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Bausch Health Companies Inc. (BHC) stock

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NYSE: BHC NYSE Pharmaceuticals Next results ~January 20, 2027

C+ Fundamentals grade

Bausch Health Companies Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Bausch Health Companies Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: our cash-flow value ($107.04) was left out of our combined valuation (it is 13.33x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Bausch Health Companies Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds93 adding, 98 cuttingOf 35 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Bausch Health Companies files

Where Bausch Health Companies stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $11.1bn, up 10.8% on a year earlier, faster than the 10.1% growth a quarter earlier. Free-cash-flow margin rose to 16.8% from 10.9% a year earlier. Operating margin narrowed to 11.2% from 18.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 5 financial-health checks.

Our model value for Bausch Health Companies is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 20, 2027 (estimated)

Bausch Health Companies Inc.'s trailing-twelve-month revenue grew 10.8% year on year, with a free-cash-flow margin of 16.8%. Where it lags: long-term debt as % of assets of 77.6% ranks 51 of 53 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$67–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 42% in the quarter to 2026-09-30, the 3rd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.3% over 90 days.

Things to watch

  • Margins narrowing. Operating margin is down 7.7 points on a year ago.
  • High debt. Long-term debt exceeds cash by $17.3bn, more than 1.5 times annual revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 1.0 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 77.6% ranks 51 of 53 pharmaceuticals companies we cover (median 23.8%).
  • Earnings expected to fall. The consensus expects earnings per share to fall 10% next year.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.77 against an average estimate of $1.24: beat by 42.5%
Revenue
$2.94bn, up 9.7% on a year earlier
Share reaction
+41.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenues $10.98bn to $11.18bn (full year 2026); revenues $5.53bn to $5.63bn (full year 2026)
Next report
October 28, 2026; average EPS estimate $1.25

Bausch Health Companies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.2%
  • 1 week+26.3%
  • 1 month+38.3%
  • This year+15.4%
  • 1 year+14.2%
  • 5 years-70.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.1B
Operating margin
11.2%
Net margin
-7.6%
EPS (TTM, diluted)
$-2.22

Growth

Revenue growth
+10.8%
Change in growth rate
+0.7 pts
Share count change
+1.9%

Cash

Free cash flow (TTM)
$1.9B
FCF margin
16.8%
Stock pay % of revenue
2.2%

Earnings

Last results
October 28, 2026
Next results (est.)
January 20, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bausch Health Companies Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($107.04) was left out of our combined valuation (it is 13.33x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Bausch Health Companies Inc.'s free cash flow after stock-based pay ( $2.6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Bausch Health Companies Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$67–$160 Left out: out of range vs price (13.35x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$42 ~$40–$79 Left out: out of range vs price (5.26x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bausch Health Companies Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$101.65$14.52$20.78$18.47$29.92$20.80$27.61$6.28$8.02$8.06$6.95$8.02
Market value$34.8bn$5.0bn$7.3bn$6.5bn$10.5bn$7.4bn$9.9bn$2.3bn$2.9bn$3.0bn$2.6bn$3.0bn
+ Net debt (− = net cash)$30.8bn$29.6bn$25.0bn$23.9bn$22.9bn$23.6bn$22.3bn$20.2bn$21.4bn$20.4bn$19.5bn$18.2bn
Enterprise value$65.7bn$34.7bn$32.3bn$30.4bn$33.5bn$31.0bn$32.2bn$22.5bn$24.4bn$23.4bn$22.1bn$21.2bn
Multiples
Price / sales 3.3x0.5x0.8x0.8x1.2x0.9x1.2x0.3x0.3x0.3x0.3x0.3x
Price / earnings ——3.0x———————16.6x—
Price / free cash flow 17.2x2.7x3.4x4.8x8.6x9.1x8.6x—3.6x2.4x2.6x1.6x
EV / EBITDA 16.4x15.1x10.9x69.9x17.9x12.4x16.1x12.2x10.9x8.3x7.3x8.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Bausch Health Companies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -2.6% of total assets over 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.5%; its worst year was -32.4%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 9 of 10 years, at a median 13.4% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.6% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (40 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.78 +28% $10.9bn +6%
Next $4.29 −10% $11.0bn +0%

Next year's EPS estimate has moved +6.3% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +9.5% on 90 days ago. In the last 30 days, 1 analyst raised Bausch Health Companies Inc.'s forecast and 0 cut it.

