Bausch + Lomb Corporation (BLCO.TO) 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

-58.7%

CA$11.59

vs CA$28.07 price

Levered DCF

-CA$2.78

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.13

Distress zone

Rating

C-

Overall 1 / 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	-16.74×	-20.04×	-23.1×	361.8×	38.77×	-411.78×	23.08×	9.21×
P/B	0.94×	0.98×	0.87×	0.77×	0.76×	0.71×	0.69×	0×
P/S	1.18×	1.33×	1.44×	1.44×	1.87×	2.05×	1.82×	1.78×
EV / EBITDA	18.09×	18.02×	20.48×	12.54×	9.43×	9.36×	7.21×	0×
Gross margin	54.8%	60.9%	60.4%	59.7%	61.0%	62.3%	64.9%	64.2%
Operating margin	3.7%	3.4%	3.1%	5.5%	8.7%	7.6%	14.1%	11.4%
Net margin	-7.1%	-6.6%	-6.3%	0.4%	4.8%	-0.5%	7.9%	19.4%
Current ratio	1.55×	1.6×	1.74×	1.65×	1.49×	1.82×	1.64×	0×
Debt / equity	0.83×	0.74×	0.67×	0.35×	0×	0.01×	0.01×	0×
Interest coverage	0.45×	0.41×	0.46×	1.42×	0×	0×	0×	14.34×
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	-5.6%	-4.9%	-3.8%	0.2%	2.0%	-0.2%	3.0%	0.0%
Return on invested capital	1.5%	1.4%	1.1%	0.4%	2.0%	-0.1%	3.9%	0.0%
Return on assets	-2.6%	-2.4%	-1.9%	0.1%	1.7%	-0.2%	2.6%	0.0%
Free cash flow yield	-1.1%	-0.9%	-3.3%	3.1%	9.4%	3.8%	9.0%	10.1%
Earnings yield	-6.0%	-5.0%	-4.3%	0.3%	2.6%	-0.2%	4.3%	10.9%
Enterprise value	CA$11B	CA$10.8B	CA$10.2B	CA$7.5B	CA$6.9B	CA$6.8B	CA$6.8B	CA$0
Net debt / EBITDA	8.17×	7.45×	8.48×	3.48×	-0.2×	-0.21×	-0.12×	0×
Cash conversion cycle (days)	180	204	186	132	153	193	160	0