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GEHCGE HealthCare

Health care · Medical Imaging · Nasdaq
GEHC quote by TradingView
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FY2025 at a glance

Sales up 4.8%, free cash flow down to $1.5B

XBRL, from each 10-K
RevenueStatements ↓
$20.6B
from $19.7B in FY2024
FY2021FY2025
Net incomeStatements ↓
$2.1B
from $2.0B in FY2024
FY2021FY2025
Free cash flowStatements ↓
$1.5B
from $1.6B in FY2024
FY2021FY2025
EPS (diluted)Statements ↓
$4.55
from $4.34 in FY2024
FY2021FY2025
Operating marginStatements ↓
13.4%
from 13.3% in FY2024
FY2021FY2025
Total debtStatements ↓
$10.5B
from $10.5B in FY2024
FY2021FY2025
Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)4.73Sales (ttm)21.6BNet income (ttm)2.2BSales growth+4.8%EPS growth+4.8%Sales Q/Q+7.2%
Free cash flow1.9BGross margin39.9%Oper. margin13.3%Net margin10.0%FCF margin8.7%ROE18.5%
ROA5.6%R&D / sales6.1%Dividend0.14Debt/Eq0.86Curr. ratio1.30Cash2.8B
Op. cash flow (ttm)2.4BEBITDA3.0BEBITDA margin14.8%Net debt7.2BQuick ratio1.05Interest cover5.29
ROIC10.0%Payout ratio3.1%Tax rate22.2%Stock pay / sales0.6%Shares out.452.1MShares Y/Y-0.2%
Book / share25.69Cash / share6.25Sales / share47.85Asset turnover0.56Sales 3Y CAGR+4.0%EPS 3Y CAGR+2.5%
Employees54,000Sales / employee401K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

GEHC against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
GEHCPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+4.8%41st of 60 · median +7.1%
Net margin
10.0%29th of 60 · median 9.6%
Return on equity
18.5%17th of 54 · median 13.1%
Free cash flow margin
8.7%41st of 56 · median 15.5%
Debt / equity (less is better)
0.8637th of 49 · median 0.66
GEHC and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
GEHC GE HealthCare$21.6B +4.8%39.9%10.0%18.5%8.7%0.86
DHR Danaher Corporation$25.6B +2.9%58.6%16.9%8.1%22.4%0.53
BDX Becton Dickinson$22.5B +8.2%46.9%4.2%3.9%14.2%0.69
BSX Boston Scientific$21.1B +19.9%69.1%16.6%13.7%15.8%0.47
UHS Universal Health Services$18.4B +9.7%-8.0%19.2%6.1%0.75
IQV IQVIA$17.3B +5.9%-8.1%20.9%12.0%2.41
Where each dollar goes

From $17.6B of sales to $2.2B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $7.2BRevenue to Cost of revenue: $10.4BGross profit to Operating profit: $2.8BGross profit to Operating expenses: $4.4BOperating profit to Net profit: $2.2BOperating profit to Tax & other: $548.0MOperating expenses to R&D: $816.0MOperating expenses to SG&A: $3.6B Revenue: $17.6B Revenue$17.6B Gross profit: $7.2B · 41% margin Gross profit$7.2B41% margin Cost of revenue: $10.4B · 59% of revenue Cost of revenue$10.4B59% of revenue Operating profit: $2.8B · 16% margin Operating profit$2.8B16% margin Operating expenses: $4.4B · 25% of revenue Operating expenses$4.4B25% of revenue Net profit: $2.2B · 13% margin Net profit$2.2B13% margin Tax & other: $548.0M · 3% of revenue Tax & other$548.0M3% of revenue R&D: $816.0M · 5% of revenue R&D$816.0M5% of revenue SG&A: $3.6B · 20% of revenue SG&A$3.6B20% of revenue

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From $18.3B of sales to $1.9B of profit