Consensus EPS forecast Bausch Health Companies Inc., last 90 days
$4.00 $4.20 $4.40 $4.60 $4.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.37 Current fiscal year, 60 days ago: $4.47 Current fiscal year, 30 days ago: $4.47 Current fiscal year, 7 days ago: $4.52 Current fiscal year, Now: $4.78 $4.78 Next fiscal year, 90 days ago: $4.04 Next fiscal year, 60 days ago: $4.19 Next fiscal year, 30 days ago: $4.19 Next fiscal year, 7 days ago: $4.29 Next fiscal year, Now: $4.29 $4.29

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.37$4.04
60 days ago $4.47$4.19
30 days ago $4.47$4.19
7 days ago $4.52$4.29
Now $4.78$4.29

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.24 $1.77 +42.5%
Jun 2026 $1.01 $1.26 +25.1%
Mar 2026 $0.69 $0.78 +12.8%
Dec 2025 $1.26 $1.10 −12.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Revenues full year 2026 $10.975bn to $11.175bn GAAP Raised
    “Revenues (in billions) $10.975 - $11.175 $5.525 - $5.625 $5.450 - $5.550” source
  • Revenue growth vs. Prior Year full year 2026 7% growth to 9% growth GAAP Raised
    “Revenue growth vs. Prior Year 7% - 9%” source
  • Revenues · Bausch Health (excl. B+L) full year 2026 $5.525bn to $5.625bn GAAP Raised
    “Revenues (in billions) $10.975 - $11.175 $5.525 - $5.625 $5.450 - $5.550” source
  • Revenues · Bausch + Lomb full year 2026 $5.45bn to $5.55bn GAAP Raised
    “Revenues (in billions) $10.975 - $11.175 $5.525 - $5.625 $5.450 - $5.550” source
  • Adjusted EBITDA full year 2026 $4.315bn to $4.415bn Non-GAAP Raised
    “Adjusted EBITDA 1 (in billions) $4.315 - $4.415 $3.225 - $3.275 $1.090 - $1.140” source
  • Adjusted EBITDA · Bausch Health (excl. B+L) full year 2026 $3.225bn to $3.275bn Non-GAAP Raised
    “Adjusted EBITDA 1 (in billions) $4.315 - $4.415 $3.225 - $3.275 $1.090 - $1.140” source
Show 3 more items
  • Adjusted EBITDA · Bausch + Lomb full year 2026 $1.09bn to $1.14bn Non-GAAP Raised
    “Adjusted EBITDA 1 (in billions) $4.315 - $4.415 $3.225 - $3.275 $1.090 - $1.140” source
  • Adj. EBITDA growth vs. Prior Year full year 2026 12% growth to 14% growth Non-GAAP Raised
    “Adj. EBITDA 1 growth vs. Prior Year 12% - 14%” source
  • Adjusted Cash Flows from Operations full year 2026 $1.6bn to $1.675bn Non-GAAP Raised
    “Adjusted Cash Flows from Operations 1 (in billions) $1.600 - $1.675” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Bausch Health Companies Inc.'s revenue by +2.1% next year and +7.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-1.5%, weight 33%) , management guidance (-0.1%, weight 40%) and the company's own record (+10.0%, weight 27%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy00%
Hold7100%
Sell00%

