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BLCO, Bausch + Lomb Corporation

Medical Devices & Equipment capital-intensive Unprofitable

Revenue is Vision Care (57%), Pharmaceuticals (25%) and Surgical (18%).

Latest annual: FY2025 10-K

BLCO · Bausch + Lomb Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$5.1B

+6.5% YoY · 8% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $5.2B 5-yr avg $4.3B

Operating margin 4.4% 5-yr avg 4.6%

ROIC 2% 5-yr avg 1%

Owner-earnings margin 0% 5-yr avg 3%

Free cash flow margin 0% 5-yr avg 3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
What moves the needle: Operating margin has run about 3.4% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from 2.2% to 8.7% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Inventory runs near 19% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 1%, above 15% in 0 of 6 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 3 segments, the largest Vision Care at 57%.

Revenue by reportable segment, FY2025

Vision Care57%$2.9B
Pharmaceuticals25%$1.3B
Surgical18%$894M

By geographyU.S. and Puerto Rico50%Other15%China7%France5%Japan4%Germany3%Other16%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2020–2025

realized figures from each filing · older years to the left

2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
							Income statement
$3.4B	$3.8B	$3.8B	$4.1B	$4.8B	$5.1B	$5.2B	RevenueRevenue
37%	37%	39%	42%	43%	44%	43%	SG&A / revenueSG&A/rev
7%	7%	8%	8%	7%	7%	7%	R&D / revenueR&D/rev
$260M	$329M	$207M	$130M	$162M	$113M	$229M	Operating incomeOp. inc.
7.6%	8.7%	5.5%	3.1%	3.4%	2.2%	4.4%	Operating marginOp. mgn
($18M)	$182M	$6M	($260M)	($317M)	($360M)	($219M)	Net incomeNet inc.
							Cash flow & returns
$522M	$873M	$345M	($17M)	$232M	$283M	$340M	Operating cash flowOp. cash
$442M	$415M	$379M	$382M	$436M	$421M	$416M	DepreciationDeprec.
$48M	$214M	($102M)	($213M)	$21M	$73M	($12M)	Working capital & otherWC & other
$253M	$193M	$175M	$181M	$291M	$349M	$339M	CapexCapex
7.4%	5.1%	4.6%	4.4%	6.1%	6.8%	6.5%	Capex / revenueCapex/rev
$269M	$680M	$170M	($198M)	($59M)	($66M)	$1M	Owner earningsOwner earn.
7.9%	18.1%	4.5%	−4.8%	−1.2%	−1.3%	0.0%	Owner earnings marginOE mgn
$269M	$680M	$170M	($198M)	($59M)	($66M)	$1M	Free cash flowFCF
7.9%	18.1%	4.5%	−4.8%	−1.2%	−1.3%	0.0%	Free cash flow marginFCF mgn
1%	2%	1%	1%	1%	1%	2%	ROICROIC
-0%	2%	0%	-4%	-5%	-6%	-3%	Return on equityROE
−0%	2%	0%	−4%	−5%	−6%	−3%	Retained to equityRetained/eq
							Balance sheet
$238M	$174M	$354M	$331M	$305M	$383M	$268M	Cash & investmentsCash+inv
—	$721M	$724M	$839M	$1.0B	$1.2B	$1.1B	ReceivablesReceiv.
—	$572M	$628M	$1.0B	$1.0B	$976M	$977M	InventoryInvent.
—	$239M	$370M	$522M	$389M	$388M	$407M	Accounts payablePayables
—	$1.1B	$982M	$1.3B	$1.7B	$1.8B	$1.7B	Operating working capitalOper. WC
—	$1.6B	$2.1B	$2.7B	$2.8B	$3.0B	$2.8B	Current assetsCur. assets
—	$1.1B	$1.3B	$1.6B	$1.7B	$1.9B	$1.8B	Current liabilitiesCur. liab.
—	1.5×	1.6×	1.7×	1.6×	1.6×	1.5×	Current ratioCurr. ratio
$4.7B	$4.6B	$4.5B	$4.6B	$4.5B	$4.8B	$4.7B	GoodwillGoodwill
—	$10.8B	$11.1B	$13.4B	$13.5B	$14.0B	$13.8B	Total assetsAssets
—	$0	$2.4B	$4.6B	$4.8B	$5.0B	$5.0B	Total debtDebt
—	($174M)	$2.1B	$4.2B	$4.5B	$4.7B	$4.8B	Net debt / (cash)Net debt
$10.0B	$9.3B	$7.0B	$6.8B	$6.5B	$6.4B	$6.4B	Shareholders’ equityEquity
1.5%	1.6%	1.6%	1.8%	1.9%	2.9%	3.0%	Stock comp / revenueSBC/rev
							Per share
350M	350M	350M	351M	352M	354M	355M	Shares out (diluted)Shares
$9.75	$10.76	$10.76	$11.83	$13.62	$14.42	$14.66	Revenue / shareRev/sh
$-0.05	$0.52	$0.02	$-0.74	$-0.90	$-1.02	$-0.62	EPS (diluted)EPS
$0.77	$1.94	$0.49	$-0.56	$-0.17	$-0.19	$0.00	Owner earnings / shareOE/sh
$0.77	$1.94	$0.49	$-0.56	$-0.17	$-0.19	$0.00	Free cash flow / shareFCF/sh
$0.72	$0.55	$0.50	$0.52	$0.83	$0.99	$0.95	Cap. spending / shareCapex/sh
$28.54	$26.65	$20.08	$19.54	$18.40	$18.22	$17.96	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	5-yr	5-yr
Revenue / share	+8.1%/yr	+8.1%/yr
Capital spending / share	+6.4%/yr	+6.4%/yr
Book value / share	−8.6%/yr	−8.6%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Revenue+6.5%
“Our revenues were $5,101 million and $4,791 million for 2025 and 2024, respectively, an increase of $310 million, or 6%. The increase was attributable to: (i) increased volumes of $301 million across each of our segments, (ii) the favorable impact of foreign currencies of $58 million and (iii) incremental sales attributable to acquisitions of $16 million, within our Surgical segment.”
✓ figure matches the filed record
Operating income-30.2%
“Operating Income Operating income for 2025 and 2024 was $113 million and $162 million, respectively, a decrease of $49 million, or 30%. This decrease primarily reflects the increase in SG&A, partially offset by the increase in contribution, each as previously discussed.”
✓ figure matches the filed record
Pharmaceuticals+6.2%
“Pharmaceuticals Segment Revenue The Pharmaceuticals segment revenue was $1,284 million and $1,209 million for 2025 and 2024, respectively, an increase of $75 million, or 6%. The increase was primarily driven by: (i) increased sales in our branded pharmaceuticals business, primarily from MIEBO®, driven by its continued positive momentum since launching and (ii) increased sales in our international pharmaceuticals business, partially offset by declines in the U.S. generics business and gross-to-net pricing pressures, primarily attributab…”
✓ figure matches the filed record
Surgical+6.0%
“Surgical Segment Revenue The Surgical segment revenue was $894 million and $843 million for 2025 and 2024, respectively, an increase of $51 million, or 6%. The increase was primarily driven by: (i) increased demand of consumables, (ii) increased demand of implantables, driven by our premium IOL portfolio and (iii) increased equipment sales, partially offset by the voluntary recall of certain enVista IOL products, as previously discussed.”
✓ figure matches the filed record

