-7.67%	30.42%	-30.15%	27.36%	21.99%	-18.55%	-183.53%
EBIT Q/Q Growth	-98.21%	4,871.43%	-23.56%	42.11%	-15.87%	68.87%	-49.35%	52.21%	47.83%	-24.35%	-307.56%
NOPAT Q/Q Growth	-93.04%	2,485.71%	-22.38%	-104.12%	2,846.74%	17.54%	-26.16%	110.12%	26.60%	-269.63%	23.72%
Net Income Q/Q Growth	-1,514.81%	87.70%	-63.83%	98.70%	-9,100.00%	206.52%	-187.76%	248.84%	41.41%	-156.91%	-1,289.32%
EPS Q/Q Growth	-1,571.43%	89.32%	-54.55%	117.65%	-866.67%	204.35%	-166.67%	350.00%	20.00%	-162.50%	-1,173.33%
Operating Cash Flow Q/Q Growth	36.89%	38.30%	-45.90%	80.09%	6.58%	48.40%	-64.89%	36.97%	40.14%	22.22%	-53.54%
Free Cash Flow Firm Q/Q Growth	-119.35%	-147.29%	-8.38%	14.41%	249.99%	72.95%	-19.00%	-12.35%	13.50%	-155.94%	258.11%
Invested Capital Q/Q Growth	5.83%	-0.33%	-0.93%	-1.58%	-0.23%	-3.23%	0.10%	0.14%	-0.42%	-0.77%	-7.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.16%	70.72%	70.27%	70.08%	72.27%	71.59%	68.97%	69.80%	72.03%	71.46%	70.76%
EBITDA Margin	15.01%	29.65%	28.80%	30.38%	26.85%	34.35%	27.18%	30.91%	35.58%	27.79%	-25.71%
Operating Margin	0.63%	15.03%	13.05%	16.19%	12.67%	21.81%	12.22%	17.55%	23.09%	16.95%	-37.64%
EBIT Margin	0.31%	14.45%	12.35%	15.73%	12.67%	20.98%	12.04%	16.36%	22.83%	16.56%	-38.07%
Profit (Net Income) Margin	-17.07%	-1.95%	-3.58%	-0.04%	-3.67%	3.83%	-3.81%	5.06%	6.75%	-3.68%	-56.70%
Tax Burden Percent	117.18%	671.43%	111.59%	-2.08%	438.10%	46.89%	182.98%	91.43%	83.03%	-183.93%	105.69%
Interest Burden Percent	-4,657.14%	-2.01%	-25.94%	12.70%	-6.60%	38.92%	-17.28%	33.82%	35.62%	12.10%	140.89%
Effective Tax Rate	0.00%	0.00%	0.00%	102.08%	0.00%	53.11%	0.00%	8.57%	16.97%	283.93%	0.00%
Return on Invested Capital (ROIC)	0.18%	4.41%	3.96%	-0.15%	3.98%	4.75%	4.03%	7.72%	9.42%	-16.01%	-14.42%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.67%	2.97%	2.64%	-0.12%	2.51%	3.97%	2.69%	6.37%	7.78%	-12.16%	-18.27%
Return on Net Nonoperating Assets (RNNOA)	-358.15%	693.48%	-3,765.62%	-108.62%	-224.36%	-410.92%	-271.20%	-3,267.20%	2,779.34%	-8,828.44%	550.06%
Return on Equity (ROE)	-357.98%	697.89%	-3,761.67%	-108.77%	-220.38%	-406.17%	-267.17%	-3,259.48%	2,788.76%	-8,844.45%	535.64%
Cash Return on Invested Capital (CROIC)	-0.04%	-0.99%	-0.63%	0.77%	7.57%	2.82%	1.80%	4.59%	9.19%	3.91%	11.19%
Operating Return on Assets (OROA)	0.10%	4.77%	4.23%	5.57%	4.48%	7.50%	4.39%	6.00%	8.58%	6.43%	-15.75%
Return on Assets (ROA)	-5.46%	-0.64%	-1.22%	-0.01%	-1.30%	1.37%	-1.39%	1.86%	2.54%	-1.43%	-23.45%
Return on Common Equity (ROCE)	3,082.56%	-6,720.13%	-248,399.75%	4,543.69%	-1,087.57%	-2,313.37%	-1,482.98%	-79,001.54%	-42,540.78%	294,761.24%	1,313.58%
Return on Equity Simple (ROE_SIMPLE)	82.54%	0.00%	42.96%	43.15%	18.48%	0.00%	6.85%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	9.80	253	197	-8.10	223	262	193	406	514	-872	-665
NOPAT Margin	0.44%	10.52%	9.14%	-0.34%	8.87%	10.22%	8.55%	16.05%	19.17%	-31.18%	-26.35%
Net Nonoperating Expense Percent (NNEP)	1.85%	1.44%	1.32%	-0.03%	1.48%	0.78%	1.34%	1.35%	1.64%	-3.85%	3.85%
Return On Investment Capital (ROIC_SIMPLE)	-	1.14%	-	-	-	1.23%	0.91%	1.85%	2.40%	-4.11%	-3.38%
Cost of Revenue to Revenue	27.84%	29.28%	29.73%	29.92%	27.73%	28.41%	31.03%	30.20%	27.97%	28.54%	29.24%
SG&A Expenses to Revenue	31.95%	31.81%	36.88%	34.62%	33.86%	32.04%	38.38%	35.34%	29.65%	31.55%	34.11%
R&D to Revenue	6.84%	6.31%	7.01%	6.49%	5.82%	6.37%	6.33%	6.28%	6.19%	5.76%	6.46%
Operating Expenses to Revenue	71.54%	55.69%	57.22%	53.89%	59.60%	49.79%	56.75%	52.25%	48.94%	54.51%	108.40%
Earnings before Interest and Taxes (EBIT)	7.00	348	266	378	318	537	272	414	612	463	-961
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	336	714	620	730	674	879	614	782	954	777	-649
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.35	0.33	0.43	0.28	0.32	0.31	0.24	0.25	0.24	0.25	0.19
