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GE HealthCare Technologies Inc. (GEHC)

NEUTRAL
HealthcareMedical DevicesUnited States

Fundamental

52

Kurs

$73.44

Marktkapitalisierung

$33.51B

Teil 1 · Was das Unternehmen wert ist

Übersicht

GE HealthCare makes the diagnostic imaging equipment hospitals use to see inside the body — MRI, CT, X-ray, ultrasound and PET scanners — plus the contrast agents and radioactive tracers that make those scans clearer and the monitors and ventilators used to track patients at the bedside. Spun off from General Electric in 2023, it sells mainly to hospitals and health systems worldwide, competing in a market shared by a small number of large, similarly capable equipment makers.

Wie das Geld verdient wird

Revenue mixes large, lumpy equipment sales — an MRI or CT scanner can cost hospitals millions of dollars — with recurring, higher-margin revenue from service contracts, software and the imaging agents and tracers that must be repurchased for every scan. Equipment sales depend on hospital capital budgets and can be deferred, while service and consumable revenue is stickier once a machine is installed. AI-enabled software features are an increasing share of what GE HealthCare sells alongside the hardware.

Umsatz nach Segment

Advanced Imaging Solutions70.78%

MRI, CT, X-ray, ultrasound and PET imaging equipment plus the advanced visualization software used to interpret the images.

Patient Care Solutions14.96%

Patient monitors, ventilators, anesthesia delivery and other equipment used to track and support patients at the bedside.

Pharmaceutical Diagnostics14.06%

Contrast agents and radioactive tracers injected into patients to make imaging scans clearer and diagnoses more precise.

Other0.19%

Financial services supporting equipment leasing and purchases, a small residual outside the three main product lines.

Wettbewerbsvorteil

Wechselkosten · Schmal

Hospitals that buy a GE HealthCare scanner also commit to years of service contracts, staff training and integration with existing IT systems, making a switch to a rival brand costly and disruptive. That lock-in supports recurring service and consumables revenue, but Siemens Healthineers and Philips offer comparably capable equipment, so hospitals do switch brands at each new purchase cycle.

Was die Nachfrage antreibt

Mäßig zyklisch

Healthcare spending overall is fairly defensive, but big-ticket imaging equipment purchases are capital decisions hospitals can postpone when budgets tighten or interest rates rise, unlike the recurring consumables and service revenue tied to machines already installed. Aging populations and rising diagnostic scan volumes support long-term demand, while hospital reimbursement and capital-spending cycles create shorter-term swings.

Wichtigste Risiken

  • Hospital capital spending cycles — Large equipment purchases can be postponed when hospital budgets tighten or financing costs rise, creating lumpy order flow that does not track the steadier growth of the underlying diagnostics market.
  • Spin-off leverage — GE HealthCare took on new debt as part of its 2023 separation from General Electric; that leverage leaves less room to absorb a downturn or fund acquisitions than a business with a cleaner balance sheet.
  • Competition from Siemens Healthineers and Philips — Both rivals sell comparably capable imaging and patient-monitoring equipment, and hospitals routinely evaluate all major vendors at each replacement cycle, limiting GE HealthCare's pricing power.
  • Regulatory and product approval risk — Medical devices, imaging agents and radiopharmaceuticals require regulatory clearance in every market sold; delays, recalls or stricter rules can push back launches or force costly remediation.

Kundenkonzentration

GE HealthCare sells to thousands of hospitals and health systems across more than 100 countries, so no single customer accounts for a material share of revenue.

Die Argumente dafür

Buyers argue that GE HealthCare's installed base of imaging equipment across thousands of hospitals generates durable, high-margin recurring service and consumables revenue, and that aging populations and expanding diagnostic and AI-enabled software use support years of underlying growth.

Die Argumente dagegen

Sellers fear that big-ticket equipment sales are exposed to hospital capital-spending cuts, that debt taken on at the 2023 spin-off limits financial flexibility, and that Siemens Healthineers and Philips can match GE HealthCare's technology closely enough to keep pricing power in check.

Written by the editors, published on 18. August 2026

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Who this company fights with for the same customers

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Bilanz & Liquidität

Umsatz

$20.98B

Letzte 12 Monate (bis 31.3.2026)

Nettogewinn

$1.91B

Letzte 12 Monate (bis 31.3.2026)

Freier Cashflow

$1.50B

Gesamtes Eigenkapital

$10.38B

Gesamtverbindlichkeiten

$26.31B

Current Ratio

1.22

Zinsdeckungsgrad

-

Schulden/EBITDA

2.94

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Fair bewertet

Innerer Wert

$64.44

Aktueller Kurs

$73.44

Sicherheitsmarge

-14.0%

Innerer-Wert-Spanne

$49.68 - $79.19

Bewertungsmethoden

Analyst Target:$82.50
DCF:$60.93
PE-based:$58.49
Graham Growth:$32.46
EPV:$52.55
Analystenkonsens:Kaufen (19B / 9H / 0S)
Letzte Gewinnüberraschung:+7.03%

Bewertungskennzahlen

P/E-Verhältnis

17.79

ROE

20.1%

P/B-Verhältnis

3.16

P/FCF

22.22

Bruttomarge

39.1%

ROIC

7.3%

Rentabilitäts-Radar

Value Creation (Economic Moat)

ROIC

7.3%

WACC

6.9%

ROIC − WACC

+0.4 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Fundamentalanalyse-Kriterien

Bestanden (15)

  • Price CAGR 6.40%
  • ROIC 7.3%
  • Gross Margin 39.1%
  • P/FCF 22.22
  • Debt/Equity ratio
  • Operating Margin 12.6%
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 18.9%
  • Analyst Consensus 68% Buy
  • Earnings Quality (OCF/NI) 1.06
  • Share Dilution -0.3%
  • Piotroski F-Score 5/9

Nicht bestanden (10)

  • EPS shows upward trend
  • EPS CAGR -2.08%
  • P/B Ratio 3.16
  • CapEx intensity
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y 3.7%
  • Earnings Surprise avg 0.1%
  • Net Margin Trend 9.1% vs 11.0%

Nicht verfügbar (3)

  • Dividend Payout NaN%
  • Interest Coverage
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

5/9

Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit

score
criteria

Gewinnqualität

1.06

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

-0.3%

Aktienrückkäufe. Aktionärsfreundlich

Unternehmensführung

Führungsteam

NamePositionAlter
Mr. Peter J. ArduiniPresident, CEO & Director60

Prüfungsrisiko

1

Vorstandsrisiko

5

Vergütungsrisiko

5

Aktionärsrechterisiko

5

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

Latest News

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