Latest Ratios: P/E Ratio 11.2x · EV/EBITDA 6.3x · ROE 588.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $2.6B | $3.0B | $2.9B | $2.3B | $9.9B | $7.4B | $10.5B | $6.5B | $7.3B | $5.0B |
| Enterprise Value | $21.7B | $22.5B | $23.6B | $24.4B | $22.5B | $32.0B | $30.7B | $33.2B | $30.0B | $32.0B | $34.3B |
| P/E Ratio → | 11.19 | 16.16 | — | — | — | — | — | — | — | 2.42 | — |
| P/S Ratio | 0.17 | 0.25 | 0.31 | 0.33 | 0.28 | 1.17 | 0.92 | 1.22 | 0.77 | 0.84 | 0.52 |
| P/B Ratio | 4.79 | 6.93 | — | — | 8.74 | — | 12.20 | 9.27 | 2.30 | 1.23 | 1.55 |
| P/FCF | 1.79 | 2.60 | 2.35 | 3.85 | — | 8.67 | 9.21 | 8.61 | 5.10 | 3.74 | 2.81 |
| P/OCF | 1.28 | 1.86 | 1.86 | 2.84 | — | 6.95 | 6.65 | 7.02 | 4.31 | 3.19 | 2.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.15 | 2.45 | 2.78 | 2.77 | 3.79 | 3.83 | 3.86 | 3.59 | 3.67 | 3.55 |
| EV / EBITDA | 6.28 | 6.51 | 8.39 | 10.94 | 12.16 | 15.97 | 12.28 | 17.73 | 69.07 | 10.82 | 14.93 |
| EV / EBIT | 9.75 | 10.12 | 12.65 | 15.03 | 15.15 | 18.72 | 23.38 | 24.73 | 60.09 | 57.72 | 28.50 |
| EV / FCF | — | 22.42 | 18.74 | 32.06 | — | 27.98 | 38.28 | 27.14 | 23.73 | 16.39 | 19.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.9% | 60.9% | 71.1% | 70.8% | 70.9% | 71.6% | 72.0% | 72.7% | 71.9% | 70.8% | 73.4% |
| Operating Margin | 21.3% | 21.3% | 16.1% | 11.0% | 5.6% | 5.3% | 8.4% | -2.4% | -28.4% | 1.2% | -5.9% |
| Net Profit Margin | 1.5% | 1.5% | -0.5% | -6.8% | -2.8% | -11.2% | -7.0% | -20.7% | -49.5% | 27.6% | -24.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 588.2% | 588.2% | — | -665.2% | -199.1% | -332.0% | -64.2% | -90.3% | -94.7% | 52.2% | -51.9% |
| ROA | 0.6% | 0.6% | -0.2% | -2.2% | -0.8% | -3.1% | -1.7% | -5.8% | -12.8% | 5.9% | -5.2% |
| ROIC | 8.2% | 8.2% | 5.6% | 3.5% | 1.6% | 1.5% | 2.1% | -0.6% | -6.3% | 0.2% | -1.2% |
| ROCE | 10.6% | 10.6% | 7.2% | 4.3% | 2.0% | 1.8% | 2.5% | -0.8% | -8.4% | 0.3% | -1.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 56.36 | 56.36 | — | — | 79.87 | — | 39.55 | 22.79 | 8.63 | 4.28 | 9.16 |
| Debt / EBITDA | 6.14 | 6.14 | 7.76 | 10.05 | 11.24 | 11.32 | 9.57 | 13.83 | 55.87 | 8.60 | 12.98 |
| Net Debt / Equity | — | 52.84 | — | — | 77.70 | — | 38.55 | 19.94 | 8.38 | 4.16 | 8.99 |
| Net Debt / EBITDA | 5.76 | 5.76 | 7.34 | 9.63 | 10.93 | 11.02 | 9.32 | 12.10 | 54.22 | 8.35 | 12.74 |
| Debt / FCF | — | 19.83 | 16.38 | 28.21 | — | 19.31 | 29.08 | 18.52 | 18.63 | 12.65 | 16.32 |
| Interest Coverage | 1.35 | 1.35 | 1.35 | 1.22 | 1.01 | 1.20 | 0.86 | 0.83 | 0.30 | 0.30 | 0.66 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 0.86 | 1.30 | 1.08 | 1.08 | 1.09 | 1.12 | 0.19 | 1.11 | 1.41 |
| Quick Ratio | 1.08 | 1.08 | 0.62 | 0.94 | 0.80 | 0.89 | 0.86 | 0.94 | -0.06 | 0.87 | 1.11 |
| Cash Ratio | 0.32 | 0.32 | 0.17 | 0.22 | 0.14 | 0.11 | 0.12 | 0.52 | 0.19 | 0.17 | 0.15 |
| Asset Turnover | — | 0.40 | 0.36 | 0.32 | 0.32 | 0.29 | 0.26 | 0.25 | 0.31 | 0.23 | 0.22 |
| Inventory Turnover | 2.51 | 2.51 | 1.74 | 1.66 | 2.17 | 2.41 | 2.06 | 2.12 | 2.52 | 2.43 | 2.43 |
| Days Sales Outstanding | — | 82.00 | 81.15 | 83.28 | 80.42 | 76.82 | 71.71 | 78.04 | 81.23 | 89.12 | 94.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.9% | 6.2% | — | — | — | — | — | — | — | 41.3% | — |
| FCF Yield | 55.8% | 38.5% | 42.5% | 26.0% | — | 11.5% | 10.9% | 11.6% | 19.6% | 26.7% | 35.6% |
| Buyback Yield | 0.0% | 0.0% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.2% | 0.1% | 0.2% |
| Shares Outstanding | — | $375M | $368M | $365M | $362M | $359M | $355M | $352M | $350M | $352M | $347M |
Debt service and litigation
Based on reported figures, BHC trades at a forward P/E of 1.12 and an EV/EBITDA of 6.27, suggesting that the market is pricing the equity as a distressed asset rather than a traditional healthcare manufacturer, heavily discounting the firm due to ongoing patent litigation and structural debt concerns.
