Tearsheet
BLCO Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About BLCO Interactive Breakdown Better Bets vs. BLCO Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Bausch & Lomb (BLCO)

Market Price (4/28/2026): $15.865 | Market Cap: $5.6 Bil
Sector: Health Care | Industry: Health Care Equipment

Bausch & Lomb (BLCO)

Market Price (4/28/2026): $15.865
Market Cap: $5.6 Bil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Low stock price volatility
Vol 12M is 36%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Geriatric Care, Diabetes Management, Show more.

Weak multi-year price returns
2Y Excs Rtn is -35%, 3Y Excs Rtn is -81%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.86

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 54x

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10%

Key risks
BLCO key risks include [1] a significant debt load and high financial leverage, Show more.

0 Low stock price volatility
Vol 12M is 36%
1 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Geriatric Care, Diabetes Management, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -35%, 3Y Excs Rtn is -81%
3 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.86
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 54x
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10%
8 Key risks
BLCO key risks include [1] a significant debt load and high financial leverage, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Bausch & Lomb (BLCO) stock has lost about 10% since 12/31/2025 because of the following key factors:

1. Bausch & Lomb's stock experienced an approximate 6.03% decline from December 31, 2025, when it closed at $17.08, to April 22, 2026, closing at $16.05.

2. The company's fourth-quarter 2025 earnings, released on February 18, 2026, showed a diluted EPS of $0.32, which missed analysts' consensus estimates of $0.35 per share. Additionally, the GAAP net loss attributable to Bausch + Lomb for the full year 2025 widened to $360 million, compared to a $317 million loss in 2024, and operating income for the full year declined to $113 million from $162 million in 2024, signaling ongoing profitability challenges.

Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -7.8% change in BLCO stock from 12/31/2025 to 4/28/2026 was primarily driven by a -10.1% change in the company's P/S Multiple.
(LTM values as of)123120254282026Change
Stock Price ($)17.0815.74-7.8%
Change Contribution By: 
Total Revenues ($ Mil)4,9765,1012.5%
P/S Multiple1.21.1-10.1%
Shares Outstanding (Mil)354354-0.1%
Cumulative Contribution-7.8%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/28/2026
ReturnCorrelation
BLCO-8.0% 
Market (SPY)5.2%66.9%
Sector (XLV)-6.7%57.4%

Fundamental Drivers

The 4.4% change in BLCO stock from 9/30/2025 to 4/28/2026 was primarily driven by a 4.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)93020254282026Change
Stock Price ($)15.0715.744.4%
Change Contribution By: 
Total Revenues ($ Mil)4,8915,1014.3%
P/S Multiple1.11.10.3%
Shares Outstanding (Mil)354354-0.2%
Cumulative Contribution4.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/28/2026
ReturnCorrelation
BLCO4.3% 
Market (SPY)8.0%59.1%
Sector (XLV)4.2%45.4%

Fundamental Drivers

The 8.6% change in BLCO stock from 3/31/2025 to 4/28/2026 was primarily driven by a 6.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120254282026Change
Stock Price ($)14.5015.748.6%
Change Contribution By: 
Total Revenues ($ Mil)4,7915,1016.5%
P/S Multiple1.11.12.6%
Shares Outstanding (Mil)352354-0.6%
Cumulative Contribution8.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/28/2026
ReturnCorrelation
BLCO8.4% 
Market (SPY)29.3%62.9%
Sector (XLV)0.3%51.3%

Fundamental Drivers

The -9.6% change in BLCO stock from 3/31/2023 to 4/28/2026 was primarily driven by a -32.4% change in the company's P/S Multiple.
(LTM values as of)33120234282026Change
Stock Price ($)17.4115.74-9.6%
Change Contribution By: 
Total Revenues ($ Mil)3,7685,10135.4%
P/S Multiple1.61.1-32.4%
Shares Outstanding (Mil)350354-1.2%
Cumulative Contribution-9.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/28/2026
ReturnCorrelation
BLCO-9.7% 
Market (SPY)81.5%45.7%
Sector (XLV)16.8%41.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BLCO Return--22%10%6%-5%-7%-21%
Peers Return21%-5%-2%-6%15%-2%19%
S&P 500 Return27%-19%24%23%16%5%91%

