NASDAQ: GEHC · Health Care Equipment
GE HealthCare
GE HealthCare is a global medical technology, pharmaceutical diagnostics and digital solutions company, spun off from General Electric on January 3, 2023. Its four segments are Imaging (CT, MR, molecular imaging, X-ray and women’s health), Advanced Visualization Solutions (ultrasound and procedural guidance), Patient Care Solutions (monitoring and life support) and Pharmaceutical Diagnostics (contrast media and radiopharmaceuticals). 2025 revenue was $20,625 million and operating income $2,763 million; the U.S. was 44% of revenue and China 10%. It bought the rest of Nihon Medi-Physics in 2025 and imaging software company Intelerad for about $2.3 billion in March 2026.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 24, 2026 15:22 (SEC EDGAR) · Source 10-K filed: February 4, 2026
Built on10-K FY2025 · filed 2026-02-0410-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 13.4%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +1.2 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.95x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 2 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 17.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.10
Higher than 18% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 33% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 41% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 54% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 7% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$84.25close on 2026-11-04
Market cap$38.4B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 17.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 14.6x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.2%
At FY2025 year-end: 18.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 3.6x
Book value at FY2025 year-end
At FY2025 year-end: 14.2x
EBITDA for FY2025
At FY2025 year-end: 4.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$5.14B → $5.51B (vs. a year earlier)↑ +7.2%$5.14B → $5.51B (vs. a year earlier)
- Operating margin12.7% → 14.6% (vs. a year earlier)↑ +1.9 pts12.7% → 14.6% (vs. a year earlier)
- Net income$446M → $615M (vs. a year earlier)↑ +37.9%$446M → $615M (vs. a year earlier)
- Diluted EPS$0.98 → $1.36 (vs. a year earlier)↑ +38.8%$0.98 → $1.36 (vs. a year earlier)
- Cash$2.08B → $2.83B (vs. previous quarter-end)↑ +35.9%$2.08B → $2.83B (vs. previous quarter-end)
- Long-term debt$10.09B → $9.97B (vs. previous quarter-end)↓ −1.2%$10.09B → $9.97B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Management outlook ↑ Raised
Raised full-year 2026 guidance. Source sentence
For the full-year 2026, the Company raises guidance as follows:
Key changes
Q3 revenues $5.5B, up 7.2%. Source sentence
Revenues of $5.5 billion, up 7.2%, including Organic revenue growth* of 6.2%, with growth across all segments.
Net income margin 11.1% versus 8.7%. Source sentence
Net income margin of 11.1% versus 8.7%, up 250 basis points (bps).
Backlog $23.7B. Source sentence
Organic orders growth of 4.0% , book-to-bill of 1.03 times and backlog of $23.7 billion
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- GE HealthCare Technologies Inc.
- Headquarters
- CHICAGO, IL
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: GEHC
- Industry
- Health Care Equipment
- CIK
- 1932393
Workforce (as of FY2025 year-end)
Employees
54,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 35–44 days after quarter end (Feb 4, 2026; Feb 13, 2025; Feb 6, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–44 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 4, 2026 10-K (+35 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 30, 2025 10-Q (+30 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 13, 2025 (+44 days) | Feb 13, 2025 10-K (+44 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 6, 2024 (+37 days) | Feb 6, 2024 10-K (+37 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Imaging
MI/CT, MR, WH/XR
Molecular imaging, computed tomography, magnetic resonance, women’s health and X-ray systems and service.
Advanced Visualization Solutions
Procedural Guidance and Specialized Ultrasound
Ultrasound and image-guided procedure systems.
Patient Care Solutions
Monitoring and Life Support Solutions
Patient monitoring and life support equipment.
Pharmaceutical Diagnostics
Contrast media and radiopharmaceuticals
Imaging agents, including Nihon Medi-Physics radiopharmaceuticals in Japan.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K calls GE HealthCare “a leading global healthcare solutions provider” but states no market share or rank.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Revenue $20,625M (+5%); operating income $2,763M; net income attributable $2,084M.
Source: Form 10-K (FY2025)
Q3 2026
Revenue $5.5B (+7.2%, organic +6.2%) with growth in all segments; orders +4.0% organically, backlog $23.7B; diluted EPS $1.36 (+39.1%), adjusted $1.34 (+25.1%); free cash flow $793M. 2026 adjusted EPS guidance raised to $4.95–5.05.
Source: Q3 2026 earnings release
Acquisitions
Acquired the remaining 50% of Nihon Medi-Physics from Sumitomo Chemical for $271M (March 2025) and Intelerad for about $2,293M (March 2026), funded with December 2025 notes and a term loan.
Source: Form 10-Q (quarter ended 2026-09-30)
Leadership
Jeannette Bankes, President and CEO of Patient Care Solutions, is resigning effective November 15, 2026.
Source: 8-K filed 2026-10-28 (Item 5.02)
Capex ÷ D&A (FY2025)
1.68x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$482M ÷ $287M = 1.68x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
6.1%
formularesearch & development expense ÷ revenue × 100
e.g.$1,260M ÷ $20,625M × 100 = 6.1%
M&A spend (4-year total)
$838M
Latest year: $378M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $310M in FY2022 to $482M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
08
Key figures at a glanceFrom SEC data
FY2022–FY2025, 4 years.
Revenue (FY2025)
$20.63B
As reported in the 10-K
Revenue CAGR (3 years)
+4.0%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($20,625M ÷ $18,341M) ^ (1÷3) − 1 = 4.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
13.4%
-0.4pt vs. 3 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,763M ÷ $20,625M × 100 = 13.4%
ROE (FY2025)
22.1%▲favorable
4-year average: 20.4%
As reported in the 10-K
P/B (FY2025 end)
3.60x
formulafiscal year-end closing price ÷ book value per share
e.g.$82.02 ÷ $22.77 = 3.60x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
14.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($37,380M + $10,511M − $4,492M) ÷ ($2,763M + $287M) = 14.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.0% a year over 3 years (modest growth)
From $18.34B in FY2022 to $20.63B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 13.8% → 13.4%
How much operating profit is left per $100 of revenue. It moved -0.4 points over 3 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 28.1% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 4 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 20.4% over 4 years (latest: 22.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Nihon Medi-Physics
- Intelerad
07 · what it does
Key activities
- Imaging and ultrasound equipment
- Patient monitoring and life support
- Contrast media and radiopharmaceuticals
- Service and AI/cloud software
06 · what it draws on
Key resources
- About 54,000 colleagues, including about 11,100 engineers and scientists
- Manufacturing and radiopharmaceutical production sites
- Heartbeat lean business system
02 · why customers buy
Value propositions
- Imaging, ultrasound and patient care equipment, pharmaceutical diagnostics and software for hospitals and clinicians.
04 · how it keeps them
Customer relationships
- Flexible service contracts from preventative maintenance to comprehensive onsite biomedical engineering; consumable diagnostic agents bought repeatedly.
03 · how it reaches them
Channels
- Direct sales force and distributors worldwide.
01 · who it serves
Customer segments
- Hospitals and health systems
- Imaging centers and clinicians
09 · where money goes
Cost structure
FY2025, share of revenue ($20.63B)
- Research & development6.1%
- Selling, general & administrative20.5%
- Other operating costs (incl. cost of goods sold)60.0%
Operating profit left: 13.4% of revenue. Depreciation & amortization (inside the costs above): $287M. Capital spending: $482M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Equipment and consumables
- Service contracts
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Sells imaging, ultrasound and patient-care equipment, consumable diagnostic agents and software, plus long-term service contracts, to hospitals and other providers worldwide.
01 what it draws on
Inputs & resources
- About 54,000 colleagues, including about 11,100 engineers and scientists
- Manufacturing and radiopharmaceutical production sites
- Heartbeat lean business system
02 what it does
Activities
- Imaging and ultrasound equipment
- Patient monitoring and life support
- Contrast media and radiopharmaceuticals
- Service and AI/cloud software
03 who it serves
Customers
- Hospitals and health systems
- Imaging centers and clinicians
04 how money comes in
How it earns
- Equipment and consumables
- Service contracts
How the business makes money
- No single customer accounted for more than 10% of revenue in 2023–2025.
- PDx revenue rose 16% to $2,900M in 2025.
- Quarterly dividend of $0.035 per share.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
GE HealthCare is exposed to tariffs and trade barriers on its global supply chain.
Trade & export rules
Tariffs and trade measures
Tariffs, non-tariff barriers and import/export restrictions have increased economic uncertainty.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Imaging
9,245 (45%)Advanced Visualization Solutions
5,354 (26%)Patient Care Solutions
3,086 (15%)Pharmaceutical Diagnostics
2,900 (14%)Other
40 (0%)
Source: Form 10-K (FY2025) Total revenues $20,625M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
All other countries — 46% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
9,168 (44%)China
2,031 (10%)All other countries
9,427 (46%)
Source: Form 10-K (FY2025) Revenue by customer location.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Nihon Medi-Physics
Acquired the remaining 50% from Sumitomo Chemical for $271M net cash on March 31, 2025.
Pending or recent acquisition
Intelerad
Acquired 100% for about $2,293M in cash on March 18, 2026.
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Hospitals, health systems and clinicians worldwide.
Named by the company
No single customer accounted for more than 10% of revenue in 2023–2025.
Suppliers
Suppliers of components and materials.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names its primary global competitors and the main PDx competitors.
Competitors named in the 10-K
Peer group the company chose
2025 compensation peer group (15 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Unchanged for 2025; Siemens Healthineers and Philips are excluded for some U.S. roles.
- Abbott Laboratoriessite ↗
- Danahersite ↗
- Philipssite ↗
- Agilent Technologiessite ↗
- Edwards Lifesciencessite ↗
- Siemens Healthineerssite ↗
- Baxter Internationalsite ↗
- Hologicsite ↗
- Strykersite ↗
- Becton Dickinsonsite ↗
- Intuitive Surgicalsite ↗
- Thermo Fisher Scientificsite ↗
- Boston Scientificsite ↗
- Medtronicsite ↗
- Quest Diagnosticssite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
| Line item | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|
| Income statement ($M) | ||||
| Revenue | 18,341 | 19,552 | 19,672 | 20,625 |
| Operating income | 2,522 | 2,435 | 2,625 | 2,763 |
| Pretax income | 2,512 | 2,361 | 2,581 | 2,768 |
| Net income (attributable) | 1,916 | 1,568 | 1,993 | 2,084 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 6.6% | 0.6% | 4.8% |
| Operating margincalcoperating income ÷ revenue × 100 | 13.8% | 12.5% | 13.3% | 13.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 10.4% | 8.0% | 10.1% | 10.1% |
| Balance sheet ($M) | ||||
| Total assets | 27,539 | 32,454 | 33,089 | 36,906 |
| Total equity | 9,362 | 7,145 | 8,464 | 10,390 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 8,264 | 10,448 | 10,453 | 10,511 |
| Equity ratio | 34.0% | 22.0% | 25.5% | 28.1% |
| ROE | 14.7% | 19.0% | 25.6% | 22.1% |
| Cash flow ($M) | ||||
| Operating CF | 2,134 | 2,101 | 1,955 | 1,987 |
| Investing CF | -398 | -558 | -914 | -1,047 |
| Financing CF | -822 | -478 | -573 | 617 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,824 | 1,714 | 1,554 | 1,505 |
| Cash and equivalents | 1,440 | 2,494 | 2,874 | 4,492 |
| Per share & other | ||||
| EPS ($) | 4.22 | 3.03 | 4.34 | 4.55 |
| BVPS ($) | — | 15.67 | 18.48 | 22.77 |
| Dividend per share ($) | — | 0.12 | 0.13 | 0.14 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 4.0% | 2.9% | 3.1% |
| P/E (x) | 13.8 | 25.5 | 18.0 | 18.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 12.1 | 16.1 | 15.0 | 14.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | — | 4.94 | 4.23 | 3.60 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $5.51B+7.2% | $805M+23.3% | $615M+37.9% | $1.36 |
| 2026-06-30 | $5.3B+5.8% | $739M+13.0% | $561M+15.4% | $1.24 |
| 2026-03-31 | $5.13B+7.4% | $515M-18.1% | $389M-31.0% | $0.85 |
| 2025-12-31 † | $5.7B+7.1% | $827M+3.2% | $588M-18.4% | — |
| 2025-09-30 | $5.14B | $653M | $446M | $0.98 |
| 2025-06-30 | $5.01B | $654M | $486M | $1.06 |
| 2025-03-31 | $4.78B | $629M | $564M | $1.23 |
| 2024-12-31 † | $5.32B | $801M | $721M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2021: Carve-out year before the January 2023 spin-off; no balance sheet is presented in the filings.
- FY2022 shares issued: Before the January 3, 2023 spin-off GE HealthCare had only nominal shares held by GE; a year-end 2022 share count is not meaningful.
- FY2022 book value per share: Not meaningful before the January 2023 spin-off (nominal shares held by GE).
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
10.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,763M × (1 − 24.5%) ÷ $19,909M × 100 = 10.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.28%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $37.38B ÷ ($37.38B + $10.51B) = 78.1%
e.g.Debt weight: $10.51B ÷ ($37.38B + $10.51B) = 21.9%
e.g.WACC: 11.0% × 78.1% + 4.2% × (1 − 24.5%) × 21.9% = 9.28%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.7%–11.2% and ROIC − WACC runs −0.7 to +2.8 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 9.28% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.10 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.00%
- Cost of debt
- 4.19%
- Tax rate
- 24.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 78% : 22%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.28%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.10 (price-derived adjusted beta. Raw β 1.14, R² 0.27, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.143 + 0.33 = 1.096
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.1 × 5.5% = 11.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.3% − 3.4%
Past FCF growth (FY2022–FY2025)
-6.2%
Compound annual rate, 3 years
Past revenue growth (FY2022–FY2025)
+4.0%
Compound annual rate, 3 years
Inputs (FY2025): free cash flow $1.51B (operating CF − capex); enterprise value $44.41B = market cap $38.4B (latest close, 2026-11-04) + debt $10.51B − cash and short-term investments $4.49B; r = WACC of 9.3% using this page’s default assumptions (β 1.10, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$44.26B
FCF $1.51B ÷ (9.3% − 5.9%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.3% | 8.3% | 9.3% | 10.3% | 11.3% |
|---|---|---|---|---|---|
| 0% | 0.46x | 0.41x | 0.36x | 0.33x | 0.30x |
| 2% | 0.64x | 0.54x | 0.46x | 0.41x | 0.36x |
| 4% | 1.03x | 0.79x | 0.64x | 0.54x | 0.46x |
| 6% | 2.61x | 1.47x | 1.03x | 0.79x | 0.64x |
| 8% | — | 11.30x | 2.61x | 1.47x | 1.03x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.10x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): 0.3%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 100%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,987M ÷ $2,084M = 0.95x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,763M ÷ $2,768M × 100 = 100%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 87.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 12.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 232 of 416
- Beta (adjusted)
- 1.10
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 56% of covered companies have more
above 1 = swings more than the market
- 394.1M shares reported by 1,225 13F filers ÷ 451.7M shares outstanding on 2026-07-22. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-19 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-22)
20
Strengths & weaknessesSite analysis
Strengths
1. Broad installed base and service
Revenue from devices, consumables and service across four segments; no customer above 10%.
Evidence: Form 10-K (FY2025)
2. Growing diagnostics business
PDx revenue rose from $2,306M (2023) to $2,900M (2025).
Evidence: Form 10-K (FY2025)
3. Engineering depth
About 11,100 engineers and scientists.
Evidence: Form 10-K (FY2025)
Weaknesses
1. China exposure
China revenue fell from $2,560M (2023) to $2,031M (2025).
Evidence: Form 10-K (FY2025)
2. GE tax indemnity
The IRS may assert material additional taxes on GE’s 2016–2020 returns, part of which could be allocated to GE HealthCare.
Evidence: Form 10-Q (quarter ended 2026-09-30) — Note on Commitments, Guarantees, Product Warranties, and Other Loss Contingencies
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
18.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.17%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
3%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.0%
(Operating CF − capex) ÷ market cap
1. Diversified medtech
Four segments with equipment, consumables and service.
- What has to hold
- Hospital capital spending holds up.
- The other side
- China and tariffs.
Evidence: Form 10-K (FY2025)
2. Rising book value
Equity rose from $7,145M (2023) to $10,390M (2025).
- What has to hold
- Earnings retained.
- The other side
- Acquisition debt.
Evidence: Form 10-K (FY2025)
Spun off from GE on January 3, 2023. FY2021 (carve-out, no balance sheet) is dropped; FY2022 per-share book value and share count are blank because shares were nominal before the spin-off.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
4.4x
$4.49B vs. $1.01B
Interest coverage (operating income ÷ interest expense)
6.3x
$2.76B vs. $440M
Free cash flow ÷ dividends paid
23.5x
$1.51B vs. $64M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -3.4% in FY2023 ($2.52B → $2.44B) | Yes, by FY2024 |
Covers only the 4 fiscal years on record (FY2022–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring revenue
Service capabilities and consumables (pharmaceutical diagnostics) add recurring revenue to equipment sales.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
GE HealthCare is a defendant in an Anti-Terrorism Act suit over contracts with Iraq’s Ministry of Health, revived on appeal in January 2026, and may owe GE material indemnification if the IRS asserts additional taxes on GE’s 2016–2020 returns.
2 open matters (2 flagged as major)
Anti-Terrorism Act suit (Iraqi Ministry of Health contracts)
PendingLawsuitMajorU.S. service members and families v. pharmaceutical and medical device companies including GE HealthCare (D.D.C.)
U.S. service members and families sued in 2017 alleging pharmaceutical and device companies funded a terrorist group through Iraqi Ministry of Health contracts. Dismissed in 2020; after a Supreme Court remand, the D.C. Circuit reversed the dismissal in January 2026 and denied en banc review in April 2026. Discovery is under way.
IRS audit of GE consolidated returns (Tax Matters Agreement)
PendingTax disputeMajorIRS; GE (GE Aerospace) and GE HealthCare
The IRS may assert a material amount of additional taxes for 2016–2020 GE consolidated returns; any obligation is allocated with GE under the Tax Matters Agreement and is not reasonably estimable.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Note on Commitments, Guarantees, Product Warranties, and Other Loss Contingencies, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Strong global rivals
- Company disclosure (summarized from the 10-K)
- Primary competitors include Siemens Healthineers, Philips Healthcare, United Imaging, Mindray and Canon; independent service organizations may gain from right-to-repair laws.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Geopolitics & supply chain
Tariffs and trade
- Company disclosure (summarized from the 10-K)
- Tariffs, trade restrictions and international tensions affect costs and supply chains.
- Company’s stated mitigation
- Our supply chain design drives resilience and redundancy, including maintaining buffer capacity, diversifying our sourcing and manufacturing bases, and utilizing advanced risk-focused analytics.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Healthcare regulation and reimbursement
- Company disclosure (summarized from the 10-K)
- Changes in reimbursement, product regulation and the Anti-Terrorism Act case could hurt results.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Acquisitions
- Company disclosure (summarized from the 10-K)
- Integration of Intelerad ($2.3B) and Nihon Medi-Physics.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5FX & interest rates
Currency
- Company disclosure (summarized from the 10-K)
- Largest currency exposures are the euro, renminbi, yen, Norwegian krone and pound.
- Company’s stated mitigation
- We use a number of techniques to manage the effects of foreign currency exchange risk, including hedging of significant currency exposures.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
This summary of risks is intended to provide an overview of the principal risks we face and should not be considered a substitute for a review of the more detailed risk factors discussed immediately following this summary.
• Our business strategy includes substantial investment in R&D, with a focus on AI, cloud, edge computing, and software offerings. Read more
We cannot guarantee that these investments will generate new offerings, attract customers, or generate sufficient revenue.
The implementation of localization requirements and the other government policies in certain geographies such as China and Russia creates a risk that, if we do not localize our products or operations to meet such requirements, we could lose market share and experience adverse effects on our business results, cash flows, and financial condition.
No longer in the text (4)
• Global geopolitical instability, such as continuing uncertainties and challenging conditions in regional economies and global economic instability, such as public health crises, have and could in the future adversely affect our business, customers, and suppliers.
The implementation of localization requirements and other government policies in certain geographies, driven by support of local industry, security of supply, and incentives for technological breakthroughs, could negatively affect our market share, business results, cash flows, and financial condition. For example, policies in countries such as China and Russia that require the purchase of locally manufactured products or that are favorable to locally-based manufacturers, and our ability or decision to meet the requirements of such policies, may affect customer purchasing decisions and may have an adverse effect on our business, operations, or financial results.
Having a diverse and inclusive workplace can also enhance our ability to attract and retain talent and is an important driver of our ability to compete and innovate. Read more
As such, our inability to attract and retain diverse talent can have adverse consequences on our business.
Beginning in 2024, many countries have enacted local legislation related to the Organization for Economic Co-operation and Development Pillar Two Global Anti-Base Erosion (“GloBE”) rules, which include the introduction of a 15% global minimum tax. The impact on our income tax expense, which is reflected in the financial statements as a period cost and is not anticipated to be significant, will depend on the exact nature of each country’s GloBE legislation, guidance, and regulations thereon, and their application by tax authorities. Additionally, future enacted GloBE legislation or changes to existing GloBE legislation could impact our anticipated tax burden.
2 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 4, 2026 ↗ with the 10-K filed Feb 13, 2025 ↗.
26
What to watch going forwardSite analysis
- China demand.
- Tariff costs and refunds.
- Intelerad integration and PDx growth.
- New CFO William Grogan (from September 14, 2026).
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 24, 2026 15:22 (SEC EDGAR) · Source 10-K filed: February 4, 2026
Built on10-K FY2025 · filed 2026-02-04Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent GE HealthCare’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.