A Business at a Glance
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GE HealthCare Technologies Inc.
GEHC
$27.7B
Mkt Cap
$60.58
-2.27%
GE HealthCare Technologies Inc. (GEHC) has a current P/E ratio of 13.3, compared to its historical median P/E of 18.3. The stock is currently considered Cheap based on its historical valuation range.
GE HealthCare Technologies Inc. (GEHC) has a 5-year average return on invested capital (ROIC) of 12.2%. This indicates solid capital allocation.
GE HealthCare Technologies Inc. (GEHC) has a market capitalization of $27.8B. It is classified as a large-cap stock.
Yes, GE HealthCare Technologies Inc. (GEHC) pays a dividend with a trailing twelve-month yield of 0.23%. The company also returns capital through share buybacks, with a buyback yield of 1.08%.
Based on historical P/E analysis, GE HealthCare Technologies Inc. (GEHC) appears cheap. The current P/E of 13.3 is 27% below its historical median of 18.3. The estimated fair value CAGR (P/E method) is 0.4%.
GE HealthCare Technologies Inc. (GEHC) operates in the X-Ray Apparatus & Tubes & Related Irradiation Apparatus industry, within the Healthcare sector.
GE HealthCare is a global healthcare solutions provider serving approximately 54,000 colleagues across over 160 countries, generating revenue from medical devices, consumable products, service capabilities, and AI-enabled cloud and software solutions. The company operates through four segments: Imaging (including Molecular Imaging, Computed Tomography, Magnetic Resonance, Women's Health, and X-ray with associated AI-enabled software and enterprise solutions), Advanced Visualization Solutions (Specialized Ultrasound and Procedural Guidance with digital and AI solutions), Patient Care Solutions (Monitoring Solutions and Life Support Solutions with consumables and digital applications), and Pharmaceutical Diagnostics (contrast media and radiopharmaceuticals with a global supply chain infrastructure). GE HealthCare's business model combines capital equipment sales with recurring revenue streams from consumables, services, and software subscriptions; the company maintains a global sales force of approximately 9,700 sales professionals and 8,900 field service engineers serving hospitals, health systems, and research institutions. The company's competitive positioning is strengthened by its comprehensive portfolio addressing complex healthcare challenges, broad service capabilities, lean operational culture supported by the Heartbeat business system, and strategic acquisitions that enhance recurring revenue and portfolio depth.
【Innovation cycle acceleration driving growth】 Management expects 2026 to be a pivotal year with the strongest innovation cycle in the past decade, with key new products expected to contribute meaningfully to revenue and margin growth beginning in the first half of 2027 following typical six to nine-month order-to-installation cycles. The company maintains a record backlog of $21.8 billion and solid book-to-bill of 1.07x, positioning it well for sustained revenue conversion despite near-term inflationary pressures on input costs that are expected to persist through 2026. Management is implementing price increases and cost mitigation actions expected to offset more than half of the approximately $250 million gross inflation impact, with larger benefits anticipated in the second half of 2026 and into 2027. The Pharmaceutical Diagnostics segment is expected to reach $500 million or more in annual revenue by 2028, supported by strong growth in contrast media, radiopharmaceuticals, and molecular imaging equipment, with Flyrcado (a PET imaging tracer) showing accelerating demand driven by expanding use of disease-modifying Alzheimer's therapies. Patient Care Solutions is expected to improve in the second half of 2026 with new product launches and backlog conversion of large monitoring installations, while the company continues disciplined capital allocation including debt repayment and tuck-in acquisitions to drive recurring revenue.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth | 3%-4% | FY2026 |
