Is Bausch + Lomb Corporation (BLCO) a Buy, Sell, or Hold?
NYSE : BLCO
Bausch + Lomb Corporation
$16.26 USD
-$0.55 (-3.27%)
- Volume
- 276.71K
- Average Volume
- 456.76K
- Market Capitalization
- $5.8B
- P/E Ratio
- -26.27
- Dividend Yield
- 0.00%
- Price Target
- $18.50
- Year High
- $18.92
- Year Low
- $13.09
- Day High
- —
- Day Low
- —
- Payout Ratio
- $0.00
- Current Ratio
- $1.53
BLCO Financial Statements
| date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| revenue | 5.1B | 4.79B | 4.15B | 3.77B | 3.76B | 3.41B | 3.78B | 3.66B |
| costOfRevenue | 2.31B | 1.87B | 1.64B | 1.52B | 1.47B | 1.28B | 1.33B | 1.31B |
| grossProfit | 2.79B | 2.92B | 2.5B | 2.25B | 2.3B | 2.13B | 2.45B | 2.35B |
| researchAndDevelopmentExpenses | 371M | 343M | 324M | 307M | 271M | 281M | 258M | 221M |
| generalAndAdministrativeExpenses | - | - | - | - | - | - | 1.04B | 1.02B |
| sellingAndMarketingExpenses | - | - | - | - | - | - | 346M | 309M |
| sellingGeneralAndAdministrativeExpenses | 2.23B | 2.08B | 1.74B | 1.48B | 1.39B | 1.25B | 1.38B | 1.33B |
| otherExpenses | - | 332M | 314M | 257M | 309M | 333M | 415M | 388M |
| operatingExpenses | 2.6B | 2.76B | 2.37B | 2.04B | 1.97B | 1.87B | 2.06B | 1.94B |
| costAndExpenses | 4.91B | 4.63B | 4.02B | 3.56B | 3.44B | 3.15B | 3.38B | 3.25B |
| netInterestIncome | -419M | -384M | -268M | -140M | - | 3M | 1M | - |
| interestIncome | 12M | 15M | 15M | 6M | - | 3M | 1M | - |
| interestExpense | 431M | 399M | 283M | 146M | - | - | - | - |
| depreciationAndAmortization | 421M | 436M | 382M | 379M | 415M | 442M | 469M | 495M |
| ebitda | 535M | 601M | 499M | 598M | 733M | 732M | 936M | 922M |
| ebit | 114M | 165M | 117M | 219M | 318M | 290M | 467M | 427M |
| nonOperatingIncomeExcludingInterest | 74M | -3M | 13M | -12M | 11M | -30M | -71M | -11M |
| operatingIncome | 188M | 162M | 130M | 207M | 329M | 260M | 396M | 416M |
| totalOtherIncomeExpensesNet | -505M | -396M | -296M | -134M | -11M | 30M | 3M | 1M |
| incomeBeforeTax | -317M | -234M | -166M | 73M | 318M | 290M | 399M | 417M |
| incomeTaxExpense | 35M | 71M | 82M | 58M | 125M | 307M | 96M | -302M |
| netIncomeFromContinuingOperations | -352M | -305M | -248M | 15M | 193M | -17M | 303M | 719M |
| netIncomeFromDiscontinuedOperations | - | - | - | - | - | - | - | - |
| otherAdjustmentsToNetIncome | - | - | - | - | - | - | - | - |
| netIncome | -360M | -317M | -260M | 6M | 182M | -18M | 298M | 710M |
| netIncomeDeductions | - | - | - | - | - | - | - | - |
| bottomLineNetIncome | -360M | -317M | -260M | 6M | 182M | -18M | 298M | 710M |
| eps | -1.02 | -0.9 | -0.74 | 0.04 | 0.52 | -0.05 | 0.85 | 2.03 |
| date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|
| cashAndCashEquivalents | 383M | 305M | 334M | 380M | 174M | 238M | 192M |
| shortTermInvestments | - | - | - | - | - | - | - |
