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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Bausch Health Companies reported revenue of $10.3B in the fiscal year ended Dec 2025, up 6.7% from the year before. Operating income was $1.8B, an operating margin of 17.7%, and net income was $157M. Operating cash flow of $1.4B less capital expenditure of $397M left free cash flow of $1B. Net debt was $19.5B.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 8,434 | 8,124 | 8,757 | 9,625 | 10,266 |
| Research & development | 465 | 529 | 604 | 616 | 629 |
| Selling, general & admin | 2,624 | 2,625 | 2,917 | 3,296 | 3,438 |
| Operating income | 450 | 454 | 963 | 1,546 | 1,813 |
| Interest expense | 1,426 | 1,464 | 1,328 | 1,388 | 1,604 |
| Pre-tax income | −1,024 | −129 | −390 | 167 | 367 |
| Income tax | −87.0 | 83.0 | 221 | 239 | 247 |
| Net income | −948 | −225 | −592 | −46.0 | 157 |
| Diluted EPS | −2.64 | −0.62 | −1.62 | −0.13 | 0.42 |
| Diluted shares | 359 | 362 | 365 | 368 | 375 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 582 | 564 | 947 | 1,181 | 1,309 |
| Receivables | 1,775 | 1,790 | 1,998 | 2,140 | 2,351 |
| Inventory | 993 | 1,090 | 1,544 | 1,595 | 1,629 |
| Current assets | 5,607 | 4,247 | 5,596 | 5,774 | 6,157 |
| Net PP&E | 1,598 | 1,600 | 1,707 | 1,780 | 2,074 |
| Goodwill | 12,457 | 11,547 | 11,183 | 11,087 | 11,271 |
| Total assets | 29,202 | 25,686 | 27,350 | 26,523 | 26,366 |
| Payables | 407 | 521 | 719 | 589 | 600 |
| Current liabilities | 5,198 | 3,941 | 4,302 | 6,752 | 4,180 |
| Short-term debt | 0.0 | 432 | 450 | 2,674 | 225 |
| Long-term debt | 22,654 | 20,334 | 21,938 | 18,942 | 20,592 |
| Total liabilities | 29,236 | 25,426 | 27,432 | 26,845 | 25,989 |
| Shareholders' equity | −106 | −692 | −1,022 | −1,279 | −554 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,426 | −728 | 1,032 | 1,597 | 1,400 |
| Capital expenditure | 269 | 218 | 215 | 337 | 397 |
| Free cash flow | 1,157 | −946 | 817 | 1,260 | 1,003 |
| Depreciation & amortisation | 1,552 | 1,394 | 1,264 | 1,267 | 1,208 |
| Stock-based compensation | 128 | 126 | 132 | 150 | 216 |
| Acquisitions | 0.0 | 45.0 | 1,890 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.7% | 7.8% | 9.9% | 6.7% |
| Operating income growth (YoY) | – | 0.9% | 112.1% | 60.5% | 17.3% |
| Operating margin | 5.3% | 5.6% | 11.0% | 16.1% | 17.7% |
| Net margin | −11.2% | −2.8% | −6.8% | −0.5% | 1.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.9% | 2.1% | 4.2% | 7.8% | 8.2% |
| Free cash flow margin | 13.7% | −11.6% | 9.3% | 13.1% | 9.8% |
| Cash conversion (CFO ÷ net income) | −1.50x | 3.24x | −1.74x | −34.7x | 8.92x |
| Receivable days | 77 | 80 | 83 | 81 | 84 |
| Interest cover | 0.32x | 0.31x | 0.73x | 1.11x | 1.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 22,072 | 20,202 | 21,441 | 20,435 | 19,508 |
| Current ratio | 1.08x | 1.08x | 1.30x | 0.86x | 1.47x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.