Monthly trend

  1. Oct 202677
  2. Sep 202677
  3. Aug 202677
  4. Jul 202677

Counts of recommendations published by analysts covering Bausch Health Companies Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
4.46
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
65%
of shares
Held by insiders
11.1%
of shares
Employees
20,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.2%

$7.02 on October 31, 2025 to $8.02

ThenNowEffect
Revenue (last 12 months) $9.9bn $10.9bn +10.1%
P/S multiple 0.3x 0.3x +5.9%
Share count 369m 377m −2.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +5.9%

$7.57 on November 3, 2023 to $8.02

ThenNowEffect
Revenue (last 12 months) $8.3bn $10.9bn +30.0%
P/S multiple 0.3x 0.3x −15.5%
Share count 364m 377m −3.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BHC+33%−77%+28%+1%−14%+15%
Industry peers (median)−20%−49%−14%−2%+9%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BHC50%25%50%42%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BHC−33%−84%−42%−51%−46%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 96% from December 16, 2015 to April 11, 2025. Getting back needed a 2642% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$4.43 – $8.91
From 52-week high
−10.0%
vs 50-day average
+28.0%
vs 200-day average
+40.6%
Volatility (1 year)
63%
Beta vs S&P 500
1.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±12.0%
After a week
5 up, 6 down
typical move ±14.5%
After a month
5 up, 6 down
typical move ±13.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +41.2% 0.0% — —
July 29, 2026 +33.4% +0.1% +39.2% +39.4%
April 29, 2026 +0.9% +1.0% −0.4% −5.5%
February 18, 2026 −1.0% +0.2% +2.0% −16.0%
January 13, 2026 −0.5% −0.7% −11.2% −22.0%
October 29, 2025 +6.8% −1.1% +9.5% +2.6%
July 30, 2025 −13.6% −0.5% −15.5% +4.8%
April 30, 2025 −3.8% +0.7% −14.7% −17.8%
February 19, 2025 +12.9% −0.2% +21.1% +12.1%
October 30, 2024 +12.7% −2.3% +16.4% +2.6%
August 1, 2024 −6.6% −3.3% −9.1% −1.7%
May 2, 2024 −10.6% +2.2% −20.6% −27.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Bausch Health Companies Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Bausch Health Companies Inc.
$8B $9B $10B $11B $12B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8.8B Revenue (TTM), FY24 Q1: $9B Revenue (TTM), FY24 Q2: $9.2B Revenue (TTM), FY24 Q3: $9.5B Revenue (TTM), FY24 Q4: $9.6B Revenue (TTM), FY25 Q1: $9.7B Revenue (TTM), FY25 Q2: $9.9B Revenue (TTM), FY25 Q3: $10B Revenue (TTM), FY25 Q4: $10.3B Revenue (TTM), FY26 Q1: $10.5B Revenue (TTM), FY26 Q2: $10.9B Revenue (TTM), FY26 Q3: $11.1B $11.1B

