BLCO

Bausch & Lomb is a global eye-health company (vision care, surgical, pharmaceuticals) with a recognizable franchise and steady top-line growth — FY2025 revenue rose 6.5% to $5.10B, the fourth straight year of growth from $3.77B in FY2021. The problem is that growth has not produced GAAP profit: the company posted a net loss of -$360M (worsening 13.6%) and an operating margin of just 2.2%, with operating income down 30.2% to $113M. Heavy depreciation/amortization ($421M, largely intangibles from its formation) and interest on $5.02B of debt overwhelm the modest operating profit.

There are constructive signs beneath the loss. Operating cash flow grew 22.0% to $283M and cash rose 25.6% to $383M, so the business generates real cash even while reporting accounting losses. Capex was stepped up 19.9% to $349M, reinvesting in the product portfolio. Leverage is moderate at 1.16x liabilities-to-equity, though the absolute $5.02B long-term debt load is the central constraint, and the accumulated deficit deepened to -$931M.