FY2022, from the 10-K income statement and revenue by product
Products to Revenue: $12.0BServices to Revenue: $6.3BRevenue to Gross profit: $7.2BRevenue to Cost of revenue: $11.2BGross profit to Operating profit: $2.5BGross profit to Operating expenses: $4.7BOperating profit to Net profit: $1.9BOperating profit to Tax & other: $606.0MOperating expenses to R&D: $1.0BOperating expenses to SG&A: $3.6B Products: $12.0B · 66% Products$12.0B66% Services: $6.3B · 34% Services$6.3B34% Revenue: $18.3B Revenue$18.3B +4% Y/Y Gross profit: $7.2B · 39% margin Gross profit$7.2B39% margin +0% Y/Y Cost of revenue: $11.2B · 61% of revenue Cost of revenue$11.2B61% of revenue Operating profit: $2.5B · 14% margin Operating profit$2.5B14% margin −10% Y/Y Operating expenses: $4.7B · 25% of revenue Operating expenses$4.7B25% of revenue Net profit: $1.9B · 10% margin Net profit$1.9B10% margin −15% Y/Y Tax & other: $606.0M · 3% of revenue Tax & other$606.0M3% of revenue R&D: $1.0B · 6% of revenue R&D$1.0B6% of revenue SG&A: $3.6B · 20% of revenue SG&A$3.6B20% of revenue

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From $19.6B of sales to $1.6B of profit

FY2023, from the 10-K income statement and revenue by product
Products to Revenue: $13.1BServices to Revenue: $6.4BRevenue to Gross profit: $7.9BRevenue to Cost of revenue: $11.6BGross profit to Operating profit: $2.4BGross profit to Operating expenses: $5.5BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $867.0MOperating expenses to R&D: $1.2BOperating expenses to SG&A: $4.3B Products: $13.1B · 67% Products$13.1B67% Services: $6.4B · 33% Services$6.4B33% Revenue: $19.6B Revenue$19.6B +7% Y/Y Gross profit: $7.9B · 41% margin Gross profit$7.9B41% margin +10% Y/Y Cost of revenue: $11.6B · 59% of revenue Cost of revenue$11.6B59% of revenue Operating profit: $2.4B · 12% margin Operating profit$2.4B12% margin −3% Y/Y Operating expenses: $5.5B · 28% of revenue Operating expenses$5.5B28% of revenue Net profit: $1.6B · 8% margin Net profit$1.6B8% margin −18% Y/Y Tax & other: $867.0M · 4% of revenue Tax & other$867.0M4% of revenue R&D: $1.2B · 6% of revenue R&D$1.2B6% of revenue SG&A: $4.3B · 22% of revenue SG&A$4.3B22% of revenue

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From $19.7B of sales to $2.0B of profit

FY2024, from the 10-K income statement and revenue by product
Products to Revenue: $13.1BServices to Revenue: $6.6BRevenue to Gross profit: $8.2BRevenue to Cost of revenue: $11.5BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $5.6BOperating profit to Net profit: $2.0BOperating profit to Tax & other: $632.0MOperating expenses to R&D: $1.3BOperating expenses to SG&A: $4.3B Products: $13.1B · 66% Products$13.1B66% Services: $6.6B · 34% Services$6.6B34% Revenue: $19.7B Revenue$19.7B +1% Y/Y Gross profit: $8.2B · 42% margin Gross profit$8.2B42% margin +4% Y/Y Cost of revenue: $11.5B · 58% of revenue Cost of revenue$11.5B58% of revenue Operating profit: $2.6B · 13% margin Operating profit$2.6B13% margin +8% Y/Y Operating expenses: $5.6B · 28% of revenue Operating expenses$5.6B28% of revenue Net profit: $2.0B · 10% margin Net profit$2.0B10% margin +27% Y/Y Tax & other: $632.0M · 3% of revenue Tax & other$632.0M3% of revenue R&D: $1.3B · 7% of revenue R&D$1.3B7% of revenue SG&A: $4.3B · 22% of revenue SG&A$4.3B22% of revenue

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From $20.6B of sales to $2.1B of profit

