Bausch + Lomb Corp BLCO

Health CareHealthcare Equipment & SuppliesCanada

Last close 20.00 USD on Nov 1, 2026, +17.1% year to date

Quant rating

Quant rating A Rank 15 of 211 in Health Care

Growth A 30 of 211
Valuation C 94 of 211
Quality B 75 of 211
Revisions A 10 of 211
Momentum A 24 of 211

Wall Street consensus Buy (2.46)Average target 21.49 USD +7.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.1B
Enterprise value: 11.8B
52-week range: 14.45 – 21.36
3-year range: 10.90 – 21.36
Dividend yield: –
Beta (5 years): 0.55
Shares outstanding: 357M
Next earnings: Feb 18, 2027

About the company

Bausch + Lomb Corporation is an eye health company. It operates through three segments: Vision Care, Pharmaceuticals, and Surgical. Vision Care segment includes both a contact lens and a consumer eye care business that consists of contact lens care products, over-the-counter eye drops and eye vitamins. Pharmaceuticals segment consists of generic pharmaceutical products for post-operative treatments and treatments for a number of eye conditions, such as glaucoma, eye inflammation, ocular hypertension, dry eyes and retinal diseases. Surgical segment consists of medical device equipment, consumables, instruments and technologies for the treatment of cataracts, corneal and vitreous and retinal eye conditions, which includes delivery systems, phacoemulsification equipment and other surgical instruments and devices for cataract surgery. Its brands consist of PreserVision, Biotrue, Artelac, Alaway, Mioclear, Ocuvite, ScoutPro, XIIDRA, Vyzulta, Lotemax, Prolensa, Minims, INFUSE, and many more.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,101	4,791	4,146	3,768	3,765	–
Revenue growth	6.5%	15.6%	10.0%	0.1%	10.3%	8.4%
EPS (basic, normalized)	0.51	0.58	0.73	1.07	–	–
EPS growth	−12.1%	−20.5%	−31.8%	–	–	–
Gross margin	59.8%	60.9%	60.4%	59.7%	61.0%	60.4%
Net margin	−7.1%	−6.6%	−6.3%	0.2%	4.8%	−3.0%
ROE	−5.6%	−4.8%	−3.7%	0.1%	1.9%	−2.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	513
Current ratio	1.56x
Long-term debt (mil)	5,050
Net debt (mil)	4,653
Total equity (mil)	6,439
Net debt / equity	0.72x
Net debt / EBITDA	5.42x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,101	+6.5%	2.3x	858	−1.3%	13.8x	0.51	−12.1%	39.2x
2026	5,496	+7.7%	2.1x	1,086	+26.5%	10.9x	0.91	+78.9%	21.9x
2027	5,822	+5.9%	2.0x	1,203	+10.8%	9.8x	1.17	+27.7%	17.2x
2028	6,141	+5.5%	1.9x	1,358	+12.9%	8.7x	1.51	+29.7%	13.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,496	0.0%	+0.1%	+0.7%	0.91	+12.5%	+13.2%	+16.8%
2027	5,822	+0.1%	+0.4%	+0.8%	1.17	+6.7%	+8.2%	+10.4%
2028	6,141	+0.1%	+0.4%	+0.8%	1.51	+3.2%	+5.0%	+12.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,099	1,216	1,196	1,280	1,137	1,278	1,281	1,405	1,244	1,394
Sales mean (mil)	1,062	1,170	1,173	1,257	1,150	1,258	1,281	1,381	1,218	1,369
Surprise	+3.5%	+4.0%	+1.9%	+1.9%	−1.2%	+1.6%	0.0%	+1.7%	+2.1%	+1.8%
EPS reported	0.07	0.13	0.17	0.25	−0.07	0.07	0.18	0.32	0.08	0.16
EPS mean	0.07	0.12	0.16	0.24	0.03	0.07	0.16	0.35	0.06	0.15
Surprise	−3.6%	+6.3%	+8.8%	+6.2%	−365.6%	+3.8%	+10.6%	−9.0%	+39.2%	+4.6%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BLCO Bausch + Lomb Corp	7.1B	5.42x	−7.1%	1.11x	21.9x	17.2x	10.9x	9.8x
ABT Abbott Laboratories	183.8B	2.36x	14.7%	3.60x	19.2x	17.9x	16.0x	14.5x
ISRG Intuitive Surgical, Inc.	149.8B	−0.91x	28.4%	9.37x	38.4x	34.7x	26.1x	24.0x
MDT Medtronic PLC	123.5B	1.99x	13.2%	2.46x	16.2x	15.1x	12.8x	12.3x
SYK Stryker Corporation	111.9B	1.54x	12.9%	4.77x	19.7x	17.9x	15.7x	14.6x
BSX Boston Scientific Corporation	60.8B	2.03x	14.4%	2.44x	13.2x	13.3x	11.4x	11.4x
Mean		2.07x	12.8%	3.96x	21.4x	19.3x	15.5x	14.5x
Median		2.01x	13.8%	3.03x	19.5x	17.5x	14.3x	13.4x

