BLCO Bausch + Lomb Corporation Common Shares
$17.28
Price · Aug 18, 2026
Fundamentals as of Jul 29, 2026
52W Range
$14–$19
68% of range
Analyst Rating
BUY
18 analysts
Price Target
$19
+8% upside
P/E (TTM)
-17.0
ROE
-5.6%
Net Profit Margin
-7.1%
BLCO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$17.28
Market Cap
$6.16B
P/E (TTM)
-17.0
EPS (TTM)
$-1.02
Revenue (TTM)
$5.10B
Div Yield
—
ROE
-5.6%
Debt/Equity
0.8
52W Range
$14 – $19
BLCO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$5.10B
2020-12-31
→
2025-12-31
EPS
$-1.02
2020-12-31
→
2025-12-31
Free Cash Flow
$-66M
2022-12-31
→
2025-12-31
Margins
-7.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BLCO
Peer Median
P/E (TTM)
-17.0
—
P/S (TTM)
1.2
52.7
P/B
1.0
6.2
EV / EBITDA
95.8
—
Price / FCF
-93.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BLCO
Peer Median
Operating Margin
2.2%
—
Net Profit Margin
-7.1%
-451.2%
ROA
-2.6%
-23.8%
ROE
-5.6%
-31.8%
ROIC
1.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BLCO
Peer Median
Debt / Equity
0.8
16.2
Current Ratio
1.6
1.2
Quick Ratio
0.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BLCO
Peer Median
Revenue YoY
6.5%
—
Revenue CAGR 3Y
10.6%
—
Revenue CAGR 5Y
8.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BLCO
Peer Median
BLCO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 3 16.7%
- Buy 7 38.9%
- Hold 7 38.9%
- Sell 1 5.6%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-17
Median
$18.25
Now
$17.28
Low
$16.00
High
$23.00
Median target
$18.25
+5.6%
Mean target
$18.62
+7.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.16 | $0.16 | 0.00% |
| March 31, 2026 | $0.08 | $0.06 | 0.02% |
| Dec. 31, 2025 | $0.32 | $0.36 | -0.04% |
| Sept. 30, 2025 | $0.18 | $0.17 | 0.01% |
| June 30, 2025 | $0.07 | $0.07 | 0.00% |
| March 31, 2025 | $-0.07 | $0.03 | -0.10% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $5.10B | $4.79B | $4.15B | $3.77B | $3.77B | $3.41B | |
| SG&A Expense | $2.23B | $2.08B | $1.74B | $1.48B | $1.39B | $1.25B | |
| Operating Expenses | $4.99B | $4.63B | $4.02B | $3.56B | $3.44B | $3.15B | |
| Operating Income | $113M | $162M | $130M | $207M | $329M | $260M | |
| Interest Income | $12M | $15M | $15M | $6M | $0 | $3M | |
| Other Non-op | · | · | $-74M | $-13M | $-17M | $-38M | |
| Pretax Income | $-317M | $-234M | $-166M | $73M | $318M | $290M | |
| Income Tax | $35M | $71M | $82M | $58M | $125M | $307M | |
| Net Income | $-360M | $-317M | $-260M | $6M | $182M | $-18M | |
| EPS (Basic) | $-1.02 | $-0.90 | $-0.74 | $0.02 | $0.52 | $-0.05 | |
| EPS (Diluted) | $-1.02 | $-0.90 | $-0.74 | $0.02 | $0.52 | $-0.05 | |
| Shares (Basic) | 353,800,000 | 351,800,000 | 350,500,000 | 350,000,000 | 350,000,000 | 350,000,000 | |
| Shares (Diluted) | 353,800,000 | 351,800,000 | 350,500,000 | 350,200,000 | 350,000,000 | 350,000,000 | |
| EBITDA | $113M | $162M | $130M | $207M | · | · |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $383M | $305M | $331M | $354M | $174M | · | |
| Receivables | $1.22B | $1.03B | $839M | $724M | $721M | · | |
| Inventory | $976M | $1.04B | $1.03B | $628M | $572M | · | |
| Prepaid Expense | $383M | $410M | $541M | $405M | $165M | · | |
| Current Assets | $2.98B | $2.79B | $2.74B | $2.14B | $1.64B | · | |
| PP&E (Net) | $1.76B | $1.49B | $1.39B | $1.30B | $1.23B | · | |
| PP&E (Gross) | $3.66B | $3.17B | $3.02B | $2.81B | $2.55B | · | |
| Accum. Depreciation | $1.90B | $1.68B | $1.63B | $1.51B | $1.32B | · | |
| Goodwill | $4.76B | $4.52B | $4.58B | $4.51B | $4.59B | $4.68B | |
| Intangibles | $3.28B | $3.49B | $3.59B | $2.06B | $2.26B | · | |
