Boston Scientific vs GE HealthCare
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KIRA’s take AI analyst
I put Boston Scientific and GE HealthCare side by side, using each one’s latest annual report. Here is what stands out:
- 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 17.2x for GE HealthCare.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Boston Scientific
BSX
5/10
Revenue growthGross marginOperating marginNet marginFCF margin
GE HealthCare
GEHC
4/10
Return on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BSX FY25 | GEHC FY25 |
|---|---|---|
| Size | ||
| Market cap | $67.2B | $32.9B |
| 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 | 17.2x |
| Piotroski F-score | 7 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.