Technical analysis

1M+18.0%
3M+20.4%
1Y+31.6%
3Y+26.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bausch + Lomb Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,101	4,791	4,146	3,768	3,765	3,412
Cost of revenue	2,050	1,872	1,642	1,519	1,467	1,285
Gross profit	3,051	2,919	2,504	2,249	2,298	2,127
Selling, general & administrative expenses	2,234	2,082	1,727	1,452	1,389	1,253
Research & development	371	343	324	307	271	253
Depreciation/amortization	258	288	240	244	292	323
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	81.0	44.0	83.0	39.0	13.0	9.0
Other operating expenses	0	0	0	0	4.0	29.0
Operating income	107	162	130	207	329	260
Net interest income (expense)	−424	−396	−296	−134	−11.0	30.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−317	−234	−166	73.0	318	290
Provision for taxes	35.0	71.0	82.0	58.0	125	307
Minority interest	−8.0	−12.0	−12.0	−9.0	−11.0	−1.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−360	−317	−260	6.0	182	−18.0
Extraordinary items	–	–	–	–	–	–
Net income	−360	−317	−260	6.0	182	−18.0
EBIT, normalized	188	206	213	246	342	269
EBITDA, normalized	609	642	595	625	757	711
Basic EPS, normalized	0.51	0.58	0.73	1.07	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Bausch + Lomb Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	383	305	331	354	174	238
Receivables	1,221	1,026	839	724	721	645
Total inventory	976	1,036	1,028	628	572	616
Prepaid expenses	383	410	541	405	165	155
Other current assets	14.0	11.0	3.0	26.0	3.0	0
Total current assets	2,977	2,788	2,742	2,137	1,635	1,654
Property, plant & equipment	1,922	1,636	1,504	1,419	1,337	1,264
Goodwill	4,758	4,523	4,575	4,507	4,586	4,685
Intangibles	3,281	3,494	3,589	2,058	2,264	2,562
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1,084	1,028	1,032	1,023	1,001	1,101
Total assets	14,022	13,469	13,442	11,144	10,823	11,266
Liabilities
Accounts payable	388	389	522	370	239	178
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,006	906	627	493	516	454
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	39.0	40.0	30.0	25.0	–	–
Other current liabilities	487	403	400	408	344	277
Total current liabilities	1,920	1,738	1,579	1,296	1,099	909
Long-term debt	5,043	4,744	4,532	2,411	0	0
Minority interest	71.0	71.0	70.0	68.0	73.0	70.0
Other liabilities	540	443	411	336	322	369
Total liabilities	7,574	6,996	6,592	4,111	1,494	1,348
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	–	–	0	0	10,364	10,807
Additional paid-in capital	8,563	8,429	8,349	8,285	–	–
Retained earnings (accumulated deficit)	−931	−571	−254	6.0	–	–
Treasury stock	–	–	–	–	–	–
Other equity	−1,184	−1,385	−1,245	−1,258	−1,035	−889
Total equity	6,448	6,473	6,850	7,033	9,329	9,918
Total liabilities & shareholders' equity	14,022	13,469	13,442	11,144	10,823	11,266

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bausch + Lomb Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−352	−305	−248	15.0	193	−17.0
Depreciation, depletion & amortization	421	436	382	379	415	442
Deferred taxes	−32.0	−10.0	−10.0	−90.0	116	97.0
Non-cash items	228	198	146	60.0	121	59.0
Changes in working capital	18.0	−87.0	−287	−19.0	28.0	−59.0
Cash from operations	283	232	−17.0	345	873	522
Investing activities
Capital expenditures	−349	−291	−181	−175	−193	−253
Other investing cash flows	−106	−121	−1,928	−40.0	−21.0	−3.0
Cash from investing	−455	−412	−2,109	−215	−214	−256
Financing activities
Financing cash flow items	−36.0	−23.0	−37.0	−2,346	−712	−232
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	261	201	2,115	2,427	0	0
Cash from financing	225	178	2,078	81.0	−712	−232
Foreign exchange effects	28.0	−16.0	2.0	−8.0	−8.0	12.0
Net change in cash	81.0	−18.0	−46.0	203	−61.0	46.0
Free cash flow	−66.0	−59.0	−198	170	680	269

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.