| Other Non-current Assets | $310M | $294M | $225M | $215M | $180M | · | |
| Total Assets | $14.02B | $13.47B | $13.44B | $11.14B | $10.82B | · | |
| Accounts Payable | $388M | $389M | $522M | $370M | $239M | · | |
| Accrued Liabilities | $1.49B | $1.31B | $1.03B | $901M | $860M | · | |
| Current Liabilities | $1.92B | $1.74B | $1.58B | $1.30B | $1.10B | · | |
| Capital Leases | $125M | $120M | $87M | $92M | $92M | · | |
| Deferred Tax | $19M | $13M | $14M | $7M | $24M | · | |
| Other Non-current Liabilities | $521M | $430M | $397M | $329M | $298M | · | |
| Total Liabilities | $7.50B | $6.92B | $6.52B | $4.04B | $1.42B | · | |
| Long-term Debt | $5.05B | $4.78B | $4.56B | $2.44B | $0 | · | |
| Total Debt | $5.05B | $4.78B | $4.56B | $2.44B | · | · | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | · | |
| Retained Earnings | $-931M | $-571M | $-254M | $6M | $0 | · | |
| AOCI | $-1.18B | $-1.39B | $-1.25B | $-1.26B | $-1.03B | · | |
| Stockholders' Equity | $6.45B | $6.47B | $6.85B | $7.03B | $9.33B | · | |
| Liabilities + Equity | $14.02B | $13.47B | $13.44B | $11.14B | $10.82B | · | |
| Shares Outstanding | 354,209,319 | 352,400,000 | 350,900,000 | 350,000,000 | 0 | 0 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $421M | $436M | $382M | $379M | $415M | $442M | |
| Stock-based Comp | $149M | $92M | $74M | $62M | $62M | $50M | |
| Deferred Tax | $-35M | $-4M | $11M | $-13M | $-74M | $152M | |
| Restructuring | $58M | $26M | $44M | $14M | $2M | $2M | |
| Operating Cash Flow | $283M | $232M | $-17M | $345M | $873M | $522M | |
| CapEx | $349M | $291M | $181M | $175M | $193M | $253M | |
| Investing Cash Flow | $-455M | $-412M | $-2.11B | $-215M | $-214M | $-256M | |
| Debt Issued | $3.36B | $631M | $2.28B | $2.44B | $0 | $0 | |
| Net Debt Issued | $261M | $201M | $2.12B | $2.43B | · | · | |
| Financing Cash Flow | $225M | $178M | $2.08B | $81M | $-712M | $-232M | |
| Net Change in Cash | $81M | $-18M | $-46M | $203M | $-61M | $46M | |
| Taxes Paid | $59M | $91M | $64M | · | · | · | |
| Free Cash Flow | $-66M | $-59M | $-198M | $170M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | 2.2% | 3.4% | 3.1% | 5.5% | · | · | |
| Net Margin | -7.1% | -6.6% | -6.3% | 0.16% | · | · | |
| Pretax Margin | -6.2% | -4.9% | -4.0% | 1.9% | · | · | |
| EBITDA Margin | 2.2% | 3.4% | 3.1% | 5.5% | · | · | |
| ROA | -2.6% | -2.4% | -2.1% | 0.05% | · | · | |
| ROE | -5.6% | -4.8% | -3.8% | 0.07% | · | · | |
| ROIC | 1.1% | 1.9% | 1.7% | 0.45% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.6 | 1.7 | 1.6 | · | · | |
| Quick Ratio | 0.8 | 0.8 | 0.7 | 0.8 | · | · | |
| Debt / Equity | 0.8 | 0.7 | 0.7 | 0.3 | · | · | |
| LT Debt / Equity | 0.8 | 0.7 | 0.7 | 0.3 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.3 | 0.3 | · | · | |
| Receivables Turnover | 4.5 | 5.1 | 5.3 | 5.2 | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.5% | 15.6% | 10.0% | 0.08% | 10.3% | · | |
| Revenue CAGR 3Y | 10.6% | 8.4% | 6.7% | · | · | · | |
| Revenue CAGR 5Y | 8.4% | · | · | · | · | · | |
| EPS YoY | · | · | · | -96.2% | · | · | |
| Net Income YoY | · | · | · | -96.7% | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.10B | $4.79B | $4.15B | $3.77B | · | · | |
| Net Income TTM | $-360M | $-317M | $-260M | $6M | · | · | |
| Market Cap | $6.05B | $6.36B | $5.99B | $5.43B | · | · | |
| Enterprise Value | $10.71B | $10.84B | $10.22B | $7.51B | · | · | |
| P/E | -16.7 | -20.1 | -23.1 | 775.5 | · | · | |
| P/S | 1.2 | 1.3 | 1.4 | 1.4 | · | · | |
| P/B | 0.9 | 1.0 | 0.9 | 0.8 | · | · | |
