Bausch Health Companies vs Viatris
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The short version
- Viatris is the larger business, with $14.3B of revenue in fiscal 2025 against $10.3B for Bausch Health Companies.
- Bausch Health Companies grew revenue faster (6.7%, against −3.0%).
- Bausch Health Companies kept more of each dollar of sales as operating profit (17.7% operating margin, against −18.6%).
- Viatris turned more of its sales into free cash flow (13.6% FCF margin, against 9.8%).
- Bausch Health Companies earned a higher return on the capital invested in it (4.5%, against −7.1%).
| Latest fiscal year | BHC · FY25 | VTRS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $20.9B |
| Revenue | $10.3B | $14.3B |
| Free cash flow | $1.0B | $1.9B |
| Net income | $157M | −$3.5B |
| Growth | ||
| Revenue growth | 6.7% | −3.0% |
| 5-year growth | 5.0% | 3.7% |
| Share count change | 1.9% | −1.9% |
| Profitability | ||
| Gross margin | — | 35.1% |
| Operating margin | 17.7% | −18.6% |
| Net margin | 1.5% | −24.6% |
| FCF margin | 9.8% | 13.6% |
| Return on capital | 4.5% | −7.1% |
| Return on equity | — | −21.1% |
| Balance sheet | ||
| Net debt | $19.5B | $13.1B |
| Net debt / EBITDA | 6.5x | 96.5x |
| Dividends and buybacks | $0.0M | $501M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 7 | 4 |
Revenue
FY16
BHC $9.7B
VTRS $11.1B
FY17
BHC $8.7B
VTRS $11.9B
FY18
BHC $8.4B
VTRS $11.4B
FY19
BHC $8.6B
VTRS $11.5B
FY20
BHC $8.0B
VTRS $11.9B
FY21
BHC $8.4B
VTRS $17.9B
FY22
BHC $8.1B
VTRS $16.3B
FY23
BHC $8.8B
VTRS $15.4B
FY24
BHC $9.6B
VTRS $14.7B
FY25
BHC $10.3B
VTRS $14.3B
BHC
VTRS
Operating margin
FY16
BHC −5.9%
VTRS 6.3%
FY17
BHC 1.2%
VTRS 12.1%
FY18
BHC −28.5%
VTRS 7.9%
FY19
BHC −2.4%
VTRS 6.2%
FY20
BHC 8.4%
VTRS −1.8%
FY21
BHC 5.3%
VTRS −0.2%
FY22
BHC 5.6%
VTRS 9.9%
FY23
BHC 11.0%
VTRS 5.0%
FY24
BHC 16.1%
VTRS 0.1%
FY25
BHC 17.7%
VTRS −18.6%
BHC
VTRS
Free cash flow
FY16
BHC $1.9B
VTRS $1.7B
FY17
BHC $2.1B
VTRS $1.8B
FY18
BHC $1.3B
VTRS $2.1B
FY19
BHC $1.2B
VTRS $1.6B
FY20
BHC $809M
VTRS $989M
FY21
BHC $1.2B
VTRS $2.6B
FY22
BHC −$946M
VTRS $2.6B
FY23
BHC $817M
VTRS $2.5B
FY24
BHC $1.3B
VTRS $2.0B
FY25
BHC $1.0B
VTRS $1.9B
BHC
VTRS
Return on capital
FY16
BHC −1.3%
VTRS 3.4%
FY17
BHC 0.3%
VTRS 4.2%
FY18
BHC −6.6%
VTRS 3.4%
FY19
BHC −0.6%
VTRS 1.4%
FY20
BHC 2.2%
VTRS −0.5%
FY21
BHC 1.6%
VTRS −0.1%
FY22
BHC 1.7%
VTRS 2.9%
FY23
BHC 3.6%
VTRS 1.0%
FY24
BHC 3.7%
VTRS 0.0%
FY25
BHC 4.5%
VTRS −7.1%
BHC
VTRS
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.