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8.8B
FY24 Q1 $9B
FY24 Q2 $9.2B
FY24 Q3 $9.5B
FY24 Q4 $9.6B
FY25 Q1 $9.7B
FY25 Q2 $9.9B
FY25 Q3 $10B
FY25 Q4 $10.3B
FY26 Q1 $10.5B
FY26 Q2 $10.9B
FY26 Q3 $11.1B
Revenue growth, TTM YoY Bausch Health Companies Inc.
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.8% Revenue growth, TTM YoY, FY24 Q1: 10.0% Revenue growth, TTM YoY, FY24 Q2: 10.2% Revenue growth, TTM YoY, FY24 Q3: 10.9% Revenue growth, TTM YoY, FY24 Q4: 9.9% Revenue growth, TTM YoY, FY25 Q1: 8.5% Revenue growth, TTM YoY, FY25 Q2: 7.1% Revenue growth, TTM YoY, FY25 Q3: 5.9% Revenue growth, TTM YoY, FY25 Q4: 6.7% Revenue growth, TTM YoY, FY26 Q1: 8.2% Revenue growth, TTM YoY, FY26 Q2: 10.1% Revenue growth, TTM YoY, FY26 Q3: 10.8% 10.8%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.8%
FY24 Q1 10.0%
FY24 Q2 10.2%
FY24 Q3 10.9%
FY24 Q4 9.9%
FY25 Q1 8.5%
FY25 Q2 7.1%
FY25 Q3 5.9%
FY25 Q4 6.7%
FY26 Q1 8.2%
FY26 Q2 10.1%
FY26 Q3 10.8%
Operating margin (TTM) Bausch Health Companies Inc.
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 11.0% Operating margin (TTM), FY24 Q1: 11.9% Operating margin (TTM), FY24 Q2: 11.4% Operating margin (TTM), FY24 Q3: 14.2% Operating margin (TTM), FY24 Q4: 16.1% Operating margin (TTM), FY25 Q1: 15.8% Operating margin (TTM), FY25 Q2: 16.2% Operating margin (TTM), FY25 Q3: 18.9% Operating margin (TTM), FY25 Q4: 17.7% Operating margin (TTM), FY26 Q1: 5.6% Operating margin (TTM), FY26 Q2: 8.1% Operating margin (TTM), FY26 Q3: 11.2% 11.2%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 11.0%
FY24 Q1 11.9%
FY24 Q2 11.4%
FY24 Q3 14.2%
FY24 Q4 16.1%
FY25 Q1 15.8%
FY25 Q2 16.2%
FY25 Q3 18.9%
FY25 Q4 17.7%
FY26 Q1 5.6%
FY26 Q2 8.1%
FY26 Q3 11.2%
FCF margin (TTM) Bausch Health Companies Inc.
8% 10% 12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.3% FCF margin (TTM), FY24 Q1: 9.4% FCF margin (TTM), FY24 Q2: 10.5% FCF margin (TTM), FY24 Q3: 11.2% FCF margin (TTM), FY24 Q4: 13.1% FCF margin (TTM), FY25 Q1: 12.6% FCF margin (TTM), FY25 Q2: 11.3% FCF margin (TTM), FY25 Q3: 10.9% FCF margin (TTM), FY25 Q4: 9.8% FCF margin (TTM), FY26 Q1: 9.8% FCF margin (TTM), FY26 Q2: 13.2% FCF margin (TTM), FY26 Q3: 16.8% 16.8%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.3%
FY24 Q1 9.4%
FY24 Q2 10.5%
FY24 Q3 11.2%
FY24 Q4 13.1%
FY25 Q1 12.6%
FY25 Q2 11.3%
FY25 Q3 10.9%
FY25 Q4 9.8%
FY26 Q1 9.8%
FY26 Q2 13.2%
FY26 Q3 16.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Bausch Health Companies took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $10.3B
  2. Research and development $629M · 6.1%
  3. Selling, general and admin $3.4B · 33.5%
  4. Other operating costs $4.4B · 42.7%
  5. Operating income $1.8B · 17.7%
  6. Income tax $247M · 2.4%
  7. Interest and other $1.4B · 13.7%
  8. Net income $157M · 1.5%