| cashAndShortTermInvestments | 383M | 305M | 334M | 380M | 174M | 238M | 192M |
| netReceivables | 1.22B | 1.03B | 875M | 726M | 721M | 645M | 713M |
| accountsReceivables | 1.22B | 1.03B | 839M | 726M | 721M | 645M | 713M |
| otherReceivables | - | - | 36M | - | - | - | - |
| inventory | 976M | 1.04B | 1.03B | 628M | 572M | 616M | 592M |
| prepaids | - | - | - | - | 165M | - | - |
| otherCurrentAssets | 397M | 421M | 505M | 403M | 3M | 155M | 198M |
| totalCurrentAssets | 2.98B | 2.79B | 2.74B | 2.14B | 1.64B | 1.65B | 1.7B |
| propertyPlantEquipmentNet | 1.76B | 1.48B | 1.5B | 1.42B | 1.22B | 1.26B | 1.09B |
| goodwill | 4.76B | 4.52B | 4.58B | 4.51B | 4.59B | 4.68B | 4.55B |
| intangibleAssets | 3.28B | 3.49B | 3.59B | 2.06B | 2.26B | 2.56B | 2.86B |
| goodwillAndIntangibleAssets | 8.04B | 8.02B | 8.16B | 6.56B | 6.85B | 7.25B | 7.41B |
| longTermInvestments | 7M | 19M | 19M | 12M | - | - | - |
| taxAssets | 934M | 885M | 921M | 927M | 933M | 1.04B | 1.19B |
| otherNonCurrentAssets | 303M | 275M | 92M | 84M | 180M | 65M | 82M |
| totalNonCurrentAssets | 11.04B | 10.68B | 10.7B | 9.01B | 9.19B | 9.61B | 9.77B |
| otherAssets | - | - | - | - | - | - | - |
| totalAssets | 14.02B | 13.47B | 13.44B | 11.14B | 10.82B | 11.27B | 11.47B |
| totalPayables | 388M | 389M | 522M | 317M | 239M | 179M | 300M |
| accountPayables | 388M | 389M | 522M | 317M | 239M | 178M | 262M |
| otherPayables | - | - | - | - | - | 1M | 38M |
| accruedExpenses | - | 818M | 291M | 196M | 456M | 168M | 146M |
| shortTermDebt | 77M | 40M | 57M | 51M | 28M | 18M | 16M |
| capitalLeaseObligationsCurrent | - | 32M | - | - | 20M | - | - |
| taxPayables | - | - | - | - | - | 1M | 38M |
| deferredRevenue | - | - | - | - | - | - | - |
| otherCurrentLiabilities | 1.46B | 459M | 709M | 732M | 356M | 544M | 573M |
| totalCurrentLiabilities | 1.92B | 1.74B | 1.58B | 1.3B | 1.1B | 909M | 1.04B |
| longTermDebt | 5.17B | 4.74B | 4.53B | 2.41B | - | - | - |
| capitalLeaseObligationsNonCurrent | 125M | 120M | 87M | 92M | 92M | 83M | 77M |
| deferredRevenueNonCurrent | - | - | - | - | - | - | - |
| deferredTaxLiabilitiesNonCurrent | 19M | 13M | 14M | 7M | - | - | - |
| otherNonCurrentLiabilities | 271M | 310M | 310M | 237M | 230M | 286M | 324M |
| totalNonCurrentLiabilities | 5.58B | 5.19B | 4.94B | 2.75B | 322M | 369M | 401M |
| otherLiabilities | - | - | - | - | - | - | - |
| capitalLeaseObligations | 125M | 152M | 87M | 92M | 112M | 83M | 77M |
| totalLiabilities | 7.5B | 6.92B | 6.52B | 4.04B | 1.42B | 1.28B | 1.44B |
| treasuryStock | - | - | - | - | - | - | - |
| preferredStock | - | - | - | - | - | - | - |
| commonStock | - | - | - | - | 10.36B | 10.81B | 11B |
| retainedEarnings | -931M | -571M | -254M | 6M | - | - | - |
| additionalPaidInCapital | 8.56B | 8.43B | 8.35B | 8.28B | - | - | - |