Monthly Win Rates [3]
BLCO Win Rate-50%50%50%50%25% 
Peers Win Rate65%57%52%52%58%35% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
BLCO Max Drawdown--33%-4%-20%-40%-11% 
Peers Max Drawdown-3%-22%-16%-12%-21%-14% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: JNJ, COO, ABBV, REGN, STAA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/28/2026 (YTD)

How Low Can It Go

Unique KeyEventBLCOS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-33.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven49.7%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven382 days464 days

Compare to JNJ, COO, ABBV, REGN, STAA

In The Past

Bausch & Lomb's stock fell -33.2% during the 2022 Inflation Shock from a high on 5/6/2022. A -33.2% loss requires a 49.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Bausch & Lomb (BLCO)

Bausch + Lomb is a leading global eye health company dedicated to protecting and enhancing the gift of sight for millions of people around the world—from the moment of birth through every phase of life. Our mission is simple, yet powerful: helping you see better, to live better. Our comprehensive portfolio of over 400 products is fully integrated and built to serve our customers across the full spectrum of their eye health needs throughout their lives. Our iconic brand is built on the deep trust and loyalty of our customers established over our nearly 170-year history. We have a significant global research, development, manufacturing and commercial footprint of approximately 12,500 employees and a presence in approximately 100 countries, extending our reach to billions of potential customers across the globe. We have long been associated with many of the most significant advances in eye health, and we believe we are well positioned to continue leading the advancement of eye health in the future. Our iconic and enduring brands are among the most recognized and most trusted in the industry. Since our beginnings in 1853 as an optical goods shop in Rochester, New York, we have remained focused on advancing eye health for people all over the world. Among our many innovations over the years, we introduced the first optical glass in the United States, the lenses used on cameras to take the first satellite picture of the moon, and the first mass-produced soft contact lens in 1971. As part of our longstanding commitment to eye care professionals and the patients they serve, we invest in physician training, patient and customer education, disease prevention and other initiatives through both traditional and digital platforms to continue to advance eye health. As illustrated in the table below, a recent survey of over 200 respondents globally conducted by TechSci Research indicated that Bausch + Lomb had the highest brand awareness among certain key competitors. As a result of this legacy, we believe our brand is synonymous with eye health among patients, consumers and professionals around the world. --- Our brands are leaders within their respective segments and collectively represent a leading portfolio of trusted assets that we believe makes us the eye health brand of choice. With one of the broadest product portfolios in the market, we are designed to address numerous large, underserved and growing markets with significant commercial potential. Our widespread complementary portfolio spans vision care, consumer health care, ophthalmic pharmaceuticals and surgical. We have well-established lines of contact lenses, intraocular lenses (“IOL”), medical devices, surgical systems, vitamin and mineral supplements, lens care products, prescription eye-medications and over-the-counter (“OTC”) eye health consumer products. We believe the breadth of our eye health portfolio is unmatched in the industry and uniquely positions us to compete in all areas of the eye health market. --- Our global brand, scale and infrastructure enable us to sell our products and support our customers in eye health markets globally, and we are well-positioned to capitalize on this opportunity. Our footprint is bolstered by a global commercial team of approximately 4,200 employees. In addition, we have 24 facilities in 10 countries that support the quality, reliability and capacity needs of our global manufacturing operations, supply chain, customer service and technical support, and that we believe will facilitate the development and distribution of our pipeline products. We have a long history of leading the eye health market with ground-breaking innovations. Our research and development (“R&D”) personnel partner closely with our quality, manufacturing and commercial groups, and as a result of these collaborations, we have developed the world’s first soft contact lens, introduced one of the first contact lens cleaning products, introduced the first silicone hydrogel contact lens and introduced a unique patent-protected ocular vitamin to the market. Since 2017, we have introduced more than 260 new products in approximately 60 countries. Our