FY2025, from the 10-K income statement and revenue by product
Products to Revenue: $13.7BServices to Revenue: $7.0BRevenue to Gross profit: $8.2BRevenue to Cost of revenue: $12.4BGross profit to Operating profit: $2.8BGross profit to Operating expenses: $5.5BOperating profit to Net profit: $2.1BOperating profit to Tax & other: $679.0MOperating expenses to R&D: $1.3BOperating expenses to SG&A: $4.2B Products: $13.7B · 66% Products$13.7B66% Services: $7.0B · 34% Services$7.0B34% Revenue: $20.6B Revenue$20.6B +5% Y/Y Gross profit: $8.2B · 40% margin Gross profit$8.2B40% margin +1% Y/Y Cost of revenue: $12.4B · 60% of revenue Cost of revenue$12.4B60% of revenue Operating profit: $2.8B · 13% margin Operating profit$2.8B13% margin +5% Y/Y Operating expenses: $5.5B · 27% of revenue Operating expenses$5.5B27% of revenue Net profit: $2.1B · 10% margin Net profit$2.1B10% margin +5% Y/Y Tax & other: $679.0M · 3% of revenue Tax & other$679.0M3% of revenue R&D: $1.3B · 6% of revenue R&D$1.3B6% of revenue SG&A: $4.2B · 20% of revenue SG&A$4.2B20% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median10.0% vs 9.6%
  • !
    Gross margin down over 4 years40.8% → 40.0%
  • ✓
    Return on equity above 15%18.5%
  • ✓
    A profit in every one of 5 years
Net margin, FY2021 to FY2025: 12.8% → 10.1%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 5.3× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.86 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.30
  • !
    Net debt over 3 years of free cash flow$7.2B net debt, 3.8 years
Debt / equity at each year end, FY2021 to FY2025: 0.88 → 1.01
What the debt is made of ↓

Cash and shareholders

2 of 4
  • ✓
    Free cash flow positive in every one of 5 years$1.5B last year
  • !
    Share count up over 4 years+0.9%
  • ✓
    Dividend per share up over 2 years$0.12 → $0.14
  • !
    Cash from operations below net income$2.0B vs $2.1B
Free cash flow, FY2021 to FY2025: 1.4B → 1.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$10.0B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2021 to FY2025

Revenue 20.6B Net income 2.1B
FY2021 revenue 17.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001932393-24-000013 FY2021 net income 2.2B · NetIncomeLoss, 0001932393-24-000013 17.6B FY2021 FY2022 revenue 18.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001932393-25-000005 FY2022 net income 1.9B · NetIncomeLoss, 0001932393-25-000005 18.3B FY2022 FY2023 revenue 19.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001932393-26-000007 FY2023 net income 1.6B · NetIncomeLoss, 0001932393-26-000007 19.6B FY2023 FY2024 revenue 19.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001932393-26-000007 FY2024 net income 2.0B · NetIncomeLoss, 0001932393-26-000007 19.7B FY2024 FY2025 revenue 20.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001932393-26-000007 FY2025 net income 2.1B · NetIncomeLoss, 0001932393-26-000007 20.6B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

GEHC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue20.6B
FY2021: 17.6BFY2022: 18.3BFY2023: 19.6BFY2024: 19.7BFY2025: 20.6B FY2021FY2022FY2023FY2024FY2025
Net income2.1B
FY2021: 2.2BFY2022: 1.9BFY2023: 1.6BFY2024: 2.0BFY2025: 2.1B FY2021FY2022FY2023FY2024FY2025
Free cash flow1.5B
FY2021: 1.4BFY2022: 1.8BFY2023: 1.7BFY2024: 1.6BFY2025: 1.5B FY2021FY2022FY2023FY2024FY2025
EPS (diluted)4.55
FY2021: 4.95FY2022: 4.22FY2023: 3.03FY2024: 4.34FY2025: 4.55 FY2021FY2022FY2023FY2024FY2025
Dividend per share0.14
FY2021: -FY2022: -FY2023: 0.12FY2024: 0.12FY2025: 0.14 FY2021FY2022FY2023FY2024FY2025
Diluted shares458.0M
FY2021: 454.0MFY2022: 454.0MFY2023: 458.0MFY2024: 459.0MFY2025: 458.0M FY2021FY2022FY2023FY2024FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Imaging 9.2B44.8% +4.4%
AVS 5.4B26.0% +4.3%
PCS 3.1B15.0% -1.2%
P Dx 2.9B14.1% +15.6%