| date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| netIncome | -352M | -305M | -248M | 15M | 193M | -17M | 303M | 719M |
| depreciationAndAmortization | 421M | 436M | 382M | 379M | 415M | 442M | 469M | 495M |
| deferredIncomeTax | -32M | -10M | -10M | -90M | 116M | 97M | -39M | -444M |
| stockBasedCompensation | 149M | 92M | 74M | 62M | 62M | 50M | 50M | 43M |
| changeInWorkingCapital | 18M | -87M | -287M | -19M | 28M | -59M | -40M | -78M |
| accountsReceivables | -148M | -227M | -121M | -95M | -107M | 77M | -21M | -9M |
| inventory | 38M | -147M | -264M | -106M | -15M | -32M | -91M | -7M |
| accountsPayables | 108M | 126M | 245M | 189M | 163M | -144M | 78M | -19M |
| otherWorkingCapital | 20M | 161M | -147M | -7M | -13M | 40M | -6M | -43M |
| otherNonCashItems | 79M | 106M | 72M | -2M | 59M | 9M | 56M | 28M |
| netCashProvidedByOperatingActivities | 283M | 232M | -17M | 345M | 873M | 522M | 799M | 763M |
| investmentsInPropertyPlantAndEquipment | -349M | -291M | -181M | -175M | -193M | -259M | -180M | -101M |
| acquisitionsNet | - | - | -1.94B | 45M | -16M | 6M | 6M | 27M |
| purchasesOfInvestments | -11M | -12M | -17M | -62M | -19M | -6M | -16M | -7M |
| salesMaturitiesOfInvestments | 8M | 14M | 16M | 22M | 14M | 9M | 10M | 7M |
| otherInvestingActivities | -103M | -123M | 14M | -45M | - | -6M | -6M | 27M |
| netCashProvidedByInvestingActivities | -455M | -412M | -2.11B | -215M | -214M | -256M | -186M | -74M |
| netDebtIssuance | 249M | 201M | 2.12B | 2.46B | 28M | - | - | - |
| longTermNetDebtIssuance | 249M | 201M | 2.12B | 2.46B | 28M | - | - | - |
| shortTermNetDebtIssuance | - | - | - | - | - | - | - | - |
| netStockIssuance | - | -12M | - | - | - | - | - | - |
| netCommonStockIssuance | - | -12M | - | - | - | - | - | - |
| commonStockIssuance | - | - | - | - | - | - | - | - |
| commonStockRepurchased | - | -12M | - | - | - | - | - | - |
| netPreferredStockIssuance | - | - | - | - | - | - | - | - |
| netDividendsPaid | - | - | - | - | - | - | - | - |
| commonDividendsPaid | - | - | - | - | - | - | - | - |
| preferredDividendsPaid | - | - | - | - | - | - | - | - |
| otherFinancingActivities | -24M | -11M | -37M | -2.38B | -740M | -232M | -606M | -665M |
| netCashProvidedByFinancingActivities | 225M | 178M | 2.08B | 81M | -712M | -232M | -606M | -665M |
| date | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| revenue | 1.24B | 1.4B | 1.28B | 1.28B | 1.14B | 1.28B | 1.2B | 1.22B | 1.1B | 1.17B |
| costOfRevenue | 540M | 589M | 578M | 592M | 549M | 501M | 464M | 483M | 424M | 461M |
| grossProfit | 704M | 816M | 703M | 686M | 588M | 779M | 732M | 733M | 675M | 712M |
| researchAndDevelopmentExpenses | 101M | 94M | 95M | 96M | 86M | 93M | 84M | 84M | 82M | 80M |
| generalAndAdministrativeExpenses | - | - | - | - | - | - | - | - | - | - |
| sellingAndMarketingExpenses | - | - | - | - | - | - | - | - | - | - |