team of approximately 850 dedicated R&D employees is focused on advancing our pipeline and identifying new product opportunities that address unmet and evolving needs of eye care professionals, patients and consumers. Our culture of innovation engages our R&D, supply chain and commercial teams at every phase of product development, prioritizing customer needs and actively seeking external innovation to design, develop and advance creative, ethical eye health products across our portfolio, which allows us to address the changing needs of our consumers and patients. We believe we have a significant innovation opportunity today, with a substantial pipeline of over 100 projects in various stages of pre-clinical and clinical development, including new contact lenses, contact lenses to slow myopia progress in children, prescription medications for myopia, next-generation cataract equipment, premium IOLs, investigational treatments for dry-eye and preservative free formulations of a range of eye drops, among others, that are designed to grow our portfolio and accelerate future growth. The markets in which we operate are large and growing. We estimate that the global eye health market was nearly $50 billion in revenue in 2019, which we believe will grow at a compounded annual growth rate of nearly 4% through 2025. Global Market Revenue 2019-2025E 2019 2025E CAGR (in billions) Global Ophthalmic Pharmaceuticals $ 25.7 $ 32.1 3.8 % Global Ophthalmic Surgical 8.4 11.3 5.0 % Global Vision Care 15.7 19.7 3.9 % $ 49.8 $ 63.2 4.0 % • Global ophthalmic pharmaceuticals market size includes sales from products for the treatment of wet age-related macular degeneration (“AMD”), dry AMD, dry eye, glaucoma, diabetic macular edema (“DME”), conjunctivitis, ocular pain and inflammation, other corneal and external eye disorders, other retinal disorders, uveitis, and inherited retinal disorders, and other ophthalmology treatments. • Global ophthalmic surgical market size includes sales from capital equipment, procedure fees, instruments and implantables. • Global vision care market size includes sales from contact lenses, lens care solutions, and off-the-shelf eye care products, including sales from eye drops and eye vitamins. Growing demand for eye health products is being driven by significant and durable tailwinds, including an aging global population, greater time spent in front of computer and mobile screens, the rapid growth of the middle class in emerging markets, increasing global prevalence of diabetes, significant unmet medical need, particularly with respect to myopia, dry eye and AMD, and greater patient and consumer awareness. As such, we believe that the global incidence of major eye conditions will grow at a compounded annual growth rate of approximately 3% from 2019 to 2025. Global Eye Conditions 2019-2025E 2019 2025E CAGR (in millions) Myopia + Hyperopia 3,373 4,355 4.4 % Presbyopia 2,067 2,358 2.2 % Cataract (60+ population) 1,018 1,215 3.0 % Retina 371 435 2.7 % Glaucoma 139 162 2.6 % Dry Eye 730 783 1.2 % 7,698 9,308 3.2 % --- We believe that we are uniquely positioned in the global eye health market, with a diverse and comprehensive portfolio and pipeline that address major categories of eye conditions. --- Our revenues for the years ended December 31, 2021, 2020, and 2019 were $3,765 million, $3,412 million and $3,778 million, respectively. Our product portfolio consists of over 400 products, which fall into three operating and reportable segments: (i) Vision Care/Consumer Health Care, (ii) Ophthalmic Pharmaceuticals and (iii) Surgical. Segment revenues and profit for the years ended December 31, 2021, 2020 and 2019 were as follows: Years Ended December 31, 2021 2020 2019 Amount Percent Amount Percent Amount Percent (amounts in millions) Segment revenues: Vision Care/Consumer Health Care $ 2,343 62 % $ 2,109 62 % $ 2,221 59 % Ophthalmic Pharmaceuticals 704 19 % 726 21 % 859 23 % Surgical 718 19 % 577 17 % 698 18 % Total revenues $ 3,765 100 % $ 3,412 100 % $ 3,778 100 % Segment profit: Vision Care/Consumer Health Care $ 587 62 % $ 579 64 % $ 606 55 % Ophthalmic Pharmaceuticals 290 30 % 302 34 % 412 38 % Surgical 75 8 % 18 2 % 75 7 % Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as amortization of intangible assets, asset impairments, in-process research and development costs, restructuring and integration costs, acquisition-related contingent consideration costs and other expense (income), net, are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. Our business was founded in 1853 and incorporated in the State of New York in 1908 (“Old Bausch + Lomb”). Our executive offices are located at 520 Applewood Crescent, Vaughan, Ontario, Canada.

AI Analysis | Feedback

Bausch & Lomb (BLCO) can be described with the following analogies:

Bausch & Lomb is like **Johnson & Johnson for eye health**, offering a comprehensive portfolio from contact lenses and consumer eye drops to prescription medications and surgical devices.

