Bausch Health Companies Inc
BHC—
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Bausch Health Companies Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-565M) with 21B debt load; interest expense (1.5B TTM) consumes 79% of operating income (2.0B TTM)[Total Equity / Interest Expense TTM]
- Goodwill of 11.3B represents 42% of total assets - impairment would accelerate equity erosion[Goodwill]
- EPS 3Y CAGR of 149% vs industry median 0.8% driven by cost cuts, not revenue growth[EPS Growth 3Y TTM]
Watch Triggers
- Interest Expense TTM: Exceeds 1.6B or >80% of operating income — FCF would turn negative, forcing asset sales or restructuring
- Free Cash Flow TTM: Falls below 900M — Insufficient to service debt without refinancing at higher rates
- Goodwill: Any impairment charge announced — Would further erode negative equity, triggering debt covenants
Bull Case
Gross margin 70.7% TTM with operating margin 19.6% generates 1.1B FCF despite debt burden - business fundamentals intact
Gross Margin TTMFree Cash Flow TTMOperating Margin TTM
P/E of 7.7x and P/S of 0.26x vs industry medians of 20x and 4.1x - extreme discount if debt restructured
PE RatioPS Ratio
Bear Case
Capital structure unsustainable: 21B debt, -565M equity, 1.5B annual interest vs 1.1B FCF leaves no margin for error
Total DebtTotal EquityInterest Expense TTM
Tangible book value -16.7B; any goodwill impairment accelerates covenant breach risk
Tangible Book ValueGoodwill
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Debt refinancing risk dominates - 21B debt at rising rates threatens FCF sustainability
1-3yhigh
- Interest expense 1.5B TTM vs 1.1B FCF
- Net debt 19.7B at 8.7x EV/EBITDA
- 705M debt paydown in period
FCF of 1.1B barely covers interestNegative equity limits refinancingP/CF of 1.7x signals distress pricing
Valuation Context
Caveats
BHC Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.01B | — | ||
$21.5B | — | ||
0.00 | — | ||
$10.53B | +8.2% | — | |
$-3.24 | — | ||
22.9% | +3.9% | — | |
-11.5% | -11.1% | — | |
$989.0M | -18.7% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
BHC Dividend History
22 dividends
2010
$1.280011/10/10$1.0000
08/30/10$0.0950
05/28/10$0.0950
03/04/10$0.0900
2009
$0.645011/30/09$0.0900
08/28/09$0.0900
05/13/09$0.0900
03/06/09$0.3750
2008
$1.500012/19/08$0.3750
08/21/08$0.3750
05/20/08$0.3750
03/25/08$0.3750
2007
$2.000011/16/07$0.3750
08/16/07$0.3750
05/18/07$0.3750
03/22/07$0.3750
01/08/07$0.5000
2006
$0.500011/20/06$0.1250
08/16/06$0.1250
05/19/06$0.1250
04/05/06$0.1250
2005
$0.500011/28/05$0.5000
BHC Stock Splits
2 stock splits
10/16/001:2 split
01/20/001:2 split
BHC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/30/26 | 03/31/26 | 10-Q | |
02/19/26 | 12/31/25 | Unknown | |
10/30/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
11/02/21 | 09/30/21 | 10-Q | |
09/02/22 | 06/30/21 | 10-Q/A | |
08/03/21 | 06/30/21 | 10-Q | |
05/04/21 | 03/31/21 | 10-Q | |
02/24/21 | 12/31/20 | 10-K | |
11/03/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/19/20 | 12/31/19 | 10-K | |
11/04/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/06/19 | 03/31/19 | 10-Q | |
02/20/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/07/18 | 06/30/18 | 10-Q | |
05/08/18 | 03/31/18 | 10-Q | |
02/28/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
11/09/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
06/07/16 | 03/31/16 | 10-Q | |
04/29/16 | 12/31/15 | 10-K | |
10/26/15 | 09/30/15 | 10-Q | |
07/28/15 | 06/30/15 | 10-Q | |
04/30/15 | 03/31/15 | 10-Q | |
02/25/15 | 12/31/14 | 10-K | |
10/24/14 | 09/30/14 | 10-Q | |
08/01/14 | 06/30/14 | 10-Q | |
05/09/14 | 03/31/14 | 10-Q | |
02/28/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/07/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
11/05/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/29/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/08/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/05/09 | 09/30/09 | 6-K | |
08/06/09 | 06/30/09 | 6-K | |
05/08/09 | 03/31/09 | 6-K | |
02/27/09 | 12/31/08 | 20-F | |
09/30/08 | 09/30/08 | 6-K | |
06/30/08 | 06/30/08 | 6-K | |
03/31/08 | 03/31/08 | 6-K | |
03/17/08 | 12/31/07 | 20-F | |
09/30/07 | 09/30/07 | Unknown | -- |
06/30/07 | 06/30/07 | Unknown | -- |
03/31/07 | 03/31/07 | 6-K | |
03/22/07 | 12/31/06 | 6-K | |
09/30/06 | 09/30/06 | 6-K | |
06/30/06 | 06/30/06 | 6-K | |
03/31/06 | 03/31/06 | 6-K | |
04/03/06 | 12/31/05 | 20-F | |
09/30/05 | 09/30/05 | 6-K | |
06/30/05 | 06/30/05 | 6-K | |
03/31/05 | 03/31/05 | 6-K | |
06/30/05 | 12/31/04 | 20-F | |
09/30/04 | 09/30/04 | 6-K | |
06/30/04 | 06/30/04 | 6-K | |
03/31/04 | 03/31/04 | 6-K | |
05/14/04 | 12/31/03 | 20-F | |
09/30/03 | 09/30/03 | 6-K | |
06/30/03 | 06/30/03 | 6-K | |
03/31/03 | 03/31/03 | 6-K | |
05/21/03 | 12/31/02 | 20-F | |
09/30/02 | 09/30/02 | 6-K | |
06/30/02 | 06/30/02 | 6-K | |
03/31/02 | 03/31/02 | 6-K | |
05/22/02 | 12/31/01 | 6-K | |
09/30/01 | 09/30/01 | 6-K | |
06/30/01 | 06/30/01 | 6-K | |
03/31/01 | 03/31/01 | 6-K | |
05/24/01 | 12/31/00 | 20-F | |
09/30/00 | 09/30/00 | 6-K | |
06/30/00 | 06/30/00 | 6-K | |
03/31/00 | 03/31/00 | 6-K |