Bausch Health Companies Inc.

BHC

Healthcare|Drug Manufacturers - Specialty & Generic|CA

$8.18

+0.22 (+2.76%)

DCF Value

$175.35

Cash / Share

$6.62

Financials

Financial Snapshot

Market Cap

$3.06B

Enterprise Value

$21.29B

Revenue (TTM)

$11.11B

Net Income (TTM)

-$841.0M

Cash & Investments

$2.48B

Net Cash

-$18.23B

Free Cash Flow (TTM)

$1.83B

Operating CF (TTM)

$2.21B

Debt/Equity

-15.60

Cash Runway & Burn Rate

Company is cash-flow positive.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$542.0M	$720.0M	$721.0M	$3.24B	$605.0M	$582.0M	$564.0M	$947.0M	$1.18B	$1.32B	$2.48B
Operating Cash Flow	$2.09B	$2.29B	$1.50B	$1.50B	$1.11B	$1.43B	-$728.0M	$1.03B	$1.60B	$1.40B	$2.21B
Free Cash Flow	$1.80B	$1.95B	$1.27B	$1.22B	$802.0M	$1.14B	-$996.0M	$760.0M	$1.26B	$1.00B	$1.83B
Capital Expenditure	-$291.0M	-$336.0M	-$235.0M	-$278.0M	-$309.0M	-$283.0M	-$268.0M	-$272.0M	-$337.0M	-$397.0M	-$383.4M
Financing Cash Flow	-$1.96B	-$4.96B	-$1.35B	$1.44B	-$2.29B	-$1.51B	-$474.0M	$1.48B	-$868.0M	-$742.0M	-$460.7M

R&D Spending

R&D (TTM)

$528.0M

R&D Intensity

4.8%

R&D Growth vs Prior

-16.1%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$9.67B	$8.72B	$8.38B	$8.60B	$8.03B	$8.43B	$8.12B	$8.76B	$9.63B	$10.27B	$11.11B
R&D Expense	$469.0M	$369.0M	$442.0M	$516.0M	$485.0M	$473.0M	$530.0M	$604.0M	$634.0M	$629.0M	$528.0M
R&D % of Revenue	4.8%	4.2%	5.3%	6.0%	6.0%	5.6%	6.5%	6.9%	6.6%	6.1%	4.8%
SG&A	$2.78B	$2.58B	$2.47B	$2.55B	$2.37B	$2.49B	$2.53B	$2.90B	$3.28B	$3.44B	$3.48B

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$9.67B	$8.72B	$8.38B	$8.60B	$8.03B	$8.43B	$8.12B	$8.76B	$9.63B	$10.27B	$11.11B
Cost of Revenue	$2.57B	$2.55B	$2.35B	$2.35B	$2.25B	$2.39B	$2.36B	$2.56B	$2.78B	$3.01B	$3.04B
Gross Profit	$7.10B	$6.18B	$6.03B	$6.25B	$5.78B	$6.04B	$5.76B	$6.20B	$6.84B	$7.25B	$8.07B
R&D	$469.0M	$369.0M	$442.0M	$516.0M	$485.0M	$473.0M	$530.0M	$604.0M	$634.0M	$629.0M	$528.0M
SG&A	$2.78B	$2.58B	$2.47B	$2.55B	$2.37B	$2.49B	$2.53B	$2.90B	$3.28B	$3.44B	$3.48B
Operating Income	-$566.0M	$102.0M	-$2.38B	-$203.0M	$676.0M	$450.0M	$454.0M	$963.0M	$1.55B	$2.19B	$3.11B
Interest Expense	$1.84B	$1.84B	$1.69B	$1.61B	$1.53B	$1.43B	$1.46B	$1.33B	$1.39B	$1.60B	$1.59B
Pretax Income	-$2.44B	-$1.74B	-$4.15B	-$1.84B	-$934.0M	-$1.02B	-$129.0M	-$390.0M	$167.0M	$367.0M	-$353.0M
Net Income	-$2.41B	$2.40B	-$4.15B	-$1.78B	-$559.0M	-$948.0M	-$225.0M	-$592.0M	-$46.0M	$157.0M	-$841.0M
EPS (Diluted)	-6.94	8.59	-11.86	-5.06	-1.57	-2.61	-0.62	-1.62	-0.13	0.43	-2.27
EBITDA	$4.07B	$3.41B	$3.32B	$3.42B	$3.14B	$3.26B	$2.88B	$2.88B	$3.13B	$3.18B	$2.39B
Shares Out. (M)	347.30	351.80	349.87	352.10	355.00	358.90	362.00	364.90	368.00	375.00	380.70