| sellingGeneralAndAdministrativeExpenses | 544M | 564M | 528M | 579M | 563M | 532M | 511M | 535M | 504M | 483M |
| otherExpenses | - | - | - | - | - | 67M | 94M | 88M | 83M | 100M |
| operatingExpenses | 645M | 658M | 623M | 675M | 649M | 692M | 689M | 707M | 669M | 663M |
| costAndExpenses | 1.18B | 1.25B | 1.2B | 1.27B | 1.2B | 1.19B | 1.15B | 1.19B | 1.09B | 1.12B |
| netInterestIncome | -96M | -97M | -100M | -128M | -94M | -93M | -96M | -99M | -96M | -96M |
| interestIncome | 4M | 3M | 3M | 3M | 3M | 5M | 4M | 3M | 3M | 3M |
| interestExpense | 100M | 100M | 103M | 131M | 97M | 98M | 100M | 102M | 99M | 99M |
| depreciationAndAmortization | 101M | 99M | 109M | 107M | 106M | 106M | 110M | 110M | 110M | 116M |
| ebitda | 137M | 212M | 209M | 91M | 23M | 194M | 152M | 150M | 119M | 158M |
| ebit | 36M | 113M | 100M | -16M | -83M | 88M | 42M | 40M | 9M | 42M |
| nonOperatingIncomeExcludingInterest | 23M | 45M | -20M | 27M | 22M | -1M | 1M | -14M | -3M | 7M |
| operatingIncome | 59M | 158M | 80M | 11M | -61M | 87M | 43M | 26M | 6M | 49M |
| totalOtherIncomeExpensesNet | -123M | -145M | -83M | -158M | -119M | -97M | -101M | -102M | -96M | -106M |
| incomeBeforeTax | -64M | 13M | -3M | -147M | -180M | -10M | -58M | -76M | -90M | -57M |
| incomeTaxExpense | 6M | 71M | 22M | -89M | 31M | -8M | -66M | 72M | 73M | -6M |
| netIncomeFromContinuingOperations | -70M | -58M | -25M | -58M | -211M | -2M | 8M | -148M | -163M | -51M |
| netIncomeFromDiscontinuedOperations | - | - | - | - | - | - | - | - | - | - |
| otherAdjustmentsToNetIncome | - | - | - | - | - | - | - | - | - | - |
| netIncome | -71M | -58M | -28M | -62M | -212M | -3M | 4M | -151M | -167M | -54M |
| netIncomeDeductions | - | - | - | - | - | - | - | - | - | - |
| bottomLineNetIncome | -71M | -58M | -28M | -62M | -212M | -3M | 4M | -151M | -167M | -54M |
| eps | -0.2 | -0.16 | -0.08 | -0.18 | -0.6 | -0.01 | 0.01 | -0.43 | -0.48 | -0.15 |
| date | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| cashAndCashEquivalents | 268M | 383M | 310M | 272M | 202M | 305M | 329M | 302M | 325M | 334M |
| shortTermInvestments | - | - | - | - | - | - | - | - | - | - |
| cashAndShortTermInvestments | 268M | 383M | 310M | 272M | 202M | 305M | 329M | 302M | 325M | 334M |
| netReceivables | 1.11B | 1.22B | 1.09B | 1.09B | 1.01B | 1.03B | 943M | 1.01B | 960M | 875M |
| accountsReceivables | 1.11B | 1.22B | 1.09B | 1.08B | 1.01B | 1.03B | 943M | 986M | 920M | 839M |
| otherReceivables | - | - | 5M | 4M | - | - | - | 24M | 40M | 36M |
| inventory | 977M | 976M | 1B | 1.05B | 1.03B | 1.04B | 1.12B | 1.07B | 1.07B | 1.03B |
| prepaids | - | - | - | - | - | - | - | - | - | - |
| otherCurrentAssets | 425M | 397M | 451M | 435M | 454M | 421M | 437M | 388M | 385M | 505M |
| totalCurrentAssets | 2.78B | 2.98B | 2.86B | 2.85B | 2.69B | 2.79B | 2.83B | 2.77B | 2.74B | 2.74B |
