GEHC vs ZBH: GE HealthCare Technologies and Zimmer Biomet compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- GE HealthCare Technologies is the larger company, worth $31.0B, about 1.7 times Zimmer Biomet.
- GE HealthCare Technologies grew revenue faster over the last year (+7.4% vs +4.8%).
- Zimmer Biomet keeps more of each dollar of revenue as operating profit (14.2% vs 12.6%).
- On earnings, GE HealthCare Technologies is the cheaper stock (16.4x vs 24.0x).
- GE HealthCare Technologies's price assumes faster free cash flow growth: about 5% a year, against -2% for Zimmer Biomet (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | GEHC | ZBH |
|---|---|---|
| Market cap | $31.0B | $17.9B |
| Share price | $65.74 | $89.14 |
| Revenue (last fiscal year) | $20.6B | $8.2B |
| Free cash flow (last fiscal year) | $1.5B | $1.5B |
| Revenue growth, last year | +7.4% | +4.8% |
| Revenue growth per year, last 5 fiscal years | +4.1% | +4.8% |
| Operating margin | 12.6% | 14.2% |
| Net margin | 9.1% | 9.5% |
| Return on equity | 17.9% | 6.4% |
| P/E (trailing) | 16.4x | 24.0x |
| Price / free cash flow | 20.6x | 12.2x |
| EV / EBITDA | 10.6x | 12.2x |
| FCF growth the price implies | 5.4% | -1.5% |
| Dividend yield | 0.22% | 1.0% |
| Debt / equity | 2.46x | 0.81x |
| Fundamental grade | D | B |
| Superinvestors holding it | 9 | 8 |
| Insider purchases, last 12 months | 6 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
GE HealthCare Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.6B | $1.4B | 15.9% |
| 2022 | $18.3B | $1.8B | 13.8% |
| 2023 | $19.6B | $1.7B | 12.5% |
| 2024 | $19.7B | $1.6B | 13.3% |
| 2025 | $20.6B | $1.5B | 13.4% |
Zimmer Biomet
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.8B | $1.4B | 12.6% |
| 2022 | $6.9B | $1.2B | 10.0% |
| 2023 | $7.4B | $1.3B | 17.3% |
| 2024 | $7.7B | $1.3B | 16.7% |
| 2025 | $8.2B | $1.5B | 13.3% |
Where the revenue comes from
GE HealthCare Technologies · by segments, 2025
Imaging$9.2B45%
AVS$5.4B26%
PCS$3.1B15%
PDx$2.9B14%
Zimmer Biomet · by products, 2025
Knees$3.3B40%
S.E.T$2.2B26%
Hips$2.1B25%
Technology & Data, Bone Cement and Surgical$666M8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open GEHC in InvestinglyQuestions
Which is bigger, GE HealthCare Technologies or Zimmer Biomet?
GE HealthCare Technologies (GEHC), at $31.0B against $17.9B.
Is GEHC or ZBH cheaper?
By trailing P/E, GE HealthCare Technologies (16.4x) is cheaper than Zimmer Biomet (24.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, GEHC or ZBH?
GE HealthCare Technologies: revenue grew +7.4% over the last year, against +4.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.