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Medical imaging and diagnostics company (spun off from General Electric in 2023) making MRI/CT scanners, ultrasound and patient monitoring equipment.
Medical imaging and diagnostics company (spun off from General Electric in 2023) making MRI/CT scanners, ultrasound and patient monitoring equipment.
Sells scanners as capital equipment, then earns repeat income from service contracts and from consumables such as contrast agents given to patients before a scan. Imaging is the biggest business, and hospital budgets drive the timing of equipment orders.
Moat: wide (installed base, switching costs, brand). Large global installed imaging-equipment base with service contracts and deep radiologist/hospital relationships.
Headquarters: Chicago, Illinois, USA · Founded: 2023 · Employees: 54,000
Size GE HealthCare (GEHC) is a United States Health Care company (Medical Specialties) with a market value of $37.2B, the 310th largest of 3,117 United States companies the cockpit tracks. Shares closed at $82.38 on 6 Nov 2026.
Performance Over six months the shares gained 29.8%, against +25.1% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 6.9% over the last twelve months (peer median +8.7%); the operating margin is 14.0% (peer median 21.2%).
Valuation It trades at 15.4× forward earnings against a peer median of 26.9× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.2 points above its cost of capital (8.0% WACC).
Backlog Backlog (remaining performance obligations) was $16.1B at 30 Sep 2026, up 7% on a year earlier — 0.7 years of trailing revenue. Backlog detail →
Credit GE HealthCare has 4 bonds outstanding ($5.74B), rated BBB by the agencies and trading like A- at a weighted spread of 73 bp.
Short interest Short interest is 4.3% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $21.6B | $20.6B | $19.7B | $19.6B | $18.3B |
| Revenue growth | — | +5% | +1% | +7% | — |
| Gross profit | $8.58B | $8.19B | $8.15B | $7.96B | $7.22B |
| EBITDA | $3.66B | $3.47B | $3.54B | $3.40B | $3.20B |
| Net income | $2.15B | $2.08B | $1.99B | $1.57B | $1.92B |
| Free cash flow | $1.89B | $1.50B | $1.55B | $1.71B | $1.80B |
| Capital expenditure | $526M | $482M | $401M | $387M | $310M |
| Total debt | $10.4B | $10.5B | $9.38B | $9.86B | $8.63B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% |
| Siemens Healthineers SHL.DE | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% |
| Koninklijke Philips PHIA.AS | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% |
| Shanghai United Imaging Healthcare 688271.SS | $14.8B | +9% | +27% | 9% | 46.9× | n/a |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% |
| Shimadzu 7701.T | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% |
| Fujifilm 4901.T | $24.9B | +14% | +7% | 10% | 14.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GEHC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +28.3% | +10.5% | 2nd highest of 21 |
| 6-month return | +29.8% | +25.1% | 8th highest of 21 |
| Distance from 52-week high | -8.2% | -7.9% | 11th highest of 21 |
| Revenue growth (TTM) | +6.9% | +8.7% | 8th lowest of 21 |
| Operating margin | 14.0% | 21.2% | 4th lowest of 21 |
| Forward P/E | 15.4× | 26.9× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | 16.2% | 2nd least demanding of 21 |
| Growth delivered (Del g) | +3.7% | +9.7% | lowest of 21 |
| Hurdle (Req g minus delivered) | +0.6 pp | +5.0 pp | 8th least demanding of 21 |
| ROIC minus cost of capital | +4.2 pp | +5.2 pp | 11th highest of 21 |
| EV / EBITDA | 12.3× | 23.5× | cheapest of 20 |
| Net debt / EBITDA | 2.1× | 0.9× | 6th most indebted of 20 |
| Bond spread | 73 bp | 77 bp | 4th tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
GE HealthCare has 4 bonds outstanding with $5.74B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 5.37%, a spread of 73 bp over government bonds.
GE HealthCare reported $16.1B of remaining performance obligations at 30 Sep 2026, up 7% from a year earlier and flat from the previous quarter. That is 0.7 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.