| P / Tangible Book | · | · | · | 11.6 | · | · | |
| P / Cash Flow | 21.4 | 27.4 | -352.2 | 15.7 | · | · | |
| P / FCF | -91.7 | -107.9 | -30.2 | 31.9 | · | · | |
| EV / EBITDA | 94.8 | 66.9 | 78.6 | 36.3 | · | · | |
| EV / FCF | -162.3 | -183.8 | -51.6 | 44.2 | · | · | |
| EV / Revenue | 2.1 | 2.3 | 2.5 | 2.0 | · | · | |
| Earnings Yield | -6.0% | -5.0% | -4.3% | 0.13% | · | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.39B | $1.24B | $1.41B | $1.28B | $1.28B | $1.14B | $1.28B | $1.20B | $1.22B | $1.10B | $1.17B | $1.01B | $1.03B | $931M | $996M | $942M | |
| SG&A Expense | $588M | $544M | $564M | $528M | $579M | $563M | $532M | $511M | $535M | $504M | $483M | $418M | $417M | $418M | $386M | $381M | |
| Operating Expenses | $1.31B | $1.21B | $1.29B | $1.19B | $1.29B | $1.22B | $1.19B | $1.15B | $1.19B | $1.09B | $1.12B | $967M | $992M | $933M | $945M | $896M | |
| Operating Income | $83M | $33M | $112M | $95M | $-11M | $-83M | $87M | $43M | $26M | $6M | $49M | $40M | $43M | $-2M | $51M | $46M | |
| Interest Income | $4M | $4M | $3M | $3M | $3M | $3M | $5M | $4M | $3M | $3M | $3M | $4M | $5M | $3M | $3M | $2M | |
| Other Non-op | · | · | · | · | · | · | · | · | · | $-9M | · | $-28M | $-17M | $-9M | · | $-7M | |
| Pretax Income | $-11M | $-64M | $13M | $-3M | $-147M | $-180M | $-10M | $-58M | $-76M | $-90M | $-57M | $-35M | $-19M | $-55M | $-2M | $19M | |
| Income Tax | $-1M | $6M | $71M | $22M | $-89M | $31M | $-8M | $-66M | $72M | $73M | $-6M | $45M | $10M | $33M | $-2M | $34M | |
| Net Income | $-14M | $-71M | $-58M | $-28M | $-62M | $-212M | $-3M | $4M | $-151M | $-167M | $-54M | $-84M | $-32M | $-90M | $-1M | $-18M | |
| EPS (Basic) | $-0.04 | $-0.20 | $-0.16 | $-0.08 | $-0.18 | $-0.60 | $0.00 | $0.01 | $-0.43 | $-0.48 | $-0.15 | $-0.24 | $-0.09 | $-0.26 | $0.00 | $-0.05 | |
| EPS (Diluted) | $-0.04 | $-0.20 | $-0.16 | $-0.08 | $-0.18 | $-0.60 | $0.00 | $0.01 | $-0.43 | $-0.48 | $-0.15 | $-0.24 | $-0.09 | $-0.26 | $0.00 | $-0.05 | |
| Shares (Basic) | 357,100,000 | 355,200,000 | -706,900,000 | 354,200,000 | 353,700,000 | 352,800,000 | -703,000,000 | 351,900,000 | 351,800,000 | 351,100,000 | -700,800,000 | 350,800,000 | 350,500,000 | 350,000,000 | -700,000,000 | 350,000,000 | |
| Shares (Diluted) | 357,100,000 | 355,200,000 | -706,900,000 | 354,200,000 | 353,700,000 | 352,800,000 | -705,000,000 | 353,900,000 | 351,800,000 | 351,100,000 | -700,800,000 | 350,800,000 | 350,500,000 | 350,000,000 | -699,800,000 | 350,000,000 | |
| EBITDA | $83M | $33M | · | $95M | $-11M | $-83M | · | $43M | $26M | $6M | · | $40M | $43M | $-2M | · | $46M |
Balance Sheet 27
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $367M | $268M | $383M | $310M | $266M | $202M | $305M | $329M | $285M | $315M | · | $355M | $384M | $346M | · | $287M | |
| Receivables | $1.16B | $1.11B | $1.22B | $1.09B | $1.08B | $1.01B | $1.03B | $943M | $986M | $920M | · | $783M | $791M | $714M | · | $685M | |
| Inventory | $999M | $977M | $976M | $1.00B | $1.05B | $1.03B | $1.04B | $1.12B | $1.07B | $1.07B | · | $754M | $699M | $697M | · | $605M | |
| Prepaid Expense | $385M | $414M | $383M | $429M | $439M | $441M | $410M | $416M | $412M | $425M | · | $567M | $433M | $415M | · | $272M | |
| Current Assets | $2.92B | $2.78B | $2.98B | $2.85B | $2.85B | $2.69B | $2.79B | $2.83B | $2.77B | $2.74B | · | $2.46B | $2.31B | $2.18B | · | $1.86B | |
| PP&E (Net) | $1.80B | $1.79B | $1.76B | $1.71B | $1.68B | $1.58B | $1.49B | $1.48B | $1.43B | $1.40B | · | $1.28B | $1.29B | $1.30B | · | $1.22B | |