| propertyPlantEquipmentNet | 1.79B | 1.76B | 1.71B | 1.68B | 1.58B | 1.48B | 1.48B | 1.43B | 1.4B | 1.5B |
| goodwill | 4.74B | 4.76B | 4.66B | 4.67B | 4.57B | 4.52B | 4.58B | 4.54B | 4.55B | 4.58B |
| intangibleAssets | 3.23B | 3.28B | 3.33B | 3.36B | 3.43B | 3.49B | 3.38B | 3.44B | 3.52B | 3.59B |
| goodwillAndIntangibleAssets | 7.96B | 8.04B | 7.98B | 8.03B | 7.99B | 8.02B | 7.96B | 7.98B | 8.06B | 8.16B |
| longTermInvestments | - | 7M | - | 7M | 7M | 19M | 19M | 19M | 19M | 19M |
| taxAssets | 945M | 934M | 978M | 973M | 864M | 885M | 931M | 827M | 860M | 921M |
| otherNonCurrentAssets | 302M | 303M | 303M | 298M | 288M | 275M | 291M | 230M | 212M | 92M |
| totalNonCurrentAssets | 11B | 11.04B | 10.98B | 10.99B | 10.73B | 10.68B | 10.69B | 10.48B | 10.55B | 10.7B |
| otherAssets | - | - | - | - | - | - | - | - | - | - |
| totalAssets | 13.78B | 14.02B | 13.83B | 13.83B | 13.43B | 13.47B | 13.52B | 13.25B | 13.29B | 13.44B |
| totalPayables | 407M | 388M | 395M | 449M | 427M | 389M | 522M | 405M | 426M | 522M |
| accountPayables | 407M | 388M | 395M | 449M | 427M | 389M | 455M | 405M | 426M | 522M |
| otherPayables | - | - | - | - | - | - | 67M | - | - | - |
| accruedExpenses | 603M | - | 775M | 284M | 753M | 818M | 221M | 282M | 189M | 291M |
| shortTermDebt | 39M | 77M | 28M | 28M | 40M | 40M | 30M | 30M | 30M | 57M |
| capitalLeaseObligationsCurrent | - | - | - | - | - | 32M | - | - | - | - |
| taxPayables | - | - | - | - | - | - | 67M | - | - | - |
| deferredRevenue | - | - | - | - | - | - | - | - | - | - |
| otherCurrentLiabilities | 771M | 1.46B | 698M | 1.08B | 506M | 459M | 1.03B | 959M | 972M | 709M |
| totalCurrentLiabilities | 1.82B | 1.92B | 1.9B | 1.84B | 1.73B | 1.74B | 1.8B | 1.68B | 1.62B | 1.58B |
| longTermDebt | 5.03B | 5.17B | 4.92B | 4.93B | 4.79B | 4.74B | 4.6B | 4.6B | 4.55B | 4.53B |
| capitalLeaseObligationsNonCurrent | - | 125M | - | - | - | 120M | - | - | - | 87M |
| deferredRevenueNonCurrent | - | - | - | - | - | - | - | - | - | - |
| deferredTaxLiabilitiesNonCurrent | 19M | 19M | 14M | 14M | 13M | 13M | 12M | 14M | 14M | 14M |
| otherNonCurrentLiabilities | 458M | 271M | 500M | 539M | 467M | 310M | 442M | 378M | 379M | 310M |
| totalNonCurrentLiabilities | 5.51B | 5.58B | 5.44B | 5.48B | 5.27B | 5.19B | 5.05B | 4.99B | 4.95B | 4.94B |
| otherLiabilities | - | - | - | - | - | - | - | - | - | - |
| capitalLeaseObligations | - | 125M | - | - | - | 152M | - | - | - | 87M |
| totalLiabilities | 7.33B | 7.5B | 7.33B | 7.32B | 7B | 6.92B | 6.85B | 6.67B | 6.56B | 6.52B |
| treasuryStock | - | - | - | - | - | - | - | - | - | - |
| preferredStock | - | - | - | - | - | - | - | - | - | - |
| commonStock | - | - | - | - | - | - | - | - | - | - |
| retainedEarnings | -1B | -931M | -873M | -845M | -783M | -571M | -568M | -572M | -421M | -254M |
