Dashboard Tools Market News Investing Ideas Pricing About Us
Sign Up
Log in
Bausch Health Companies Inc banner

Bausch Health Companies Inc
TSX:BHC

Watchlist Manager
Bausch Health Companies Inc Logo
Bausch Health Companies Inc
TSX:BHC
Watchlist
Price: 8.105 CAD -2% Market Closed
Market Cap: CA$3B
Write Note Create Alert Ask AI
Financials Section:
Income Statement Balance Sheet Cash Flow Statement
|
Revenue Breakdown

Cash Flow Statement

Operating Cash Flow
+
3Y
-
5Y
+26%
10Y
-38%
Investing Cash Flow
+
3Y
-96%
5Y
-128%
10Y
+96%
Financing Cash Flow
+
3Y
-57%
5Y
+68%
10Y
-

Cash Flow Statement
Bausch Health Companies Inc

Rotate your device to view
Cash Flow Statement
Currency: USD
Mar-2002 Jun-2002 Sep-2002 Dec-2002 Mar-2003 Jun-2003 Sep-2003 Dec-2003 Mar-2004 Jun-2004 Sep-2004 Dec-2004 Mar-2005 Jun-2005 Sep-2005 Dec-2005 Mar-2006 Jun-2006 Sep-2006 Dec-2006 Mar-2007 Jun-2007 Sep-2007 Dec-2007 Mar-2008 Jun-2008 Sep-2008 Dec-2008 Mar-2009 Jun-2009 Sep-2009 Dec-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025 Dec-2025
Operating Cash Flow
Net Income
143
156
169
208
202
202
156
(40)
(77)
(110)
(103)
160
149
109
164
246
327
436
301
212
237
220
345
196
158
65
48
200
183
232
224
177
134
144
(104)
(208)
(199)
(176)
73
160
140
62
29
(116)
(131)
(98)
(1 078)
(864)
(856)
(745)
503
880
999
825
601
(288)
(760)
(1 012)
(2 283)
(2 408)
(1 406)
(1 139)
1 380
2 404
(916)
(1 639)
(3 290)
(4 144)
(1 501)
(911)
(608)
(1 783)
(1 887)
(2 042)
(1 924)
(559)
(1 014)
(1 282)
(1 161)
(937)
(396)
58
270
(212)
(355)
(189)
(974)
(611)
(479)
(507)
(217)
(72)
(81)
48
321
120
Depreciation & Amortization
111
114
118
137
174
218
245
256
237
209
195
86
86
92
97
97
73
44
18
92
91
92
89
95
98
99
103
103
105
111
130
149
163
171
170
255
342
424
536
613
701
801
881
986
1 112
1 208
1 919
2 016
2 076
2 165
1 659
1 614
1 620
1 847
2 134
2 467
2 791
2 876
2 858
2 866
2 809
2 756
2 746
2 858
2 970
3 087
3 092
2 819
2 565
2 312
2 129
2 075
2 024
1 973
1 889
1 825
1 747
1 671
1 617
1 552
1 501
1 444
1 397
1 394
1 361
1 329
1 295
1 264
1 265
1 268
1 289
1 267
1 252
1 241
1 225
1 208
Change in Deffered Taxes
(41)
(41)
(41)
(10)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(90)
(82)
(82)
(78)
(16)
(20)
(19)
37
(55)
(80)
(99)
(197)
(223)
(218)
(205)
(274)
(320)
(342)
(400)
(478)
(516)
(469)
(427)
(167)
4
60
53
(120)
(160)
(252)
(363)
(409)
(236)
(1 164)
(1 278)
(2 911)
(4 386)
(3 472)
(3 221)
(1 403)
(144)
(220)
(243)
(375)
(230)
(184)
(283)
(210)
(475)
(419)
(401)
(399)
(225)
(294)
(204)
(283)
(176)
0
(107)
(14)
51
(6)
(20)
(20)
66
114
116
95
80
Stock-Based Compensation
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
12
16
17
8
8
6
5
6
6
6
73
98
126
150
99
94
83
73
74
66
56
48
46
46
61
69
74
78
88
99
129
140
169
176
163
165
130
119
