Bausch Health Companies Inc. key statistics and ratios

In fiscal 2025, Bausch Health Companies Inc. had an operating margin of 17.7% and a current ratio of 1.47. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Bausch Health Companies Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
Return on equity	13.0%	−6.6%	3.6%	−3.0%	−19.6%	16.9%	−5.2%	−53.2%	53.4%	−96.7%	−94.2%	−70.1%	—	—	—	—	—	—
Return on assets	8.6%	−3.2%	1.3%	−0.7%	−3.8%	3.2%	−0.8%	−5.2%	5.9%	−11.9%	−5.4%	−1.7%	−3.1%	−0.8%	−2.2%	−0.2%	0.6%	−3.2%
Asset turnover	0.40	0.18	0.20	0.22	0.25	0.30	0.28	0.21	0.22	0.24	0.26	0.25	0.28	0.30	0.33	0.36	0.39	0.43
Current ratio	1.38	1.47	1.47	1.52	1.55	1.53	1.04	1.41	1.11	1.10	1.12	1.09	1.08	1.08	1.30	0.86	1.47	1.56
Debt to equity	24.1%	73.2%	170.8%	299.9%	344.6%	291.5%	531.9%	957.1%	440.3%	901.3%	>999%	>999%	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	0.1x	n/m	n/m	0.4x	0.3x	0.3x	0.7x	1.1x	1.1x	0.8x
Effective tax rate	−0.9%	—	—	—	—	16.5%	—	—	—	—	—	—	—	—	—	—	67.3%	—
R&D as % of revenue	5.8%	5.8%	2.7%	2.3%	2.7%	3.0%	3.2%	4.4%	4.1%	4.9%	5.5%	5.6%	5.5%	6.5%	6.9%	6.4%	6.1%	5.7%
SG&A as % of revenue	20.4%	23.4%	23.6%	21.7%	22.6%	24.7%	25.8%	29.0%	29.6%	29.5%	29.7%	29.5%	31.1%	32.3%	33.3%	34.2%	33.5%	31.4%
Capital spending as % of revenue	0.9%	1.4%	2.4%	3.1%	2.0%	3.6%	2.2%	2.4%	2.0%	1.9%	3.1%	3.8%	3.2%	2.7%	2.5%	3.5%	3.9%	3.1%
Free cash flow ÷ net income	200.3%	—	364.7%	—	—	229.3%	—	—	88.1%	—	—	—	—	—	—	—	638.9%	—
Dividends ÷ net income	83.4%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	41.6%	169.0%	109.8%	51.1%	6.0%	0.0%	3.6%	0.0%	0.0%	—	—	—	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Bausch Health Companies Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	21.8%	12.2%	17.5%	23.1%	17.0%	−37.6%	25.9%	33.4%
Net margin	3.6%	−2.6%	5.8%	6.7%	−4.0%	−56.4%	9.0%	14.8%
Free-cash-flow margin	19.3%	4.2%	7.5%	11.7%	14.4%	4.8%	20.8%	25.4%
Current ratio	0.86	1.35	1.31	1.30	1.47	1.32	1.44	1.56
R&D as % of revenue	6.4%	6.3%	6.3%	6.2%	5.8%	6.5%	6.1%	4.8%
SG&A as % of revenue	32.0%	38.4%	35.3%	29.7%	31.5%	34.1%	31.8%	28.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Bausch Health Companies Inc.'s SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bausch Health Companies Inc.