NYSE: GEV · Heavy Electrical Equipment
GE Vernova
GE Vernova is the electric power equipment and services company spun off from General Electric on April 2, 2024. It reports three segments: Power (gas, nuclear, hydro and steam power; $19,767 million of 2025 revenue), Wind (onshore and offshore turbines and LM Wind Power blades; $9,110 million) and Electrification (grid solutions, power conversion and storage, and software; $9,642 million). 2025 revenue rose 9% to $38,068 million and net income reached $4,884 million, helped by a $2.9 billion benefit mainly from a U.S. tax valuation allowance release. Remaining performance obligations were $150.2 billion at December 31, 2025 and $197 billion at September 30, 2026. In February 2026 it bought the remaining 50% of transformer maker Prolec GE for $5,254 million, booking a $3,992 million pre-tax remeasurement gain. In October 2026 it agreed to buy grid equipment maker Trench Group for about $9.0 billion.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 02:50 (SEC EDGAR) · Source 10-K filed: January 29, 2026
Built on10-K FY2025 · filed 2026-01-2910-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 3.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -2.2 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -4.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.02x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 21.5x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.23
Higher than 53% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 11% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 18% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 1% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 10% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$827.33close on 2026-11-04
Market cap$222.99B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 21.5x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 19.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 106.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.2%
At FY2025 year-end: 37.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 15.8x
Book value at FY2025 year-end
At FY2025 year-end: 83.6x
EBITDA for FY2025
At FY2025 year-end: 2.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$9.97B → $12.64B (vs. a year earlier)↑ +26.8%$9.97B → $12.64B (vs. a year earlier)
- Operating margin3.7% → 11.0% (vs. a year earlier)↑ +7.4 pts3.7% → 11.0% (vs. a year earlier)
- Net income$452M → $1.29B (vs. a year earlier)↑ +185.6%$452M → $1.29B (vs. a year earlier)
- Diluted EPS$1.64 → $4.81 (vs. a year earlier)↑ +193.3%$1.64 → $4.81 (vs. a year earlier)
- Cash$13.12B → $16.76B (vs. previous quarter-end)↑ +27.8%$13.12B → $16.76B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Management outlook ↑ Raised
Raised 2026 guidance. Source sentence
GE Vernova reports strong third quarter 2026 financial performance, raises 2026 guidance,
Key changes
Q3 orders of $29B, up 96% organically. Source sentence
Orders of $29 B, + 96% organically led by equipment at Power and continued services strength
Backlog reached $197B. Source sentence
Backlog 1 growth of $ 20 B sequentially from equipment and services, reaching $ 197 B in total
Free cash flow $5.4B, up $4.7B. Source sentence
Free cash flow* of $ 5.4 billion increased $ 4.7 billion, primarily due to higher positive benefits from working capital
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- GE Vernova Inc.
- Headquarters
- CAMBRIDGE, MA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: GEV
- Industry
- Heavy Electrical Equipment
- CIK
- 1996810
- Website
- https://www.gevernova.com/ ↗
Workforce (as of FY2025 year-end)
Employees
75,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 22–28 days after quarter end (Jan 28, 2026; Jan 22, 2025). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–28 days after quarter end over the last 11 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 22, 2026 (+22 days) | Jul 22, 2026 10-Q (+22 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 22, 2026 (+22 days) | Apr 22, 2026 10-Q (+22 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 28, 2026 (+28 days) | Jan 29, 2026 10-K (+29 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 22, 2025 (+22 days) | Oct 22, 2025 10-Q (+22 days) |
| Q2 FY2025 | Jun 30, 2025 | — | Jul 23, 2025 10-Q (+23 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 23, 2025 (+23 days) | Apr 23, 2025 10-Q (+23 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 22, 2025 (+22 days) | Feb 6, 2025 10-K (+37 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 23, 2024 (+23 days) | Oct 23, 2024 10-Q (+23 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Jul 24, 2024 10-Q (+24 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 30, 2024 10-Q (+30 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Power
Gas Power
Heavy-duty (including HA) and aeroderivative gas turbines and services; $16,006M revenue in 2025.
Power
Nuclear, Hydro and Steam Power
Nuclear ($1,018M), hydro ($806M) and steam power ($1,937M) equipment and services.
