Bausch Health Companies Inc. (BHC)

Bausch Health Companies Inc. operates as a diversified specialty pharmaceutical and medical device company. It operates through five segments: Salix, International, Solta Medical, Diversified, and Bausch + Lomb. The company develops, manufactures, and markets products primarily in the therapeutic areas of gastroenterology, hepatology, neurology and dermatology, generic and branded generic pharmaceuticals, dentistry products, over-the-counter products, aesthetic medical devices, and eye health. The company sells its products in the United States, China, Canada, Poland, Mexico, France, South Korea, Russia, Japan, Germany, the United Kingdom, Spain, Italy, Czech Republic, Slovakia, Ukraine, Bulgaria, and internationally. The company was formerly known as Valeant Pharmaceuticals International, Inc. and changed its name to Bausch Health Companies Inc. in July 2018. Bausch Health Companies Inc. is headquartered in Laval, Canada.

Ticker: BHC
Exchange: NYSE
Sector: Healthcare
Industry: Drug Manufacturers - Specialty & Generic
Market cap: $3.06B
52-week range: $4.33 - $9.04

Valuation

Share price: $8.18 (close of Nov 6, 2026)
P/E (TTM): -3.60x
Price to book: -8.98x
Price to free cash flow: 1.64x
Enterprise value: $21.29B
Book value per share: $-0.91

Price performance

Period	Change
1 day	+2.76%
5 days	-0.24%
1 month	+35.88%
3 months	+38.41%
6 months	+44.78%
Year to date	+17.70%
1 year	+22.27%
3 years	+9.80%
5 years	-70.76%
10 years	-57.35%
All time	+1,536.00%

Short interest

As of: Oct 15, 2026
Short % of float: 2.75%
Shares short: 8.24M
Days to cover: 4.17
Change since prior report: -1.91%
Source: FINRA consolidated short interest

Profitability and growth

Return on invested capital: 7.38%
Return on assets: 0.60%
Return on capital employed: 8.17%
Gross margin: 57.28%
Net margin: 1.53%
EBITDA margin: 29.43%
Revenue growth: 6.66%
Free cash flow growth: -20.40%

Cash flow and balance sheet

Free cash flow yield (TTM): 60.92%
Current ratio: 1.56x
Net debt to EBITDA: 7.63x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $10.27B
Cost of revenue: $4.39B
Gross profit: $5.88B
EBITDA: $3.02B
Net income: $157.00M
Earnings per share: $0.42
Research and development: $629.00M
Shares outstanding: 370.90M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$10.27B	$5.88B	$157.00M	$0.42
2024-12-31	$9.63B	$5.46B	-$46.00M	-$0.13
2023-12-31	$8.76B	$4.48B	-$592.00M	-$1.62
2022-12-31	$8.12B	$3.61B	-$225.00M	-$0.62
2021-12-31	$8.43B	$3.54B	-$948.00M	-$2.64
2020-12-31	$8.03B	$3.50B	-$560.00M	-$1.58
2019-12-31	$8.60B	$2.82B	-$1.79B	-$5.08
2018-12-31	$8.38B	$502.00M	-$4.14B	-$11.81
2017-12-31	$8.72B	$3.04B	$2.40B	$6.86
2016-12-31	$9.67B	$2.67B	-$2.41B	-$6.94

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	57.28%	1.53%	-	7.38%
2024-12-31	56.71%	-0.48%	-	6.14%
2023-12-31	51.20%	-6.76%	-	3.33%
2022-12-31	44.41%	-2.77%	-	1.76%
2021-12-31	41.96%	-11.24%	-	1.97%
2020-12-31	43.54%	-6.98%	-	2.72%
2019-12-31	32.81%	-20.79%	-157.39%	-0.55%
2018-12-31	5.99%	-49.45%	-147.21%	-8.66%
2017-12-31	34.90%	27.56%	40.44%	0.32%
2016-12-31	27.55%	-24.89%	-73.91%	-1.63%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$1.31B	$20.59B
2024-12-31	$1.18B	$18.94B
2023-12-31	$947.00M	$21.94B
2022-12-31	$564.00M	$20.33B
2021-12-31	$582.00M	$22.65B
2020-12-31	$605.00M	$23.93B
2019-12-31	$3.24B	$24.66B
2018-12-31	$721.00M	$24.08B
2017-12-31	$720.00M	$25.23B
2016-12-31	$542.00M	$29.84B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$1.00B	$216.00M
2024-12-31	$1.26B	$150.00M
2023-12-31	$817.00M	$132.00M
2022-12-31	-$946.00M	$126.00M
2021-12-31	$1.16B	$128.00M
2020-12-31	$809.00M	$105.00M
2019-12-31	$1.23B	$102.00M
2018-12-31	$1.34B	$87.00M
2017-12-31	$2.12B	$87.00M
2016-12-31	$1.85B	$165.00M

Dividend history

Most recent payment: Nov 10, 2010

Payment date	Dividend per share
2010-11-10	$1.00
2010-08-30	$0.10
2010-05-28	$0.10
2010-03-04	$0.09
2009-11-30	$0.09
2009-08-28	$0.09
2009-05-13	$0.09
2009-03-06	$0.38

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-28	Sep 2026	$1.08
2026-07-29	Jun 2026	$0.96
2026-04-29	Mar 2026	$0.81
2026-02-18	Dec 2025	$1.21
2025-10-29	Sep 2025	$1.07
2025-07-30	Jun 2025	$0.97
2025-04-30	Mar 2025	$0.83
2025-02-19	Dec 2024	$1.12

Filings and sources

Company website: bauschhealth.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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