BMY vs GEHC: How Bristol Myers Squibb and GE HealthCare Compare (2026)
Last updated July 2026
Short answer
BMY is the larger of the two ($129.43B market cap): the incumbent the market prices for continued execution (10.25x forward earnings, beta 0.23). GEHC is the smaller challenger ($32.38B), actually pricier on forward earnings (13.28x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
BMY vs GEHC: the tie-breaker metrics
Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | BMY | GEHC | What it tells you |
|---|---|---|---|
| Market cap | $129.43B | $32.38B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 10.25 | 13.28 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 17.75 | 17.07 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.23 | 0.84 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 93% of range | 40% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 6.45 | 3.04 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: BMY is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how BMY and GEHC affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BMY and GEHC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BMY and GEHC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Bristol Myers Squibb (BMY) do?
Bristol Myers Squibb is one of the largest global biopharmaceutical companies, developing and selling prescription medicines across oncology, hematology, immunology, cardiovascular, and neuroscience. It makes money primarily by selling patented branded drugs, with a portfolio that has historically leaned on blockbuster franchises such as the blood thinner Eliquis (co-marketed with Pfizer), the cancer immunotherapy Opdivo, and the multiple myeloma drug Revlimid. The company is navigating a major patent cliff as several legacy products lose exclusivity, and it is rebuilding growth through a newer portfolio that includes drugs like Reblozyl, Opdualag, Camzyos, Sotyktu, and the schizophrenia treatment Cobenfy (acquired through Karuna). Bristol Myers grows both organically through its research pipeline and through large acquisitions (Celgene, MyoKardia, Karuna, Mirati). It is headquartered in New York and operates worldwide.
What does GE HealthCare (GEHC) do?
GE HealthCare is the medical technology business spun off from the former General Electric conglomerate as an independent company. It is one of the world's largest makers of medical imaging and diagnostic equipment. Its product portfolio spans MRI, CT, X-ray, ultrasound, and molecular imaging systems, plus contrast agents and radiopharmaceuticals used in scans, patient monitoring devices, and a growing suite of healthcare software and AI tools that help clinicians interpret images and manage care. GE HealthCare makes money by selling these large imaging systems to hospitals and clinics, and importantly through recurring revenue from service contracts, maintenance, software, and consumables like contrast media. With a large installed base of equipment worldwide, the company benefits from steady demand for diagnostics, an aging global population, and the growing role of AI in radiology. Headquartered in Chicago, it serves healthcare providers across developed and emerging markets and competes among the top global medical imaging vendors.
BMY vs GEHC: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- BMY drivers: New product portfolio ramp; Oncology and immunology depth.
- GEHC drivers: Large installed base and recurring revenue; AI and software in imaging.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central risk is the patent cliff: Eliquis, Opdivo, and other large products face loss of exclusivity, and generic or biosimilar competition can erode revenue quickly. For GEHC, gE HealthCare sells capital equipment to hospitals, whose budgets can tighten during economic or fiscal pressure, delaying purchases.
BMY or GEHC: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BMY if you believe its drivers more; GEHC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BMY and GEHC guides.
BMY vs GEHC: the full fundamentals
BMY. Bristol Myers tends to trade at a low forward earnings multiple relative to large-cap pharma peers, reflecting market skepticism about its ability to replace patent-cliff revenue. The high dividend yield and strong free cash flow are the bull-case anchors, while the depressed valuation reflects the bear case that legacy declines outrun newer products.
GEHC. GE HealthCare is valued as a defensive medical technology company with a large installed base and recurring service and consumables revenue. Investors weigh steady diagnostics demand and AI-driven product upgrades against competition and hospital capital-spending cycles. The valuation reflects a stable healthcare franchise with moderate growth and the optionality of expanding software and higher-margin businesses.
Headline figures (approximate, early 2026): BMY shows revenue (ttm) ~$48 billion, operating margin ~20% (varies with acquisition charges), net income (ttm) volatile, pressured by large acquisition write-offs, dividend yield ~4-5%; GEHC shows revenue (ttm) ~$19 to 21 billion, operating margin ~mid teens percent, net income (ttm) ~$2 billion or more, recurring revenue mix ~meaningful service and consumables.
The bottom line: BMY vs GEHC
BMY and GEHC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BMY and GEHC exposure against your real portfolio. It is not an investment adviser.
Wondering how BMY or GEHC fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Bristol Myers Squibb with AI
Connect the broker you already use and ask Walnut's AI how BMY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between BMY and GEHC?
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Bristol Myers Squibb is one of the largest global biopharmaceutical companies, developing and selling prescription medicines across oncology, hematology, immunology, cardiovascular, and neuroscience. GE HealthCare is the medical technology business spun off from the former General Electric conglomerate as an independent company. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is BMY or GEHC the better stock?
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Neither is universally better. BMY is the larger incumbent; GEHC is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, BMY or GEHC?
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On forward P/E (as of July 2026), BMY trades at 10.25x and GEHC at 13.28x, so BMY is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both BMY and GEHC?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of BMY vs GEHC?
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BMY: The central risk is the patent cliff: Eliquis, Opdivo, and other large products face loss of exclusivity, and generic or biosimilar competition can erode revenue quickly. Revlimid has already declined under generic entry. The newer portfolio must scale fast enough to offset these losses, which is not guaranteed. Drug pricing pressure (including US Medicare negotiation under the Inflation Reduction Act, which named Eliquis), clinical trial failures, regulatory setbacks, and integration risk from large acquisitions all weigh on the outlook. High debt from dealmaking and litigation exposure add further uncertainty. GEHC: GE HealthCare sells capital equipment to hospitals, whose budgets can tighten during economic or fiscal pressure, delaying purchases. It faces intense competition from Siemens Healthineers, Philips, and others, and pricing pressure in mature imaging categories. Supply chain disruptions and component shortages can affect deliveries. As a recently independent company, it carries debt from the spinoff and must execute on its own strategy. Regulatory approval, reimbursement changes, and product recalls are risks in medical devices. Currency swings affect its global revenue. Margins in hardware can be modest, and growth depends on successfully expanding higher-margin software, services, and contrast media against capable, well-resourced competitors.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell BMY or GEHC; figures are approximate and dated (as of July 2026). Verify current data before investing.