A Business at a Glance
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Table of Contents PART I GE HealthCare Technologies Inc. (“GE HealthCare,” the “Company,” “our,” “us,” or “we”) is a leading global healthcare solutions provider of advanced medical technology, pharmaceutical diagnostics, and AI, cloud and software solutions that help clinicians tackle the world’s most complex diseases. We have approximately 54,000 colleagues dedicated to our purpose to create a world where healthcare has no limits. Serving patients and providers for nearly 130 years, GE HealthCare is delivering bold innovations designed for the next era of medicine to help clinicians deliver more personalized, precise patient care. This is complemented by our broad service capabilities and dedication to quality and integrity with a strong operational culture, supported by our lean business system, Heartbeat. We generate revenue from the sale of medical devices, consumable products, service capabilities, and AI-enabled cloud and software solutions.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 20.6B | 20.6B | 19.7B | 19.6B | 18.3B | 17.6B |
| Net Income | 2.1B | 2.1B | 2.0B | 1.4B | 1.9B | 2.2B |
| EPS | $4.55 | $4.55 | $4.34 | $3.03 | $4.22 | $4.95 |
| Free Cash Flow | 1.5B | 1.5B | 1.6B | 1.7B | 1.8B | 1.4B |
| ROIC | 13.0% | 13.9% | 13.0% | 11.9% | 12.1% | - |
| Gross Margin | 40.0% | 40.0% | 41.7% | 40.5% | 39.1% | 40.8% |
| Debt/Equity | 1.01 | 1.01 | 1.24 | 1.32 | 0.88 | - |
| Dividends/Share | $0.14 | $0.14 | $0.13 | $0.12 | $0.00 | $0.00 |
| Operating Income | 2.8B | 2.8B | 2.6B | 2.4B | 2.5B | 2.8B |
| Operating Margin | 13.4% | 13.4% | 13.3% | 12.5% | 13.8% | 15.9% |
| ROE | 20.1% | 22.1% | 23.6% | 19.4% | 20.5% | - |
| Shares Outstanding | 458M | 458M | 459M | 457M | 454M | 454M |
| Metric | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 17.6B | 18.3B | 19.6B | 19.7B | 20.6B | 20.6B |
| Gross Margin | 40.8% | 39.1% | 40.5% | 41.7% | 40.0% | 40.0% |
| R&D | 816M | 1.0B | 1.2B | 1.3B | 1.3B | 1.3B |
| SG&A | 3.6B | 3.6B | 4.3B | 4.3B | 4.2B | 4.2B |
| EBIT | 2.8B | 2.5B | 2.4B | 2.6B | 2.8B | 2.8B |
| Op. Margin | 15.9% | 13.8% | 12.5% | 13.3% | 13.4% | 13.4% |
| Net Income | 2.2B | 1.9B | 1.4B | 2.0B | 2.1B | 2.1B |
| Net Margin | 12.8% | 10.4% | 7.1% | 10.1% | 10.1% | 10.1% |
| Non-Recurring | 157M | 0 | 54M | 93M | 102M | 102M |
| Returns on Capital | ||||||
| ROIC | N/A | 12.1% | 11.9% | 13.0% | 13.9% | 13.0% |
| ROE | N/A | 20.5% | 19.4% | 23.6% | 22.1% | 20.1% |
| ROA | N/A | 7.0% | 4.3% | 6.0% | 6.0% | 5.6% |
| Cash Flow | ||||||
| Op. Cash Flow | 1.6B | 2.1B | 2.1B | 2.0B | 2.0B | 2.0B |
| Free Cash Flow | 1.4B | 1.8B | 1.7B | 1.6B | 1.5B | 1.5B |
| Owner Earnings | 906M | 1.4B | 1.4B | 1.3B | 1.3B | 1.3B |
| CapEx | 248M | 310M | 387M | 401M | 482M | 482M |
| Maint. CapEx | 625M | 633M | 610M | 580M | 578M | 578M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 625M | 633M | 610M | 580M | 578M | 578M |
| CapEx/OCF | N/A | 14.5% | 18.4% | 20.5% | 24.3% | 24.3% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 41M | 55M | 64M | 64M |
| Dividend Yield | N/A | N/A | 0.1% | 0.1% | 0.2% | 0.2% |
| Share Buybacks | 0 | 0 | 0 | 0 | 200M | 200M |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.5% | 0.6% |
| Stock-Based Comp | 76M | 67M | 114M | 125M | 130M | 130M |
| Debt Repayment | 10M | 3.0M | 855M | 1.4B | 1.8B | 1.8B |
| Balance Sheet | ||||||
| Net Debt | -568M | 6.8B | 6.9B | 7.6B | 6.0B | 6.0B |
| Cash & Equiv. | 561M | 1.4B | 2.5B | 2.9B | 4.5B | 4.5B |
| Long-Term Debt | N/A | 8.2B | 8.4B | 7.4B | 9.5B | 9.5B |
| Debt/Equity | N/A | 0.88 | 1.32 | 1.24 | 1.01 | 1.01 |
| Interest Coverage | 69.9 | 32.8 | 4.5 | 5.2 | 6.3 | 6.3 |
| Equity | N/A | 9.4B | 7.1B | 8.4B | 10.4B | 10.4B |
| Total Assets | N/A | 27.5B | 32.5B | 33.1B | 36.9B | 36.9B |