| PP&E (Gross) | · | · | $3.66B | · | · | · | $3.17B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $1.90B | · | · | · | $1.68B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $4.72B | $4.74B | $4.76B | $4.66B | $4.67B | $4.57B | $4.52B | $4.58B | $4.54B | $4.55B | $4.58B | $4.53B | $4.54B | $4.52B | $4.51B | $4.42B | |
| Intangibles | $3.17B | $3.23B | $3.28B | $3.33B | $3.36B | $3.43B | $3.49B | $3.38B | $3.44B | $3.52B | · | $3.66B | $2.02B | $2.03B | · | $2.07B | |
| Other Non-current Assets | $294M | $302M | $310M | $303M | $305M | $295M | $294M | $310M | $249M | $231M | · | $212M | $207M | $213M | · | $228M | |
| Total Assets | $13.86B | $13.78B | $14.02B | $13.83B | $13.83B | $13.43B | $13.47B | $13.52B | $13.25B | $13.29B | · | $13.07B | $11.31B | $11.17B | · | $10.70B | |
| Accounts Payable | $426M | $407M | $388M | $395M | $449M | $427M | $389M | $455M | $405M | $426M | · | $364M | $348M | $389M | · | $295M | |
| Accrued Liabilities | $1.42B | $1.37B | $1.49B | $1.47B | $1.36B | $1.26B | $1.31B | $1.32B | $1.24B | $1.16B | · | $992M | $952M | $840M | · | $879M | |
| Current Liabilities | $1.89B | $1.82B | $1.92B | $1.90B | $1.84B | $1.73B | $1.74B | $1.80B | $1.68B | $1.62B | · | $1.39B | $1.32B | $1.25B | · | $1.20B | |
| Capital Leases | · | · | $125M | · | · | · | $120M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $18M | $19M | $19M | $14M | $14M | $13M | $13M | $12M | $14M | $14M | · | $11M | $14M | $14M | · | $10M | |
| Other Non-current Liabilities | $435M | $458M | $521M | $500M | $539M | $467M | $430M | $442M | $378M | $379M | · | $353M | $342M | $341M | · | $279M | |
| Total Liabilities | $7.42B | $7.33B | $7.50B | $7.33B | $7.32B | $7.00B | $6.92B | $6.85B | $6.67B | $6.56B | · | $6.18B | $4.29B | $4.12B | · | $3.90B | |
| Long-term Debt | $5.08B | $5.04B | $5.05B | $4.95B | $4.96B | $4.83B | $4.78B | $4.63B | $4.63B | $4.58B | · | $4.46B | $2.63B | $2.53B | · | $2.44B | |
| Total Debt | $5.08B | $5.04B | · | $4.95B | $4.96B | $4.83B | · | $4.63B | $4.63B | $4.58B | · | $4.46B | $2.63B | $2.53B | · | $2.44B | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Retained Earnings | $-1.02B | $-1.00B | $-931M | $-873M | $-845M | $-783M | $-571M | $-568M | $-572M | $-421M | · | $-200M | $-116M | $-84M | · | $7M | |
| AOCI | $-1.22B | $-1.20B | $-1.18B | $-1.20B | $-1.19B | $-1.30B | $-1.39B | $-1.25B | $-1.31B | $-1.28B | · | $-1.32B | $-1.25B | $-1.24B | · | $-1.39B | |
| Stockholders' Equity | $6.38B | $6.38B | $6.45B | $6.43B | $6.44B | $6.36B | $6.47B | $6.59B | $6.50B | $6.66B | · | $6.82B | $6.96B | $6.98B | · | $6.73B | |
| Liabilities + Equity | $13.86B | $13.78B | $14.02B | $13.83B | $13.83B | $13.43B | $13.47B | $13.52B | $13.25B | $13.29B | · | $13.07B | $11.31B | $11.17B | · | $10.70B | |
| Shares Outstanding | 357,057,005 | 356,396,595 | 354,209,319 | 354,088,499 | 353,803,959 | 353,364,741 | 352,402,374 | 352,077,427 | 351,834,173 | 351,401,653 | 350,900,000 | 350,824,535 | 350,527,323 | 350,169,790 | 350,000,000 | 350,000,749 |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $102M | $101M | $99M | $109M | $107M | $106M | $106M | $110M | $110M | $110M | $116M | $82M | $93M | $91M | $93M | $93M | |
| Stock-based Comp | $38M | $34M | $64M | $27M | $30M | $28M | $27M | $24M | $22M | $19M | $16M | $16M | $18M | $24M | $17M | $18M | |
| Restructuring | $4M | $8M | $15M | $11M | $31M | $1M | $6M | $3M | $6M | $11M | $11M | $11M | $14M | $8M | $3M | $5M | |
| Operating Cash Flow | $153M | $32M | $136M | $137M | $35M | $-25M | $22M | $154M | $15M | $41M | $15M | $48M | $-24M | $-56M | $159M | $27M | |
