GE HealthCare
GEHC Nasdaq Health Care Equipment Financials FY2021–FY2025
GE HealthCare's revenue rose 4.8% to $20.6 billion in fiscal 2025. Its operating margin was 13.4%, up from 13.3% a year earlier. Free cash flow was $1.5 billion, down 3.1%. It paid out $264 million in dividends and buybacks, 18% of free cash flow. The diluted share count fell 0.2%.
What GE HealthCare does
GE HealthCare makes medical imaging machines, patient monitors and the drugs used in scans, and it sells software and services to go with them. Its customers are hospitals, health systems and researchers in more than 160 countries. Revenue comes from selling devices, consumable products, service contracts and cloud and software products. It was spun off from General Electric in January 2023.
It reports four segments. Imaging makes CT, MR, X-ray, molecular imaging and women's health scanners. Advanced Visualization Solutions makes ultrasound systems and equipment used in heart procedures and surgery. Patient Care Solutions makes monitors, heart-test (ECG) devices, anesthesia machines and equipment for newborns, with recurring sales of supplies and services. Pharmaceutical Diagnostics supplies contrast media and radioactive tracers that make tissues show up in scans.
The company names Siemens Healthineers, Philips, United Imaging, Mindray and Canon as its main rivals in equipment, and Bayer, Bracco, Guerbet and Curium in diagnostic agents. It has about 54,000 employees, and 32% of them are in the United States. It also employs about 11,100 engineers and scientists and about 9,700 people in sales.
- Legal name
- GE HEALTHCARE TECHNOLOGIES INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 4, 2026
- Accession · CIK
- 0001932393-26-000007
0001932393
Revenue and margins
GE HealthCare had $20.6B of revenue in fiscal 2025, up 4.8% on the year before.
Net income and earnings per share
From fiscal 2021 to 2025, diluted EPS grew −2.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.5B in fiscal 2025, 7.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
GE HealthCare returned $264M to shareholders in fiscal 2025, 18% of free cash flow. The diluted share count fell 0.2%.
Value GE HealthCare yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$6.0B and divides by 458.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 17.1x · peers 27.6x · sector 28.4x.
Balance sheet
Cash, debt and the ratios that show how comfortably GE HealthCare can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $561M | $1.4B | $2.5B | $2.9B | $4.5B |
| Debt incl. finance leases | — | $8.3B | $10.4B | $10.5B | $10.5B |
| Net debt / EBITDA | — | 2.2x | 2.6x | 2.4x | 1.8x |
| Debt / equity | — | 0.9x | 1.5x | 1.2x | 1.0x |
| Interest coverage | 69.9x | 32.8x | 4.5x | 5.2x | 6.3x |
| Current ratio | — | 1.2x | 1.1x | 1.0x | 1.4x |
| Quick ratio | — | 0.9x | 0.8x | 0.8x | 1.1x |
| Total assets | — | $27.5B | $32.5B | $33.1B | $36.9B |
| Total liabilities | — | $17.9B | $25.1B | $24.4B | $26.3B |
| Shareholders' equity | $16.7B | $9.4B | $7.1B | $8.4B | $10.4B |
| Net debt (− = net cash) | — | $6.8B | $8.0B | $7.6B | $6.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$6.4M
8 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 22, 2026 | Kevin LoboDirector | Bought | 10,000 | $64.18 | $0.6M | Form 4 |
| May 12, 2026 | Rodney F HochmanDirector | Bought | 1,618 | $62.03 | $0.1M | Form 4 |
| May 8, 2026 | Watkin Phoebe L. YangDirector | Bought | 1,000 | $63.01 | $0.1M | Form 4 |
| May 6, 2026 | Culp H Lawrence JrDirector | Bought | 80,805 | $61.88 | $5.0M | Form 4 |
| May 6, 2026 | William J StrombergDirector | Bought | 1,000 | $61.69 | $0.1M | Form 4 |
| May 1, 2026 | James SaccaroChief Financial Officer | Bought | 3,310 | $60.60 | $0.2M | Form 4 |
| Apr 30, 2026 | Frank R JimenezGC & Corporate Secretary | Bought | 1,750 | $60.45 | $0.1M | Form 4 |
| Apr 30, 2026 | Peter J ArduiniPresident and CEO, Director | Bought | 4,169 | $59.93 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ |
| Debt fell relative to assets | — | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ |
| F-score | — / 9 | 5 / 9 | 7 / 9 |
| Accruals ratio | −1.8% | 0.1% | 0.3% |
| Altman Z'' | 1.02 | 1.29 | 1.99 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| GE HealthCare GEHC | $32.7B | 4.8% | 13.4% | 7.3% | 13.3% | 17.1x | 7 | |
| Boston Scientific BSX | $67.4B | 19.9% | 18.0% | 18.2% | 9.6% | 18.5x | 7 | Compare → |
| Becton Dickinson BDX | $54.7B | 8.2% | 11.8% | 12.2% | 5.5% | 59.9x | 6 | Compare → |
| Stryker SYK | $118.6B | 11.2% | 19.5% | 17.1% | 11.3% | 31.8x | 6 | Compare → |
| Medtronic MDT | $122.6B | 8.4% | 17.8% | 14.9% | 7.7% | 23.4x | 7 | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $17.6B | $18.3B | $19.6B | $19.7B | $20.6B |
| Gross profit | $7.2B | $7.2B | $7.9B | $8.2B | $8.2B |
| Research and development | $816M | $1.0B | $1.2B | $1.3B | $1.3B |
| Operating income | $2.8B | $2.5B | $2.4B | $2.6B | $2.8B |
| Interest expense | $40.0M | $77.0M | $542M | $504M | $440M |
| Pretax income | $2.9B | $2.5B | $2.4B | $2.6B | $2.8B |
| Income tax | $600M | $563M | $743M | $531M | $614M |
| Net income | $2.2B | $1.9B | $1.6B | $2.0B | $2.1B |
| Diluted EPS | $4.95 | $4.22 | $3.03 | $4.34 | $4.55 |
| Diluted shares | 0.45B | 0.45B | 0.46B | 0.46B | 0.46B |
| Cash flow | |||||
| Cash from operations | $1.6B | $2.1B | $2.1B | $2.0B | $2.0B |
| Capital expenditure | $248M | $310M | $387M | $401M | $482M |
| Free cash flow | $1.4B | $1.8B | $1.7B | $1.6B | $1.5B |
| Depreciation and amortization | $625M | $633M | $610M | $580M | $578M |
| Stock-based compensation | $76.0M | $67.0M | $114M | $125M | $130M |
| Acquisitions | $1.5B | $0.0M | $147M | $313M | $378M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $200M |
| Dividends paid | $0.0M | $0.0M | $41.0M | $55.0M | $64.0M |
| Dividends and buybacks | $0.0M | $0.0M | $41.0M | $55.0M | $264M |
| Balance sheet | |||||
| Cash and short-term investments | $561M | $1.4B | $2.5B | $2.9B | $4.5B |
| Total debt | — | $8.3B | $10.4B | $10.5B | $10.5B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $8.3B | $9.4B | $9.9B | $12.5B |
| Current liabilities | — | $7.2B | $9.0B | $9.6B | $9.1B |
| Inventory | $0.0M | $2.2B | $2.0B | $1.9B | $2.2B |
| Property and equipment, net | — | $2.0B | $2.1B | — | — |
| Total assets | — | $27.5B | $32.5B | $33.1B | $36.9B |
| Total liabilities | — | $17.9B | $25.1B | $24.4B | $26.3B |
| Shareholders' equity | $16.7B | $9.4B | $7.1B | $8.4B | $10.4B |
| Margins | |||||
| Gross margin | 40.8% | 39.1% | 40.5% | 41.7% | 40.0% |
| Operating margin | 15.9% | 13.8% | 12.5% | 13.3% | 13.4% |
| EBITDA margin | 19.5% | 17.2% | 15.6% | 16.3% | 16.2% |
| Net margin | 12.8% | 10.5% | 8.0% | 10.1% | 10.1% |
| FCF margin | 7.7% | 9.9% | 8.8% | 7.9% | 7.3% |
| Returns | |||||
| Return on capital | — | — | 10.7% | 13.4% | 13.3% |
| Return on capital employed | — | — | 11.1% | 11.2% | 10.8% |
| Return on equity | — | — | 19.0% | 25.6% | 22.1% |
| Return on assets | — | — | 5.2% | 6.1% | 6.0% |
| Growth | |||||
| Revenue growth | — | 4.3% | 6.6% | 0.6% | 4.8% |
| Net income growth | — | −14.7% | −18.2% | 27.1% | 4.6% |
| EPS growth | — | −14.8% | −28.2% | 43.2% | 4.8% |
| FCF growth | — | 34.2% | −6.0% | −9.3% | −3.2% |
| Share count change | — | 0.0% | 0.9% | 0.2% | −0.2% |
| Financial health | |||||
| Net debt / EBITDA | — | 2.2x | 2.6x | 2.4x | 1.8x |
| Debt / equity | — | 0.9x | 1.5x | 1.2x | 1.0x |
| Interest coverage | 69.9x | 32.8x | 4.5x | 5.2x | 6.3x |
| Current ratio | — | 1.2x | 1.1x | 1.0x | 1.4x |
| Quick ratio | — | 0.9x | 0.8x | 0.8x | 1.1x |
| Capital allocation | |||||
| Capex / revenue | 1.4% | 1.7% | 2.0% | 2.0% | 2.3% |
| Stock comp / revenue | 0.4% | 0.4% | 0.6% | 0.6% | 0.6% |
| Payouts / FCF | 0.0% | 0.0% | 2.4% | 3.5% | 17.5% |
| Quality scores | |||||
| Piotroski F-score | — | — | — | 5.0 | 7.0 |
| Altman Z'' | — | 1.4 | 1.0 | 1.3 | 2.0 |
| Accruals ratio | — | — | −1.8% | 0.1% | 0.3% |
Source: SEC EDGAR XBRL filings (CIK 0001932393). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.