101
87
80
79
82
87
90
95
99
102
105
105
52
105
55
59
119
128
129
124
124
126
135
142
138
132
124
127
136
150
160
170
175
0
Other Non-Cash Items
92
91
93
42
47
52
47
98
98
98
105
72
66
91
93
41
51
29
214
241
220
210
12
98
89
166
88
(34)
8
(30)
34
53
105
79
213
294
308
295
212
228
218
311
423
359
394
368
633
784
836
804
289
371
391
532
908
906
924
962
1 975
1 975
1 814
1 456
400
570
2 717
3 222
3 085
2 952
835
603
636
1 757
1 844
1 894
1 788
685
1 076
1 557
1 629
1 164
361
(246)
(1 972)
(1 338)
(951)
(906)
1 244
910
865
843
381
329
335
65
8
211
Cash Taxes Paid
0
0
0
5
0
0
0
8
0
0
0
8
0
0
0
9
0
0
0
11
0
0
0
20
0
0
0
7
0
0
0
12
0
0
0
26
0
0
0
45
0
0
0
41
0
0
0
65
0
0
0
99
0
0
0
95
0
0
0
149
0
0
0
179
0
0
0
138
0
0
0
172
0
0
0
162
0
0
0
240
0
0
0
266
0
0
0
237
0
0
0
61
0
0
0
163
Cash Interest Paid
0
0
0
15
0
0
0
31
0
0
0
33
0
0
0
31
0
0
0
32
0
0
0
16
0
0
0
1
0
0
0
4
0
0
0
38
0
0
0
248
0
0
0
421
0
0
0
653
0
0
0
934
0
0
0
1 269
0
0
0
1 718
0
0
0
1 708
0
0
0
1 665
0
0
0
1 537
0
0
0
1 474
0
0
0
1 419
0
0
0
1 540
0
0
0
1 533
0
0
0
1 674
0
0
0
1 534
Change in Working Capital
46
(31)
33
(42)
(89)
(81)
(104)
(32)
(16)
18
6
(41)
(21)
32
33
114
73
39
(24)
(22)
(1)
14
51
(48)
(32)
(47)
(62)
25
(54)
(43)
30
(2)
(24)
(5)
77
(22)
(67)
(56)
(174)
(137)
(120)
(184)
(281)
(253)
(289)
(283)
(166)
(378)
(316)
(456)
(525)
(557)
(751)
(905)
(1 030)
(668)
(380)
(103)
31
(110)
431
509
609
844
475
279
276
18
(203)
(168)
(196)
(318)
(448)
(332)
(592)
(365)
(97)
(57)
110
(128)
(252)
(404)
(591)
(396)
(473)
(555)
(434)
(582)
(556)
(321)
(47)
7
(23)
36
(143)
(219)
Cash from Operating Activities
350
N/A
288
-18%
371
+29%
334
-10%
327
-2%
382
+17%
336
-12%
282
-16%
242
-14%
216
-11%
203
-6%
277
+36%
281
+1%
324
+16%
388
+19%
498
+29%
525
+5%
548
+4%
509
-7%
522
+3%
548
+5%
535
-2%
497
-7%
341
-31%
314
-8%
283
-10%
177
-37%
204
+16%
159
-22%
189
+19%
340
+80%
361
+6%
359
-1%
371
+3%
392
+6%
263
-33%
305
+16%
387
+27%
449
+16%
641
+43%
721
+13%
785
+9%
779
-1%
657
-16%
745
+13%
795
+7%
830
+4%
1 042
+26%
1 271
+22%
1 342
+6%
1 759
+31%
2 312
+31%
2 319
+0%
2 353
+1%
2 493
+6%
2 257
-9%
2 323
+3%
2 360
+2%
2 172
-8%
2 087
-4%
2 484
+19%
2 304
-7%
2 224
-3%
2 290
+3%
1 774
-23%
1 728
-3%
1 760
+2%
1 501
-15%
1 476
-2%
1 593
+8%
1 586
0%
1 501
-5%
1 349
-10%
1 210
-10%
951
-21%
1 111
+17%
1 293
+16%
1 488
+15%
1 796
+21%
1 426
-21%
920
-35%
648
-30%
(1 179)
N/A
(728)
+38%
(511)
+30%
(428)
+16%
1 117
N/A
1 032
-8%
1 089
+6%
1 263
+16%
1 386
+10%
1 597
+15%
1 597
N/A
1 506
-6%
1 506
N/A
1 400
-7%
Investing Cash Flow
Capital Expenditures
(280)
(433)
(419)
(437)
(210)
(246)
(255)
(279)
(279)
(81)
(68)
(28)
(25)
(25)
(58)
(64)
(77)
(85)
(52)
(45)
(33)
(26)
(30)
(35)
(39)
(39)
(33)
(22)
(13)
(547)
(552)
(569)
(572)
(94)
(86)
(17)
(338)
(295)
(315)