Alternatively, it can be thought of as **Abbott Laboratories, but specialized entirely in vision care**, encompassing a wide range of products across consumer, pharmaceutical, and surgical segments of the eye health market.

AI Analysis | Feedback

  • Vision Care/Consumer Health Care Products: This segment includes contact lenses, lens care solutions, and over-the-counter eye health products like vitamins and eye drops.
    • Contact Lenses: Corrective lenses for vision, including soft, silicone hydrogel, and specialized lenses for myopia control.
    • Lens Care Products: Solutions and products designed for cleaning, disinfecting, and storing contact lenses.
    • OTC Eye Health Products: Over-the-counter items such as eye drops, lubricants, and vitamin and mineral supplements for general eye health.
  • Ophthalmic Pharmaceuticals: This segment focuses on prescription medications for various eye conditions.
    • Prescription Eye Medications: Pharmaceutical treatments for conditions like myopia, dry eye, glaucoma, and other ocular disorders, including preservative-free formulations.
  • Surgical Products: This segment provides devices and systems for ophthalmic surgeries.
    • Intraocular Lenses (IOLs): Implantable lenses used to replace the eye's natural lens during cataract surgery or for refractive correction.
    • Ophthalmic Surgical Systems & Devices: Equipment and instruments used in various eye surgeries, such as next-generation cataract equipment and other medical devices.

AI Analysis | Feedback

Bausch + Lomb (BLCO) sells to a mix of eye care professionals and directly to consumers/patients, primarily through retail channels. Based on the provided background, the company serves the following key customer categories:

  1. Eye Care Professionals (ECPs): This category includes ophthalmologists, optometrists, hospitals, and surgical centers. These customers purchase Bausch + Lomb's ophthalmic pharmaceuticals, surgical systems, medical devices (including intraocular lenses), and professional-grade vision care products for use in their practices and for their patients. The company emphasizes its commitment to eye care professionals through physician training and partnerships.
  2. Consumers/Patients: This category represents the end-users of Bausch + Lomb's products. They purchase vision care items such as contact lenses and lens care solutions, as well as consumer health care products including over-the-counter (OTC) eye drops and vitamin supplements. These products are typically acquired through various retail channels, including pharmacies, optical shops, and other consumer outlets. Bausch + Lomb engages in patient and customer education, highlighting its direct connection to these individual users.

AI Analysis | Feedback

null

AI Analysis | Feedback

Brent Saunders, Chief Executive Officer and Chairman of the Board

Brent Saunders has over 25 years of experience in the health care sector, having served in senior executive roles at several global pharmaceutical and health care companies. He rejoined Bausch + Lomb as CEO and Chairman in March 2023, after an initial tenure as CEO from 2010 to 2013, which concluded with the company's acquisition by Valeant Pharmaceuticals. Saunders co-founded and chaired Vesper Healthcare Acquisitions Corp.. Before that, he was Chairman, President, and CEO of Allergan plc until its $63 billion acquisition by AbbVie Inc in 2020. He also served as President and CEO of Forest Laboratories Inc. until its $25 billion merger with Actavis plc in 2014, subsequently becoming CEO of the combined entity and leading Actavis' $66 billion acquisition of Allergan. His career also includes executive roles at Schering-Plough Corporation, where he managed the integration of Organon Biosciences N.V. and the merger with Merck & Co., Inc.. He has spearheaded mergers and acquisitions totaling over $300 billion. Saunders also serves as Chairman of the Board for The Beauty Health Company and Hugel America.

Sam Eldessouky, Executive Vice President and Chief Financial Officer

Sam Eldessouky is responsible for overseeing Bausch + Lomb's finance functions, including controllership, tax, treasury, financial planning and analysis, and IT. Prior to his current role at Bausch + Lomb, he served as Executive Vice President and Chief Financial Officer of Bausch Health from 2021 to 2022, and as Controller and Chief Accounting Officer from 2016 to 2021. Earlier in his career, Eldessouky was Senior Vice President, Controller, and Chief Accounting Officer for Tyco International plc, where he played a significant role in the company's business turnaround and in executing the spinoffs of Covidien and Tyco Electronics in 2006, and ADT NA and Flow Control in 2012. He also spent ten years at PricewaterhouseCoopers (PwC). He was appointed CFO of Bausch + Lomb contingent upon and effective with the closing of the company's initial public offering (IPO).

