GENERAL ELECTRIC CO GE → GE HealthCare Technologies Inc. GEHC
| Parent | GENERAL ELECTRIC CO GE |
|---|---|
| Spinco | GE HealthCare Technologies Inc. GEHC |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 GE HealthCare share for every 3 GE shares |
| Parent retains | 19.9% |
| Checked against EDGAR | 2026-08-22 |
Data trap
GE retained roughly 19.9 percent, so the two share counts diverge sharply: about 364 million shares were distributed against roughly 454 million outstanding. Treating the distributed figure as the company understates market capitalisation by about a fifth. The distribution also took effect at 5:00 p.m. Eastern on January 3, after the close, so the first regular-way session is January 4.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2021-11-09Separation announced
- 2022-10-11Form 10 filed
- 2022-12-02Form 10 last amended
- 2022-12-08Form 10 effective
- 2022-12-16Record date
- —When-issued trading opens
- 2023-01-03Distribution
- 2023-01-30First standalone earnings
- —Index inclusion announced
Performance since separation
| GE HealthCare Technologies Inc. since separation | +23.69% |
|---|---|
| GENERAL ELECTRIC CO over the same window | +558.67% |
| S&P 500 (SPY) over the same window | +101.07% |
| Russell 2000 (IWM) over the same window | +72.99% |
| Excess over the S&P 500 | -77.38% |
| Excess over the Russell 2000 | -49.30% |
Measured from the first regular-way close on or after the distribution — 2023-01-04 at 60.49 — to 2026-08-21 at 74.82. Window: 3.6 years. The 2023-01-03 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -24.70% |
|---|---|
| Combined (GENERAL ELECTRIC CO + GE HealthCare Technologies Inc.), pre-distribution to now | +615.84% |
| Combined excess over the S&P 500 | +515.62% |
| Combined excess over the Russell 2000 | +543.81% |
Combined treats a pre-spin holding as 1 GE HealthCare share for every 3 GE shares valued at the parent's last close before regular post-spin trading resumed — 2022-12-30 at 52.15 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2022-10-11 · 0001193125-22-260650Initial Form 10 registration statement
- 10-12B/Afiled 2022-12-02 · 0001193125-22-297104Final Form 10 amendment
- 8-Kfiled 2022-12-08 · 0001193125-22-301053Form 10 declared effective; definitive information statement with the 1-for-3 ratio, the December 16 record date and the 5:00 p.m. January 3 distribution
- 8-Kfiled 2023-01-04 · 0001193125-23-001161Completion: distribution made January 3, 2023; GE retained approximately 19.9 percent; regular-way Nasdaq trading opened January 4
- 10-Kfiled 2023-02-15 · 0001932393-23-000025First annual report; cover gives 453,926,139 shares outstanding and confirms regular-way trading began January 4, 2023
Notes
GE's separation of its healthcare business, the first leg of the three-way split GE announced in 2021. Classified focus-increasing: the businesses sit in different two-digit SIC groups and the separation moved medical imaging out of an industrial conglomerate.