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AI核心结论
GE HealthCare (GEHC) delivered solid FY2025 results with revenue growing 4.8% to $20.6B and net income rising 4.6% to $2.1B, though gross margin compressed 170 basis points to 40.0% amid ongoing cost pressures.
营业收入
$20.63B
同比 ++4.84%
每股收益（基本）
$4.56
同比 ++4.35%
毛利率
40.0%
同比 -1.72%
营业利润
$2.76B
同比 ++5.26%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
GE HealthCare Technologies (GEHC) FY2025 营收 $20.63B，同比增长 4.8%。 净利润 $2.08B，同比增长 4.6%，稀释每股收益 $4.55。 毛利率 40.0%。
GEHC grew total revenue by 4.8% year-over-year from $19.7B to $20.6B in FY2025, reflecting continued demand for medical imaging, patient care solutions, and pharmaceutical diagnostics across global markets.
来源: Source: 10-K Income Statement, Financial Data
Gross margin declined approximately 170 basis points to 40.0% (from 41.7% in the prior year), suggesting rising cost of revenue pressures that outpaced top-line growth, with gross profit increasing only 0.5% despite a 4.8% revenue increase.
来源: Source: 10-K Income Statement & Key Ratios, Financial Data
Operating income grew 5.3% to $2.76B while SG&A expenses declined 1.0% to $4.23B and R&D spending fell 3.9% to $1.26B, helping to keep operating margin roughly flat at 13.4% despite gross margin pressure.
来源: Source: 10-K Income Statement, Financial Data
Cash and equivalents surged 56.3% to $4.49B from $2.87B in the prior year, supported by a swing in financing cash flow to +$617M (from -$573M), indicating improved liquidity and potentially new debt issuance or other financing activities.
来源: Source: 10-K Balance Sheet & Cash Flow, Financial Data
GEHC initiated share repurchases of $200M in FY2025 (versus $0 in the prior year) and increased dividends paid by 16.4% to $64M, signaling growing confidence in cash generation and a commitment to returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement, Financial Data
Gross margin fell from 41.7% to 40.0% in FY2025, a decline of approximately 170 basis points, while gross profit grew only 0.5% on 4.8% revenue growth. If cost pressures in manufacturing, supply chain, or product mix continue to intensify, profitability could be further squeezed even as revenues grow.
来源: Source: 10-K Key Ratios & Income Statement, Financial Data
Long-term debt increased 11.8% to $10.0B in FY2025, and the debt-to-equity ratio stands at approximately 2.53x. This elevated leverage increases GEHC's sensitivity to interest rate changes and could constrain financial flexibility if operating cash flows were to weaken.
来源: Source: 10-K Balance Sheet & Key Ratios, Financial Data
R&D spending fell 3.9% year-over-year to $1.26B in FY2025. For a medical technology company competing in rapidly evolving imaging, AI diagnostics, and pharmaceutical diagnostics markets, sustained reductions in innovation investment could erode long-term competitive positioning.
来源: Source: 10-K Income Statement, Financial Data
The current ratio of 1.37x, while above 1.0x, is relatively modest for a capital-intensive healthcare equipment company with $9.1B in current liabilities. Any unexpected working capital demands or economic slowdown could pressure near-term liquidity.
来源: Source: 10-K Balance Sheet & Key Ratios, Financial Data
Financing cash flow swung dramatically from -$573M to +$617M year-over-year, a change of over $1.2B, suggesting significant new borrowing or other financing transactions. The nature and sustainability of this shift, combined with new share buybacks, warrants monitoring for its impact on balance sheet health.
来源: Source: 10-K Cash Flow Statement, Financial Data
FY2025 实际 EPS $1.44，分析师一致预期 $1.43，超预期 +1.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $20.63B | $19.67B | +4.84% |
毛利润 | $8.25B | $8.21B | +0.52% |
营业利润 | $2.76B | $2.63B | +5.26% |
净利润 | $2.08B | $1.99B | +4.57% |
每股收益（基本） | $4.56 | $4.37 | +4.35% |
每股收益（稀释） | $4.55 | $4.34 | +4.84% |
研发费用 | $1.26B | $1.31B | -3.89% |
销售及管理费用 | $4.22B | $4.27B | -1.03% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $36.91B | $33.09B | +11.54% |
流动资产 | $12.5B | $9.9B | +26.26% |
总负债 | $26.31B | $24.44B | +7.65% |
流动负债 | $9.11B | $9.55B | -4.69% |
股东权益 | $10.38B | $8.45B | +22.89% |
现金及等价物 | $4.49B | $2.87B | +56.30% |
长期债务 | $10B | $8.95B | +11.75% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
投资活动现金流 | $-1.05B | $-914M | -14.55% |
筹资活动现金流 | $617M | $-573M | +207.68% |
股息支出 | $64M | $55M | +16.36% |
股票回购 | $200M | $0 | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 40.0% | 41.7% | -1.72% |
营业利润率 | 13.4% | 13.3% | +0.05% |
净利率 | 10.1% | — | — |
净资产收益率 | 20.1% | — | — |
总资产收益率 | 5.6% | — | — |
流动比率 | $1.373 | — | — |
资产负债率 | $2.535 | — | — |
Health Care Equipment 行业其他公司
GEHC delivered solid FY2025 results with revenue growing 4.8% to $20.6B and net income rising 4.6% to $2.1B. Diluted EPS increased to $4.55 from $4.34, while operating income grew 5.3% to $2.76B, demonstrating resilient profitability despite cost headwinds.
GEHC's gross margin fell approximately 170 basis points to 40.0% in FY2025, down from 41.7% in the prior year. This compression occurred because the cost of revenue grew faster than revenues, with gross profit rising only 0.5% despite a 4.8% increase in total revenue, suggesting rising manufacturing or input cost pressures.
GEHC's financial health is generally solid: cash and equivalents surged 56.3% to $4.49B, stockholders' equity grew 22.9% to $10.4B, and the current ratio stands at 1.37x. However, long-term debt rose 11.8% to $10.0B, resulting in a debt-to-equity ratio of approximately 2.53x, which represents meaningful leverage that investors should monitor.
Yes — GEHC initiated share buybacks of $200M in FY2025 (compared to $0 in the prior year) and increased dividends paid by 16.4% to $64M. These moves signal management's growing confidence in the company's cash generation capabilities.
Key risks include ongoing gross margin compression (down to 40.0% from 41.7%), elevated financial leverage with long-term debt of $10.0B and a debt-to-equity ratio of 2.53x, and a 3.9% decline in R&D spending that could affect long-term innovation competitiveness. Moderate liquidity (current ratio of 1.37x) and volatile financing cash flows are also worth watching.