Luc Bonnefoy, President, Surgical

Luc Bonnefoy was appointed President, Surgical, in June 2023, having previously served as Senior Vice President, Surgical, since November 2021. He brings nearly 30 years of leadership experience in ophthalmology and has been with Bausch + Lomb for over two decades. His previous roles at the company include Vice President, Surgical, International, from 2013 to 2021, and Vice President, EMEA, for Technolas Perfect Vision, GmbH, a Bausch + Lomb company, from 2009 to 2013.

John Ferris, President, Consumer

John Ferris was promoted to President, Consumer, in January 2025, after serving as Executive Vice President, Consumer, since June 2023. He has over two decades of experience leading commercial functions for consumer, medical device, and pharmaceutical companies and has been a key contributor at Bausch + Lomb since August 2011, taking on roles of increasing responsibility. Before joining Bausch + Lomb, Ferris led marketing teams with both U.S. and global focus for Wyeth Pharmaceuticals, Wyeth Consumer Healthcare, and Becton Dickinson.

Asli Gevgilili, Executive Vice President and Chief Human Resources Officer

Asli Gevgilili is responsible for leading all aspects of global human resources and talent strategy at Bausch + Lomb, joining the company in August 2023. Before this, she served as Senior Vice President and Chief Human Resources Officer at INOVIO Pharmaceuticals starting in 2021. Gevgilili has more than 25 years of Human Resources experience, including executive HR positions at Allergan from 2012 to 2020, Merck from 2004 to 2012, and Merrill Lynch from 1997 to 2004.

AI Analysis | Feedback

The key risk to Bausch & Lomb's business is the sustained decline in profitability within its Ophthalmic Pharmaceuticals segment. This segment's profit decreased from $412 million in 2019 to $302 million in 2020, and further to $290 million in 2021. This consistent downward trend suggests potential underlying challenges such as increased competition, patent expirations, or a lack of sufficiently impactful new product introductions within this significant segment, which represented 19% to 23% of total revenues between 2019 and 2021.

AI Analysis | Feedback

null

AI Analysis | Feedback

Bausch & Lomb (BLCO) operates within the global eye health market, which was estimated to be nearly $50 billion in revenue in 2019 and is projected to grow to approximately $63.2 billion by 2025, with a compounded annual growth rate (CAGR) of 4.0%. The addressable markets for its main product segments are as follows:

  • Global Ophthalmic Pharmaceuticals Market: This market was valued at $25.7 billion in 2019 and is estimated to reach $32.1 billion by 2025, growing at a CAGR of 3.8%.

  • Global Ophthalmic Surgical Market: The market size for ophthalmic surgical products was $8.4 billion in 2019 and is projected to grow to $11.3 billion by 2025, with a CAGR of 5.0%.

  • Global Vision Care Market: This segment had a market size of $15.7 billion in 2019 and is expected to grow to $19.7 billion by 2025, at a CAGR of 3.9%.

AI Analysis | Feedback

Bausch & Lomb (BLCO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Successful Launch and Ramp-up of New Products, particularly Miebo for Dry Eye and upcoming pipeline assets: The company's dry eye treatment, Miebo, has shown exceptional growth, with Q4 2025 revenue increasing 111% year-over-year and full-year revenue up 84%. Miebo is projected to continue its strong performance and contribute significantly to revenue. Additionally, Bausch & Lomb possesses a substantial pipeline of over 100 projects, including new contact lenses, treatments for myopia, next-generation cataract equipment, and the glaucoma pipeline (BL1107 and ELIOS), which are poised for future launches and are expected to fuel growth. Specific upcoming launches include PreserVision AREDS3 and Blink Triple Care preservative-free drops.
  2. Continued Strength and Market Outperformance in Contact Lenses: The Vision Care segment, particularly contact lenses, remains a robust growth driver. In Q4 2025, contact lens revenue was up 8% year-over-year, with daily SiHy lenses (like DD SiHy and Ultra) leading this growth with increases of 17% and 16% respectively. The company's contact lens business is expected to continue outperforming the global market.
  3. Growth in the Surgical Segment, particularly Premium Intraocular Lenses (IOLs), following product recall recovery: The Surgical segment demonstrated resilience and growth, with implantables up 5% and Premium IOLs growing 20% in Q4 2025. Bausch & Lomb has regained momentum in premium intraocular lenses and continues to recover strongly from a voluntary product recall earlier in 2025, which is contributing to the segment's positive trajectory.
  4. Leveraging the Expanding Global Eye Health Market driven by Demographics and Lifestyle Factors: The global eye health market is experiencing significant tailwinds, including an aging global population, increased screen time, and a rising prevalence of eye conditions such as myopia, dry eye, and age-related macular degeneration (AMD). Bausch & Lomb's comprehensive portfolio and broad market presence position it to capitalize on this growing demand across ophthalmic pharmaceuticals, surgical, and vision care.