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.11	6.59	16.40	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.98%	15.18%	6.10%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.19	1.19	1.24	1.18	1.19	1.21	1.18	1.16	1.15	1.16	1.22
Enterprise Value to Revenue (EV/Rev)	3.00	2.89	2.91	2.67	2.61	2.53	2.43	2.37	2.29	2.24	2.13
Enterprise Value to EBITDA (EV/EBITDA)	15.29	11.18	10.94	10.23	9.02	8.38	8.17	7.92	7.13	7.35	12.03
Enterprise Value to EBIT (EV/EBIT)	81.24	27.77	25.82	24.57	18.84	16.24	15.73	15.16	12.54	13.06	42.48
Enterprise Value to NOPAT (EV/NOPAT)	100.16	37.52	34.93	33.52	26.12	0.00	0.00	85.71	19.65	38.80	54.59
Enterprise Value to Operating Cash Flow (EV/OCF)	22.91	24.51	24.00	19.43	17.81	15.24	14.83	15.52	15.28	16.43	15.81
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	156.12	15.46	41.64	63.72	24.84	12.26	29.38	10.41
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-95.45	-273.02	-126.86	-95.42	-88.87	-67.13	-89.63	147.88	59.11	55.22	-19.19
Long-Term Debt to Equity	-93.17	-267.54	-123.77	-93.43	-87.00	-58.83	-88.45	141.90	57.48	54.62	-18.37
Financial Leverage	213.98	233.87	-1,429.00	931.84	-89.42	-103.57	-100.66	-512.90	357.08	726.20	-30.11
Leverage Ratio	269.51	297.96	-1,805.45	1,181.77	-112.38	-133.35	-128.83	-672.01	468.11	961.62	-38.52
Compound Leverage Factor	-12,551.24	-5.99	468.33	150.07	7.42	-51.90	22.26	-227.25	166.74	116.31	-54.27
Debt to Total Capital	101.06%	100.37%	100.79%	101.06%	101.14%	101.51%	101.13%	99.33%	98.34%	98.22%	105.50%
Short-Term Debt to Total Capital	2.42%	2.02%	2.46%	2.11%	2.13%	12.56%	1.33%	4.02%	2.71%	1.06%	4.52%
Long-Term Debt to Total Capital	98.64%	98.35%	98.34%	98.95%	99.01%	88.95%	99.80%	95.31%	95.63%	97.16%	100.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.26%	4.21%	4.30%	4.42%	4.38%	4.49%	4.43%	4.16%	4.30%	4.39%	4.96%
Common Equity to Total Capital	-5.32%	-4.58%	-5.09%	-5.48%	-5.52%	-6.01%	-5.56%	-3.49%	-2.64%	-2.61%	-10.46%
Debt to EBITDA	13.40	9.89	9.24	9.03	7.86	7.45	7.42	7.37	6.52	6.66	11.14
Net Debt to EBITDA	12.93	9.47	8.93	8.77	7.58	7.03	7.03	6.78	6.10	6.23	10.44
Long-Term Debt to EBITDA	13.08	9.69	9.02	8.84	7.69	6.53	7.33	7.07	6.34	6.59	10.66
Debt to NOPAT	87.79	33.21	29.50	29.58	22.76	-32.43	-32.57	79.74	17.97	35.12	50.53
Net Debt to NOPAT	84.74	31.78	28.49	28.73	21.97	-30.63	-30.82	73.34	16.82	32.88	47.34
Long-Term Debt to NOPAT	85.69	32.54	28.78	28.96	22.28	-28.42	-32.14	76.51	17.47	34.74	48.37
Altman Z-Score	-0.09	-0.02	-0.02	-0.03	-0.02	-0.07	0.00	0.03	0.07	0.08	-0.22
Noncontrolling Interest Sharing Ratio	961.11%	1,062.92%	-6,503.45%	4,277.27%	-393.50%	-469.55%	-455.07%	-2,323.75%	1,625.44%	3,432.73%	-145.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.30	1.23	1.19	1.19	0.86	1.35	1.31	1.30	1.47	1.32
Quick Ratio	0.64	0.68	0.63	0.62	0.62	0.49	0.75	0.79	0.78	0.88	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-254	-629	-681	-583	875	1,513	1,225	1,074	1,219	-682	1,078
Operating Cash Flow to CapEx	671.43%	397.96%	257.32%	487.18%	570.42%	566.98%	183.48%	291.92%	445.05%	538.04%	211.01%
Free Cash Flow to Firm to Interest Expense	-0.75	-1.74	-1.98	-1.73	2.53	4.49	3.71	3.74	2.98	-1.64	2.67
Operating Cash Flow to Interest Expense	0.83	1.08	0.61	1.12	1.17	1.78	0.64	1.01	0.99	1.19	0.57
Operating Cash Flow Less CapEx to Interest Expense	0.71	0.81	0.38	0.89	0.97	1.47	0.29	0.66	0.77	0.97	0.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.33	0.34	0.35	0.35	0.36	0.36	0.37	0.38	0.39	0.41
Accounts Receivable Turnover	4.63	4.62	4.80	4.79	4.69	4.65	4.72	4.57	4.45	4.57	4.94
Inventory Turnover	2.15	1.94	1.83	1.88	1.89	1.77	1.75	1.77	1.81	1.87	1.90
Fixed Asset Turnover	5.53	5.30	5.42	5.52	5.62	5.52	5.41	5.28	5.26	5.33	5.30
Accounts Payable Turnover	4.75	4.13	4.35	4.91	4.47	4.05	4.51	4.79	4.59	5.07	5.03
Days Sales Outstanding (DSO)	78.77	78.94	76.05	76.26	77.86	78.46	77.27	79.83	82.09	79.84	73.88
Days Inventory Outstanding (DIO)	169.54	187.85	199.31	193.71	193.54	205.92	208.56	206.45	201.79	195.28	192.31