The extreme divergence between the TTM P/E of 11.07 and the forward P/E suggests that investors are anticipating significant earnings volatility or potential restructuring events. This valuation profile implies that the market is not assigning value to long-term growth, but rather focusing on the immediate survival of the Salix segment's cash flows.
As reported in financial statements, BHC's ROIC has remained stagnant at approximately 2.0% in 2026Q1, indicating that the company is struggling to generate returns on invested capital that exceed its cost of debt, a trend that has persisted throughout the last ten quarters of operations.
The inability to drive ROIC above low single digits suggests that the company's historical acquisition-heavy strategy has left it with a bloated asset base that fails to produce efficient economic value. Investors should monitor whether the ongoing separation of Bausch + Lomb can eventually isolate these capital-intensive assets and improve the remaining entity's return profile.
According to recent quarterly data, BHC's cash conversion cycle reached 177 days in 2026Q1, a figure that highlights significant inefficiencies in inventory management and receivables collection compared to the company's historical performance and broader industry standards for specialty pharmaceutical manufacturers.
The elevated DIO of 150 days suggests that the company may be carrying excess inventory, potentially tied to the complex manufacturing requirements of its vision care portfolio. This inefficiency ties up critical liquidity that could otherwise be directed toward debt reduction, further exacerbating the firm's reliance on external financing.
Based on reported figures, BHC's interest coverage ratio of 1.30 in 2026Q1 underscores a precarious financial position, where the company's operating income is barely sufficient to cover its interest obligations, leaving little margin for error in the event of a revenue shortfall or litigation-driven cash drain.
The high D/EBITDA ratio, which has frequently exceeded 20x in recent periods, indicates that the company is effectively operating under the constraints of its creditors. This leverage profile limits management's ability to invest in R&D or pursue strategic pivots, as nearly all free cash flow is prioritized for interest payments.
The P/E ratio is frequently misapplied to BHC, as the company's massive interest expense and non-cash impairment charges render net income a poor proxy for the underlying earning power of its core pharmaceutical and medical device segments, obscuring the true cash-generating capacity of the business.
Analysts should instead focus on EV/EBITDA or free cash flow yield to better understand the company's operational performance, as these metrics strip away the distortions caused by the firm's highly levered capital structure. Relying on P/E in this context risks misinterpreting accounting losses as operational failure, ignoring the cash-generative nature of the Bausch + Lomb and Salix segments.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BHC stock.
Bausch Health Companies Inc.'s current P/E ratio is 11.2x. The historical average is 25.5x. This places it at the 19th percentile of its historical range.
Bausch Health Companies Inc.'s current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.6x.
Bausch Health Companies Inc.'s return on equity (ROE) is 588.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -17.6%.
Based on historical data, Bausch Health Companies Inc. is trading at a P/E of 11.2x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bausch Health Companies Inc. has 60.9% gross margin and 21.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Bausch Health Companies Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.