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Friday 6 November 2026
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Bausch + Lomb Corporation
BLCO Healthcare Medical Instruments & Supplies
Bausch + Lomb Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.1 billion, up 6.47% from fiscal 2024.
- Revenue
- +7.34%
- EPS
- +222.4%
- Free cash flow
- +182.5%
- Total debt
- +2.93%
Quarter to September 2026, against a year earlier
20.05
0.13
+0.65%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 3,412 | 3,765 | 3,768 | 4,146 | 4,791 | 5,101 | 5,418 | +8.4% | 5,501 | 5,825 | 6,147 | +6.4% | |
| Gross margin, % | — | — | — | — | 62.34 | 61.04 | 59.69 | 60.40 | 60.93 | 59.81 | 62.55 | (2.5) pt | ||||||
| EBT | — | — | — | — | 290 | 318 | 73 | (166) | (234) | (317) | (4) | n/m | ||||||
| EBT margin, % | — | — | — | — | 8.50 | 8.45 | 1.94 | (4.00) | (4.88) | (6.21) | (0.07) | (14.7) pt | ||||||
| Net income | — | — | — | — | (17) | 193 | 15 | (248) | (305) | (352) | (103) | +83.3% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 9.75 | 10.76 | 10.77 | 11.83 | 13.62 | 14.42 | 15.15 | +8.1% | |||||
| Earnings | — | — | — | — | (0.05) | 0.55 | 0.02 | (0.74) | (0.90) | (1.02) | (0.30) | +83.8% | ||||||
| Cash flow | — | — | — | — | 1.49 | 2.49 | 0.99 | (0.05) | 0.66 | 0.80 | 1.55 | (11.7%) | ||||||
| Capex | — | — | — | — | (0.74) | (0.60) | (0.50) | (0.52) | (0.83) | (0.99) | (0.84) | +5.9% | ||||||
| Free cash flow | — | — | — | — | 0.75 | 1.90 | 0.49 | (0.56) | (0.17) | (0.19) | 0.70 | n/m | ||||||
| Book value | — | — | — | — | 28.54 | 26.86 | 20.29 | 19.74 | 18.60 | 18.43 | 18.20 | (8.4%) | ||||||
| Shares, m | — | — | — | — | 350 | 350 | 350 | 351 | 352 | 354 | 356 | +0.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 38.04 | 38.04 | 786.00 | 0.00 | 0.00 | 0.00 | 0.00 | 143.7 | |||||
| P/S | — | — | — | — | 1.86 | 1.86 | 1.46 | 1.43 | 1.33 | 1.18 | 1.32 | 1.5 | ||||||
| P/B | — | — | — | — | 0.97 | 0.97 | 0.77 | 0.86 | 0.97 | 0.93 | 1.10 | 0.9 | ||||||
| EV/Sales | — | — | — | — | 2.39 | 2.39 | 2.01 | 2.45 | 2.26 | 2.10 | 2.16 | 2.3 | ||||||
| EV/FCF | — | — | — | — | 18.13 | 18.13 | 50.72 | (45.55) | (128.83) | (117.89) | 51.59 | (34.2) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 522 | 873 | 345 | (17) | 232 | 283 | 554 | (11.5%) | |||||
| Capex | — | — | — | — | (259) | (209) | (175) | (181) | (291) | (349) | (302) | +6.1% | ||||||
| Free cash flow | — | — | — | — | 263 | 664 | 170 | (198) | (59) | (66) | 252 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 745 | 536 | 841 | 1,163 | 1,050 | 1,057 | 1,095 | +7.2% | |||||
| Net debt | — | — | — | — | (238) | (177) | 2,056 | 4,228 | 4,468 | 4,685 | 4,580 | n/m | ||||||
| Shareholders’ equity | — | — | — | — | 9,988 | 9,402 | 7,101 | 6,920 | 6,544 | 6,519 | 6,510 | (8.2%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | 1.65 | 0.05 | (2.12) | (2.36) | (2.62) | (0.80) | (2.6) pt | |||||
| ROIC | — | — | — | — | 1.67 | 2.23 | 1.41 | 0.73 | 0.92 | 0.63 | 2.16 | (1.0) pt | ||||||
| ROE | — | — | — | — | 0.00 | 1.88 | 0.07 | (3.71) | (4.71) | (5.51) | (1.71) | (5.5) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 12,500 | 12,900 | 13,300 | 13,500 | 13,000 | — | +1.0% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.30 | 0.29 | 0.31 | 0.35 | 0.39 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2022
| Vision Care | 2,369 | 62.87% |
|---|---|---|
| Surgical | 718 | 19.06% |
| Pharmaceuticals | 681 | 18.07% |
| Gross margin | 59.69% | |
| Operating margin | 5.49% | |
| Pre-tax margin | 1.94% |
