Bausch Health Companies Inc. (BHC) Balance Sheet
BHC balance sheet, 2025
December 31, 2025 · U.S. dollars$26.32B assets = $25.94B liabilities + $376.3M equity
Both columns are drawn to the same scale: what BHC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BHC financial health
Descriptive bands, not a rating. Fiscal 2025.
BHC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $43.53B2016 | $26.32B2025 | −5.4%/yr | |
| Total liabilities | $40.27B2016 | $25.94B2025 | −4.8%/yr | |
| Shareholders’ equity | $3.15B2016 | −$553.0M2025 | — | |
| Cash & short-term investments | $542.0M2016 | $1.32B2025 | +10.4%/yr | |
| Total debt | $29.85B2016 | $21.21B2025 | −3.7%/yr | |
| Net cash (debt) | −$29.30B2016 | −$19.88B2025 | +$9.4B | |
| Working capital | $1.47B2016 | $1.97B2025 | +$505.4M | |
| Book value per share | $9.082016 | −$1.472025 | — | |
| Current ratio | 1.412016 | 1.472025 | +0.07 | |
| Debt / equity | 9.472016 | 39.632020 | +30.16 | |
| Shares outstanding | 347.3M2016 | 375.0M2025 | +0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BHC assets
BHC liabilities and equity
BHC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BHC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.32B | $1.18B | $947.0M | $564.0M | $582.0M | $605.0M | $3.24B | $721.0M | $720.0M | $542.0M |
| Cash & equivalents | $1.32B | $1.18B | $947.0M | $564.0M | $582.0M | $605.0M | $3.24B | $721.0M | $720.0M | $542.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $77.0M | $1.0M |
| Receivables | $2.35B | $2.14B | $2.00B | $1.79B | $1.77B | $1.58B | $1.84B | $1.86B | $2.13B | $2.52B |
| Inventory | $1.63B | $1.59B | $1.54B | $1.09B | $993.0M | $1.09B | $1.11B | $934.0M | $1.05B | $1.06B |
| Other current assets | $850.4M | $858.0M | $1.11B | $803.0M | $2.26B | $2.07B | $780.0M | $0 | $848.0M | $957.0M |
| Total current assets | $6.15B | $5.77B | $5.60B | $4.25B | $5.61B | $5.34B | $6.97B | $723.0M | $4.75B | $5.08B |
| Property, plant & equipment (net) | $2.07B | $1.78B | $1.71B | $1.60B | $1.60B | $1.57B | $1.47B | $1.35B | $1.40B | $1.31B |
| Goodwill & intangible assets | $15.89B | $16.64B | $17.64B | $17.35B | $19.41B | $21.49B | $23.33B | $25.14B | $30.80B | $34.68B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.22B | $2.33B | $2.41B | $2.49B | $2.59B | $2.80B | $2.10B | $228.0M | $544.0M | $2.46B |
| Total assets | $26.32B | $26.52B | $27.35B | $25.69B | $29.20B | $31.20B | $33.86B | $27.45B | $37.50B | $43.53B |
| Liabilities | ||||||||||
| Accounts payable | $598.9M | $656.0M | $719.0M | $521.0M | $407.0M | $337.0M | $503.0M | $411.0M | $365.0M | $324.0M |
| Short-term debt | $296.5M | $2.73B | $450.0M | $432.0M | $49.9M | $52.0M | $1.23B | $228.0M | $209.0M | $1.0M |
| Deferred revenue | — | — | $2.09B | — | −$49.9M | −$52.0M | $2.39B | $167.0M | $2.74B | $26.0M |
| Total current liabilities | $4.17B | $6.75B | $4.30B | $3.94B | $5.20B | $4.91B | $6.25B | $3.84B | $4.27B | $3.61B |
| Long-term debt | $20.61B | $18.94B | $21.94B | $20.33B | $22.65B | $23.93B | $24.66B | $24.08B | $25.23B | $29.84B |
| Lease obligations | $34.0M | $0 | — | — | — | — | — | — | — | — |
| Other long-term liabilities | $1.15B | $1.15B | $1.19B | $1.15B | $1.38B | $1.76B | $1.82B | $1.76B | $2.05B | $6.82B |
| Total liabilities | $25.94B | $26.84B | $27.43B | $25.43B | $29.24B | $30.59B | $32.73B | $29.68B | $31.55B | $40.27B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $10.50B | $10.49B | $10.42B | $10.39B | $10.32B | $10.23B | $10.17B | $10.12B | $10.47B | $10.39B |
| Retained earnings (deficit) | −$9.65B | −$9.82B | −$9.78B | −$9.19B | −$8.96B | −$8.01B | −$7.45B | −$5.66B | −$2.73B | −$5.13B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$1.76B | −$2.18B | −$1.88B | −$2.06B | −$1.92B | −$2.13B | −$2.09B | −$2.14B | −$1.90B | −$2.11B |
