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Bausch Health Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Bausch Health has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Bausch Health's Piotroski F-Score or its related term are showing as below:

BHC' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of Bausch Health was 9. The lowest was 2. And the median was 5.


Bausch Health Piotroski F-Score Historical Data

The historical data trend for Bausch Health's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Bausch Health Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 6.00 4.00 3.00

Bausch Health Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 4.00 3.00 6.00

Competitive Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Bausch Health's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Bausch Health Piotroski F-Score Distribution

For the Drug Manufacturers industry and Healthcare sector, Bausch Health's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Bausch Health's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was -595 + 188 + 69 + -69 = $-407 Mil.
Cash Flow from Operations was 395 + 564 + 24 + -63 = $920 Mil.
Revenue was 2100 + 2111 + 2196 + 1918 = $8,325 Mil.
Gross Profit was 1488 + 1529 + 1570 + 1367 = $5,954 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(30197 + 30042 + 29252 + 29202 + 29090) / 5 = $29556.6 Mil.
Total Assets at the begining of this year (Mar21) was $30,197 Mil.
Long-Term Debt & Capital Lease Obligation was $23,168 Mil.
Total Current Assets was $5,836 Mil.
Total Current Liabilities was $4,774 Mil.
Net Income was -326 + 71 + -153 + -610 = $-1,018 Mil.

Revenue was 1664 + 2138 + 2213 + 2027 = $8,042 Mil.
Gross Profit was 1169 + 1548 + 1568 + 1453 = $5,738 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(31865 + 31396 + 31562 + 31199 + 30197) / 5 = $31243.8 Mil.
Total Assets at the begining of last year (Mar20) was $31,865 Mil.
Long-Term Debt & Capital Lease Obligation was $23,738 Mil.
Total Current Assets was $5,392 Mil.
Total Current Liabilities was $4,898 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Bausch Health's current Net Income (TTM) was -407. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Bausch Health's current Cash Flow from Operations (TTM) was 920. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar21)
=-407/30197
=-0.01347816

ROA (Last Year)=Net Income/Total Assets (Mar20)
=-1018/31865
=-0.03194728

Bausch Health's return on assets of this year was -0.01347816. Bausch Health's return on assets of last year was -0.03194728. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Bausch Health's current Net Income (TTM) was -407. Bausch Health's current Cash Flow from Operations (TTM) was 920. ==> 920 > -407 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=23168/29556.6
=0.783852

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=23738/31243.8
=0.75976674

Bausch Health's gearing of this year was 0.783852. Bausch Health's gearing of last year was 0.75976674. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar22)=Total Current Assets/Total Current Liabilities
=5836/4774
=1.22245496

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=5392/4898
=1.10085749

Bausch Health's current ratio of this year was 1.22245496. Bausch Health's current ratio of last year was 1.10085749. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Bausch Health's number of shares in issue this year was 360.8. Bausch Health's number of shares in issue last year was 356.8. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=5954/8325
=0.7151952

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=5738/8042
=0.7135041

Bausch Health's gross margin of this year was 0.7151952. Bausch Health's gross margin of last year was 0.7135041. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar21)
=8325/30197
=0.27568964

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=8042/31865
=0.25237722

Bausch Health's asset turnover of this year was 0.27568964. Bausch Health's asset turnover of last year was 0.25237722. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+1+1+0+1+0+1+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Bausch Health has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Bausch Health  (NYSE:BHC) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Bausch Health Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Bausch Health's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Bausch Health Business Description

Bausch Health logo
Address
2150 Saint Elzear Boulvard West, Laval, QC, CAN, H7L 4A8
Bausch Health Companies Inc develop, manufacture and market, primarily in the therapeutic areas of eye-health, gastroenterology and dermatology, a broad range of branded pharmaceuticals, generic and branded generic pharmaceuticals, over-the-counter products and medical devices, which are marketed directly or indirectly in approximately 100 countries. The company's business segments are Bausch + Lomb, Salix, International Rx, Ortho Dermatologics and Diversified Products with maximum revenue from Bausch + Lomb segment.
Executives
Carson Seana officer: EVP, General Counsel 400 SOMERSET CORPORATE BLVD BRIDGEWATER NJ 08807
Vadaketh Tom George officer: EVP, Chief Financial Officer 1727 JOCKEYS WAY YARDLEY PA 19067
Mulligan Richard director C/O ICAHN CAPITAL LP 767 FIFTH AVENUE, SUITE 4700 NEW YORK NY 10153
Munsch Frederick officer: SVP, Controller and CAO 400 SOMERSET CORPORATE BLVD. BRIDGEWATER NJ 08807
Gordon Joseph F officer: Pres&Co-Head Bausch&Lomb/Int'l 400 SOMERSET CORPORATE BLVD. BRIDGEWATER NJ 08807
Ackermann Christina officer: EVP AND GENERAL COUNSEL C/O BLCO 400 SOMERSET CORPORATE BLVD. BRIDGEWATER NJ 08807
Spurr Robert director, officer: U.S. President-Pharma Business C/O BAUSCH HEALTH COMPANIES INC. 400 SOMERSET CORPORATE BLVD. BRIDGEWATER NJ 08807
Eldessouky Sam officer: EVP & Chief Financial Officer C/O BAUSCH HEALTH COMPANIES INC. 400 SOMERSET CORPORATE BLVD. BRIDGEWATER NJ 08807
Miller Steven D director 16690 COLLINS AVENUE PH SUNNY ISLE BEACH FL 33160
Icahn Brett director C/O ICAHN ENTERPRISES L.P. 16690 COLLINS AVE., PH SUNNY ISLES FL 33160
Paulson John director 1133 AVENUE OF THE AMERICAS 33RD FLOOR NEW YORK NY 10036
Valueact Holdings Ii, L.p. director, other: See Remarks ONE LETTERMAN DRIVE BUILDING D, FOURTH FLOOR SAN FRANCISCO CA 94129
Von Eschenbach Andrew C. director BAUSCH HEALTH COMPANIES INC. 400 SOMERSET CORPORATE BLVD. BRIDGEWATER NJ 08807
Mckenna Mark C. officer: President, Salix 400 SOMERSET CORPORATE BOULEVARD BRIDGEWATER NJ 08807
Humphries William D. officer: EVP, COMPANY GROUP CHAIRMAN C/O STRATA SKIN SCIENCES, INC. 5 WALNUT GROVE DRIVE SUITE 140 HORSHAM PA 19044

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