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Introduction Bausch Health Companies Inc. ( we , us , our , the Company or Bausch Health ) is a global, diversified specialty pharmaceutical and medical device company that develops, manufactures and markets, primarily in the therapeutic areas of gastroenterology ( GI ), hepatology, neurology and dermatology, a broad range of branded, generic and branded generic pharmaceuticals, over-the-counte…
17.66% operating margin is respectable but not wide. ROIC at 7.63%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 6.7%, steady but not accelerating. Free cash flow declined 20% despite revenue growth, conversion is weakening.
Free cash flow declined 20% versus the prior year, cash generation momentum has weakened. Net debt of $19.74B represents 19.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$10.27B
▲ +6.7% YoY
Net Income (TTM)
$157M
▲ +441.3% YoY
Op. Margin
17.66%
▲ +1.6pp YoY
ROIC
7.63%
▲ +1.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.00B
▼ -20.4% YoY
Op. Cash Flow (TTM)
$1.40B
▼ -12.3% YoY
Net Debt
$19.74B
Cash & Equiv.
$1.31B
5Y CAGR: +5.0%
5Y CAGR: +4.4%
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