Bausch Health Companies

BHC · NYSE · Health Care · Financials, fiscal 2016 to 2025

BHC · Last close · October 26, 2026

$6.35

Bausch Health Companies' revenue rose 6.7% to $10.3 billion in fiscal 2025. Its operating margin was 17.7%, up from 16.1% a year earlier. Free cash flow was $1.0 billion, down 20.4%. The diluted share count rose 1.9%.

Bausch Health Companies Inc. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0000885590-26-000023 Updated October 23, 2026

Revenue

$10.3B

6.7%

Operating margin

17.7%

1.6 pts

Net income

$157M

Free cash flow

$1.0B

20.4%

Return on capital

4.5%

0.8 pts

Market cap

$2.4B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share fell 29.4% a year and net income 28.9% a year, as new shares raised the share count by 7% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Bausch Health Companies yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Bausch Health Companies' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Bausch Health Companies' fiscal 2025 free cash flow of $1.0B, net cash of −$19.5B at December 31, 2025 and 375 million diluted shares, from its filings. The scenarios are fitted to Bausch Health Companies: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 8.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Pharmaceuticals), plus 1 point as a smaller company, worth $2.4B, plus 1 point for unsteady results (a loss in fiscal 2024); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Bausch Health Companies' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Bausch Health Companies's own revenue growth, as above. Cautious: growth of 4% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 8% then 5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 12% then 7.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $6.35
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Bausch Health Companies' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	582	564	947	1,181	1,309
Debt incl. finance leases	22,654	20,766	22,388	21,616	20,817
Net debt (negative means net cash)	22,072	20,202	21,441	20,435	19,508
Net debt to EBITDA	11.0x	10.9x	9.6x	7.3x	6.5x
Debt to equity	—	—	—	—	—
Interest coverage	0.3x	0.3x	0.7x	1.1x	1.1x
Current ratio	1.1x	1.1x	1.3x	0.9x	1.5x
Quick ratio	0.9x	0.8x	0.9x	0.6x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $15.6 million of Bausch Health Companies shares on the open market, and 3 insiders sold $506,730, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 19, 2026	Aimee J. LenarPresident, US Pharma	Sold plan	36,827	$7.03	$258,894	Form 4
May 19, 2026	Frank D. LeeDirector	Sold plan	24,456	$5.43	$132,796	Form 4
Mar 3, 2026	Seana CarsonEVP, General Counsel	Sold plan	4,420	$5.77	$25,503	Form 4
Mar 2, 2026	Seana CarsonEVP, General Counsel	Sold plan	6,856	$5.78	$39,628	Form 4
Feb 27, 2026	Seana CarsonEVP, General Counsel	Sold plan	8,388	$5.95	$49,909	Form 4
Nov 25, 2025	Paulson & Co. Inc.10% owner	Bought	2,500,000	$6.25	$15.6 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 8	5 of 8	7 of 8
Accruals ratio	−6.1%	−6.1%	−4.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Bausch Health Companies side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Bausch Health Companies	FY25	6.7%	17.7%	9.8%	4.5%	6.5x	7
Zoetis	FY25	2.3%	—	24.1%	29.3%	1.7x	8	Compare
Viatris	FY25	−3.0%	−18.6%	13.6%	−7.0%	96.5x	4	Compare
Organon	FY25	−2.9%	—	8.7%	5.3%	6.3x	5	Compare
Teva Pharmaceuticals	FY25	4.3%	12.5%	6.7%	10.5%	4.2x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	9,674	8,724	8,380	8,601	8,027	8,434	8,124	8,757	9,625	10,266
Revenue growth	−7.4%	−9.8%	−3.9%	2.6%	−6.7%	5.1%	−3.7%	7.8%	9.9%	6.7%
Gross profit	7,102	6,218	—	—	—	—	—	—	—	—
Research and development	421	361	413	471	452	465	529	604	616	629
Operating income	−566	102	−2,384	−203	676	450	454	963	1,546	1,813
Net income	−2,408	2,404	−4,144	−1,788	−560	−948	−225	−592	−46	157
Diluted EPS (US$)	−6.94	6.83	−11.81	−5.08	−1.58	−2.64	−0.62	−1.62	−0.13	0.42
Diluted shares (millions)	347	352	351	352	355	359	362	365	368	375
Cash flow
Cash from operations	2,087	2,290	1,501	1,501	1,111	1,426	−728	1,032	1,597	1,400
Capital expenditure	235	171	157	270	302	269	218	215	337	397
Free cash flow	1,852	2,119	1,344	1,231	809	1,157	−946	817	1,260	1,003
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	19	0	5	180	0	0	45	1,890	0	0
Stock-based compensation	165	87	87	102	105	128	126	132	150	216
Balance sheet at fiscal year end
Cash and short-term investments	542	720	721	3,243	605	582	564	947	1,181	1,309
Debt incl. finance leases	29,852	25,444	24,305	25,895	23,925	22,654	20,766	22,388	21,616	20,817
Total assets	43,529	37,497	32,492	33,863	31,199	29,202	25,686	27,350	26,523	26,366
Total liabilities	40,271	31,553	29,677	32,727	30,594	29,236	25,426	27,432	26,845	25,989
Shareholders' equity	3,152	5,849	2,733	1,063	535	−106	−692	−1,022	−1,279	−554
Margins and ratios
Gross margin	73.4%	71.3%	—	—	—	—	—	—	—	—
Operating margin	−5.8%	1.2%	−28.4%	−2.4%	8.4%	5.3%	5.6%	11.0%	16.1%	17.7%
Net margin	−24.9%	27.6%	−49.5%	−20.8%	−7.0%	−11.2%	−2.8%	−6.8%	−0.5%	1.5%
Free cash flow margin	19.1%	24.3%	16.0%	14.3%	10.1%	13.7%	−11.6%	9.3%	13.1%	9.8%
Return on capital	−1.3%	0.2%	−6.6%	−0.6%	2.2%	1.6%	1.7%	3.6%	3.7%	4.5%
Return on equity	−53.1%	53.4%	−96.6%	−94.2%	—	—	—	—	—	—
Return on assets	−5.2%	5.9%	−11.8%	−5.4%	−1.7%	−3.1%	−0.8%	−2.2%	−0.2%	0.6%
Net debt to EBITDA	12.7x	8.3x	54.2x	12.1x	9.3x	11.0x	10.9x	9.6x	7.3x	6.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Bausch Health Companies' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Bausch Health Companies.