BHCBausch Health Companies Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (2.6×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BHC?
Bausch Health Companies Inc. earns 4.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 4.9 points below what the capital costs: growth destroys value
- Operating margin
- 8.1%
Operating margin · Drug Manufacturers - Specialty & Generic median 9.5% · 12 months to Q2 2026
- Cash conversion
- 2.58×
Cash conversion · 1.19× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +1.3%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 8.4% |
| FY2021 | 5.3% |
| FY2022 | 5.6% |
| FY2023 | 11% |
| FY2024 | 16% |
| FY2025 | 18% |
Details›
- Operating margin12 months to Q2 2026
- 8.1%
- Net margin12 months to Q2 2026
- −10%
- Free cash flow margin
- 13%
- R&D as % of revenue
- 6.1%
- Revenue, trailing twelve months
- $10.9B
- Free cash flow, trailing twelve months
- $1.43B
- Net income, trailing twelve months
- −$1.09B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from BHC and who it buys from, as the companies report it.
- CORCencora18%
Share of revenue · FY2025 10-K
- MCKMcKesson Corporation16%
Share of revenue · FY2025 10-K
- CAHCardinal Health14%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; BHC’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Drug Manufacturers, Specialty & Generic
Ranks #12 of 39 by RyuScore