AI Analysis | Feedback

Capital Allocation Decisions for Bausch & Lomb (BLCO)

Share Issuance

  • Bausch + Lomb completed its initial public offering (IPO) on May 10, 2022, with its parent company, Bausch Health, selling 35,000,000 common shares at $18.00 per share, generating aggregate gross proceeds of $630 million.
  • Bausch + Lomb Corporation itself did not receive any proceeds from this IPO.

Inbound Investments

  • In late 2024, private equity firms TPG and Blackstone reportedly considered a joint bid for Bausch + Lomb, with speculation suggesting a potential valuation between $13 billion and $14 billion.
  • However, in February 2025, Bausch + Lomb announced the conclusion of its search for a third-party buyer, stating that the process did not lead to an offer reflecting its long-term value, and thus, no sale materialized at that time.

Outbound Investments

  • On June 30, 2023, Bausch + Lomb acquired Xiidra for $2.5 billion.
  • Other acquisitions include Whitecap Biosciences in January 2025, ELIOS Vision in December 2024, and Trukera in July 2024.

Capital Expenditures

  • Bausch + Lomb's capital expenditures were approximately $476.2 million in 2025, $398.0 million in 2024, $181 million in 2023, and $175 million in 2022.
  • Capital expenditures for the last 12 months (prior to March 2026) were reported as $349.00 million.
  • For 2026, capital expenditures are expected to decrease to 4-4.5% of revenue, down from approximately 6%.

Better Bets vs. Bausch & Lomb (BLCO)

Latest Trefis Analyses

Title
0ARTICLES

Trade Ideas

Select ideas related to BLCO.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PGNY_3312026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG03312026PGNYProgynyDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		0.0%0.0%0.0%
CNC_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG03272026CNCCenteneDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		2.3%2.3%-0.6%
OSCR_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG03272026OSCROscar HealthDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		3.0%3.0%-2.6%
WAT_3202026_Monopoly_xInd_xCD_Getting_Cheaper03202026WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.4%-0.4%-3.3%
GILD_3202026_Quality_Momentum_RoomToRun_10%03202026GILDGilead SciencesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		1.6%1.6%-2.2%

Recent Active Movers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

BLCOJNJCOOABBVREGNSTAAMedian
NameBausch &.Johnson .Cooper C.AbbVie Regenero.Staar Su. 
Mkt Price15.72227.7963.09197.69731.7726.70130.39
Mkt Cap5.6548.712.4349.775.41.343.9
Rev LTM5,10196,3624,15261,16014,3432399,722
Op Inc LTM18825,79271420,0913,702-462,208
FCF LTM-6617,41349117,8163,765-402,128
FCF 3Y Avg-10818,07433719,2373,657-171,997
CFO LTM28322,87086619,0304,979-342,923
CFO 3Y Avg16623,61573620,2254,664-12,700