| Adjusted EBIT margin | 15.8%-16.1% | FY2026 |
| Adjusted EPS | $4.95-$5.15 | FY2026 |
| Free cash flow | approximately $1.7 billion | FY2026 |
| Pharmaceutical Diagnostics revenue target | $500 million or more | 2028 |
| Q1 FY2026 organic revenue growth | 2%-3% | Q1 FY2026 |
| Q2 FY2026 organic revenue growth | 3%-4% | Q2 FY2026 |
| Q2 FY2026 adjusted EPS | decline in the low single digits year-over-year | Q2 FY2026 |
| Adjusted EBIT margin (revised) | 15.4%-15.7% | FY2026 |
| Adjusted EPS (revised) | $4.80-$5.00 | FY2026 |
| Free cash flow (revised) |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 21.0B | 20.6B | 19.7B | 19.6B | 18.3B | 17.6B |
| Net Income | 1.9B | 2.1B | 2.0B | 1.4B | 1.9B | 2.2B |
| EPS | $4.16 | $4.55 | $4.34 | $3.03 | $19,160,000.00 | $4.95 |
| Free Cash Flow | 1.5B | 1.5B | 1.6B | 1.7B | 1.8B | 1.4B |
| ROIC | 10.9% | 13.1% | 13.2% | 10.6% | 12.0% | - |
| Gross Margin | 39.1% | 40.0% | 41.7% | 40.5% | 39.1% | 40.8% |
| Debt/Equity | 0.95 | 1.05 | 1.28 | 1.52 | 0.92 | - |
| Dividends/Share | $0.14 | $0.14 | $0.13 | $0.12 | $0.00 | $0.00 |
| Operating Income | 2.6B | 2.8B | 2.6B | 2.4B | 2.5B | 2.8B |
| Operating Margin | 12.6% | 13.4% | 13.3% | 12.5% | 13.8% | 15.9% |
| ROE | 17.9% | 22.1% | 25.6% | 16.8% | 14.7% | - |
| Shares Outstanding | 459M | 458M | 459M | 457M | 0M | 454M |
| Metric | ||||||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 17.6B | 18.3B | 19.6B | 19.7B | 20.6B | 21.0B |
| Gross Margin | 40.8% | 39.1% | 40.5% | 41.7% | 40.0% | 39.1% |
| 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 | 4.3B |
| EBIT | 2.8B | 2.5B | 2.4B | 2.6B | 2.8B | 2.6B |
| Op. Margin | 15.9% | 13.8% | 12.5% | 13.3% | 13.4% | 12.6% |
| Net Income | 2.2B | 1.9B | 1.4B | 2.0B | 2.1B | 1.9B |
| Net Margin | 12.8% | 10.4% | 7.1% | 10.1% | 10.1% | 9.1% |
| Non-Recurring | 157M | 147M | 91M | 93M | 107M | 126M |
| Returns on Capital | ||||||
| ROIC | N/A | 12.0% | 10.6% | 13.2% | 13.1% | 10.9% |
| ROE | N/A | 14.7% | 16.8% | 25.6% | 22.1% | 17.9% |
| ROA | N/A | 13.7% | 4.6% | 6.1% | 6.0% | 5.1% |
| 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 | -980M |
| CapEx | 248M | 310M | 387M | 401M | 482M | 508M |
| Maint. CapEx | 625M | 633M | 610M | 580M | 578M | 2.9B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 625M | 633M | 610M | 580M | 578M | 2.9B |
| CapEx/OCF | N/A | 14.5% | 18.4% | 20.5% | 24.3% | 25.1% |
| 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 | 300M |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.5% | 1.1% |
| Stock-Based Comp | 76M | 67M | 114M | 125M | 130M | 143M |
| Debt Repayment | 10M | 3.0M | 855M | 1.4B | 1.8B | 1.8B |
| Balance Sheet | ||||||
| Net Debt | -568M | 7.2B | 8.3B | 8.0B | 6.4B | 7.9B |
| Cash & Equiv. | 561M | 1.4B | 2.5B | 2.9B | 4.5B | 2.3B |
| Long-Term Debt | N/A | 8.2B | 8.4B | 7.4B | 9.5B | 10.1B |
| Debt/Equity | N/A | 0.92 | 1.52 | 1.28 | 1.05 | 0.95 |
| Interest Coverage | 69.9 | 46.7 | 4.0 | 4.5 | 5.1 | 5.0 |
| Equity | N/A | 9.4B | 7.1B | 8.4B | 10.4B | 10.7B |
| Total Assets | N/A | 27.5B | 32.5B | 33.1B | 36.9B | 37.1B |
| Total Liabilities | N/A | 17.9B | 25.1B | 24.4B | 26.3B | 26.2B |
| Intangibles | N/A | 1.5B | 1.3B | 1.1B | 1.1B | 1.9B |
| Retained Earnings | N/A | 0 | 1.3B | 3.3B | 5.3B | 5.7B |
| Working Capital | N/A | 1.1B | 429M | 348M | 3.4B | 1.9B |
| Current Assets | N/A | 8.3B | 9.4B | 9.9B | 12.5B | 10.4B |
| Current Liabilities | N/A | 7.2B | 9.0B | 9.6B | 9.1B | 8.5B |
| Per Share Data | ||||||
| EPS | 4.95 | 19,160,000.00 | 3.03 | 4.34 | 4.55 | 4.16 |
| Owner EPS | 2.00 | 14,340,000.00 | 3.01 | 2.72 | 2.79 | -2.13 |
| Book Value | N/A | 93,570,000.00 | 15.61 | 18.39 | 22.66 | 23.22 |
| Cash Flow/Share | 3.54 | 21,340,000.00 | 4.60 | 4.26 | 4.34 | 10.39 |
| Dividends/Share | 0.00 | 0.00 | 0.12 | 0.13 | 0.14 | 0.14 |
| Shares Out. | 453.9M | 0.0M | 457.1M | 459.2M | 458.0M | 459.4M |
| Valuation | ||||||
| P/E Ratio | N/A | 13.6 | 25.5 | 18.3 | 18.4 | 14.6 |
| P/FCF | N/A | 0.0 | 20.6 | 23.4 | 25.4 | 18.3 |
