# GE HealthCare Technologies (GEHC.US)

Canonical: https://gigainvestors.com/s/GEHC

Analysis as of: 2026-10-16T07:28:44.053Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $70.35 per share; close as of 2026-10-15.

Estimated value: low $63.12 per share, central $71.30 per share, high $82.20 per share. Buy at or below the central value $71.30 per share. Valuation as of 2026-10-16T07:28:44.053Z; scenarios are not confidence intervals.

Expected annual return: 10.1% at the stated quote. About 10.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.13×

- FY2020: 0.16×

- FY2021: 0.16×

- FY2022: 0.14×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 89.7%

- ROIC, second-lowest year: 60.7%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 40.0%

- Recent gross margin (lower of latest and 3-year median): 40.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 14.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 89.0%

- FY2021: 60.7%

- FY2022: 52.4%

- FY2023: >100%

- FY2024: >100%

- FY2025: 90.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $13B

- Net income, five-year total: $11B

- Working capital / revenue, annual change: 0.5 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.17×

- FY2022: 1.17×

- FY2023: 1.07×

- FY2024: 1.09×

- FY2025: 1.05×

### management: fail

- buybacks unrelated to price (informational)

- Per-share earnings: 4.95 to 4.55 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- Per-share value growth: -2.1%

- Per-share value change: -$0.40

- Per-share value, starting three-year median: $4.95

- Per-share value, ending three-year median: $4.55

- Average buyback yield: 0.5%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2019: $3.35

- FY2020: $30.45

- FY2021: $4.95

- FY2022: $4.22

- FY2023: $6.78

- FY2024: $4.34

- FY2025: $4.55

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: 0.3%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 6.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.95×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.41×

Chart: Sloan accruals; fiscal year observations.

- FY2020: 50.2%

- FY2021: 2.4%

- FY2022: -0.7%

- FY2023: 3.1%

- FY2024: 0.1%

- FY2025: 0.3%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Bloomstran](https://gigainvestors.com/SA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nelson Peltz](https://gigainvestors.com/TF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 25% since Sep 2024 · "However, increased tariffs and a product hold in Patient Care Solutions weighed on profitability." (finance.yahoo.com, Nov 2025) · sales +4.8%

Story as of 2026-10-16T09:58:48.630Z; price observation 2026-10-15.

Price needs cash profits to grow 0.7% a year for ten years

- 2025-04-30: Stellantis guidance, Seagate Q3 beat, GE Healthcare trims outlook ([finance.yahoo.com](https://finance.yahoo.com/video/stellantis-guidance-seagate-q3-beat-183539547.html))

- 2025-06-25: GEHC Stock Gains Post FDA's Nod for Vizamyl's Expanded Indications ([finance.yahoo.com](https://finance.yahoo.com/news/gehc-stock-gains-post-fdas-140300799.html))

- 2025-11-24: GE HealthCare to Acquire Intelerad for $2.3B to Boost Cloud Imaging ([finance.yahoo.com](https://finance.yahoo.com/news/ge-healthcare-acquire-intelerad-2-160900630.html))

- 2026-02-04: GE HealthCare forecasts 2026 profit above estimates on strong demand for medical devices ([finance.yahoo.com](https://finance.yahoo.com/news/ge-healthcare-forecasts-2026-profit-122408442.html))

- 2026-04-30: GE HealthCare’s stock plunges 13% as supply chain costs bite ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ge-healthcare-stock-plunges-13-162843853.html))

- 2026-07-29: GE HealthCare beats quarterly profit estimates on strong imaging demand, tariff refunds ([finance.yahoo.com](https://finance.yahoo.com/news/ge-healthcare-beats-quarterly-profit-111314363.html))

### Sales · FY2024–2025

sales +4.8%; source https://www.sec.gov/Archives/edgar/data/1932393/000193239326000007/gehc-20251231.htm; observed 2026-02-04.

- FY2019: $17B 

- FY2020: $17B 

- FY2021: $18B 

- FY2022: $18B 

- FY2023: $20B 

- FY2024: $20B 

- FY2025: $21B 

### Gross margin · FY2025

gross margin 40%; source https://www.sec.gov/Archives/edgar/data/1932393/000193239326000007/gehc-20251231.htm; observed 2026-02-04.