| CapEx | $71M | $100M | $76M | $74M | $89M | $110M | $92M | $60M | $72M | $67M | $84M | $33M | $27M | $37M | $50M | $49M | |
| Investing Cash Flow | $-87M | $-130M | $-188M | $-61M | $-90M | $-116M | $-185M | $-96M | $-74M | $-57M | $-135M | $-1.88B | $-28M | $-64M | $-90M | $-49M | |
| Debt Issued | $84M | $2.80B | $136M | $0 | $3.17B | $50M | $506M | $0 | $50M | $75M | $96M | $1.98B | $100M | $100M | $0 | $0 | |
| Net Debt Issued | · | $-3M | · | · | · | $40M | · | · | · | $17M | · | · | · | $94M | · | · | |
| Financing Cash Flow | $34M | $-20M | $116M | $-12M | $90M | $31M | $146M | $-20M | $40M | $12M | $86M | $1.81B | $90M | $91M | $-7M | $-109M | |
| Net Change in Cash | $99M | $-118M | $65M | $60M | $57M | $-101M | $-34M | $48M | $-23M | $-9M | $-26M | $-32M | $34M | $-22M | $83M | $-149M | |
| Free Cash Flow | · | $-68M | · | · | · | $-135M | · | · | · | $-26M | · | · | · | $-93M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 5.9% | 2.6% | · | 7.4% | -0.86% | -7.3% | · | 3.6% | 2.1% | 0.55% | · | 4.0% | 4.2% | -0.21% | · | 4.9% | |
| Net Margin | -1.0% | -5.7% | · | -2.2% | -4.9% | -18.6% | · | 0.33% | -12.4% | -15.2% | · | -8.3% | -3.1% | -9.7% | · | -1.9% | |
| Pretax Margin | -0.79% | -5.1% | · | -0.23% | -11.5% | -15.8% | · | -4.9% | -6.2% | -8.2% | · | -3.5% | -1.8% | -5.9% | · | 2.0% | |
| EBITDA Margin | 5.9% | 2.6% | · | 7.4% | -0.86% | -7.3% | · | 3.6% | 2.1% | 0.55% | · | 4.0% | 4.2% | -0.21% | · | 4.9% | |
| ROA | -0.10% | -0.52% | · | -0.20% | -0.46% | -1.6% | · | 0.03% | -1.2% | -1.4% | · | -0.71% | -0.29% | -0.82% | · | -0.34% | |
| ROE | -0.22% | -1.1% | · | -0.43% | -0.96% | -3.3% | · | 0.06% | -2.2% | -2.5% | · | -1.2% | -0.46% | -1.3% | · | -0.53% | |
| ROIC | 0.66% | 0.32% | · | 7.0% | -0.04% | -0.87% | · | -0.05% | 0.45% | 0.10% | · | 0.81% | 0.68% | -0.03% | · | -0.40% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.5 | 1.5 | · | 1.5 | 1.5 | 1.6 | · | 1.6 | 1.7 | 1.7 | · | 1.8 | 1.7 | 1.7 | · | 1.6 | |
| Quick Ratio | 0.8 | 0.8 | · | 0.7 | 0.7 | 0.7 | · | 0.7 | 0.8 | 0.8 | · | 0.8 | 0.9 | 0.8 | · | 0.8 | |
| Debt / Equity | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 0.7 | 0.7 | 0.7 | · | 0.7 | 0.4 | 0.4 | · | 0.4 | |
| LT Debt / Equity | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 0.7 | 0.7 | 0.7 | · | 0.7 | 0.4 | 0.4 | · | 0.4 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | |
| Receivables Turnover | 1.2 | 1.2 | · | 1.3 | 1.2 | 1.2 | · | 1.4 | 1.4 | 1.3 | · | 1.4 | 1.4 | 1.3 | · | 2.8 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.20B | $4.94B | · | $4.89B | $4.83B | $4.65B | · | $4.52B | $4.36B | $4.07B | · | $3.92B | $3.85B | $3.70B | · | $3.72B | |
| Net Income TTM | $-175M | $-373M | · | $-298M | $-421M | $-526M | · | $-398M | $-434M | $-373M | · | $-224M | $-135M | $-83M | · | $67M | |
| Market Cap | $5.91B | $5.67B | · | $5.34B | $4.60B | $5.12B | · | $6.79B | $5.11B | $6.08B | · | $5.95B | $7.04B | $6.10B | · | $5.37B | |
| Enterprise Value | $10.62B | $10.44B | · | $9.98B | $9.30B | $9.75B | · | $11.09B | $9.46B | $10.35B | · | $10.06B | $9.28B | $8.28B | · | $7.52B | |
| P/E | -33.1 | -15.0 | · | -17.7 | -10.8 | -9.7 | · | -16.9 | -11.7 | -16.2 | · | -26.5 | -51.5 | -72.5 | · | 80.7 | |
| P/S | 1.1 | 1.1 | · | 1.1 | 1.0 | 1.1 | · | 1.5 | 1.2 | 1.5 | · | 1.5 | 1.8 | 1.6 | · | 1.4 | |
| P/B | 0.9 | 0.9 | · | 0.8 | 0.7 | 0.8 | · | 1.0 | 0.8 | 0.9 | · | 0.9 | 1.0 | 0.9 | · | 0.8 | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | · | 17.7 | 14.2 | · | 21.8 | |