Days Payable Outstanding (DPO)	76.83	88.43	83.89	74.30	81.73	90.20	81.01	76.21	79.59	72.02	72.58
Cash Conversion Cycle (CCC)	171.48	178.36	191.46	195.66	189.68	194.18	204.82	210.07	204.29	203.10	193.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	21,415	21,344	21,145	20,810	20,763	20,093	20,113	20,142	20,058	19,903	18,370
Invested Capital Turnover	0.40	0.42	0.43	0.45	0.45	0.46	0.47	0.48	0.49	0.51	0.55
Increase / (Decrease) in Invested Capital	264	882	878	575	-652	-1,251	-1,032	-668	-705	-190	-1,743
Enterprise Value (EV)	25,590	25,295	26,135	24,542	24,685	24,336	23,677	23,367	23,008	22,998	22,430
Market Capitalization	2,995	2,929	3,875	2,557	2,996	2,964	2,381	2,461	2,385	2,575	2,001
Book Value per Share	($3.24)	($2.80)	($3.04)	($3.20)	($3.20)	($3.48)	($3.22)	($2.07)	($1.53)	($1.50)	($5.56)
Tangible Book Value per Share	($52.41)	($51.10)	($50.32)	($49.63)	($49.02)	($48.71)	($47.92)	($46.30)	($45.11)	($44.45)	($43.91)
Total Capital	22,195	22,306	21,900	21,433	21,265	21,294	21,270	21,885	21,398	21,194	19,682
Total Debt	22,430	22,388	22,074	21,660	21,507	21,616	21,510	21,738	21,042	20,817	20,764
Total Long-Term Debt	21,894	21,938	21,536	21,208	21,054	18,942	21,228	20,859	20,463	20,592	19,875
Net Debt	21,650	21,426	21,319	21,037	20,757	20,415	20,353	19,995	19,702	19,492	19,452
Capital Expenditures (CapEx)	42	98	82	78	71	106	115	99	91	92	109
Debt-free, Cash-free Net Working Capital (DFCFNWC)	580	782	774	671	548	495	601	675	695	877	1,025
Debt-free Net Working Capital (DFNWC)	1,360	1,744	1,529	1,294	1,298	1,696	1,758	2,418	2,035	2,202	2,337
Net Working Capital (NWC)	824	1,294	991	842	845	-978	1,476	1,539	1,456	1,977	1,448
Net Nonoperating Expense (NNE)	392	300	274	-7.10	315	164	279	278	333	-769	766
Net Nonoperating Obligations (NNO)	21,650	21,426	21,319	21,037	21,005	20,415	20,353	19,995	19,702	19,526	19,452
Total Depreciation and Amortization (D&A)	329	366	354	352	356	342	342	368	342	314	312
Debt-free, Cash-free Net Working Capital to Revenue	6.79%	8.93%	8.63%	7.29%	5.78%	5.14%	6.18%	6.85%	6.93%	8.54%	9.73%
Debt-free Net Working Capital to Revenue	15.92%	19.92%	17.05%	14.06%	13.70%	17.62%	18.07%	24.53%	20.29%	21.45%	22.19%
Net Working Capital to Revenue	9.65%	14.78%	11.05%	9.15%	8.92%	-10.16%	15.17%	15.61%	14.52%	19.26%	13.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.03)	($0.11)	($0.17)	$0.03	($0.23)	$0.24	($0.16)	$0.40	$0.48	($0.30)	($3.82)
Adjusted Weighted Average Basic Shares Outstanding	365.40M	364.90M	366.80M	367.90M	368.40M	368M	369.60M	370.90M	371.30M	370.90M	372.80M
Adjusted Diluted Earnings per Share	($1.03)	($0.11)	($0.17)	$0.03	($0.23)	$0.24	($0.16)	$0.40	$0.48	($0.30)	($3.82)
Adjusted Weighted Average Diluted Shares Outstanding	365.40M	364.90M	366.80M	370.20M	368.40M	368M	369.60M	373.10M	375.50M	375M	372.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	365.20M	365.41M	366.80M	367.10M	367.80M	367.93M	369.55M	369.79M	370.52M	370.56M	373.48M
Normalized Net Operating Profit after Tax (NOPAT)	304	333	206	284	223	412	194	434	529	458	342
Normalized NOPAT Margin	13.57%	13.81%	9.56%	11.83%	8.90%	16.08%	8.58%	17.17%	19.73%	16.37%	13.56%
Pre Tax Income Margin	-14.57%	-0.29%	-3.20%	2.00%	-0.84%	8.17%	-2.08%	5.53%	8.13%	2.00%	-53.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.02	0.96	0.77	1.12	0.92	1.59	0.82	1.44	1.50	1.11	-2.38
NOPAT to Interest Expense	0.03	0.70	0.57	-0.02	0.64	0.78	0.59	1.41	1.26	-2.10	-1.65
EBIT Less CapEx to Interest Expense	-0.10	0.69	0.53	0.89	0.71	1.28	0.48	1.10	1.27	0.89	-2.66
NOPAT Less CapEx to Interest Expense	-0.10	0.43	0.33	-0.25	0.44	0.46	0.24	1.07	1.03	-2.32	-1.92
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Key takeaways from Bausch Health Companies Inc. (NYSE: BHC) quarterly statements over the last four years (2022–2025). The bullets focus on trends that may impact retail investors.

