# Bausch + Lomb Corporation (BLCO)

> Source: Nexqual · https://nexqual.com/BLCO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bausch + Lomb Corporation (BLCO), nexqual.com/BLCO" · informational, not investment advice.

**Price:** USD 17.43 (+1.46% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.18 · day 17.01–17.45 · 52w 14.44–18.92 · market cap $6.23B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.32B, net income -$171M (-3.2% margin), free cash flow $137M (SEC filings).
- 3 of 80 tracked superinvestors hold BLCO (13F, Q2 2026): 1 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.2M; 2 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.53 on a 1–5 scale) (15 analysts), mean target USD 19.39 (range 16–24).
- Total return with dividends: 1Y +10.5% vs S&P 500 +14.9%; 5Y -12.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.22, revenue estimate $1.37B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.77B | $3.77B | $4.15B | $4.79B | $5.10B | $5.32B |
| Operating income | $329M | $207M | $130M | $162M | $113M | $323M |
| Net income | $182M | $6.0M | -$260M | -$317M | -$360M | -$171M |
| EPS (diluted) | $0.52 | $0.02 | -$0.74 | -$0.90 | -$1.02 | — |
| Free cash flow | $680M | $170M | -$198M | -$59.0M | -$66.0M | $137M |
| Operating margin | 8.7% | 5.5% | 3.1% | 3.4% | 2.2% | 6.1% |
| Net margin | 4.8% | 0.2% | -6.3% | -6.6% | -7.1% | -3.2% |
| Revenue growth | +10.3% | +0.1% | +10.0% | +15.6% | +6.5% | — |
| Cash + short-term investments | $174M | $354M | $331M | $305M | $383M | — |
| Total debt | $0K | $2.44B | $4.56B | $4.78B | $5.05B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.2x · EV/EBITDA 14.9x · EV/Sales 2.0x · P/FCF 45.4x · P/B 1.0x · FCF yield 2.20% · Earnings yield -2.75% · Net debt $4.71B · EV $10.9B

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold BLCO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 1.51% | $57.0M | Added +1.7% |
| Carl Icahn | Icahn Capital Management | 0.70% | $58.0M | Unchanged |
| Daniel Loeb | Third Point | 0.03% | $1.4M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-10 | Munsch Frederick | SVP, Controller and CAO | 52,900 | $888K | 53.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-06…2026-08-07 | Von Eschenbach Andrew C. | Director | 18,559 | $307K | 22.6% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.53 on a 1–5 scale), 15 analysts; mean target USD 19.39 (low 16, high 24).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Barclays | Initiated | Overweight | $24 |
| 2026-09-15 | Needham | Reiterated | Hold |  |
| 2026-09-09 | Leerink Partners | Initiated | Outperform | $24 |
| 2026-08-28 | HC Wainwright & Co. | Reiterated | Buy | $21 |
| 2026-08-03 | HC Wainwright & Co. | Target raised | Buy | $20 → $21 |
| 2026-07-30 | UBS | Target raised | Buy | $21 → $23 |
| 2026-07-28 | UBS | Initiated | Buy | $21 |
| 2026-07-08 | Citigroup | Target raised | Buy | $19 → $21 |
| 2026-07-06 | Evercore ISI Group | Target raised | In-Line | $16 → $17 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2022-05-02) |
|---|---|---|
| Total return | +10.5% | -12.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +10.5% | -3.0% |
| Volatility (annualized) | 29.3% | 38.5% |
| Max drawdown | -20.1% (Feb 2026→Jun 2026) | -46.0% (Jul 2023→May 2025) |

## Peers (Medical Instruments & Supplies)
TFX (Teleflex Incorporated) USD 136.58 +4.74% · MMSI (Merit Medical Systems, Inc.) USD 93.94 +2.78% · STVN (Stevanato Group S.p.A.) USD 19.5 +3.61% · MMED (MiniMed Group, Inc.) USD 18.29 +2.75% · ATR (AptarGroup, Inc.) USD 128.1 +1.97% · ICUI (ICU Medical, Inc.) USD 168.33 +4.66%

## More
Full page: https://nexqual.com/BLCO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BLCO's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1860742/000186074226000007/blco-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Related party | Bausch Health Companies Inc. (BHC) | "Although all transactions with related parties will be approved by independent members of our Board of Directors that may meet in the absence of senior executive officers or non-independent directors, the ownership of BH…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Vision Care | $784.0M | 56.2% | +4.1% | $229.0M | 29.2% |
| Pharmaceuticals | $354.0M | 25.4% | +14.6% | $89.0M | 25.1% |
| Surgical | $256.0M | 18.4% | +18.5% | $17.0M | 6.6% |
| Corporate costs (not allocated) | — | — | — | -$170.0M | — |
| Total revenue | $1.39B | 100% | — | $83.0M | 6.0% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product sales | $1.39B | 99.6% | +9.2% |
| OTC | $497.0M | 35.7% | +3.1% |
| Devices | $270.0M | 19.4% | +4.7% |
| Branded and Other Generics | $13.0M | 0.9% | +30.0% |
| Other revenues | $5.0M | 0.4% | -16.7% |
| Other revenues | $3.0M | 0.2% | +50.0% |
| Pharmaceuticals | $1.0M | 0.1% | +0.0% |
| Total revenue | $1.39B | 100% | — |
The lines above cover 156.2% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United Statesand Puerto Rico | $2.55B | 49.9% | +5.5% |
| Other Countries | $777.0M | 15.2% | +9.1% |
| China | $358.0M | 7.0% | +0.0% |
| France | $246.0M | 4.8% | +8.4% |
| Japan | $186.0M | 3.6% | +3.3% |
| Germany | $164.0M | 3.2% | +7.9% |
| Russia | $148.0M | 2.9% | +23.3% |
| United Kingdom | $137.0M | 2.7% | +3.8% |
| Canada | $135.0M | 2.6% | +6.3% |
| Italy | $102.0M | 2.0% | +12.1% |
| Spain | $101.0M | 2.0% | +9.8% |
| Mexico | $75.0M | 1.5% | +0.0% |
| Poland | $75.0M | 1.5% | +15.4% |
| South Korea | $51.0M | 1.0% | +8.5% |
| Total revenue | $5.10B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 10%, 10% of revenue from unnamed direct customers (10-K, filed 2026-02-18).

## Company outlook (8-K filed 2026-07-29)

- "Guidance • Revenue of $1.394 Billion • Revenue Grew 9% as Reported and 8% on a Constant Currency 1 Basis Compared to the Second Quarter of 2025 • GAAP Net Loss Attributable to Bausch + Lomb Corporation of $14 Million • Adjusted EBITDA (non-GAAP) 1 of $241 Million;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.22 | $0.22 | +1.5% | $1.37B | 14 |
| Next quarter (ends 2026-12-31) | $0.35 | $0.35 | +1.1% | $1.49B | 14 |
| Current fiscal year (ends 2026-12-31) | $0.81 | $0.80 | +0.9% | $5.49B | 14 |
| Next fiscal year (ends 2027-12-31) | $1.11 | $1.07 | +4.1% | $5.82B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±11.0%; last 8 reports averaged ±4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 49.3% | ±11.0% |
| 2026-12-18 | 56 | 44.0% | ±13.8% |
| 2027-02-19 | 119 | 31.0% | ±13.9% |
| 2027-05-21 | 210 | 53.3% | ±31.1% |