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Arphra AIPlain-English read on GE HealthCare Technologies Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $17.59B | $18.34B | $19.55B | $19.67B | $20.63B | $21.8B | $22.82B | $23.9B | $25.69B |
| Cost of revenue | $10.41B | $11.16B | $11.63B | $11.47B | $12.38B | $12.56B | $13.85B | $13.99B | $14.81B |
| Gross profit | $7.17B | $7.18B | $7.92B | $8.21B | $8.25B | $8.93B | $9.54B | $9.67B | $10.59B |
| Gross margin | +40.80% | +39.14% | +40.52% | +41.71% | +39.99% | +40.95% | +41.80% | +40.48% | +41.23% |
| Operating | |||||||||
| Research & development | $816M | $1.03B | $1.21B | $1.31B | $1.26B | $1.38B | $1.44B | $1.51B | $1.62B |
| Selling, general & administrative | $3.56B | $3.63B | $4.28B | $4.27B | $4.23B | $4.63B | $4.79B | $5.17B | $5.38B |
| Total operating expenses | $4.38B | $4.66B | $5.49B | $5.58B | $5.49B | $6.02B | $6.38B | $6.81B | $7.29B |
| Operating income | $2.8B | $2.52B | $2.44B | $2.63B | $2.76B | $2.81B | $2.89B | $3.19B | $3.44B |
| Operating margin | +15.89% | +13.75% | +12.45% | +13.34% | +13.39% | +12.90% | +12.68% | +13.34% | +13.39% |
| EBITDA | $3.54B | $3.17B | $3.51B | $3.67B | $3.79B | $4.11B | $4.07B | $4.28B | $4.72B |
| EBIT | $2.92B | $2.53B | $2.9B | $3.09B | $3.21B | $3.38B | $3.46B | $3.77B | $3.85B |
| Below the line | |||||||||
| Interest expense | $40M | $86M | $542M | $505M | $450M | $545.76M | $580.92M | $606.2M | $629.72M |
| Interest income | $34M | $0 | $26M | $0 | $0 | $9.41M | $10.35M | $10.48M | $11.16M |
| Other income / expense | $80M | -$10M | -$74M | -$44M | $6M | — | — | — | — |
| Pre-tax income | $2.88B | $2.51B | $2.36B | $2.58B | $2.77B | $2.79B | $2.88B | $3.09B | $3.4B |
| Income tax expense | $600M | $563M | $743M | $531M | $614M | $674.17M | $712.9M | $761.23M | $797.36M |
| Earnings | |||||||||
| Net income | $2.25B | $1.92B | $1.57B | $1.99B | $2.08B | $2.02B | $2.19B | $2.26B | $2.49B |
| Net income · continuing ops | $2.28B | $1.95B | $1.62B | $2.05B | $2.15B | $2.12B | $2.22B | $2.31B | $2.5B |
| Net margin | +12.78% | +10.45% | +8.02% | +10.13% | +10.10% | +9.27% | +9.61% | +9.47% | +9.69% |
| EPS · basic | $4.90 | $4.22 | $3.04 | $4.37 | $4.56 | $4.91 | $5.41 | $6.08 | $6.77 |
| EPS · diluted | $4.90 | $4.22 | $3.02 | $4.34 | $4.55 | $4.88 | $5.41 | $6.02 | $6.82 |
| EPS · low estimate | — | — | — | — | — | $4.85 | $5.29 | $5.63 | $6.71 |
| EPS · high estimate | — | — | — | — | — | $4.89 | $5.50 | $6.47 | $6.90 |
| Shares · basic | 454.71M | 453.93M | 455M | 456M | 456.52M | 456.16M | 451.98M | 460.34M | 452.64M |
| Shares · diluted | 454.71M | 453.93M | 458M | 459M | 460.27M | 464M | 461.83M | 458M | 461.47M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 14 | 9 |
| Analysts (EPS) | — | — | — | — | — | 12 | 12 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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