GE HealthCare Technologies Inc. (GEHC)
NEUTRALFondamental
52
Prix
$74.08
Capitalisation boursière
$33.51B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par segment
MRI, CT, X-ray, ultrasound and PET imaging equipment plus the advanced visualization software used to interpret the images.
Patient monitors, ventilators, anesthesia delivery and other equipment used to track and support patients at the bedside.
Contrast agents and radioactive tracers injected into patients to make imaging scans clearer and diagnoses more precise.
Financial services supporting equipment leasing and purchases, a small residual outside the three main product lines.
Avantage concurrentiel
Coûts de changement · ÉtroitHospitals 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.
Ce qui stimule la demande
Modérément cycliqueHealthcare 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.
Principaux risques
- 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.
Concentration des clients
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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
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Bilan & Liquidités
Chiffre d'affaires
$20.98B
12 derniers mois (au 31/03/2026)
Résultat net
$1.91B
12 derniers mois (au 31/03/2026)
Flux de trésorerie libre
$1.50B
Capitaux propres totaux
$10.38B
Passif total
$26.31B
Ratio de liquidité général
1.22
Couverture des intérêts
-
Dette/EBITDA
2.94
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$64.44
Prix actuel
$74.08
Marge de sécurité
-15.0%
Fourchette de juste valeur
$49.68 - $79.19
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
17.79
ROE
20.1%
Ratio P/B
3.16
P/FCF
22.22
Marge brute
39.1%
ROIC
7.3%
Radar de rentabilité
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.
Critères d'analyse fondamentale
Réussi (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
Échoué (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%
Indisponible (3)
- Dividend Payout NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Peter J. Arduini | President, CEO & Director | 60 |
Risque d'audit
1
Risque du conseil
5
Risque de rémunération
5
Risque droits des actionnaires
5
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for GEHC, sourced from Markets Gazette.