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GE HealthCare Technologies Inc. (GEHC)

NEUTRAL
HealthcareMedical DevicesUnited States

基本面

52

价格

$74.03

市值

$33.51B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

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.

护城河

转换成本 · 狭窄

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.

需求驱动因素

中度周期性

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.

主要风险

  • 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.

客户集中度

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.

看多理由

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.

看空理由

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

No editorial profile for this company yet

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资产负债表与流动性

营收

$20.98B

最近12个月(截至2026/3/31)

净利润

$1.91B

最近12个月(截至2026/3/31)

自由现金流

$1.50B

股东权益合计

$10.38B

负债合计

$26.31B

流动比率

1.22

利息覆盖率

-

债务/EBITDA

2.94

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

合理估值

公允价值

$64.44

当前价格

$74.03

安全边际

-14.9%

公允价值区间

$49.68 - $79.19

估算方法

Analyst Target:$82.50
DCF:$60.93
PE-based:$58.49
Graham Growth:$32.46
EPV:$52.55
分析师共识:买入 (19B / 9H / 0S)
最近财报超预期:+7.03%

估值指标

市盈率(P/E)

17.79

ROE

20.1%

市净率(P/B)

3.16

P/FCF

22.22

毛利率

39.1%

ROIC

7.3%

盈利能力雷达图

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.

基本面分析标准

通过(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

未通过(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%

不可用(3)

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

Piotroski F-评分

5/9

信号混杂:部分领域需关注

score
criteria

盈利质量

1.06

高质量:盈利有现金流支撑

股权稀释

-0.3%

正在回购股份,对股东友好

公司治理

管理团队

姓名职位年龄
Mr. Peter J. ArduiniPresident, CEO & Director60

审计风险

1

董事会风险

5

薪酬风险

5

股东权利风险

5

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

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