GE HealthCare Technologies Inc.
GEHCFinancial Snapshot
ticker: GEHC step: 04 generated: 2026-05-13 source: quick-research
GE HealthCare Technologies Inc. (GEHC) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $18.3B | $19.6B | $19.7B | +0.5% |
| Gross Margin | ~38% | ~40% | ~40% | |
| Operating Margin | ~12% | ~13% | ~15% | |
| Net Income | ~$1.5B | ~$1.7B | ~$2.0B | +18% |
| EPS (diluted, adjusted) | ~$3.38 | ~$3.60–$3.75 | ~$4.59 | +22% |
FY2024 organic revenue growth was modest (~1%) on a reported basis as China weakness and PDx supplier disruption offset growth elsewhere. Adjusted EPS grew 22% to $4.59 in FY2025 (fiscal year reported in early 2026), absorbing $0.43/share in tariff headwinds. Adjusted EBIT margins expanded steadily from ~14.5% (FY2022) to ~17–18% (FY2024–2025).
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$2.0B |
| Free Cash Flow | ~$1.7B |
| Capital Expenditures | ~$300M |
| Cash & Equivalents | ~$1.2B |
| Total Debt | ~$8.5B (elevated post-Intelerad ~$2.3B acquisition) |
Key Ratios (approximate)
- P/E: ~15–18x (adjusted) | EV/EBITDA: ~12x | FCF Yield: ~8–9%
- Revenue Growth (FY2024): ~+1% reported (+4% organic ex-China)
- Adjusted EPS (FY2025): $4.59 (+22% YoY, absorbing $0.43 tariff drag)
- Backlog: Record $21.8B (book-to-bill ratio 1.07x at end of 2025)
Growth Profile
GEHC is in the early innings of its post-spin-off strategic transformation — shifting from a GE division focused on hardware to a standalone company emphasizing AI software, cloud services, and recurring revenue. Reported revenue has been flat (~$19.6–19.7B) due to China headwinds and macro-driven capital equipment spending softness, but organic growth ex-China is tracking 4–6%. Adjusted EPS has grown 20%+ YoY as margins expand (Heartbeat lean operating system, mix shift to software/services). The record $21.8B backlog and 1.07x book-to-bill provide solid revenue visibility.
Forward Estimates
- FY2025 Revenue: ~$20.0–20.5B (Q4 FY2025 revenue up 7.1% YoY)
- FY2026 Adjusted EPS Guidance: $4.95–$5.15 (8–12% growth; tariffs guided to "neutral to positive" vs. $0.43 headwind in FY2025)
- FY2026 China Guidance: Anticipated decline — remains a headwind
- Intelerad contribution: ~$270M recurring revenue at 30%+ adjusted EBITDA margin
- Analyst consensus: 14 of 20 analysts Buy/Outperform; median price target $95, implying ~29% upside
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $GEHC.