Growth & Margins

BLCOJNJCOOABBVREGNSTAAMedian
NameBausch &.Johnson .Cooper C.AbbVie Regenero.Staar Su. 
Rev Chg LTM6.5%7.9%5.7%8.6%1.0%-23.7%6.1%
Rev Chg 3Y Avg10.7%4.4%7.1%1.9%5.7%-4.3%5.0%
Rev Chg Q9.8%9.9%6.2%10.0%2.5%18.1%9.8%
QoQ Delta Rev Chg LTM2.5%2.3%1.5%2.5%0.7%3.8%2.4%
Op Inc Chg LTM-8.7%20.7%-2.8%68.9%-9.5%-264.3%-5.8%
Op Inc Chg 3Y Avg-5.0%5.7%12.0%9.6%-9.4%-148.4%0.3%
Op Mgn LTM3.7%26.8%17.2%32.8%25.8%-19.2%21.5%
Op Mgn 3Y Avg4.3%25.6%16.8%26.3%29.0%-4.8%21.2%
QoQ Delta Op Mgn LTM1.4%-0.4%0.5%8.8%-0.9%8.1%0.9%
CFO/Rev LTM5.5%23.7%20.9%31.1%34.7%-14.3%22.3%
CFO/Rev 3Y Avg3.3%26.2%18.7%35.5%33.6%-1.6%22.4%
FCF/Rev LTM-1.3%18.1%11.8%29.1%26.3%-16.7%15.0%
FCF/Rev 3Y Avg-2.4%20.1%8.4%33.8%26.4%-6.8%14.2%

Valuation

BLCOJNJCOOABBVREGNSTAAMedian
NameBausch &.Johnson .Cooper C.AbbVie Regenero.Staar Su. 
Mkt Cap5.6548.712.4349.775.41.343.9
P/S1.15.73.05.75.35.65.4
P/Op Inc29.621.317.317.420.4-28.918.9
P/EBIT53.621.117.636.914.3-28.919.4
P/E-15.526.130.882.816.7-16.521.4
P/CFO19.724.014.318.415.2-38.816.8
Total Yield-6.5%6.1%3.2%4.5%6.5%-6.1%3.9%
Dividend Yield0.0%2.3%0.0%3.3%0.5%0.0%0.2%
FCF Yield 3Y Avg-1.8%4.1%2.0%6.0%4.4%-1.5%3.0%
D/E0.90.10.20.20.00.00.1
Net D/E0.80.10.20.2-0.1-0.10.1

Returns

BLCOJNJCOOABBVREGNSTAAMedian
NameBausch &.Johnson .Cooper C.AbbVie Regenero.Staar Su. 
1M Rtn2.3%-5.3%-9.6%-4.8%-0.8%49.2%-2.8%
3M Rtn-6.7%2.0%-21.8%-11.0%-5.0%40.2%-5.8%
6M Rtn3.4%23.3%-12.1%-11.7%12.1%-1.7%0.9%
12M Rtn15.1%50.7%-22.9%6.1%20.4%47.0%17.8%
3Y Rtn-10.0%52.2%-33.8%45.7%-8.1%-62.1%-9.0%
1M Excs Rtn-9.8%-17.4%-21.7%-16.9%-12.9%37.2%-14.9%
3M Excs Rtn-8.9%-0.3%-24.1%-13.3%-7.3%37.9%-8.1%
6M Excs Rtn-3.8%15.9%-19.3%-17.0%21.8%-3.5%-3.6%
12M Excs Rtn-14.7%22.3%-51.2%-19.5%-7.1%18.9%-10.9%
3Y Excs Rtn-80.9%-19.6%-107.2%-37.2%-80.7%-134.7%-80.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Vision Care2,7392,5432,3692,343
Pharmaceuticals1,209836681704
Surgical843767718718
Total4,7914,1463,7683,765


Operating Income by Segment
$ Mil2025202420232022
Vision Care808689636587
Pharmaceuticals256241203290
Surgical44504275
Other expense, net-44-74-13-17
Amortization of intangible assets-288-240-244-292
Corporate-614-536-417-314
Total162130207329


Price Behavior

Price Behavior
Market Price$15.72 
Market Cap ($ Bil)5.6 
First Trading Date05/06/2022 
Distance from 52W High-15.5% 
   50 Days200 Days
DMA Price$16.76$15.87
DMA Trendupdown
Distance from DMA-6.2%-0.9%
 3M1YR
Volatility33.2%36.4%
Downside Capture1.210.78
Upside Capture132.84114.48
Correlation (SPY)72.2%46.9%
BLCO Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.901.721.401.341.441.14
Up Beta0.200.671.251.431.441.19
Down Beta2.232.031.481.341.501.34
Up Capture174%220%148%159%157%70%
Bmk +ve Days7162765139424
Stock +ve Days10202861126372
Down Capture194%148%131%116%124%103%
Bmk -ve Days12233358110323
Stock -ve Days12223565124368