| P / Cash Flow | · | 177.1 | · | · | · | -205.0 | · | · | · | 148.3 | · | · | · | -108.9 | · | · | |
| P / FCF | · | -83.3 | · | · | · | -38.0 | · | · | · | -233.8 | · | · | · | -65.6 | · | · | |
| EV / EBITDA | 128.0 | 316.3 | · | 105.0 | -845.1 | -117.5 | · | 257.9 | 363.7 | 1724.7 | · | 251.4 | 215.8 | -4141.7 | · | 163.5 | |
| EV / FCF | · | -153.5 | · | · | · | -72.2 | · | · | · | -398.0 | · | · | · | -89.1 | · | · | |
| EV / Revenue | 2.0 | 2.1 | · | 2.0 | 1.9 | 2.1 | · | 2.5 | 2.2 | 2.5 | · | 2.6 | 2.4 | 2.2 | · | 2.0 | |
| Earnings Yield | -3.0% | -6.7% | · | -5.6% | -9.2% | -10.3% | · | -5.9% | -8.5% | -6.2% | · | -3.8% | -1.9% | -1.4% | · | 1.2% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $5.10B | $4.79B | $4.15B | $3.77B | $3.77B |
| Operating Margin % | 2.2% | 3.4% | 3.1% | 5.5% | — |
| Net Income | $-360M | $-317M | $-260M | $6M | $182M |
| Diluted EPS | $-1.02 | $-0.90 | $-0.74 | $0.02 | $0.52 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.8 | 0.7 | 0.7 | 0.3 | — |
| Current Ratio | 1.6 | 1.6 | 1.7 | 1.6 | — |
| Quick Ratio | 0.8 | 0.8 | 0.7 | 0.8 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-66M | $-59M | $-198M | $170M | — |
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Institutional owners (13F) 109 filers · $557.3M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 23 (+3 vs prior Q) | 15 (-5 vs prior Q) | 32 (+7 vs prior Q) | 27 (-3 vs prior Q) | +2.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| ICAHN CARL C | $57,960,000 | 3,500,000 | 10.40% | Shares |
| OAKTREE CAPITAL MANAGEMENT LP | $56,983,655 | 3,441,042 | 10.22% | Shares |
| DEUTSCHE BANK AG\ | $56,685,642 | 3,423,046 | 10.17% | Shares |
| Davidson Kempner Capital Management LP | $52,312,576 | 3,158,972 | 9.39% | Shares |
| GOLDENTREE ASSET MANAGEMENT LP | $43,961,788 | 2,660,508 | 7.89% | Shares |
| D. E. Shaw & Co., Inc. | $43,171,920 | 2,607,000 | 7.75% | Shares |
| CASPIAN CAPITAL LP | $33,104,152 | 1,999,043 | 5.94% | Shares |
| GLENVIEW CAPITAL MANAGEMENT, LLC | $31,764,531 | 1,918,148 | 5.70% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $22,597,349 | 1,364,980 | 4.05% | Shares |
| CLARK ESTATES INC/NY | $14,589,360 | 881,000 | 2.62% | Shares |
| CITADEL ADVISORS LLC | $14,256,504 | 860,900 | 2.56% | Shares |
| Clearline Capital LP | $11,624,574 | 701,967 | 2.09% | Shares |
| WHITEBOX ADVISORS LLC | $11,376,323 | 686,976 | 2.04% | Shares |
| GordonMD Global Investments LP | $9,496,696 | 573,472 | 1.70% | Shares |
| TUDOR INVESTMENT CORP ET AL | $8,810,417 | 532,030 | 1.58% | Shares |
| GOLDMAN SACHS GROUP INC | $6,958,413 | 420,194 | 1.25% | Shares |
| Woodline Partners LP | $6,406,667 | 386,876 | 1.15% | Shares |
| Trexquant Investment LP | $5,394,685 | 325,766 | 0.97% | Shares |
| GABELLI FUNDS LLC | $4,711,320 | 284,500 | 0.85% | Shares |
| NOMURA HOLDINGS INC | $4,238,979 | 255,977 | 0.76% | Shares |
| SHENKMAN CAPITAL MANAGEMENT INC | $3,605,406 | 205,665 | 0.65% | Shares |
| Ballast Asset Management, LP | $3,599,610 | 217,470 | 0.65% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,012,695 | 181,926 | 0.54% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,987,424 | 180,400 | 0.54% | Call option |
| MILLENNIUM MANAGEMENT LLC | $2,926,789 | 176,740 | 0.53% | Shares |
| Point72 Asset Management, L.P. | $2,911,567 | 175,819 | 0.52% | Shares |
| PDT Partners, LLC | $2,906,876 | 175,536 | 0.52% | Shares |
| Qube Research & Technologies Ltd | $2,642,297 | 159,559 | 0.47% | Shares |