(386)
(75)
(68)
(110)
(181)
(183)
(214)
(180)
(185)
(249)
(328)
(412)
(471)
(506)
(439)
(376)
(303)
(257)
(270)
(310)
(291)
(391)
(369)
(326)
(336)
(222)
(264)
(243)
(235)
(227)
(201)
(257)
(278)
(303)
(311)
(310)
(309)
(305)
(298)
(284)
(283)
(272)
(264)
(255)
(268)
(262)
(237)
(224)
(272)
(304)
(352)
(377)
(340)
(381)
(402)
(422)
(407)
Other Items
3
(68)
(86)
(356)
0
(285)
(335)
1
(8)
(9)
56
(14)
(6)
93
92
96
96
(0)
4
4
5
41
6
20
(65)
(93)
(71)
(86)
(8)
(212)
(198)
(174)
(207)
41
354
246
(215)
(275)
(1 013)
(2 423)
(2 127)
(2 583)
(2 396)
(2 785)
(2 799)
(2 824)
(7 029)
(5 195)
(5 280)
(4 936)
373
371
(10 450)
(12 897)
(13 872)
(15 274)
(4 191)
(1 483)
(1 356)
166
1 526
2 234
3 129
3 223
1 913
1 084
199
39
(124)
(117)
(139)
(141)
47
46
48
48
28
45
689
692
681
658
8
(35)
(63)
(60)
(1 909)
(1 873)
(1 836)
(1 837)
(25)
(114)
(130)
(130)
(91)
(188)
Cash from Investing Activities
(277)
N/A
(500)
-81%
(505)
-1%
(793)
-57%
(563)
+29%
(530)
+6%
(590)
-11%
(278)
+53%
(287)
-3%
(90)
+69%
(12)
+87%
(42)
-255%
(31)
+27%
67
N/A
34
-50%
32
-6%
20
-38%
(85)
N/A
(49)
+43%
(40)
+17%
(28)
+31%
15
N/A
(24)
N/A
(15)
+36%
(104)
-591%
(132)
-28%
(104)
+21%
(108)
-4%
(21)
+81%
(759)
-3 603%
(751)
+1%
(743)
+1%
(780)
-5%
(52)
+93%
268
N/A
229
-14%
(553)
N/A
(570)
-3%
(1 328)
-133%
(2 809)
-112%
(2 202)
+22%
(2 651)
-20%
(2 506)
+5%
(2 966)
-18%
(2 982)
-1%
(3 038)
-2%
(7 210)
-137%
(5 380)
+25%
(5 530)
-3%
(5 264)
+5%
(39)
+99%
(100)
-158%
(10 956)
-10 856%
(13 335)
-22%
(14 248)
-7%
(15 577)
-9%
(4 449)
+71%
(1 753)
+61%
(1 666)
+5%
(125)
+92%
1 135
N/A
1 865
+64%
2 803
+50%
2 887
+3%
1 691
-41%
820
-52%
(44)
N/A
(196)
-345%
(351)
-79%
(318)
+9%
(396)
-25%
(419)
-6%
(256)
+39%
(265)
-4%
(262)
+1%
(261)
+0%
(277)
-6%
(253)
+9%
405
N/A
409
+1%
409
N/A
394
-4%
(247)
N/A
(303)
-23%
(325)
-7%
(297)
+9%
(2 133)
-618%
(2 145)
-1%
(2 140)
+0%
(2 189)
-2%
(402)
+82%
(454)
-13%
(511)
-13%
(532)
-4%
(513)
+4%
(595)
-16%
Financing Cash Flow
Net Issuance of Common Stock
234
39
149
(371)
(112)
86
25
12
14
6
4
8
4
5
5
3
6
14
14
16
15
15
15
11
9
(25)
(26)
(30)
(30)
(4)
(4)
1
2
4
8
(2)
(255)
(475)
(549)
(598)
(450)
(401)
(326)
(258)
(187)
2 236
2 232
2 262
2 298
49
51
17
1 462
1 415
1 419
1 391
(56)
(14)
11
33
32
32
0
0
0
0
1
2
0
0
0
0
0
0
0
0
0
0
0
0
0
675
675
675
0
0
0
0
0
0
0
0
0
0
0
0
Net Issuance of Debt
84
145
104
450
(70)
129
126
51
85
(189)
(201)
(346)
(243)
(201)
(141)
(36)
(35)
(25)
(25)
(25)
(15)
(425)
(425)
(11)
(418)
0
0
0
0
480
405
350
350
(143)
(68)
201
1 226
1 139
1 615
2 771
2 091
2 696
2 252
4 081
3 308
2 972
5 303
2 056
2 406
2 164
(1 275)
(2 267)
8 701
10 329
11 374
12 639
2 541
140
(474)
(1 216)
(3 396)
(2 777)
(3 545)
(4 786)
(3 651)
(3 535)
(2 490)
(1 160)
(1 016)
(1 053)
(1 148)
1 554
199
226
586
(2 187)
(928)
(1 124)
