Bausch Health Companies Inc. (BHC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+2047.1%

$174.77

vs $8.14 price

Levered DCF

$12.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.22

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.16×	-62×	-4.95×	-10.13×	-10.58×	-13.25×	-5.91×	-1.56×
P/B	-4.66×	-2.32×	-2.86×	-3.29×	-93.48×	13.8×	9.91×	2.36×
P/S	0.25×	0.31×	0.33×	0.28×	1.17×	0.92×	1.22×	0.77×
EV / EBITDA	7.07×	7.53×	8.45×	7.81×	9.81×	9.78×	9.71×	9.05×
Gross margin	70.7%	71.1%	70.8%	70.9%	71.6%	72.0%	72.7%	71.9%
Operating margin	21.3%	16.1%	11.0%	5.6%	5.3%	8.4%	-2.4%	-28.4%
Net margin	1.5%	-0.5%	-6.8%	-2.8%	-11.2%	-7.0%	-20.7%	-49.5%
Current ratio	1.47×	0.86×	1.3×	1.08×	1.08×	1.09×	1.12×	0.19×
Debt / equity	-38.35×	-17.06×	-21.91×	-30.01×	-213.72×	44.72×	24.36×	8.89×
Interest coverage	1.36×	1.11×	0.73×	0.31×	0.32×	0.44×	-0.13×	-1.41×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-28.4%	3.6%	57.9%	32.5%	894.3%	-104.5%	-167.7%	-151.8%
Return on invested capital	3.2%	-3.0%	4.1%	2.0%	1.7%	1.5%	-0.7%	-9.4%
Return on assets	0.6%	-0.2%	-2.2%	-0.9%	-3.2%	-1.8%	-5.3%	-15.1%
Free cash flow yield	38.9%	42.5%	26.0%	-43.8%	11.5%	10.9%	11.6%	19.6%
Earnings yield	6.1%	-1.6%	-20.2%	-9.9%	-9.6%	-7.6%	-16.9%	-64.2%
Enterprise value	$22.5B	$23.6B	$24.4B	$22.5B	$32B	$30.7B	$33.2B	$30B
Net debt / EBITDA	6.26×	6.59×	7.43×	7.02×	6.77×	7.43×	6.63×	7.11×
Cash conversion cycle (days)	208	204	201	168	166	195	172	162