| Minority interest | $931.0M | $957.0M | $940.0M | $952.0M | $72.0M | $70.0M | $73.0M | $82.0M | $95.0M | $106.0M |
| Total shareholders' equity | −$553.0M | −$1.28B | −$1.02B | −$692.0M | −$34.0M | $605.0M | $1.06B | $2.73B | $5.85B | $3.15B |
| Key figures | ||||||||||
| Total debt | $21.21B | $21.83B | $22.39B | $20.77B | $22.70B | $23.98B | $25.89B | $24.30B | $25.44B | $29.85B |
| Net cash (debt) | −$19.88B | −$20.65B | −$21.44B | −$20.20B | −$22.12B | −$23.37B | −$22.65B | −$23.58B | −$24.72B | −$29.30B |
| Working capital | $1.97B | −$978.0M | $1.29B | $306.0M | $409.0M | $429.0M | $721.0M | −$3.11B | $478.0M | $1.47B |
| Tangible book value | −$16.44B | −$17.92B | −$18.66B | −$18.04B | −$19.44B | −$20.88B | −$22.26B | −$22.41B | −$24.95B | −$31.53B |
| Book value per share | −$1.47 | −$3.48 | −$2.80 | −$1.91 | −$0.09 | $1.70 | $3.02 | $7.81 | $16.63 | $9.08 |
| Shares outstanding | 375.0M | 368.0M | 364.9M | 362.0M | 358.9M | 355.0M | 352.1M | 349.9M | 351.8M | 347.3M |
| Current ratio | 1.47 | 0.86 | 1.30 | 1.08 | 1.08 | 1.09 | 1.12 | 0.19 | 1.11 | 1.41 |
| Quick ratio | 0.88 | 0.49 | 0.68 | 0.60 | 0.45 | 0.44 | 0.81 | 0.67 | 0.67 | 0.85 |
| Debt / equity | — | — | — | — | — | 39.63 | 24.36 | 8.89 | 4.35 | 9.47 |
| Equity / assets | −2.1% | −4.8% | −3.7% | −2.7% | −0.1% | 1.9% | 3.1% | 10.0% | 15.6% | 7.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.82B | $1.30B | $1.32B | $1.34B | $1.73B | $1.13B | $1.18B | $719.0M | $595.0M | $733.0M | $947.0M | $760.0M |
| Cash & equivalents | $1.82B | $1.30B | $1.32B | $1.34B | $1.73B | $1.13B | $1.18B | $719.0M | $595.0M | $733.0M | $947.0M | $760.0M |
| Receivables | $2.26B | $2.19B | $2.35B | $2.41B | $2.21B | $2.07B | $2.14B | $2.09B | $2.10B | $2.05B | $2.00B | $1.95B |
| Inventory | $1.60B | $1.60B | $1.63B | $1.60B | $1.66B | $1.61B | $1.59B | $1.66B | $1.61B | $1.64B | $1.54B | $1.27B |
| Other current assets | $832.0M | $887.0M | $850.4M | $893.1M | $922.0M | $913.0M | $858.0M | $883.0M | $902.0M | $979.0M | $1.11B | $1.07B |
| Total current assets | $6.52B | $5.98B | $6.15B | $6.24B | $6.51B | $5.73B | $5.77B | $5.35B | $5.21B | $5.40B | $5.60B | $5.05B |
| Property, plant & equipment (net) | $2.10B | $2.10B | $2.07B | $2.02B | $1.99B | $1.88B | $1.78B | $1.79B | $1.74B | $1.71B | $1.71B | $1.58B |
| Goodwill & intangible assets | $13.97B | $14.21B | $15.89B | $16.10B | $16.34B | $16.45B | $16.64B | $16.82B | $17.03B | $17.34B | $17.64B | $17.91B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.20B | $2.21B | $2.22B | $2.43B | $2.41B | $2.36B | $2.33B | $2.58B | $2.52B | $2.46B | $2.41B | $2.52B |
| Total assets | $24.79B | $24.50B | $26.32B | $26.80B | $27.27B | $26.42B | $26.52B | $26.54B | $26.50B | $26.91B | $27.35B | $27.06B |
| Liabilities | ||||||||||||
| Accounts payable | $593.0M | $593.0M | $598.9M | $615.4M | $627.0M | $620.0M | $656.0M | $667.0M | $579.0M | $642.0M | $719.0M | $569.0M |
| Short-term debt | $881.0M | $900.0M | $296.5M | $578.4M | $879.0M | $282.0M | $2.67B | $453.0M | $452.0M | $538.0M | $450.0M | $536.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | $78.0M | $75.9M | $2.09B | $2.77B |
| Total current liabilities | $4.54B | $4.53B | $4.17B | $4.79B | $4.97B | $4.26B | $6.75B | $4.51B | $4.37B | $4.41B | $4.30B | $4.22B |
| Long-term debt | $19.88B | $19.88B | $20.61B | $20.46B | $20.86B | $21.23B | $18.94B | $21.05B | $21.21B | $21.54B | $21.94B | $21.89B |
| Lease obligations | $38.0M | $31.0M | $34.0M | — | — | — | $0 | — | — | — | — | — |
| Other long-term liabilities | $1.18B | $1.18B | $1.15B | $1.19B | $1.28B | $1.18B | $1.15B | $1.22B | $1.15B | $1.15B | $1.19B | $1.18B |
