Boston Scientific vs GE HealthCare
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The short version
- GE HealthCare is the larger business, with $20.6B of revenue in fiscal 2025 against $20.1B for Boston Scientific.
- Boston Scientific grew revenue faster (19.9%, against 4.8%).
- Boston Scientific kept more of each dollar of sales as operating profit (18.0% operating margin, against 13.4%).
- Boston Scientific turned more of its sales into free cash flow (18.2% FCF margin, against 7.3%).
- GE HealthCare earned a higher return on the capital invested in it (13.3%, against 9.6%).
- Investors pay more for each dollar of Boston Scientific’s earnings: a P/E of 18.5x against 17.1x for GE HealthCare.
| Latest fiscal year | BSX · FY25 | GEHC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $67.4B | $32.7B |
| Revenue | $20.1B | $20.6B |
| Free cash flow | $3.7B | $1.5B |
| Net income | $2.9B | $2.1B |
| Growth | ||
| Revenue growth | 19.9% | 4.8% |
| 5-year growth | 15.2% | — |
| Share count change | 0.6% | −0.2% |
| Profitability | ||
| Gross margin | 69.0% | 40.0% |
| Operating margin | 18.0% | 13.4% |
| Net margin | 14.4% | 10.1% |
| FCF margin | 18.2% | 7.3% |
| Return on capital | 9.6% | 13.3% |
| Return on equity | 12.6% | 22.1% |
| Balance sheet | ||
| Net debt | $9.2B | $6.0B |
| Net debt / EBITDA | 1.8x | 1.8x |
| Dividends and buybacks | $0.0M | $264M |
| Valuation & quality | ||
| P/E | 18.5x | 17.1x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
BSX $9.1B
GEHC —
FY17
BSX $9.0B
GEHC —
FY18
BSX $9.8B
GEHC —
FY19
BSX $10.7B
GEHC —
FY20
BSX $9.9B
GEHC —
FY21
BSX $11.9B
GEHC $17.6B
FY22
BSX $12.7B
GEHC $18.3B
FY23
BSX $14.2B
GEHC $19.6B
FY24
BSX $16.7B
GEHC $19.7B
FY25
BSX $20.1B
GEHC $20.6B
BSX
GEHC
Operating margin
FY16
BSX 4.9%
GEHC —
FY17
BSX 14.2%
GEHC —
FY18
BSX 15.3%
GEHC —
FY19
BSX 14.1%
GEHC —
FY20
BSX −0.8%
GEHC —
FY21
BSX 10.1%
GEHC 15.9%
FY22
BSX 13.0%
GEHC 13.8%
FY23
BSX 16.5%
GEHC 12.5%
FY24
BSX 15.5%
GEHC 13.3%
FY25
BSX 18.0%
GEHC 13.4%
BSX
GEHC
Free cash flow
FY16
BSX $806M
GEHC —
FY17
BSX $1.1B
GEHC —
FY18
BSX −$6.0M
GEHC —
FY19
BSX $1.4B
GEHC —
FY20
BSX $1.1B
GEHC —
FY21
BSX $1.3B
GEHC $1.4B
FY22
BSX $938M
GEHC $1.8B
FY23
BSX $1.8B
GEHC $1.7B
FY24
BSX $2.6B
GEHC $1.6B
FY25
BSX $3.7B
GEHC $1.5B
BSX
GEHC
Return on capital
FY16
BSX 3.8%
GEHC —
FY17
BSX 5.7%
GEHC —
FY18
BSX 12.5%
GEHC —
FY19
BSX 8.5%
GEHC —
FY20
BSX −0.3%
GEHC —
FY21
BSX 5.0%
GEHC —
FY22
BSX 4.1%
GEHC —
FY23
BSX 7.1%
GEHC 10.7%
FY24
BSX 7.3%
GEHC 13.4%
FY25
BSX 9.6%
GEHC 13.3%
BSX
GEHC
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.