- FY2019: 39.4% 

- FY2020: 39.4% 

- FY2021: 40.8% 

- FY2022: 39.1% 

- FY2023: 40.5% 

- FY2024: 41.7% 

- FY2025: 40.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 20.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1932393/000193239326000007/gehc-20251231.htm (filed 2026-02-04); FY2025: revenue 20625000000; grossProfit 8247000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GEHC.US: GE HealthCare Technologies Inc. engages in the development, manufacture, and marketing of products, services, and complementary digital solutions used in the diagnosis, treatment, and monitoring of patients in the United States, Canada, and internationally. The company operates through four segments: Imaging, Advanced Visualization Solutions (AVS), Patient Care Solutions (PCS), and Pharmaceutical Diagnostics (PDx). The Imaging segment offers molecular imaging, computed tomography (CT) scanning, magnetic resonance (MR) imaging, X-ray systems, and women's health products. The AVS segment provides ultrasound, image guided therapies, and interventional solutions for screening, diagnosis, treatment, and monitoring of certain diseases in clinical areas, such as women's health, cardiovascular, and comprehensive care ultrasound as well as surgical visualization and guidance products. The PCS segment provides medical devices, consumables, services, and digital solutions. Its portfolio includes patient monitoring, diagnostic cardiology, consumables and services, digital solutions, maternal infant care, and anesthesia products. The PDx segment supplies diagnostic agents, including CT, angiography and X-ray, MR, single-photon emission computed tomography, and positron emission tomography to the radiology and nuclear medicine industries. The segment also provides contrast media pharmaceuticals that are administered to a patient prior to certain diagnostic scans to increase the visibility of tissues or structures during imaging exams; and molecular imaging agents or radiopharmaceuticals, which are molecular tracers labeled with radioisotopes. The company has a strategic collaboration with DeepHealth. GE HealthCare Technologies Inc. was formerly known as GE Healthcare Holding LLC and changed its name to GE HealthCare Technologies Inc. in December 2022. The company was incorporated in 2022 and is headquartered in Chicago, Illinois.

### Why customers stay

Margins ranged from 40% to 41.7% during 2023–25; it earns 89.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); FY2023: grossProfit / revenue = 40.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); FY2024: grossProfit / revenue = 41.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1932393/000193239326000007/gehc-20251231.htm (filed 2026-02-04); FY2025: grossProfit / revenue = 40%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); 7-year return on capital observations [[2020,0.8903422827331722],[2021,0.6069417267217104],[2022,0.5240382319126362],[2023,1.5649100257069408],[2024,1.1608840170890757],[2025,0.9027009344206178]]; median 0.896521608576895. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Organic revenue* grew 8.8% driven by continued growth in volume and price.

- Source: https://www.sec.gov/Archives/edgar/data/1932393/000193239326000007/gehc-20251231.htm (filed 2026-02-04); r $222 million with strength in the U.S. market, partially offset by continued pressure in the China market; •PCS segment revenues were $3,086 million, decreasing 1.2% or $38 million, largely driven by a decline in Life Support Solutions revenues; and •PDx segment revenues were $2,900 million, growing 15.6% or $392 million as reported, driven by an increase in Organic revenue* and the acquisition of Nihon Medi-Physics Co., Ltd. (“NMP”). Organic revenue* grew 8.8% driven by continued growth in volume and price. The regional revenues were as follows: •USCAN revenues were $9,531 million, growing 6.1% or $550 million, largely driven by growth across AVS, Imaging, and PDx segment revenues; •EMEA revenues were $5,425 million, growing 7.4% or $374 million with growth in Imaging, AVS, and PDx revenues, as well as favorable foreign currency impacts; •China region revenues were $2,251 million, decreasing 4.6% or $108 million with declines in Imaging, AVS, and PCS revenues partially offset by growth in PDx revenues; and •Rest of World revenues were $3,418 million, growing 4.2% or $138 million with growth in PDx, inclusive of NMP revenues, and Imaging revenues, partially offset by unfavorable foreign currency impacts.