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$542.0M	$720.0M	$721.0M	$3.24B	$605.0M	$582.0M	$564.0M	$947.0M	$1.18B	$1.32B	$2.48B
Short-Term Investments	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total Current Assets	$5.08B	$4.75B	$723.0M	$6.97B	$5.34B	$5.61B	$4.25B	$5.60B	$5.77B	$6.15B	$7.41B
Total Assets	$43.53B	$37.50B	$27.45B	$33.86B	$31.20B	$29.20B	$25.69B	$27.35B	$26.52B	$26.32B	$25.48B
Total Current Liabilities	$3.61B	$4.27B	$3.84B	$6.25B	$4.91B	$5.20B	$3.94B	$4.30B	$6.75B	$4.17B	$4.75B
Long-Term Debt	$29.84B	$25.23B	$24.08B	$24.66B	$23.93B	$22.65B	$20.33B	$21.94B	$18.94B	$20.72B	$19.77B
Total Liabilities	$40.27B	$31.55B	$29.68B	$32.73B	$30.59B	$29.24B	$25.43B	$27.43B	$26.84B	$25.94B	$25.82B
Stockholders' Equity	$3.15B	$5.85B	$2.73B	$1.06B	$535.0M	-$106.0M	-$692.0M	-$1.02B	-$1.28B	-$553.0M	-$1.33B
Retained Earnings	-$5.13B	-$2.73B	-$5.66B	-$7.45B	-$8.01B	-$8.96B	-$9.19B	-$9.78B	-$9.82B	-$9.65B	-$10.40B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$2.09B	$2.29B	$1.50B	$1.50B	$1.11B	$1.43B	-$728.0M	$1.03B	$1.60B	$1.40B	$2.21B
Capital Expenditure	-$291.0M	-$336.0M	-$235.0M	-$278.0M	-$309.0M	-$283.0M	-$268.0M	-$272.0M	-$337.0M	-$397.0M	-$383.4M
Free Cash Flow	$1.80B	$1.95B	$1.27B	$1.22B	$802.0M	$1.14B	-$996.0M	$760.0M	$1.26B	$1.00B	$1.83B
Investing Cash Flow	-$125.0M	$2.89B	-$196.0M	-$419.0M	-$261.0M	$409.0M	-$303.0M	-$2.15B	-$454.0M	-$595.0M	-$601.7M
Financing Cash Flow	-$1.96B	-$4.96B	-$1.35B	$1.44B	-$2.29B	-$1.51B	-$474.0M	$1.48B	-$868.0M	-$742.0M	-$460.7M
Issuance of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$675.0M	$0.00	$0.00	$0.00	$0.00
Repurchase of Stock	-$11.0M	-$4.0M	-$10.0M	-$40.0M	$0.00	$0.00	$0.00	$0.00	-$26.0M	$0.00	$0.00
Net Debt Issuance	-$1.22B	-$4.78B	-$1.16B	$1.55B	-$2.19B	-$1.34B	-$1.01B	$1.58B	-$799.0M	-$648.2M	-$374.5M
Stock Based Comp.	$165.0M	$87.0M	$87.0M	$102.0M	$105.0M	$128.0M	$126.0M	$132.0M	$150.0M	$216.0M	$158.0M
Net Change in Cash	-$55.0M	$255.0M	-$74.0M	$2.52B	-$1.43B	$303.0M	-$1.53B	$371.0M	$239.0M	$124.0M	$1.15B