Revenue growth trend: Operating revenue rose from about $2.193B in 2022 Q4 to $2.796B in 2025 Q4, with 2023–2025 Q4 results continuing the uptrend (2023 Q4: ~2.408B; 2024 Q4: ~2.559B; 2025 Q4: ~2.796B).
Improving near-term cash generation: Net cash from continuing operating activities was $495M in 2025 Q4, up from $405M in 2025 Q3, indicating stronger quarterly cash flow in the latest period.
Deleveraging progress: Long-term debt declined from about $21.054B at 2024 Q4 to about $20.463B in 2025 Q3 (roughly a $0.59B reduction).
Liquidity remains solid: Cash & equivalents around $1.31B in 2025 periods, with total current assets near $6.2B and total current liabilities near $4.8B, yielding a current ratio around 1.3.
Steady R&D investment: Research & Development expense has remained in the mid-to-high $100M per quarter (e.g., $161M in 2025 Q4; $152M in 2024 Q4; $143M in 2025 Q1), indicating ongoing product development activity.
Impairment and restructuring charges: Impairment expense occurred in some quarters (e.g., $152M in 2025 Q4) along with smaller restructuring charges, signifying periodic non-cash hits to earnings.
Investing cash outflows persist: Net cash from investing activities remained negative, with 2025 Q4 around a $282M outflow driven by PPE investments and other investments.
Profitability remains volatile: Net income in 2025 Q4 was a loss of $103M, though 2025 Q3 posted a small net profit (~$181M); overall quarterly earnings have been inconsistent, signaling earnings volatility for shareholders.
Interest expense remains a substantial headwind: Interest expense ranges hundreds of millions per quarter (e.g., $416M in 2025 Q4), pressuring margins and net income.

