# GE HealthCare Technologies Inc. (GEHC) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GEHC/thesis · /stocks/GEHC/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/GEHC/fundamental

## Navigation

- Overview: /stocks/GEHC
- Financials (this page): /stocks/GEHC/financials
- Thesis: /stocks/GEHC/thesis
- Investment Memo: /stocks/GEHC/memo
- Coverage universe: /stocks