Dilution Tracker

Shares Outstanding

374M

5-Year Share Growth

+5.6%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	347.30	351.80	349.87	352.10	355.00	358.90	362.00	364.90	368.00	375.00	380.70
Change vs Prior %	—	1.3%	-0.5%	0.6%	0.8%	1.1%	0.9%	0.8%	0.8%	1.9%	1.5%
Stock Issuance	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$675.0M	$0.00	$0.00	$0.00	$0.00
Stock Repurchase	-$11.0M	-$4.0M	-$10.0M	-$40.0M	$0.00	$0.00	$0.00	$0.00	-$26.0M	$0.00	$0.00
Stock Based Comp.	$165.0M	$87.0M	$87.0M	$102.0M	$105.0M	$128.0M	$126.0M	$132.0M	$150.0M	$216.0M	$158.0M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	73.4%	70.8%	71.9%	72.7%	72.0%	71.6%	70.9%	70.8%	71.1%	70.7%	72.6%
Operating Margin %	-5.9%	1.2%	-28.4%	-2.4%	8.4%	5.3%	5.6%	11.0%	16.1%	21.3%	28.0%
Net Margin %	-24.9%	27.6%	-49.5%	-20.7%	-7.0%	-11.2%	-2.8%	-6.8%	-0.5%	1.5%	-7.6%
EBITDA Margin %	42.1%	39.1%	39.6%	39.7%	39.1%	38.7%	35.4%	32.9%	32.6%	31.0%	21.5%
FCF Margin %	18.6%	22.4%	15.1%	14.2%	10.0%	13.6%	-12.3%	8.7%	13.1%	9.8%	16.4%
ROE %	-76.4%	41.1%	-151.8%	-167.7%	-104.5%	894.3%	32.5%	57.9%	3.6%	-28.4%	58.9%
ROA %	-5.5%	6.4%	-15.1%	-5.3%	-1.8%	-3.2%	-0.9%	-2.2%	-0.2%	0.6%	-3.3%
ROIC %	-1.4%	-0.4%	-9.4%	-0.7%	1.5%	1.7%	2.0%	4.1%	-3.0%	3.2%	14.4%
R&D / Revenue %	4.8%	4.2%	5.3%	6.0%	6.0%	5.6%	6.5%	6.9%	6.6%	6.1%	4.8%

Growth (Year over Year)

Fiscal years. Rising share count growth means dilution.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	-7.4%	-9.8%	-3.9%	2.6%	-6.7%	5.1%	-3.7%	7.8%	9.9%	6.7%
Gross Profit	-11.2%	-13.0%	-2.4%	3.7%	-7.6%	4.5%	-4.6%	7.6%	10.4%	6.0%
Operating Income	-137.1%	118.0%	-2437.3%	91.5%	433.0%	-33.4%	0.9%	112.1%	60.5%	41.3%
Net Income	-796.7%	199.8%	-272.5%	57.0%	68.6%	-69.6%	76.3%	-163.1%	92.2%	441.3%
EPS (Diluted)	-801.3%	223.8%	-238.1%	57.3%	69.0%	-66.2%	76.2%	-161.3%	92.0%	430.8%
Operating Cash Flow	-5.2%	9.7%	-34.5%	0.0%	-26.0%	28.4%	-151.1%	241.8%	54.7%	-12.3%
Free Cash Flow	-5.3%	8.8%	-35.2%	-3.4%	-34.4%	42.5%	-187.1%	176.3%	65.8%	-20.4%
R&D Expense	6.6%	-21.3%	19.8%	16.7%	-6.0%	-2.5%	12.1%	14.0%	5.0%	-0.8%
SG&A Expense	3.0%	-7.2%	-4.2%	3.3%	-7.3%	5.3%	1.6%	14.4%	13.4%	4.7%
Total Assets	-11.1%	-13.9%	-26.8%	23.4%	-7.9%	-6.4%	-12.0%	6.5%	-3.0%	-0.8%
Book Value / Share	-46.6%	80.8%	-137.6%	150.6%	-47.2%	-105.6%	858.2%	-131.3%	-289.4%	216.0%
Debt	-4.0%	-14.7%	-4.5%	6.5%	-7.6%	-5.3%	-8.3%	7.8%	-2.5%	-2.8%
Diluted Shares	0.0%	1.3%	-0.5%	0.6%	0.8%	1.1%	0.9%	0.8%	0.8%	1.9%

Valuation

P/E (TTM)At Loss

P/S0.28

10Y Low / Med / High0.25 / 0.77 / 1.22

P/B-2.31

10Y Low / Med / High1.24 / 2.36 / 13.80

EV/EBITDA8.91

10Y Low / Med / High7.07 / 9.05 / 9.81

EV/Revenue1.92

10Y Low / Med / High2.19 / 3.59 / 3.86

P/FCF1.68

10Y Low / Med / High2.35 / 3.85 / 9.21

Intrinsic Value Models (per share)