Shares of revenue. Source: Bausch Health Companies's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.8 1.2 2.4 3.5 5.8 8.2 10.4 9.7 8.7 8.4 8.6 8.0 8.4 8.1 8.8 9.6 10.3 11.1
EBITDA 0.3 0.1 0.9 1.1 1.6 3.6 4.0 2.3 3.0 0.4 1.9 2.5 2.0 1.8 2.2 2.8 3.0 2.4
Operating income 0.2 −0.1 0.3 0.1 −0.4 2.0 1.5 −0.6 0.1 −2.4 −0.2 0.7 0.5 0.5 1.0 1.5 1.8 1.2
Net income 0.2 −0.2 0.2 −0.1 −0.9 0.9 −0.3 −2.4 2.4 −4.1 −1.8 −0.6 −0.9 −0.2 −0.6 −0.0 0.2 −0.8
Diluted EPS $1.11 −$1.06 $0.49 −$0.38 −$2.70 $2.58 −$0.85 −$6.94 $6.83 −$11.81 −$5.08 −$1.58 −$2.64 −$0.62 −$1.62 −$0.13 $0.42 −$2.22
Growth (year on year)
Revenue +8.4% +44.0% +105.5% +43.4% +65.8% +42.2% +27.3% −7.4% −9.8% −3.9% +2.6% −6.7% +5.1% −3.7% +7.8% +9.9% +6.7% +10.8%
EBITDA — −56.3% +531.9% +16.8% +50.7% +125.1% +10.5% −42.4% +28.7% −85.3% +330.3% +33.6% −20.0% −7.7% +20.5% +26.3% +7.4% −23.2%
Operating income +46.0% −160.8% — −73.4% −613.8% — −23.7% −137.1% — — — — −33.4% +0.9% +112.1% +60.5% +17.3% −34.3%
Net income −11.7% −218.0% — −172.7% — — −133.1% — — −272.5% — — — — — — — −332.3%
Diluted EPS −11.2% −195.5% — −177.6% — — −132.9% — — −272.9% — — — — — — — −327.9%
Margins
EBITDA margin 40.3% 12.2% 37.6% 30.6% 27.8% 44.1% 38.2% 23.8% 33.9% 5.2% 21.8% 31.2% 23.7% 22.7% 25.4% 29.2% 29.4% 21.6%
Operating margin 22.1% −9.3% 12.4% 2.3% −7.1% 24.4% 14.6% −5.9% 1.2% −28.4% −2.4% 8.4% 5.3% 5.6% 11.0% 16.1% 17.7% 11.2%
Net margin 21.5% −17.6% 6.6% −3.3% −15.0% 10.7% −2.8% −24.9% 27.6% −49.5% −20.8% −7.0% −11.2% −2.8% −6.8% −0.5% 1.5% −7.6%
Free-cash-flow margin 43.1% 20.9% 24.0% 15.8% 16.1% 24.6% 19.4% 19.1% 24.3% 16.0% 14.3% 10.1% 13.7% −11.6% 9.3% 13.1% 9.8% 16.8%
Cash flow
Cash from operations 0.4 0.3 0.6 0.7 1.0 2.3 2.3 2.1 2.3 1.5 1.5 1.1 1.4 −0.7 1.0 1.6 1.4 2.2
Capital spending 0.0 0.0 0.1 0.1 0.1 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.2 0.3 0.4 0.3
Free cash flow 0.4 0.2 0.6 0.5 0.9 2.0 2.0 1.9 2.1 1.3 1.2 0.8 1.2 −0.9 0.8 1.3 1.0 1.9
Stock-based pay 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2
Free cash flow after stock pay 0.3 0.1 0.5 0.5 0.9 1.9 1.9 1.7 2.0 1.3 1.1 0.7 1.0 −1.1 0.7 1.1 0.8 1.6
Balance sheet
Cash 0.1 0.4 0.2 0.9 0.6 0.3 0.6 0.5 0.7 0.7 3.2 0.6 0.6 0.6 0.9 1.2 1.3 2.5
Total debt 0.3 3.6 6.7 11.1 17.6 15.4 31.4 30.2 25.8 24.6 26.2 24.2 22.9 20.8 22.4 21.6 20.8 20.6
Net debt (negative = net cash) 0.2 3.2 6.5 10.2 17.0 15.1 30.8 29.6 25.0 23.9 22.9 23.6 22.3 20.2 21.4 20.4 19.5 18.2
Diluted shares 159m 196m 326m 305m 321m 342m 343m 347m 352m 351m 352m 355m 359m 362m 365m 368m 375m 378m
Returned to shareholders
Dividends 0.1 0.4 — — — — — — — — — — — — — — — —
Buybacks — 0.1 0.6 0.3 0.1 0.0 0.1 0.0 0.0 — — — — — — — — —
Total returned 0.1 0.4 0.6 0.3 0.1 0.0 0.1 0.0 0.0 — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · September 30, 2026
What it owns · $25.5bn
Short-term assets $7.4bnLonger-term assets $18.1bn
What it owes, and who funded it · $25.8bn
Short-term liabilities $4.7bnLonger-term liabilities $21.1bnShareholders' equity $-1.3bn
  • Short-term assets cover short-term liabilities $7.4bn of assets due within a year against $4.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.4bn short-term assets against $21.1bn of longer-dated liabilities.
  • More cash than debt $2.5bn of cash against $20.6bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $2.2bn of operating cash flow against $20.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.2bn against $1.6bn of interest.

