Bausch Health Companies Inc. (BHC) Balance Sheet

The deficit reduction through 2025 appears driven by retained earnings movements rather than a sustained asset build, since total assets stayed near $24.5B to $27.3B throughout the period. The reversal to -$1.3B in 2026Q3 suggests recent earnings volatility is not translating into lasting equity recovery, and investors should monitor whether future periods confirm a turn.

Reported debt has stayed in a $20.7B to $21.7B band across the ten quarters, with a debt-to-equity ratio that moved from 56.4x to as high as 147.9x as equity turned more negative in 2025. Because liabilities exceed assets, leverage appears structural rather than cyclical, which warrants further investigation into refinancing timing and the maturity profile of the debt stack.

Goodwill declined from $11.3B in late 2025 to $9.8B in 2026Q2 and 2026Q3, a step-down that may reflect impairment or reclassification and should be checked against the filings. Net PP&E of roughly $2.0B to $2.1B is modest against the total asset base, which suggests the business is more intangible-driven than capital-intensive.

The sharp swing in the current ratio and cash balance suggests short-term liquidity depends heavily on quarter-specific timing of debt classification and cash receipts. With cash generally well below the $20B+ debt load, the company appears reliant on continued access to capital markets or cash generation to cover near-term obligations.