| additionalPaidInCapital | 8.58B | 8.56B | 8.5B | 8.48B | 8.45B | 8.43B | 8.4B | 8.38B | 8.36B | 8.35B |
| date | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| netIncome | -71M | -58M | -28M | -58M | -211M | -2M | 8M | -148M | -163M | -51M |
| depreciationAndAmortization | 101M | 99M | 109M | 107M | 106M | 106M | 110M | 110M | 110M | 116M |
| deferredIncomeTax | -12M | 65.41M | -4.8M | -109M | 18M | 27.85M | -106M | 24M | 44M | -1M |
| stockBasedCompensation | 34M | - | - | 30M | 28M | 27M | 24M | 22M | 19M | 16M |
| changeInWorkingCapital | -46M | -68.27M | 37.42M | 48M | - | -182M | 98M | -14M | 11M | -100M |
| accountsReceivables | 108M | -130.03M | -14.2M | -50M | 46M | -119M | 58M | -74M | -92M | -39M |
| inventory | -22M | 27.93M | 20.33M | 2M | -12M | 14M | -48M | -27M | -86M | -120M |
| accountsPayables | -94M | -3.46M | 36.32M | 97M | -23M | -107M | 94M | 69M | 70M | 188M |
| otherWorkingCapital | -38M | 37.3M | -5.04M | -1M | -11M | 30M | -6M | 18M | 119M | -129M |
| otherNonCashItems | 26M | 96.2M | 25.44M | 17M | 34M | 45.15M | 20M | 21M | 20M | 35M |
| netCashProvidedByOperatingActivities | 32M | 134.34M | 139.05M | 35M | -25M | 22M | 154M | 15M | 41M | 15M |
| investmentsInPropertyPlantAndEquipment | -100M | -72.54M | -74.52M | -89M | -110M | -92.78M | -60M | -72M | -67M | -84M |
| acquisitionsNet | - | -92790 | 7.11M | - | -12M | -91M | -45M | -1M | -1M | -49M |
| purchasesOfInvestments | -1M | -113.99M | -960.52K | -1M | -4M | -5M | -2M | -3M | -2M | -4M |
| salesMaturitiesOfInvestments | 1M | 1.92M | 1M | 1M | 4M | 2.76M | 4M | 1M | 6M | 2M |
| otherInvestingActivities | -30M | -159.07K | 6.07M | -1M | 6M | 1.02M | 7M | 1M | 7M | -172.31K |
| netCashProvidedByInvestingActivities | -130M | -184.86M | -61.3M | -90M | -116M | -185M | -96M | -74M | -57M | -135M |
| netDebtIssuance | -3M | 115.5M | -19.75M | 111M | 40M | 149M | -8M | 43M | 17M | 61.55M |
| longTermNetDebtIssuance | -3M | 115.5M | -19.75M | 111M | 40M | 149M | -8M | 43M | 17M | 89M |
| shortTermNetDebtIssuance | - | - | - | - | - | - | - | - | - | -27.45M |
| netStockIssuance | 2M | - | - | -2M | - | -3M | -1M | - | - | -1M |
| netCommonStockIssuance | 2M | - | - | -2M | - | -3M | -1M | - | - | -1M |
| commonStockIssuance | 2M | - | - | - | - | - | - | - | - | - |
| commonStockRepurchased | - | - | - | -2M | - | -3M | -1M | - | - | -1M |
| netPreferredStockIssuance | - | - | - | - | - | - | - | - | - | - |
| netDividendsPaid | - | - | - | - | - | - | - | - | - | - |
| commonDividendsPaid | - | - | - | - | - | - | - | - | - | - |
| preferredDividendsPaid | - | - | - | - | - | - | - | - | - | - |
| otherFinancingActivities | -19M | -697.22K | 7.2M | -19M | -9M | - | -11M | -3M | -5M | 25.45M |
| netCashProvidedByFinancingActivities | -20M | 114.8M | -12.55M | 90M | 31M | 146M | -20M | 40M | 12M | 86M |