BHC // Bausch Health Companies Inc.

DES <GO> NYSE CIK 0000885590 ↗

Health Care • Biotechnology: Pharmaceutical Preparations

$8.91 ▲ +1.99 (+28.76%)

MKT CAP: $3.33B • VOL: 33.78M

52W L $4 52W H $9

ALTMAN Z

0.45 RISK

PIOTROSKI

9 / 9

BHC // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 62/100 [C] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

62 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

11 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.38

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

15 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON BHC)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +3.43σ

BHC Accounting Gap: Net Income (+220%) Outpaced OCF (-12.3%) With +-1.1% Working-Capital Build

CASH CONVERSION GAP

+232.3% (NI vs OCF)

RECEIVABLES / WC BLOAT

-1.1% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Bausch Health Companies Inc. (BHC) exposes a +232.3% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (-12.3%). Non-cash current assets and receivables expanded -1.1% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

BHC // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +43.36%📐 HORIZONTAL RANGE

2026-10-30O $8.93H $9.04L $8.18C $8.20VOL 8.86M

RES: $9.61SUP: $2.96SMA50: $6.24SMA200: $5.70

BHC // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 47/100

BEAR 0

100 BULL

Bausch Health Companies Inc. (BHC) exhibits 41.0% gross margins and 7.6% return on invested capital within Health Care (Biotechnology: Pharmaceutical Preparations), balanced against a 10.5x enterprise multiple and 6.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 41.0% gross profitability converts into 17.7% operating margin and 7.6% ROIC, outpacing sector cost of capital.

ROIC: 7.6% // GM: 41.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +6.7% paired with 22.00% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +6.7% // FCF YLD: 22.00%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.45 and Piotroski F-Score of 9/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.45 // F-SCORE: 9/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 21.2x trailing P/E (19.7x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 21.2x // EV/EBITDA: 10.5x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.8% implied move with a 0.38 put/call ratio around $9.00 max pain.

IMPL MOVE: ±6.8% // P/C: 0.38

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Biotechnology: Pharmaceutical Preparations require continuous execution to defend 1.5% net margins.

NET MARGIN: 1.5% // D/E: 0.85x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 19.7x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.97).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 21.2x

FORWARD P/E 19.7x

EV / EBITDA 10.5x

FCF YIELD 22.00%

GROSS MARGIN 41.0%

OPERATING MARGIN 17.7%

NET MARGIN 1.5%

ROIC % 7.6%

REV GROWTH YOY +6.7%

DILUTED EPS TTM $0.42

DEBT / EQUITY 0.85x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 72.3

5Y EQUITY BETA 0.97

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // BHCPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $8.15

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for BHC & activate live FRED threshold breach alerts.

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