(2 125)
(1 340)
(636)
(1 582)
(459)
(1 010)
(1 635)
(482)
1 371
1 581
1 390
1 086
(951)
(799)
(602)
218
(323)
(637)
Cash Paid for Dividends
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(80)
0
(120)
(140)
(80)
(160)
(241)
(281)
(322)
(241)
(242)
(241)
(180)
(240)
(178)
(133)
(147)
(102)
(57)
(58)
(356)
(342)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other
0
0
0
0
0
0
0
10
0
6
6
4
0
0
(4)
(7)
(7)
(7)
(7)
(3)
0
(2)
(0)
(407)
0
(0)
(0)
(0)
0
(27)
(27)
(27)
(27)
0
0
(56)
(87)
(99)
(206)
(225)
(226)
(256)
(195)
(766)
(790)
(814)
(814)
(290)
(283)
(304)
(269)
(210)
(194)
(294)
(390)
(406)
(908)
(825)
(803)
(780)
(301)
(218)
(151)
(177)
(158)
(202)
(204)
(195)
(201)
(175)
(167)
(111)
(127)
(119)
(122)
(107)
(88)
(127)
(166)
(173)
(166)
(137)
(139)
(139)
(124)
(92)
(93)
(106)
(113)
(113)
(81)
(69)
(72)
(110)
(99)
(105)
Cash from Financing Activities
310
N/A
180
-42%
252
+40%
80
-68%
(182)
N/A
215
N/A
151
-30%
73
-52%
99
+37%
(177)
N/A
(191)
-8%
(335)
-75%
(235)
+30%
(199)
+15%
(140)
+30%
(119)
+15%
(116)
+3%
(137)
-19%
(158)
-15%
(92)
+41%
(162)
-76%
(653)
-302%
(692)
-6%
(729)
-5%
(650)
+11%
(267)
+59%
(267)
+0%
(210)
+21%
(270)
-28%
271
N/A
241
-11%
177
-27%
224
+26%
(196)
N/A
(117)
+40%
(213)
-82%
542
N/A
238
-56%
547
+130%
1 948
+256%
1 416
-27%
2 039
+44%
1 732
-15%
3 057
+77%
2 331
-24%
4 395
+89%
6 721
+53%
4 028
-40%
4 421
+10%
1 908
-57%
(1 492)
N/A
(2 460)
-65%
9 969
N/A
11 451
+15%
12 403
+8%
13 624
+10%
1 578
-88%
(699)
N/A
(1 266)
-81%
(1 963)
-55%
(3 665)
-87%
(2 963)
+19%
(3 696)
-25%
(4 963)
-34%
(3 809)
+23%
(3 737)
+2%
(2 693)
+28%
(1 353)
+50%
(1 215)
+10%
(1 226)
-1%
(1 314)
-7%
1 443
N/A
72
-95%
107
+49%
464
+334%
(2 294)
N/A
(1 016)
+56%
(1 251)
-23%
(2 291)
-83%
(1 513)
+34%
(802)
+47%
(1 044)
-30%
77
N/A
(474)
N/A
(1 084)
-129%
(574)
+47%
1 278
N/A
1 475
+15%
1 277
-13%
973
-24%
(1 032)
N/A
(868)
+16%
(674)
+22%
108
N/A
(422)
N/A
(742)
-76%
Change in Cash
Effect of Foreign Exchange Rates
(0)
(0)
(0)
0
0
1
1
1
1
0
0
1
1
1
1
0
0
0
0
0
0
1
1
2
2
1
1
(2)
(2)
(2)
(0)
2
3
1
1
1
4
8
(7)
(10)
(7)
(16)
(1)
4
(10)
(8)
(3)
(5)
0
6
(15)
(29)
(43)
(42)
(36)
(30)
(7)
(15)
(2)
(54)
(54)
(33)
(21)
41
43
2
(19)
(26)
(35)
(7)
(22)
(4)
(26)
(25)
8
16
24
27
6
(19)
(14)
(37)
(58)
(23)
(9)
8
21
9
(2)
(12)
18
(36)
(10)
38
19
61
Net Change in Cash
383
N/A
(33)
N/A
117
N/A
(379)
N/A
(419)
-11%
67
N/A
(102)
N/A
77
N/A
55
-29%
(51)
N/A
1
N/A
(99)
N/A
16
N/A
194
+1 104%
283
+46%
411
+45%
429
+4%
326
-24%
303
-7%
389
+29%
357
-8%
(102)
N/A
(217)
-114%
(401)
-84%
(439)
-9%
(116)
+74%
(193)
-67%
(116)
+40%
(134)
-15%
(301)
-125%
(170)
+44%
(203)
-20%
(195)
+4%
124
N/A
543
+339%
280
-48%
299
+7%
62
-79%
(338)
N/A
(230)
+32%
(71)
+69%
156
N/A
3
-98%
752
+22 018%
83
-89%
2 144
+2 474%
339
-84%
(316)
N/A
