MeritValue

GE HealthCare Technologies Inc.

GEHCdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

GE HealthCare Technologies Inc. earns about 9% on invested capital, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $9.86 and $45.09 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$17.6B1$18.3B2$19.6B3$19.7B3$20.6B3
Net income$2.25B4$1.92B5$1.57B6$1.99B6$2.08B6
Operating cash flow$1.61B7$2.13B8$2.1B9$1.96B9$1.99B9
Capital expenditure$248M10$310M11$387M12$401M12$482M12
Free cash flow (derived)$1.36B7$1.82B8$1.71B9$1.55B9$1.51B9
Total debt—$16.5B13$19.9B14$19.4B15$20.5B15
Cash & equivalents$561M16$1.44B17$2.49B18$2.87B19$4.49B19
Diluted shares454.0M454.0M458.0M459.0M458.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$226.62
your share of equity
Profit it earned you last year
$45.5
Free cash flow it threw off
$32.86
Debt you’d be carrying
$447.77

10 shares is a claim on $226.62 of net worth that earned you $45.5 and generated $32.86 of cash last year, against $447.77 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 14%FY22 8%FY23 7%FY24 8%FY25 8%

It earned about 9% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 24% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $9.86 and $45.09 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$9.86
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$1.55B
DCF · Growth Exit 5Y
$13.51
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$1.55B
Earnings Power Value
$45.09
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.99B
  • growthAssumed0.0%
Graham Number
$48.17
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $13.51
The three cases
Bear0.0%$13.51
Base0.0%$13.51
Bull5.0%$25.24

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001932393-24-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001932393-25-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001932393-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001932393-24-000013 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001932393-25-000005 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001932393-26-000007 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001932393-24-000013 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 10-K · period ending 2022-12-31 · accession 0001932393-25-000005 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2023-12-31 · accession 0001932393-26-000007 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2021-12-31 · accession 0001932393-24-000013 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001932393-25-000005 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001932393-26-000007 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-12-31 · accession 0001932393-24-000013 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001932393-25-000005 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001932393-26-000007 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001932393-25-000005 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2022-12-31 · accession 0001932393-24-000013 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001932393-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001932393-26-000007 (CashAndCashEquivalentsAtCarryingValue)