10-K 0001932393-26-000007, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Products 13.7B66.2% +4.5%
Services 7.0B33.8% +5.6%

10-K 0001932393-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
All other countries 9.4B45.7% +5.7%
U.S. Plans 9.2B44.5% +6.4%
China 2.0B9.8% -4.9%

10-K 0001932393-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2021FY2022FY2023FY2024FY2025
Revenue17.6B18.3B19.6B19.7B20.6B
Gross profit7.2B7.2B7.9B8.2B8.2B
R&D816.0M1.0B1.2B1.3B1.3B
SG&A3.6B3.6B4.3B4.3B4.2B
Operating income2.8B2.5B2.4B2.6B2.8B
Interest expense21.0M0570.0M550.0M522.0M
Pretax income2.9B2.5B2.4B2.6B2.8B
Income tax600.0M563.0M743.0M531.0M614.0M
Net income2.2B1.9B1.6B2.0B2.1B
EPS (diluted)4.954.223.034.344.55
Diluted shares454.0M454.0M458.0M459.0M458.0M
Depreciation & amortization225.0M228.0M248.0M268.0M287.0M
EBITDA3.0B2.8B2.7B2.9B3.0B
Gross margin40.8%39.1%40.5%41.7%40.0%
Operating margin15.9%13.8%12.5%13.3%13.4%
Net margin12.8%10.4%8.0%10.1%10.1%
Revenue growth-+4.3%+6.6%+0.6%+4.8%
EPS growth--14.7%-28.2%+43.2%+4.8%

Balance sheet

From EDGAR
FY2021FY2022FY2023FY2024FY2025
Cash561.0M1.4B2.5B2.9B4.5B
Inventory-2.2B2.0B1.9B2.2B
Current assets-8.3B9.4B9.9B12.5B
Property & equipment-2.0B2.1B--
Goodwill12.9B12.8B12.9B13.1B13.5B
Total assets-27.5B32.5B33.1B36.9B
Accounts payable-2.9B2.9B3.0B3.2B
Current liabilities-7.2B9.0B9.6B9.1B
Total debt-8.3B10.4B10.5B10.5B
Total liabilities-17.9B25.1B24.4B26.3B
Shareholders' equity16.7B9.4B7.1B8.4B10.4B
Retained earnings-01.3B3.3B5.3B

Cash flow

From EDGAR
FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.6B2.1B2.1B2.0B2.0B
Capital spending248.0M310.0M387.0M401.0M482.0M
Free cash flow1.4B1.8B1.7B1.6B1.5B
Stock-based pay (added back)76.0M67.0M114.0M125.0M130.0M
Dividends paid0041.0M55.0M64.0M
Buybacks--00200.0M
Acquisitions1.5B0147.0M313.0M378.0M
Investing cash flow-1.8B-398.0M-558.0M-914.0M-1.0B
Financing cash flow-263.0M-822.0M-478.0M-573.0M617.0M
Dividend per share--0.120.120.14

Stock-based pay and leases

From EDGAR
FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)76.0M67.0M114.0M125.0M130.0M
Stock-based pay / revenue0.4%0.4%0.6%0.6%0.6%
Operating lease cost114.0M115.0M121.0M134.0M136.0M
Operating lease cash paid128.0M113.0M130.0M138.0M151.0M
Right-of-use assets-313.0M356.0M364.0M410.0M
Operating lease liabilities-347.0M383.0M385.0M419.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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