From Bausch Health Companies Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.9%
year over year
R&D spending
5.7%
of revenue
Sales & admin spending
31.4%
of revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated BHC ZTS HLN VTRS UPC OGN Median
Revenue, last 12 months $11.1bn $9.5bn $14.6bn $14.7bn $17.9bn $6.1bn $276m
Revenue growth, last 12 months 10.8% 1.5% 1.3% 4.4% −22.4% −3.2% 9.9%
Revenue growth, 3-year average 9.2% 5.0% — −1.9% — −0.3% 5.5%
Revenue growth, latest quarter 9.7% −0.2% — 4.9% — −1.7% 6.5%
Gross margin — 71.5% 64.2% 34.8% 35.3% 53.1% 62.0%
Operating margin 11.2% — 21.9% −0.6% −16.3% — −5.9%
Operating margin, 3-year average 14.8% — — −6.4% — — −7.4%
Net margin −7.6% 27.5% 15.1% −2.8% −20.6% 3.5% −7.3%
Cash from operations / revenue 19.9% 29.8% 23.9% 15.8% −28.3% 13.8% 10.2%
Free-cash-flow margin 16.8% 24.3% 21.0% 13.3% −29.8% 11.1% 8.6%
Free-cash-flow margin, 3-year average 13.0% 24.0% — 13.0% — 11.7% 7.4%
Stock pay / revenue 2.2% 1.0% 0.8% 1.2% — 1.2% 3.6%
Change in share count 1.9% −4.2% −1.6% −0.5% −96.7% 2.4% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 10.8% 10.0% 36 of 74
Change in growth rate Growth +0.7pp -0.3pp 35 of 74
Operating margin Profitability 11.2% -5.9% 20 of 67
Net margin Profitability -7.6% -7.3% 39 of 75
Free-cash-flow margin Cash generation 16.8% 10.1% 28 of 74
Stock pay as % of revenue Cash generation 2.2% 3.6% 28 of 69
Long-term debt as % of assets Balance sheet 77.6% 23.8% 51 of 53
Change in share count Balance sheet 1.9% 1.5% 35 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Bausch Lomb $5.1B 49.7% ▲ 6.5%
Salix $2.6B 25.1% ▲ 10.5%
International Rx $1.1B 11.0% ▲ 1.9%
Diversified $937M 9.1% ▼ 1.4%
Solta Medical $518M 5.0% ▲ 17.7%
Products and services
Line of business Revenue Share YoY
Products $10.2B 97.9% ▲ 6.7%
Pharmaceutical Products $4.7B 46.7% ▲ 8.0%
Device Products $2.4B 24.0% ▲ 8.9%
Overthe Counter Products $2B 19.8% ▲ 5.5%
Branded and Other Generic Products $962M 9.5% ▼ 1.7%
Other $110M 1.1% ▲ 2.8%
Other Revenues $110M 1.1% ▲ 2.8%
Geography
Region Revenue Share YoY
United States and Puerto Rico $6.1B 59.8% ▲ 6.4%
Other Countries $1.2B 11.2% ▲ 6.5%
China $493M 4.8% ▼ 0.6%
Canada $417M 4.1% ▲ 3.7%
PL $382M 3.7% ▲ 9.1%
Mexico $278M 2.7% ▼ 11.7%
France $249M 2.4% ▲ 8.3%
South Korea $234M 2.3% ▲ 60.3%
RU $198M 1.9% ▲ 23.0%
Japan $192M 1.9% ▲ 2.1%
Germany $176M 1.7% ▲ 10.7%
United Kingdom $141M 1.4% ▲ 4.4%
ES $109M 1.1% ▲ 10.1%
IT $106M 1.0% ▲ 12.8%

