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GE HealthCare Technologies Inc. (GEHC)

NEUTRAL
HealthcareMedical DevicesUnited States

ファンダメンタル

52

株価

$74.03

時価総額

$33.51B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

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.

競争優位性(moat)

スイッチングコスト · 狭い

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.

需要を左右する要因

中程度の景気循環性

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.

主なリスク

  • 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.

顧客集中度

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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

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貸借対照表と流動性

売上高

$20.98B

直近12か月(2026/3/31まで)

純利益

$1.91B

直近12か月(2026/3/31まで)

フリーキャッシュフロー

$1.50B

自己資本合計

$10.38B

負債合計

$26.31B

流動比率

1.22

利払い倍率

-

負債/EBITDA

2.94

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

適正価値

適正価値

$64.44

現在株価

$74.03

安全マージン

-14.9%

適正価値レンジ

$49.68 - $79.19

推定方法

Analyst Target:$82.50
DCF:$60.93
PE-based:$58.49
Graham Growth:$32.46
EPV:$52.55
アナリスト・コンセンサス:買い (19B / 9H / 0S)
直近の決算サプライズ:+7.03%

バリュエーション指標

P/E レシオ

17.79

ROE

20.1%

P/B レシオ

3.16

P/FCF

22.22

粗利益率

39.1%

ROIC

7.3%

収益性レーダー

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.

ファンダメンタル分析基準

合格(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

不合格(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%

データなし(3)

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

Piotroski F-スコア

5/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.06

高品質:利益はキャッシュに裏付けられている

株式希薄化

-0.3%

株式を買い戻している。株主に友好的

ガバナンス

経営陣

氏名役職年齢
Mr. Peter J. ArduiniPresident, CEO & Director60

監査リスク

1

取締役会リスク

5

報酬リスク

5

株主権利リスク

5

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

Latest News

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