| Total Liabilities | N/A | 17.9B | 25.1B | 24.4B | 26.3B | 26.3B |
| Intangibles | N/A | 1.5B | 1.3B | 1.1B | 1.1B | 1.1B |
| Retained Earnings | N/A | 0 | 1.3B | 3.3B | 5.3B | 5.3B |
| Working Capital | N/A | 1.1B | 429M | 348M | 3.4B | 3.4B |
| Current Assets | N/A | 8.3B | 9.4B | 9.9B | 12.5B | 12.5B |
| Current Liabilities | N/A | 7.2B | 9.0B | 9.6B | 9.1B | 9.1B |
| Per Share Data | ||||||
| EPS | 4.95 | 4.22 | 3.03 | 4.34 | 4.55 | 4.55 |
| Owner EPS | 2.00 | 3.16 | 3.01 | 2.72 | 2.79 | 2.79 |
| Book Value | N/A | 20.61 | 15.61 | 18.39 | 22.66 | 22.66 |
| Cash Flow/Share | 3.54 | 4.70 | 4.60 | 4.26 | 4.34 | 5.81 |
| Dividends/Share | 0.00 | 0.00 | 0.12 | 0.13 | 0.14 | 0.14 |
| Shares Out. | 453.9M | 454.0M | 457.1M | 459.2M | 458.0M | 458.0M |
| Valuation | ||||||
| P/E Ratio | N/A | 13.6 | 25.5 | 18.3 | 18.4 | 16.2 |
| P/FCF | N/A | 14.2 | 20.6 | 23.4 | 25.4 | 22.5 |
| EV/EBIT | N/A | 13.0 | 17.4 | 16.8 | 16.0 | 14.4 |
| Price/Book | N/A | 2.8 | 5.0 | 4.3 | 3.7 | 3.3 |
| Price/Sales | N/A | 1.4 | 1.7 | 1.9 | 1.7 | 1.6 |
| FCF Yield | N/A | 7.0% | 4.9% | 4.3% | 3.9% | 4.5% |
| Market Cap | N/A | 26.0B | 35.3B | 36.4B | 38.3B | 33.8B |
| Avg. Price | N/A | 57.22 | 72.96 | 83.22 | 76.78 | 73.83 |
| Year-End Price | N/A | 57.22 | 77.25 | 79.33 | 83.58 | 73.83 |
GE HealthCare Technologies Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
GE HealthCare Technologies Inc. trades at 16.2x trailing earnings, compared to its 15-year median P/E of 18.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 22.4x vs a median of 22.0x. The company's 5-year average ROIC is 12.7% with a gross margin of 40.4%. Total shareholder yield (dividends + buybacks) is 0.8%. At current prices, the estimated annualized return to fair value is -4.2%.
GE HealthCare Technologies Inc. (GEHC) has a current P/E ratio of 16.2, compared to its historical median P/E of 18.3. The stock is currently considered Fair based on its historical valuation range.
GE HealthCare Technologies Inc. (GEHC) has a 5-year average return on invested capital (ROIC) of 12.7%. This indicates solid capital allocation.
GE HealthCare Technologies Inc. (GEHC) has a market capitalization of $33.8B. It is classified as a large-cap stock.
Yes, GE HealthCare Technologies Inc. (GEHC) pays a dividend with a trailing twelve-month yield of 0.19%. The company also returns capital through share buybacks, with a buyback yield of 0.59%.
Based on historical P/E analysis, GE HealthCare Technologies Inc. (GEHC) appears fair. The current P/E of 16.2 is 11% below its historical median of 18.3. The estimated fair value CAGR (P/E method) is 0.5%.
GE HealthCare Technologies Inc. (GEHC) operates in the X-Ray Apparatus & Tubes & Related Irradiation Apparatus industry, within the Healthcare sector.
GE HealthCare Technologies Inc. (GEHC) reported annual revenue of $20.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
GE HealthCare Technologies Inc. (GEHC) has a net profit margin of 10.1%. This is a healthy margin.
GE HealthCare Technologies Inc. (GEHC) generated $1.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GE HealthCare Technologies Inc. (GEHC) has a debt-to-equity ratio of 1.01. This indicates moderate leverage.
GE HealthCare Technologies Inc. (GEHC) reported earnings per share (EPS) of $4.55 in its most recent fiscal year.
GE HealthCare Technologies Inc. (GEHC) has a return on equity (ROE) of 22.1%. This indicates the company generates strong returns for shareholders.
GE HealthCare Technologies Inc. (GEHC) has a 5-year average gross margin of 40.4%. This indicates decent pricing power.
The Ledger Terminal provides 5 years of financial data for GE HealthCare Technologies Inc. (GEHC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GE HealthCare Technologies Inc. (GEHC) has a book value per share of $22.66, based on its most recent annual SEC filing.