GEHC
GE HealthCare Technologies Inc.
GEHC has the edge over NVO overall, supported by lower modeled downside and stronger valuation.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
GEHC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
GEHC's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
GEHC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 15x | $71.95 | -12% |
| Forward | 15x | $81.84 | — |
| Current | 17x | $81.84 | — |
| Fair | 19x | $87.98 | +7.5% |
| Expensive | 24x | $111 | +36% |
Historical ranges are pointers, not guarantees.
GEHC's PE is in its fair range at 17x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over GEHC in the historical PE scenario, which offers more potential upside but is not a forecast.
GEHC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
GEHC has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
GEHC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.35 | +13% |
| Q3 2026 | $4.73 | -2.5% |
| Q2 2026 | $4.35 | -11% |
| Q1 2026 | $4.17 | -12% |
| Q4 2025 | $4.55 | +4.8% |
| Q3 2025 | $4.85 | +33% |
| Q2 2025 | $4.89 | +42% |
| Q1 2025 | $4.76 | +39% |
| Q4 2024 | $4.34 | +43% |
GEHC earned $4.73 per share over the past year, down 2.5% from the year before.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
GEHC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.5B | +7.2% |
| Q2 2026 | $5.3B | +5.8% |
| Q1 2026 | $5.1B | +7.4% |
| Q4 2025 | $5.7B | +7.1% |
| Q3 2025 | $5.1B | +5.8% |
| Q2 2025 | $5B | +3.5% |
| Q1 2025 | $4.8B | +2.7% |
| Q4 2024 | $5.3B | +2.2% |
GEHC's revenue has grown year over year for 10 quarters in a row: $5.5B last quarter, up 7.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +1.9 points |
| Q2 2026 | 14% | +0.9 points |
| Q1 2026 | 10% | -3.1 points |
| Q4 2025 | 15% | -0.6 points |
| Q3 2025 | 13% | -1.2 points |
| Q2 2025 | 13% | +0.5 points |
| Q1 2025 | 13% | +1.6 points |
| Q4 2024 | 15% | +1.8 points |
GEHC's operating margin was 15% last quarter, up 1.9 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over GEHC on profitability, with a higher operating margin.
GEHC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $793M | +64% |
| Q2 2026 | $68M | +750% |
| Q1 2026 | $112M | +14% |
| Q4 2025 | $916M | +13% |
| Q3 2025 | $483M | -26% |
| Q2 2025 | $8M | +$191M |
| Q1 2025 | $98M | -64% |
| Q4 2024 | $811M | -15% |
GEHC generated $1.9B in free cash flow over the past year, up 35% from the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
GEHC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -1M shares |
| 1 year | -0.9% | -4M shares |
| 3 years | -1.1% | -5M shares |
| 5 years | -0.4% | -1.7M shares |
GEHC has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $200M |
| Q1 2026 | $100M |
| Q4 2025 | — |
| Q3 2025 | $100M |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
GEHC spent $300M buying back its own shares over the past year.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
GEHC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.0x | Moderate |
| Q2 2026 | 2.4x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 2.6x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.4x | Moderate |
GEHC's net debt is about 2.0 years of its operating earnings (EBITDA), down from 2.5 years a year ago.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over GEHC on leverage, with a lower net debt burden relative to earnings.
GEHC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.0 | Neutral |
| Stochastic | 82.0 | Overbought |
GEHC's weekly RSI is 65 (neutral) and its Stochastic is 82 (overbought).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
GEHC PE vs Healthcare Sector
| Metric | GEHC | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 26x | 33% below |
| PE % | 42 | 42 | Same percentile |
GEHC is trading at 17x earnings, a 33% discount to the Healthcare sector's median of 26x.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over GEHC on valuation relative to its sector.
GEHC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.3 | 13% above |
| 20 week MA | $69.5 | 18% above |
| 50 week MA | $72.1 | 13% above |
| 100 week MA | $74.2 | 10% above |
| 200 week MA | $76.6 | 6.9% above |
GEHC has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
GEHC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $58.4 | $77.3 | +32% |
| 2024 | $77.3 | $79.5 | +2.8% |
| 2025 | $79.5 | $83.6 | +5.2% |
| 2026 YTD | $83.6 | $81.8 | -2.1% |
GEHC has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.