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BLCO
BLCO14.1%36.4%0.43-
Sector ETF (XLV)6.1%15.8%0.1841.0%
Equity (SPY)31.5%12.5%1.9247.1%
Gold (GLD)38.6%27.2%1.1813.2%
Commodities (DBC)45.9%18.0%1.95-13.2%
Real Estate (VNQ)14.4%13.4%0.7539.7%
Bitcoin (BTCUSD)-19.0%42.1%-0.3919.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BLCO
BLCO-4.8%40.3%-0.05-
Sector ETF (XLV)4.8%14.6%0.1541.7%
Equity (SPY)12.9%17.1%0.5947.1%
Gold (GLD)20.2%17.8%0.9213.4%
Commodities (DBC)14.8%19.1%0.638.5%
Real Estate (VNQ)3.4%18.8%0.0941.4%
Bitcoin (BTCUSD)7.3%56.2%0.3521.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BLCO
BLCO-2.4%40.3%-0.05-
Sector ETF (XLV)9.2%16.5%0.4541.7%
Equity (SPY)14.9%17.9%0.7147.1%
Gold (GLD)13.4%15.9%0.7013.4%
Commodities (DBC)9.9%17.7%0.468.5%
Real Estate (VNQ)5.4%20.7%0.2341.4%
Bitcoin (BTCUSD)67.8%66.9%1.0721.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity3.7 Mil
Short Interest: % Change Since 33120262.7%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest10.9 days
Basic Shares Quantity354.4 Mil
Short % of Basic Shares1.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/18/2026-0.3%4.0%-9.6%
10/29/20251.8%-1.3%6.6%
7/30/2025-6.4%-1.4%-0.7%
4/30/2025-15.7%-20.6%-14.6%
2/19/2025-0.3%-2.3%-5.3%
10/30/2024-1.5%-4.6%-3.8%
7/31/20242.1%-5.5%-4.5%
5/1/2024-5.5%2.5%5.8%
...
SUMMARY STATS   
# Positive766
# Negative91010
Median Positive2.1%4.6%6.2%
Median Negative-3.9%-3.1%-5.4%
Max Positive13.8%17.3%10.9%
Max Negative-15.7%-20.6%-14.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/18/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/19/202510-K
09/30/202410/30/202410-Q
06/30/202408/01/202410-Q
03/31/202405/01/202410-Q
12/31/202302/21/202410-K
09/30/202311/01/202310-Q
06/30/202308/02/202310-Q
03/31/202305/03/202310-Q
12/31/202202/22/202310-K
09/30/202211/02/202210-Q
06/30/202208/04/202210-Q
03/31/202206/08/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/18/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue5.38 Bil5.42 Bil5.47 Bil6.4% RaisedGuidance: 5.10 Bil for 2025
2026 Revenue Growth5.0%6.0%7.0%00AffirmedGuidance: 6.0% for 2025
2026 Adjusted EBITDA Excluding Acquired IPR&D1.00 Bil1.02 Bil1.05 Bil15.2% RaisedGuidance: 890.00 Mil for 2025

Prior: Q3 2025 Earnings Reported 10/29/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Full-Year Revenue5.05 Bil5.10 Bil5.15 Bil0 AffirmedGuidance: 5.10 Bil for 2025
2025 Full-Year Revenue Constant Currency Growth5.0%6.0%7.0%00AffirmedGuidance: 6.0% for 2025
2025 Full-Year Adjusted EBITDA Excluding Acquired IPR&D870.00 Mil890.00 Mil910.00 Mil0.6% RaisedGuidance: 885.00 Mil for 2025
2025 Full-Year Revenue Foreign Exchange Tailwinds 30.00 Mil 20.0% RaisedGuidance: 25.00 Mil for 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Bailey, A Robert DEVP & Chief Legal OfficerDirectBuy310202617.1514,600250,3323,975,986Form
2Eldessouky, SamEVP and CFODirectBuy309202617.134,00068,5206,905,617Form
3Saunders, Brent LCEO and Chairman of the BoardDirectBuy309202617.1414,700251,95816,567,096Form
4Ross, Thomas W SR DirectBuy304202617.684,50079,5561,147,208Form
5Collis, Steven H DirectBuy224202617.8115,000267,150360,742Form

Industry Resources

External Quote Links


Prefer one of these to Trefis? Tell us why.