The record, charted

FY2020–2025

Each measure over its full record; the current point and the worst year marked.

Share count

354Mpeak FY2025

ROIC

1%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($66M)owner earningsvs.($360M)net incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2020FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $360M loss into ($66M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($360M)	($317M)	($260M)	$6M	$182M
Depreciation & amortizationnon-cash charge added back	+$421M	+$436M	+$382M	+$379M	+$415M
Stock-based compensationreal costnon-cash, but a real cost	+$149M	+$92M	+$74M	+$62M	+$62M
Working capital & othertiming of cash in and out, other non-cash items	+$73M	+$21M	−$213M	−$102M	+$214M
Cash from operations	$283M	$232M	($17M)	$345M	$873M
Capital expenditurecash put back in to keep running and to grow	−$349M	−$291M	−$181M	−$175M	−$193M
Owner earnings	($66M)	($59M)	($198M)	$170M	$680M
Owner-earnings marginowner earnings ÷ revenue	-1%	-1%	-5%	5%	18%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $149M), owner earnings is nearer ($215M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $4.7B · 41.3× operating profit

Heavy net debt

Cash $383M − debt $5.0B

What this means
Netting $383M of cash and short-term investments against $5.0B of debt leaves $4.7B owed, about 41.3× a year's operating profit (44.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 1%

Below average through the cycle

6-yr median, range 1%–2%; 1% latest = NOPAT $89M ÷ invested capital $11.1B

Industry peers: median 8%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 6 years (it ran 1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -1%

Consumes cash through the cycle

6-yr median margin, range -5%–18%; latest ($66M) = operating cash $283M − maintenance capex $349M

Industry peers: median 12%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1% of revenue this year, a -1% median across 6 years. Treating stock comp as the real expense it is (less $149M of SBC) leaves ($215M).
Are earnings backed by cash? $283M

Loss, but cash-generative

Net income ($360M) · cash from operations $283M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.83×

Maintaining

Capex $349M ÷ depreciation $421M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $5.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.55×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $5.0B vs $1.1B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (6-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −651%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.88/share (latest year $-1.01), the averaged base the calculator's gate runs on, and book value is $18.09/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2020–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 2 of 6

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 5 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 7% → 3% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.