| JPMORGAN CHASE & CO | $2,004,564 | 120,539 | 0.36% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,890,092 | 114,136 | 0.34% | Shares |
| Jump Financial, LLC | $1,852,137 | 111,844 | 0.33% | Shares |
| AMERIPRISE FINANCIAL INC | $1,828,125 | 110,394 | 0.33% | Shares |
| Engineers Gate Manager LP | $1,478,609 | 89,288 | 0.27% | Shares |
| Third Point LLC | $1,407,600 | 85,000 | 0.25% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,394,484 | 84,208 | 0.25% | Shares |
| Schonfeld Strategic Advisors LLC | $1,379,347 | 83,294 | 0.25% | Shares |
| JANE STREET GROUP, LLC | $1,296,217 | 78,274 | 0.23% | Shares |
| MARSHALL WACE, LLP | $1,163,456 | 70,257 | 0.21% | Shares |
| Balyasny Asset Management L.P. | $1,151,466 | 69,533 | 0.21% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $1,132,737 | 68,402 | 0.20% | Shares |
| Covalent Partners LLC | $1,033,500 | 65,000 | 0.19% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $967,054 | 58,397 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $933,984 | 56,400 | 0.17% | Call option |
| ARMISTICE CAPITAL, LLC | $877,680 | 53,000 | 0.16% | Shares |
| TWO SIGMA INVESTMENTS, LP | $847,872 | 51,200 | 0.15% | Shares |
| Nebula Research & Development LLC | $840,082 | 64,572 | 0.15% | Shares |
| BANK OF AMERICA CORP /DE/ | $797,000 | 48,128 | 0.14% | Shares |
| Man Group plc | $788,637 | 47,623 | 0.14% | Shares |
| Pinnacle Financial Partners, Inc. | $685,981 | 41,424 | 0.12% | Shares |
| Verdence Capital Advisors LLC | $660,959 | 39,913 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $655,776 | 39,600 | 0.12% | Call option |
| Kovack Advisors, Inc. | $630,224 | 38,080 | 0.11% | Shares |
| SYNOVUS FINANCIAL CORP | $624,260 | 41,424 | 0.11% | Shares |
| WELLS FARGO & COMPANY/MN | $591,462 | 35,813 | 0.11% | Shares |
| WOLVERINE TRADING, LLC | $566,984 | 37,900 | 0.10% | Call option |
| BlackRock, Inc. | $475,818 | 28,733 | 0.09% | Shares |
| Kazazian Asset Management, LLC | $433,359 | 26,169 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $417,312 | 25,200 | 0.07% | Put option |
| Ilex Capital Partners (UK) LLP | $404,213 | 24,409 | 0.07% | Shares |
| Squarepoint Ops LLC | $403,716 | 24,379 | 0.07% | Shares |
| NJ State Employees Deferred Compensation Plan | $384,285 | 25,500 | 0.07% | Shares |
| SCOTIA CAPITAL INC. | $343,601 | 20,748 | 0.06% | Shares |
| Lido Advisors, LLC | $289,651 | 17,491 | 0.05% | Shares |
| Quantbot Technologies LP | $277,943 | 16,784 | 0.05% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $261,800 | 15,809 | 0.05% | Shares |
| IQ EQ FUND MANAGEMENT (SINGAPORE) PRIVATE Ltd | $253,650 | 15,000 | 0.05% | Shares |
| GAMCO INVESTORS, INC. ET AL | $248,400 | 15,000 | 0.04% | Shares |
| Pathstone Holdings, LLC | $248,400 | 15,000 | 0.04% | Shares |
| Mill Creek Capital Advisors, LLC | $238,500 | 15,000 | 0.04% | Shares |
| Mariner, LLC | $223,345 | 13,487 | 0.04% | Shares |
| State of Wyoming | $213,376 | 12,885 | 0.04% | Shares |
| SONA ASSET MANAGEMENT (US) LLC | $200,840 | 12,128 | 0.04% | Shares |
| R Squared Ltd | $197,892 | 11,950 | 0.04% | Shares |
| XTX Topco Ltd | $190,539 | 11,506 | 0.03% | Shares |
| Centiva Capital, LP | $170,204 | 10,278 | 0.03% | Shares |
| Federation des caisses Desjardins du Quebec | $160,093 | 9,668 | 0.03% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $155,660 | 9,538 | 0.03% | Shares |
| Vident Advisory, LLC | $150,332 | 9,078 | 0.03% | Shares |
| SIMPLEX TRADING, LLC | $113,518 | 6,855 | 0.02% | Shares |
| MORGAN STANLEY | $89,109 | 5,381 | 0.02% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $62,216 | 3,757 | 0.01% | Shares |