### Where the cash goes

Reinvests 17.3% of cash earnings; paid dividends in 3 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); FY2019: growth capex 0; upkeep 331000000; owner earnings 1852000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); FY2020: growth capex 0; upkeep 259000000; owner earnings 14217000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); FY2021: growth capex 0; upkeep 248000000; cash acquisitions 1481000000; owner earnings 2624000000. Growth capex plus acquisitions / owner earnings = 0.5644054878048781.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); FY2022: growth capex 0; upkeep 310000000; cash acquisitions 0; owner earnings 2239000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); FY2023: growth capex 0; upkeep 387000000; cash acquisitions 147000000; owner earnings 3327000000. Growth capex plus acquisitions / owner earnings = 0.04418394950405771.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); FY2024: growth capex 0; upkeep 401000000; cash acquisitions 313000000; owner earnings 2172000000. Growth capex plus acquisitions / owner earnings = 0.14410681399631675.

- Source: https://www.sec.gov/Archives/edgar/data/1932393/000193239326000007/gehc-20251231.htm (filed 2026-02-04); FY2025: growth capex 0; upkeep 482000000; cash acquisitions 378000000; owner earnings 2180000000. Growth capex plus acquisitions / owner earnings = 0.17339449541284405.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,41000000],[2024,55000000],[2025,64000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1932393/000193239326000007/gehc-20251231.htm (filed 2026-02-04); FY2025: cash repurchases 200000000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GEHC.US SharesStats.PercentInsiders = 0.369 percentage points; cache date 2026-10-16.

### What could break it

"We are exposed to risks associated with product liability claims" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1932393/000193239326000007/gehc-20251231.htm (filed 2026-02-04); We are exposed to risks associated with product liability claims

### What the price says

The price assumes cash profits grow 0.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); Ten-year compound average after fade. Initial solved rate -0.0025262786314023677. Price 70.35; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2022-12: $58.38 per share

- 2023-01: $69.52 per share

- 2023-02: $76.00 per share

- 2023-03: $82.03 per share

- 2023-04: $81.34 per share

- 2023-05: $79.51 per share

- 2023-06: $81.24 per share

- 2023-07: $78.00 per share

- 2023-08: $70.45 per share

- 2023-09: $68.04 per share

- 2023-10: $66.57 per share

- 2023-11: $68.46 per share

- 2023-12: $77.32 per share

- 2024-01: $73.36 per share

- 2024-02: $91.28 per share

- 2024-03: $90.91 per share

- 2024-04: $76.24 per share

- 2024-05: $78.00 per share

- 2024-06: $77.92 per share

- 2024-07: $84.63 per share

- 2024-08: $84.82 per share

- 2024-09: $93.85 per share

- 2024-10: $87.35 per share

- 2024-11: $83.22 per share

- 2024-12: $78.18 per share

- 2025-01: $88.30 per share

- 2025-02: $87.35 per share

- 2025-03: $80.71 per share

- 2025-04: $70.33 per share

- 2025-05: $70.54 per share

- 2025-06: $74.07 per share

- 2025-07: $71.32 per share

- 2025-08: $73.73 per share

- 2025-09: $75.10 per share

- 2025-10: $74.95 per share

- 2025-11: $79.99 per share

- 2025-12: $82.02 per share

- 2026-01: $78.97 per share

- 2026-02: $84.27 per share

- 2026-03: $71.18 per share

- 2026-04: $60.84 per share

- 2026-05: $62.34 per share

- 2026-06: $64.01 per share

- 2026-07: $68.02 per share

- 2026-08: $71.23 per share

- 2026-09: $65.37 per share

- 2026-10: $70.35 per share

## Annual estimated value (USD per share)

- FY2023: low $74.24 per share, central $83.84 per share, high $96.62 per share

- FY2024: low $75.34 per share, central $84.98 per share, high $97.81 per share

- FY2025: low $69.04 per share, central $77.32 per share, high $88.35 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:26.192Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1932393/000193239326000007/gehc-20251231.htm); period 2025-12-31, filed 2026-02-04.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.