Bausch Health Companies vs Elanco
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The short version
- Bausch Health Companies is the larger business, with $10.3B of revenue in fiscal 2025 against $4.7B for Elanco, about 2.2 times as much.
- Bausch Health Companies turned more of its sales into free cash flow (9.8% FCF margin, against 6.0%).
- Bausch Health Companies earned a higher return on the capital invested in it (4.5%, against −0.1%).
| Latest fiscal year | BHC · FY25 | ELAN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $11.4B |
| Revenue | $10.3B | $4.7B |
| Free cash flow | $1.0B | $284M |
| Net income | $157M | −$232M |
| Growth | ||
| Revenue growth | 6.7% | 6.2% |
| 5-year growth | 5.0% | 7.6% |
| Share count change | 1.9% | −0.2% |
| Profitability | ||
| Gross margin | — | 55.0% |
| Operating margin | 17.7% | — |
| Net margin | 1.5% | −4.9% |
| FCF margin | 9.8% | 6.0% |
| Return on capital | 4.5% | −0.1% |
| Return on equity | — | −3.7% |
| Balance sheet | ||
| Net debt | $19.5B | $3.5B |
| Net debt / EBITDA | 6.5x | 5.2x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
BHC $9.7B
ELAN $2.9B
FY17
BHC $8.7B
ELAN $2.9B
FY18
BHC $8.4B
ELAN $3.1B
FY19
BHC $8.6B
ELAN $3.1B
FY20
BHC $8.0B
ELAN $3.3B
FY21
BHC $8.4B
ELAN $4.8B
FY22
BHC $8.1B
ELAN $4.4B
FY23
BHC $8.8B
ELAN $4.4B
FY24
BHC $9.6B
ELAN $4.4B
FY25
BHC $10.3B
ELAN $4.7B
BHC
ELAN
Operating margin
FY16
BHC −5.9%
ELAN —
FY17
BHC 1.2%
ELAN —
FY18
BHC −28.5%
ELAN —
FY19
BHC −2.4%
ELAN —
FY20
BHC 8.4%
ELAN —
FY21
BHC 5.3%
ELAN —
FY22
BHC 5.6%
ELAN —
FY23
BHC 11.0%
ELAN —
FY24
BHC 16.1%
ELAN —
FY25
BHC 17.7%
ELAN —
BHC
ELAN
Free cash flow
FY16
BHC $1.9B
ELAN $45.6M
FY17
BHC $2.1B
ELAN $75.2M
FY18
BHC $1.3B
ELAN $353M
FY19
BHC $1.2B
ELAN $84.0M
FY20
BHC $809M
ELAN −$176M
FY21
BHC $1.2B
ELAN $324M
FY22
BHC −$946M
ELAN $281M
FY23
BHC $817M
ELAN $131M
FY24
BHC $1.3B
ELAN $394M
FY25
BHC $1.0B
ELAN $284M
BHC
ELAN
Return on capital
FY16
BHC −1.3%
ELAN —
FY17
BHC 0.3%
ELAN —
FY18
BHC −6.6%
ELAN 1.5%
FY19
BHC −0.6%
ELAN 1.9%
FY20
BHC 2.2%
ELAN −3.9%
FY21
BHC 1.6%
ELAN −1.9%
FY22
BHC 1.7%
ELAN 1.0%
FY23
BHC 3.6%
ELAN −5.9%
FY24
BHC 3.7%
ELAN 5.0%
FY25
BHC 4.5%
ELAN −0.1%
BHC
ELAN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.