| Rockefeller Capital Management L.P. | $46,004 | 2,778 | 0.01% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $31,049 | 1,874,936 | 0.01% | Shares |
| GILPIN WEALTH MANAGEMENT, LLC | $24,907 | 1,504 | 0.00% | Shares |
| Invesco Ltd. | $24,708 | 1,492 | 0.00% | Shares |
| E Fund Management (Hong Kong) Co., Ltd. | $18,796 | 1,135 | 0.00% | Shares |
| UBS Group AG | $11,724 | 708 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $10,648 | 643 | 0.00% | Shares |
| Stone House Investment Management, LLC | $7,088 | 428 | 0.00% | Shares |
| Blue Trust, Inc. | $6,127 | 370 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $5,283 | 319 | 0.00% | Shares |
| Tower Research Capital LLC (TRC) | $4,670 | 282 | 0.00% | Shares |
| Sandy Spring Bank | $4,350 | 300 | 0.00% | Shares |
| HRT FINANCIAL LP | $3,930 | 237,356 | 0.00% | Shares |
| Larson Financial Group LLC | $3,809 | 230 | 0.00% | Shares |
| TD Waterhouse Canada Inc. | $3,315 | 200 | 0.00% | Shares |
| Smartleaf Asset Management LLC | $1,946 | 117 | 0.00% | Shares |
| Silver Grove Financial Group, Inc. | $1,656 | 100 | 0.00% | Shares |
| Arax Advisory Partners | $1,490 | 90 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $1,000 | 35 | 0.00% | Shares |
Company insiders 25 insiders · 3 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joseph C Papa | CEO & Chairman | May 5, 2022 A | 472,222 | 0 | 0 | $0 |
| Joseph F Gordon | Officer | March 1, 2023 A | 125,702 | 0 | 0 | $0 |
| Christina Ackermann | Officer | March 1, 2023 A | 146,677 | 0 | 0 | $0 |
| Eduardo Alfonso | Director | May 26, 2026 A | 31,072 | 0 | 0 | $0 |
| Nathalie D. Bernier | Director | May 26, 2026 A | 85,505 | 0 | 0 | $0 |
| Sarah B Kavanagh | Director | May 26, 2026 A | 69,541 | 0 | 0 | $0 |
| Russel C Robertson | Director | May 26, 2026 A | 94,260 | 0 | 0 | $0 |
| Thomas W. Ross Sr. | Director | May 26, 2026 A | 85,233 | 0 | 0 | $0 |
| Karen Ling | Director | May 26, 2026 A | 61,518 | 0 | 0 | $0 |
| John Paulson | Director | May 26, 2026 A | 89,823 | 0 | 0 | $0 |
| Steven H Collis | Director | May 26, 2026 A | 42,003 | 0 | 0 | $0 |
| Gaoxiang Hu | Director | May 27, 2025 A | 61,147 | 0 | 0 | $0 |
| Brett Icahn | Director | May 27, 2025 A | 61,147 | 0 | 0 | $0 |
| Richard U De Schutter | Director | March 29, 2024 A | 32,952 | 0 | 0 | $0 |
| Barbara Trebbi | — | Aug. 12, 2026 A | 11,776 | 0 | 0 | $0 |
| Robert J Chersi | — | Aug. 12, 2026 A | 11,776 | 0 | 0 | $0 |
| Laurence E Paul | — | Aug. 12, 2026 A | 11,776 | 0 | 0 | $0 |
| Frederick Munsch | — | Aug. 10, 2026 S | 45,831 | 0 | 1 | $-887,662 |
| Andrew C. Von Eschenbach | — | Aug. 7, 2026 S | 63,733 | 0 | 2 | $-306,708 |
| Luc Bonnefoy | — | Aug. 5, 2026 A | 103,801 | 0 | 0 | $0 |
| Andrew J. Stewart | — | Aug. 5, 2026 A | 103,211 | 0 | 0 | $0 |
| Yehia Hashad | — | Aug. 5, 2026 A | 187,350 | 0 | 0 | $0 |
| Robert A D Bailey | — | Aug. 5, 2026 A | 264,241 | 0 | 0 | $0 |
| Sam Eldessouky | — | Aug. 5, 2026 A | 393,527 | 0 | 0 | $0 |
| Brent L Saunders | — | Aug. 5, 2026 A | 1,256,037 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 5 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PDN · Invesco Exchange-Traded Fund Trust … | 0.04% | 9,389 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.03% | 1,468 NS | April 30, 2026 | N-PORT |
| DFAX · Dimensional ETF Trust | 0.00% | 13,782 NS | April 30, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.00% | 1,392 NS | May 31, 2026 | N-PORT |
| DFIC · Dimensional ETF Trust | 0.00% | 3,858 NS | April 30, 2026 | N-PORT |