163
N/A
(2 008)
N/A
212
N/A
(277)
N/A
1 289
N/A
428
-67%
612
+43%
274
-55%
(555)
N/A
(106)
+81%
(761)
-616%
(55)
+93%
(100)
-82%
1 173
N/A
1 310
+12%
255
-81%
(301)
N/A
(1 187)
-294%
(996)
+16%
(74)
+93%
(125)
-69%
42
N/A
(146)
N/A
2 521
N/A
1 139
-55%
1 027
-10%
1 161
+13%
(1 428)
N/A
24
N/A
11
-54%
(84)
N/A
303
N/A
513
+69%
(39)
N/A
(1 407)
-3 508%
(1 528)
-9%
(1 929)
-26%
(1 291)
+33%
283
N/A
371
+31%
224
-40%
35
-84%
(30)
N/A
239
N/A
402
+68%
1 120
+179%
590
-47%
124
-79%
Free Cash Flow
Free Cash Flow
70
N/A
(145)
N/A
(48)
+67%
(103)
-112%
116
N/A
136
+17%
81
-41%
3
-97%
(37)
N/A
135
N/A
135
+0%
249
+84%
256
+3%
299
+17%
330
+10%
434
+32%
448
+3%
463
+3%
456
-2%
477
+5%
515
+8%
510
-1%
468
-8%
306
-35%
275
-10%
243
-12%
144
-41%
182
+27%
146
-20%
(358)
N/A
(212)
+41%
(208)
+2%
(213)
-2%
277
N/A
306
+10%
246
-19%
(33)
N/A
92
N/A
135
+47%
255
+89%
647
+154%
717
+11%
669
-7%
476
-29%
562
+18%
581
+3%
650
+12%
857
+32%
1 022
+19%
1 014
-1%
1 347
+33%
1 841
+37%
1 812
-2%
1 915
+6%
2 117
+11%
1 954
-8%
2 066
+6%
2 090
+1%
1 862
-11%
1 796
-4%
2 093
+17%
1 935
-8%
1 898
-2%
1 954
+3%
1 552
-21%
1 464
-6%
1 517
+4%
1 266
-17%
1 249
-1%
1 392
+11%
1 329
-5%
1 223
-8%
1 046
-14%
899
-14%
641
-29%
802
+25%
988
+23%
1 190
+20%
1 512
+27%
1 143
-24%
648
-43%
384
-41%
(1 434)
N/A
(996)
+31%
(773)
+22%
(665)
+14%
893
N/A
760
-15%
785
+3%
911
+16%
1 009
+11%
1 257
+25%
1 216
-3%
1 104
-9%
1 084
-2%
993
-8%

See Also

Summary
BHC intrinsic value, competitors valuation, and company profile.
DCF Valuation
BHC stock valuation using Discount Cash Flow valuation method.
Relative Valuation
BHC stock valuation using valuation multiples.
Wall Street Estimates
BHC price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
BHC stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
ALPHA SPREAD
Follow us
Join more than 321,000+ value investors using Alpha Spread
Create Free Account
or see our plans & pricing

Company

About Us Careers Pricing Affiliate Program Terms of Service Privacy Policy

Help

What is Intrinsic Value? Help Center Contact Us

Tools

Stock Screener Intrinsic Value Calculator DCF Value Calculator Discount Rate Calculator

Stocks

Most Undervalued Stocks Wide Economic Moat Stocks High Profitability Stocks High Solvency Stocks Most Popular Stocks

© 2026 Alpha Spread Limited. All Rights Reserved.

www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.

AI Assistant
Get AI-powered insights for any company or topic.
Open AI Assistant
Other Tools
Stock Screener
Discover stocks
Stock Comparison
Smarter decisions through side-by-side analysis
Intrinsic Value Calculator
Discover the true worth of your stocks
DCF Value Calculator
Harness the power of DCF

Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett