GE HealthCare vs Medtronic
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The short version
- Medtronic is the larger business, with $36.4B of revenue in fiscal 2026 against $20.6B for GE HealthCare, about 1.8 times as much.
- Medtronic grew revenue faster (8.4%, against 4.8%).
- Medtronic kept more of each dollar of sales as operating profit (17.8% operating margin, against 13.4%).
- Medtronic turned more of its sales into free cash flow (14.9% FCF margin, against 7.3%).
- GE HealthCare earned a higher return on the capital invested in it (13.3%, against 7.7%).
- Investors pay more for each dollar of Medtronic’s earnings: a P/E of 23.4x against 17.1x for GE HealthCare.
| Latest fiscal year | GEHC · FY25 | MDT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $32.7B | $122.6B |
| Revenue | $20.6B | $36.4B |
| Free cash flow | $1.5B | $5.4B |
| Net income | $2.1B | $4.8B |
| Growth | ||
| Revenue growth | 4.8% | 8.4% |
| 5-year growth | — | 3.8% |
| Share count change | −0.2% | −0.1% |
| Profitability | ||
| Gross margin | 40.0% | 65.0% |
| Operating margin | 13.4% | 17.8% |
| Net margin | 10.1% | 13.2% |
| FCF margin | 7.3% | 14.9% |
| Return on capital | 13.3% | 7.7% |
| Return on equity | 22.1% | 9.9% |
| Balance sheet | ||
| Net debt | $6.0B | $17.0B |
| Net debt / EBITDA | 1.8x | 1.8x |
| Dividends and buybacks | $264M | $4.7B |
| Valuation & quality | ||
| P/E | 17.1x | 23.4x |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
GEHC —
MDT $29.7B
FY18
GEHC —
MDT $30.0B
FY19
GEHC —
MDT $30.6B
FY20
GEHC —
MDT $28.9B
FY21
GEHC $17.6B
MDT $30.1B
FY22
GEHC $18.3B
MDT $31.7B
FY23
GEHC $19.6B
MDT $31.2B
FY24
GEHC $19.7B
MDT $32.4B
FY25
GEHC $20.6B
MDT $33.5B
FY26
GEHC —
MDT $36.4B
GEHC
MDT
Operating margin
FY17
GEHC —
MDT 18.1%
FY18
GEHC —
MDT 22.2%
FY19
GEHC —
MDT 20.5%
FY20
GEHC —
MDT 16.6%
FY21
GEHC 15.9%
MDT 14.9%
FY22
GEHC 13.8%
MDT 18.2%
FY23
GEHC 12.5%
MDT 17.6%
FY24
GEHC 13.3%
MDT 15.9%
FY25
GEHC 13.4%
MDT 17.8%
FY26
GEHC —
MDT 17.8%
GEHC
MDT
Free cash flow
FY17
GEHC —
MDT $5.6B
FY18
GEHC —
MDT $3.6B
FY19
GEHC —
MDT $5.9B
FY20
GEHC —
MDT $6.0B
FY21
GEHC $1.4B
MDT $4.9B
FY22
GEHC $1.8B
MDT $6.0B
FY23
GEHC $1.7B
MDT $4.6B
FY24
GEHC $1.6B
MDT $5.2B
FY25
GEHC $1.5B
MDT $5.2B
FY26
GEHC —
MDT $5.4B
GEHC
MDT
Return on capital
FY17
GEHC —
MDT 6.7%
FY18
GEHC —
MDT 5.4%
FY19
GEHC —
MDT 8.6%
FY20
GEHC —
MDT 7.3%
FY21
GEHC —
MDT —
FY22
GEHC —
MDT —
FY23
GEHC 10.7%
MDT 5.9%
FY24
GEHC 13.4%
MDT 5.8%
FY25
GEHC 13.3%
MDT 7.5%
FY26
GEHC —
MDT 7.7%
GEHC
MDT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.