Bausch + Lomb Corporation (BLCO) 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

-65.1%

$7.03

vs $20.14 price

Levered DCF

-$1.69

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.05

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	-16.75×	-20.07×	-23.05×	361.54×	38.46×	-411.52×	23.53×	9.85×
P/B	0.94×	0.98×	0.87×	0.77×	0.75×	0.71×	0.7×	0×
P/S	1.18×	1.33×	1.44×	1.44×	1.86×	2.05×	1.85×	1.91×
EV / EBITDA	20.62×	18.28×	20.68×	12.71×	9.5×	9.38×	7.37×	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%	10.5%	11.4%
Net margin	-7.1%	-6.6%	-6.3%	0.2%	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×	0.76×	0.68×	0.36×	0.02×	0.01×	0.01×	0×
Interest coverage	0.44×	0.41×	0.46×	1.42×	0×	0×	0×	0×
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%	0.1%	2.0%	-0.2%	3.0%	0.0%
Return on invested capital	1.5%	1.4%	1.1%	0.4%	2.0%	-0.1%	2.9%	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%	9.7%	3.8%	8.8%	9.5%
Earnings yield	-6.0%	-5.0%	-4.3%	0.1%	2.6%	-0.3%	4.3%	10.1%
Enterprise value	$11B	$11B	$10.3B	$7.6B	$7B	$6.9B	$6.9B	$0
Net debt / EBITDA	9.32×	7.71×	8.7×	3.64×	-0.05×	-0.19×	-0.11×	0×
Cash conversion cycle (days)	180	204	190	145	153	193	160	0