From Bausch Health Companies Inc.'s 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.2B
Institutions reporting
218
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
25 / 35

Top buyers and sellers, Q2 2026: 93 institutions bought and 98 sold ; the biggest buyer was SG Americas Securities, LLC (+5.5M shares) and the biggest seller Nomura Holdings Inc (−8.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Paulson & Co. Inc. $361M 73.3M 30.6% 0.0%
Goldentree Asset Management LP $171M 34.7M 14.5% 0.0%
Royal Bank Of Canada $53.4M 10.8M 4.5% ▼ 4.7%
Healthcare Of Ontario Pension Plan Trust Fund $39.4M 8.0M 3.3% 0.0%
Vanguard Capital Management LLC $36.8M 7.5M 3.1% ▲ 0.8%
Geode Capital Management, LLC $33.2M 4.8M 2.8% ▲ 13.6%
Goldman Sachs Group Inc $30.7M 6.2M 2.6% ▲ 19.5%
Mfn Partners Management, LP $29.6M 6.0M 2.5% 0.0%
SG Americas Securities, LLC $27.3M 5.5M 2.3% ▲ 37278.6%
Acadian Asset Management LLC $27M 5.5M 2.3% ▲ 12.4%
Kohlberg Kravis Roberts & Co. L.P. $25.8M 5.2M 2.2% 0.0%
Hudson Bay Capital Management LP $24.6M 5.0M 2.1% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bausch Health Companies Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Bausch Health Companies Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded August 27, 2020, filed October 7, 2020
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded February 24, 2020, filed April 28, 2020
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded January 6, 2020, filed February 25, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 20, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 18, 2026
  • January 13, 2026
  • October 29, 2025

Recent SEC filings

Data status

When each part of this page on Bausch Health Companies Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bausch Health Companies Inc. in brief

What does Bausch Health Companies Inc. do?
Bausch Health Companies Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Bausch Health Companies Inc.'s stock ticker?
Bausch Health Companies Inc. trades under the ticker BHC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Bausch Health Companies Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Bausch Health Companies Inc. reported revenue of $11.1B, 10.8% higher than a year earlier, according to its SEC filings.
What is Bausch Health Companies Inc.'s free cash flow?
Bausch Health Companies Inc.'s free-cash-flow margin is 16.8% of revenue over the trailing twelve months, ranking 28 of the 74 pharmaceuticals companies we cover.
Who are Bausch Health Companies Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Paulson & Co. Inc., Goldentree Asset Management LP and Royal Bank Of Canada. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Bausch Health Companies Inc.'s market cap?
On November 2, 2026, Bausch Health Companies Inc.'s market capitalisation was about $3B and net debt of $18.2B. Market figures come from third-party market data and may be delayed.
Who are Bausch Health Companies Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Bausch Health Companies Inc. are Zoetis, Haleon plc, Viatris, Universe Pharmaceuticals Inc and Organon & Co. The side-by-side comparison below sets their revenue, margins and growth against Bausch Health Companies Inc.'s.
When is Bausch Health Companies Inc.'s next earnings date?
Around January 20, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Bausch Health Companies Inc. announces its own schedule.