| Total liabilities | $25.60B | $25.58B | $25.94B | $26.44B | $27.12B | $26.66B | $26.84B | $26.78B | $26.72B | $27.09B | $27.43B | $27.30B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $10.54B | $10.54B | $10.50B | $10.50B | $10.51B | $10.51B | $10.49B | $10.49B | $10.48B | $10.48B | $10.42B | $10.42B |
| Retained earnings (deficit) | −$10.83B | −$11.09B | −$9.65B | −$9.55B | −$9.73B | −$9.88B | −$9.82B | −$9.92B | −$9.83B | −$9.84B | −$9.78B | −$9.74B |
| Accumulated other comprehensive income | −$1.82B | −$1.81B | −$1.76B | −$1.80B | −$1.79B | −$2.03B | −$2.18B | −$1.95B | −$2.01B | −$1.92B | −$1.88B | −$2.05B |
| Minority interest | $969.0M | $977.0M | $931.0M | $921.0M | $911.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$1.77B | −$2.06B | −$553.0M | −$564.4M | −$764.0M | −$1.18B | −$1.28B | −$1.17B | −$1.18B | −$1.11B | −$1.02B | −$1.18B |
| Key figures | ||||||||||||
| Total debt | $20.78B | $20.80B | $21.21B | $21.02B | $21.74B | $21.51B | $21.62B | $21.51B | $21.66B | $22.07B | $22.39B | $22.43B |
| Net cash (debt) | −$18.95B | −$19.50B | −$19.88B | −$19.68B | −$20.01B | −$20.38B | −$20.43B | −$20.79B | −$21.07B | −$21.34B | −$21.44B | −$21.67B |
| Working capital | $1.98B | $1.45B | $1.97B | $1.45B | $1.54B | $1.48B | −$978.0M | $845.0M | $842.0M | $991.0M | $1.29B | $824.0M |
| Tangible book value | −$15.74B | −$16.27B | −$16.44B | −$16.67B | −$17.11B | −$17.63B | −$17.92B | −$18.00B | −$18.20B | −$18.46B | −$18.66B | −$19.09B |
| Book value per share | −$4.68 | −$5.52 | −$1.49 | −$1.50 | −$2.05 | −$3.20 | −$3.44 | −$3.19 | −$3.17 | −$3.04 | −$2.80 | −$3.23 |
| Shares outstanding | 378.1M | 372.8M | 370.5M | 375.5M | 373.1M | 369.6M | 372.0M | 368.4M | 370.2M | 366.8M | 365.2M | 365.4M |
| Current ratio | 1.44 | 1.32 | 1.47 | 1.30 | 1.31 | 1.35 | 0.86 | 1.19 | 1.19 | 1.22 | 1.30 | 1.20 |
| Quick ratio | 0.90 | 0.77 | 0.88 | 0.78 | 0.79 | 0.75 | 0.49 | 0.62 | 0.62 | 0.63 | 0.68 | 0.64 |
| Equity / assets | −7.1% | −8.4% | −2.1% | −2.1% | −2.8% | −4.5% | −4.8% | −4.4% | −4.4% | −4.1% | −3.7% | −4.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
BHC financial position
At the end of fiscal 2025 (December 31, 2025), Bausch Health had total assets of $26.3 billion (down 0.8% from a year earlier), total liabilities of $25.9 billion and shareholders' equity of -$553.0 million. It held $1.3 billion in cash and short-term investments against $21.2 billion of debt, net debt of $19.9 billion. Its current ratio was 1.47. In the latest quarter (ended June 30, 2026) total assets were $24.8 billion and equity -$1.8 billion.
Related: BHC income statement, BHC cash flow statement, BHC key metrics. See the BHC stock overview for the latest quote and news.
BHC balance sheet FAQ
What are Bausch Health's total assets?
Bausch Health reported total assets of $26.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $26.5 billion a year earlier.
How much debt does Bausch Health have?
Bausch Health had $21.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Bausch Health have?
Bausch Health held $1.3 billion in cash and short-term investments at the end of fiscal 2025; with $21.2 billion of debt that is net debt of $19.9 billion.
What is Bausch Health's book value?
Bausch Health's shareholders' equity (book value) was -$553.0 million at the end of fiscal 2025, or −$1.47 per share.
What is Bausch Health's current ratio?
Bausch Health had current assets of $6.1 billion and current liabilities of $4.2 billion, a current ratio of 1.47 (it can cover its short-term obligations).
How much goodwill does Bausch Health have?
Bausch Health carried $15.9 billion of goodwill and intangible assets, 60.4% of total assets, at the end of fiscal 2025.