BHC Bausch Health Companies Inc.

Overview and Growth

Bausch Health Companies Inc. generated $10.27B of revenue in fiscal 2025, with net income of $157.00M and an operating cash inflow of $1.40B. At $10.27B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 6.7% above fiscal 2024 revenue of $9.62B, marking a year-over-year increase. The company reported diluted EPS of $0.42, adding a shareholder-level measure to the absolute income figures considered below. The revenue-to-assets relationship was 0.39x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The reported operating result was $1.81B, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 17.7% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $157.00M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 1.5%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $367.00M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 3.6%, adding a pre-tax profitability layer between revenue and net income. The company recognized $247.00M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 67.3% of pretax income, showing the tax burden absorbed by the year’s earnings. The relationship between net income and period-end equity was 41.6%, indicating the profitability achieved on book capital. Return on period-end assets was 0.6%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $26.37B, supported by $25.99B of liabilities and $377.00M of shareholder equity. The near-term balance sheet paired $6.16B of current assets with $4.18B of current liabilities at the reporting date. Current assets covered current liabilities by 1.47x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $1.31B, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 31.3% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $20.82B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 55.22x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 79.0%, showing how much of the asset base was matched by borrowing. Liabilities represented 98.6% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 5.0%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 0.6% from $26.52B in fiscal 2024, leaving current total assets lower year over year.

Cash Flow and Earnings Quality

The company reported $1.40B of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 8.92x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $397.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 28.4%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $1.00B, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 9.8%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 3.8%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.