| EV/EBIT | N/A | 13.0 | 17.4 | 16.8 | 16.0 | 13.5 |
| Price/Book | N/A | 2.8 | 5.0 | 4.3 | 3.7 | 2.6 |
| Price/Sales | N/A | 1.4 | 1.7 | 1.9 | 1.7 | 1.3 |
| FCF Yield | N/A | 7.0% | 4.9% | 4.3% | 3.9% | 5.5% |
| Market Cap | N/A | 26.0B | 35.3B | 36.4B | 38.3B | 27.8B |
| Avg. Price | N/A | 57.22 | 72.96 | 83.22 | 76.78 | 60.58 |
| Year-End Price | N/A | 57.22 | 77.25 | 79.33 | 83.58 | 60.58 |
GE HealthCare Technologies Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
GE HealthCare Technologies Inc. trades at 13.3x trailing earnings, compared to its 15-year median P/E of 18.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 18.3x vs a median of 22.0x. The company's 5-year average ROIC is 12.2% with a gross margin of 40.4%. Total shareholder yield (dividends + buybacks) is 1.3%. At current prices, the estimated annualized return to fair value is -3.8%.
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 1.05. 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.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to be a pivotal year with the strongest innovation cycle in the past decade, with key new products expected to contribute meaningfully to revenue and margin growth beginning in the first half of 2027 following typical six to nine-month order-to-installation cycles. The company maintains a record backlog of $21.8 billion and solid book-to-bill of 1.07x, positioning it well for sustained revenue conversion despite near-term inflationary pressures on input costs that are expected to persist through 2026. Management is implementing price increases and cost mitigation actions expected to offset more than half of the approximately $250 million gross inflation impact, with larger benefits anticipated in the second half of 2026 and into 2027. The Pharmaceutical Diagnostics segment is expected to reach $500 million or more in annual revenue by 2028, supported by strong growth in contrast media, radiopharmaceuticals, and molecular imaging equipment, with Flyrcado (a PET imaging tracer) showing accelerating demand driven by expanding use of disease-modifying Alzheimer's therapies. Patient Care Solutions is expected to improve in the second half of 2026 with new product launches and backlog conversion of large monitoring installations, while the company continues disciplined capital allocation including debt repayment and tuck-in acquisitions to drive recurring revenue.
Based on recent SEC filings and earnings calls, GE HealthCare Technologies Inc. (GEHC) has provided the following forward guidance: Organic revenue growth: 3%-4% (FY2026); Adjusted EBIT margin: 15.8%-16.1% (FY2026); Adjusted EPS: $4.95-$5.15 (FY2026); Free cash flow: approximately $1.7 billion (FY2026); Pharmaceutical Diagnostics revenue target: $500 million or more (2028), plus 7 additional metrics.
| approximately $1.6 billion |
| FY2026 |
| Intelerad first full year revenue | approximately $270 million | First full year of ownership |
Organic revenue growth (FY2026): “For 2026, we expect organic revenue growth of 3%-4%.”
Adjusted EBIT margin (FY2026): “Adjusted EBIT is expected to be in the range of 15.8%-16.1%, reflecting 50 basis points-80 basis points of expansion”
Adjusted EPS (FY2026): “On adjusted EPS, we expect to deliver a range of $4.95-$5.15, representing 8%-12% growth.”
Free cash flow (FY2026): “Lastly, we anticipate free cash flow of approximately $1.7 billion for the full year, representing growth of 13.0%.”
Pharmaceutical Diagnostics revenue target (2028): “this reinforces our confidence in our medium-term target of $500 million or more in annual revenue by 2028”
Q1 FY2026 organic revenue growth (Q1 FY2026): “For the first quarter, we expect year-over-year organic revenue growth to be in the range of 2%-3%.”
Q2 FY2026 organic revenue growth (Q2 FY2026): “For the second quarter, we expect year-over-year organic revenue growth to be in the range of 3%-4%”
Q2 FY2026 adjusted EPS (Q2 FY2026): “Note that we will provide a recast of financials for the new AIS segment with our second quarter 2026 reporting.”