DCF Value

$175.35

Cash / Share

$6.62

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
P/E Ratio	-2.09	2.41	-1.56	-5.91	-13.25	-10.58	-10.13	-4.95	-62.00	16.16	-3.60
P/S Ratio	0.52	0.83	0.77	1.22	0.92	1.17	0.28	0.33	0.31	0.25	0.28
P/B Ratio	1.60	1.24	2.36	9.91	13.80	-93.48	-3.29	-2.86	-2.32	-4.66	-2.31
EV/EBITDA	8.44	9.38	9.05	9.71	9.78	9.81	7.81	8.45	7.53	7.07	8.91
EV/Revenue	3.55	3.67	3.59	3.86	3.83	3.79	2.77	2.78	2.45	2.19	1.92

Analyst Estimates & Quality

Altman Z-Score

0.22

Distress

Piotroski F-Score

Moderate

Forward Estimates (consensus)

Metric	FY2026	FY2027	FY2028
Revenue	$11.03B	$10.94B	$10.11B
Net Income	$1.84B	$1.66B	$1.25B
EPS	$4.87	$4.35	$3.51
# Analysts (EPS)	3	4	2

Dividends

Frequency

Quarterly

Recent Payments

Ex-Date	Pay Date	Amount	Frequency
Nov 10, 2010	Dec 22, 2010	$1.00	Quarterly
Aug 30, 2010	Oct 4, 2010	$0.10	Quarterly
May 28, 2010	Jul 5, 2010	$0.10	Quarterly
Mar 4, 2010	Apr 5, 2010	$0.09	Quarterly
Nov 30, 2009	Jan 4, 2010	$0.09	Quarterly
Aug 28, 2009	Oct 5, 2009	$0.09	Quarterly
May 13, 2009	Jul 6, 2009	$0.09	Quarterly
Mar 6, 2009	Apr 6, 2009	$0.38	Quarterly
Dec 19, 2008	Jan 5, 2009	$0.38	Quarterly
Aug 21, 2008	Sep 3, 2008	$0.38	Quarterly
May 20, 2008	May 30, 2008	$0.38	Special
Mar 25, 2008	Apr 3, 2008	$0.38	Special
Nov 16, 2007	Nov 30, 2007	$0.38	Quarterly
Aug 16, 2007	Aug 31, 2007	$0.38	Quarterly
May 18, 2007	May 29, 2007	$0.38	Special
Mar 22, 2007	Apr 3, 2007	$0.38	Quarterly
Jan 8, 2007	Jan 22, 2007	$0.50	Monthly
Nov 20, 2006	Nov 30, 2006	$0.13	Quarterly
Aug 16, 2006	Sep 1, 2006	$0.13	Quarterly
May 19, 2006	May 31, 2006	$0.13	Monthly

Revenue Segments

By Product

Segment	2020	2021	2022	2023	2024	2025
Product and Service, Other	$103.0M	$92.0M	$78.0M	—	—	$110.0M
Product	$7.92B	$8.34B	$8.05B	—	—	$10.16B
Branded and Other Generic Products	—	—	—	$960.0M	$979.0M	$962.0M
Device Products	—	—	—	$2.00B	$2.24B	$2.44B
Other Revenues	—	—	—	$94.0M	$107.0M	$110.0M
Over the Counter Products	—	—	—	$1.80B	$1.90B	$2.01B
Pharmaceutical Products	—	—	—	$3.91B	$4.40B	$4.75B

By Geography

Segment	2020	2021	2022	2023	2024	2025
CANADA	$331.0M	$343.0M	$351.0M	$366.0M	$402.0M	$417.0M
CHINA	$341.0M	$490.0M	$413.0M	$441.0M	$496.0M	$493.0M
EGYPT	$243.0M	$156.0M	—	—	—	—
FRANCE	$179.0M	$208.0M	$203.0M	$214.0M	$230.0M	$249.0M
GERMANY	$144.0M	$154.0M	$147.0M	$152.0M	$159.0M	$176.0M
JAPAN	$226.0M	$230.0M	$200.0M	$194.0M	$188.0M	$192.0M
MEXICO	$225.0M	$256.0M	$276.0M	$322.0M	$315.0M	$278.0M
Other Countries	$1.01B	$986.0M	$887.0M	$1.01B	$1.08B	$1.15B
POLAND	$238.0M	$280.0M	$278.0M	$319.0M	$350.0M	$382.0M
SPAIN	$78.0M	$88.0M	$84.0M	$92.0M	$99.0M	$109.0M
United States and Puerto Rico	$4.79B	$4.89B	$4.84B	$5.19B	$5.77B	$6.14B
ITALY	—	$80.0M	$76.0M	$86.0M	$94.0M	$106.0M
KOREA, REPUBLIC OF	—	—	$77.0M	$93.0M	$146.0M	$234.0M