Bausch + Lomb Corporation vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| COO The Cooper Companies, Inc. | $12.1B | 21.7× | 17.5× | +0.56% (above 0%: growing) | +357.14% (above 0%: growing) | +65.96% (above 0%: growing) | 66.77% | 20.82% | Compare |
| ALGN Align Technology, Inc. | $11.3B | 23.1× | 20.4× | +1.92% (above 0%: growing) | +143.87% (above 0%: growing) | +8.26% (above 0%: growing) | 68.73% | 16.67% | Compare |
| RGEN Repligen Corporation | $10.8B | — (loss-making) | — (loss-making) | +10.86% (above 0%: growing) | n/m | −11.46% (below 0%: shrinking) | 53.02% | (14.12%) | Compare |
| AVTR Avantor, Inc. | $10.3B | 30.3× | 34.8× | +4.59% (above 0%: growing) | n/m | −9.03% (below 0%: shrinking) | 31.49% | 8.21% | Compare |
| ATR AptarGroup, Inc. | $9.1B | 34.6× | 25.9× | +6.03% (above 0%: growing) | −73.85% (below 0%: shrinking) | −16.86% (below 0%: shrinking) | 36.59% | 13.25% | Compare |
| BLCO Bausch + Lomb Corporation | $7.1B | — (loss-making) | 749× | +7.34% (above 0%: growing) | n/m | +182.54% (above 0%: growing) | 64.65% | 11.27% | |
| TFX Teleflex Incorporated | $6.5B | — (loss-making) | 37.4× | +28.88% (above 0%: growing) | −17.33% (below 0%: shrinking) | +220.14% (above 0%: growing) | 58.16% | 12.77% | Compare |
| MMSI Merit Medical Systems, Inc. | $5.4B | 33.2× | 30.7× | +8.35% (above 0%: growing) | +50.53% (above 0%: growing) | +50.18% (above 0%: growing) | 48.20% | 14.12% | Compare |
| MMED MiniMed Group, Inc. | $5.1B | — (loss-making) | 27.8× | — | n/m | −13.92% (below 0%: shrinking) | 55.16% | 0.47% | Compare |
| Median of peers | $9.7B | 30.3× | 27.8× | +6.03% | +50.53% | −0.38% | 54.09% | 13.01% |
From the latest earnings call
- Interim CEO Tom Appio said his priorities include improving profitability, advancing the product pipeline and examining opportunities for savings in selling, advertising and administration.
- CFO Sam Eldessouky said higher-margin products and productivity initiatives helped adjusted gross margin, which also benefited from a one-time tariff refund.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
10.69%
Held by the ten largest
7.55%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| ICAHN CARL C | 3.50m | 0.98% | 0.00 |
| OAKTREE CAPITAL MANAGEMENT LP | 3.44m | 0.96% | +58.30k |
| Deutsche Bank (DWS) | 3.42m | 0.96% | −105.39k |
| D. E. Shaw | 3.32m | 0.93% | +171.85k |
| Davidson Kempner Capital Management LP | 3.16m | 0.88% | +959.80k |
| GOLDENTREE ASSET MANAGEMENT LP | 2.66m | 0.75% | 0.00 |
| T. Rowe Price | 2.16m | 0.61% | +936.63k |
| CASPIAN CAPITAL LP | 2.00m | 0.56% | 0.00 |
| GLENVIEW CAPITAL MANAGEMENT, LLC | 1.92m | 0.54% | +7.65k |
| Arrowstreet Capital | 1.36m | 0.38% | +382.92k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Bausch + Lomb Corporation (BLCO) Latest News
29 Oct
28 Oct
25 Oct
8 Oct
BLCO metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Bausch + Lomb is an eye health company that develops, manufactures and markets products used by consumers, patients and eye care professionals. Its portfolio covers everyday vision correction and eye care, prescription treatments, and equipment and supplies used in eye surgery. Tom Appio is its chairman and interim chief executive officer.
Its Vision Care business sells contact lenses, lens cleaning solutions, over-the-counter eye drops and eye vitamins. Contact lenses include daily disposable and frequently replaced lenses, as well as designs for conditions such as astigmatism and presbyopia. Consumer products include Lumify redness-relief drops, Biotrue lens care solutions and PreserVision eye supplements.