What this means
Through the cycle the operating margin slipped — about 7% early to 3% lately, median 3% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2025 · 2.2% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +0.2%/yr

What this means
Roughly flat share count, little dilution, little buyback.
How management talks about it Promotional

What this means
The returns have faded, yet the filing reaches for a promoter’s vocabulary — world-class, best-in-class, disruptive — more than an owner’s. When the words sell harder than the results deliver, the gap is the thing to weigh.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“If the AI solutions that we create or obtain from third parties are deficient, inaccurate or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.8B

Cash & short-term investments$268M
Receivables$1.1B
Inventory$977M
Other current assets$425M

Current liabilities$1.8B

Debt due within a year$28M
Accounts payable$407M
Other current liabilities$1.4B

Current ratio1.53×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.99×stricter: inventory excluded

Cash ratio0.15×strictest: cash alone against what's due

Working capital$956Mthe cushion left after near-term bills

Debt due this year vs. cash$28M due · $268M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+9.4%the freshest read on whether the business is still growing

Current ratio, recent quarters1.7× → 1.5×

Deeper floors

Tangible book value($1.6B)equity stripped of goodwill & intangibles

Net current asset value($4.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$5.2B$163M of it operating leases

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$29M

'27$28M

'28$1.9B

'29$23M

'30$123M

later$3.0B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$29Mthe first rung: what must be repaid or rolled over within the year

Within two years$57Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$1.9Bin 2028the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$5.1Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$268M

Together, against $29M due next year9.2×

Cash on hand as of Mar 31, 2026 comes to $268M against the $29M due in the twelve months after the Dec 31, 2025 schedule: 9.2 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2020–2025

Over the record, the business generated $2.2B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$1.4B · 64%
Retained (debt / cash)$796M · 36%

Net change in share count1.5%
The diluted count rose from 350M to 355M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 6-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$8.0B57% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity74%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$0over 6 years buying other businesses, against $1.4B of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 6-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2022	$19.8M	−$4.0M	$170M
2023	$45.3M	$36.2M	($198M)
2023	$9.5M	$5.6M	($198M)
2024	$23.9M	$21.4M	($59M)
2025	$32.2M	$27.2M	($66M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio632:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$149M
The slice of the business handed to employees in shares this year, 3% of revenue, equal to 132% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Bausch + Lomb Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2020–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereIs it less profitable than it was?−2.4% vs 10.2%
The owner-earnings margin averaged 10.2% early in the record and −2.4% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereAre "one-time" charges a yearly habit?4 of 6 years
Management took an impairment or write-down in 4 of the last 6 years, $19M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Did the share count rise anyway?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Acquisitions, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Medical Devices & Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AVTRAvantor Inc.	$6.6B	34%	10.0%	7%	9%
TDYTeledyne Technologies Incorporated	$6.1B	40%	16.5%	10%	16%
STESteris	$5.9B	43%	16.1%	8%	12%
COHRCoherent Corp.	$5.8B	38%	11.0%	8%	6%
BLCOBausch + Lomb Corporation	$5.1B	—	4.4%	1%	2%
COOThe Cooper Companies Inc.	$4.1B	65%	16.6%	5%	15%
MKSIMKS Instruments	$3.9B	45%	15.6%	8%	13%
EYENational Vision Holdings Inc.	$2.0B	54%	3.2%	3%	4%
Group median	—	—	13.3%	7%	11%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Bausch + Lomb Corporation has delivered.

Today’s price $

Through the cycle, Bausch + Lomb Corporation earns about $84M on its 1.6% median owner-earnings margin. This year’s −1.3% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($84M) Net of stock comp (−$155M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $1M on 357M shares outstanding, per the 10-Q cover, as of 2026-04-22; net debt $4.8B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh BLCO against another business →

The owners of BLCO: the meeting and the votes →

Cite: Owner Scorecard, "Bausch + Lomb Corporation (BLCO), the owner's record," https://ownerscorecard.com/c/BLCO, data as of 2026-07-09.

Manual order: ← BLBD its page in the Manual BLD →

Industry order: ← BFLY the Medical Devices & Equipment chapter BLFS →