05/25/26 04:12 AM ETAI Generated. May Contain Errors.

Bausch Health Cos Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Bausch Health Cos' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Bausch Health Cos' net income appears to be on a downward trend, with a most recent value of $120 million in 2025, falling from -$288 million in 2015. The previous period was -$72 million in 2024. See Bausch Health Cos' forecast for analyst expectations on what's next for the company.

Bausch Health Cos' total operating income in 2025 was $1.81 billion, based on the following breakdown:

Total Gross Profit: $7.25 billion
Total Operating Expenses: $5.44 billion

Over the last 10 years, Bausch Health Cos' total revenue changed from $10.45 billion in 2015 to $10.27 billion in 2025, a change of -1.7%.

Bausch Health Cos' total liabilities were at $25.99 billion at the end of 2025, a 3.2% decrease from 2024, and a 39.5% decrease since 2015.

In the past 10 years, Bausch Health Cos' cash and equivalents has ranged from $542 million in 2016 to $3.24 billion in 2019, and is currently $1.31 billion as of their latest financial filing in 2025.

Over the last 10 years, Bausch Health Cos' book value per share changed from 17.23 in 2015 to -1.50 in 2025, a change of -108.7%.

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Financial statements for NYSE:BHC last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Bausch Health Cos (BHC) Financials

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Bausch Health Cos (BHC) Financials

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