Wind
Onshore Wind
Onshore turbines and services ($8,241M); service agreements on about 24,000 of an installed base of about 59,000 turbines.
Wind
Offshore Wind and LM Wind Power
Haliade-X offshore turbines (e.g. Vineyard Wind, Dogger Bank) and blades; $652M and $217M in 2025.
Electrification
Grid Solutions, Power Conversion & Storage, Software
Switchgear, HVDC and AC substation solutions, transformers (Prolec GE from 2026) and grid software such as GridOS.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K calls GE Vernova “a global leader in the electric power industry” and cites its installed base, but gives no market share percentage.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Revenue $38,068M (+9%); net income $4,884M including a $2.9B benefit mainly from a U.S. tax valuation allowance release.
Source: Form 10-K (FY2025)
Prolec GE
Acquired the remaining 50% for $5,254M on February 2, 2026; pre-tax remeasurement gain $3,992M.
Source: Form 10-Q (quarter ended 2026-06-30)
Q3 2026
Orders $29B (+96% organically); revenue $12.6B (+27%, +18% organic); net income $1.3B; adjusted EBITDA margin 15.4%; free cash flow $5.4B. Gas Power backlog and slot reservations rose to 122 GW. GE Vernova raised 2026 guidance, returned $5.7B to shareholders in nine months and doubled its buyback authorization to $20B.
Source: Q3 2026 earnings release
Trench Group acquisition
In October 2026 GE Vernova agreed to acquire Trench Group, a high-voltage grid equipment maker, for about $9.0B to add scale to Electrification; closing is expected in late 2027.
Source: Q3 2026 earnings release
Financing
Issued $2.6B of senior notes due 2031, 2036 and 2056 in February 2026.
Source: Form 8-K (2026-02-04) — Item 8.01 $2.6 billion senior notes offering
Management
CFO Kenneth Parks will retire on April 2, 2027.
Source: Form 8-K (2026-08-27) — Item 5.02 CFO retirement
Capex ÷ D&A (FY2025)
2.08x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,277M ÷ $615M = 2.08x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
3.1%
formularesearch & development expense ÷ revenue × 100
e.g.$1,197M ÷ $38,068M × 100 = 3.1%
Where the money goes, over time
Unit: $M. Capex went from $513M in FY2022 to $1.28B in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
08
Key figures at a glanceFrom SEC data
FY2022–FY2025, 4 years.
Revenue (FY2025)
$38.07B
As reported in the 10-K
Revenue CAGR (3 years)
+8.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($38,068M ÷ $29,654M) ^ (1÷3) − 1 = 8.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
3.6%▲favorable
+13.4pt vs. 3 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,388M ÷ $38,068M × 100 = 3.6%
ROE (FY2025)
47.1%▲favorable
4-year average: 9.3%
As reported in the 10-K
P/B (FY2025 end)
15.76x
formulafiscal year-end closing price ÷ book value per share
e.g.$653.57 ÷ $41.47 = 15.76x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
83.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($176,156M + $63M − $8,848M) ÷ ($1,388M + $615M) = 83.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.7% a year over 3 years (strong growth)
From $29.65B in FY2022 to $38.07B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -9.7% → 3.6%
How much operating profit is left per $100 of revenue. It moved +13.4 points over 3 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 17.7% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 3 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 9.3% over 4 years (latest: 47.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Xignux (Prolec GE)
- Électricité de France (EDF)
07 · what it does
Key activities
- Gas, nuclear, hydro and steam power equipment
- Onshore and offshore wind turbines
- Grid solutions, power conversion and storage
- Electrification software
06 · what it draws on
Key resources
- About 75,000 employees
- 91 manufacturing facilities
- Gas turbine installed base of about 7,000 units
02 · why customers buy
Value propositions
- Technologies that generate, transfer, convert and store electricity: gas turbines, grid equipment, wind and nuclear.
04 · how it keeps them
Customer relationships
- Long-term service agreements over an installed base of equipment.
03 · how it reaches them
Channels
- Direct sales to utilities, developers, governments and industrial users.
01 · who it serves
Customer segments
- Utilities and power developers
- Industrial, government and other electricity users
09 · where money goes
Cost structure
FY2025, share of revenue ($38.07B)
- Cost of revenue80.2%
- Research & development3.1%
- Selling, general & administrative13.0%
Operating profit left: 3.6% of revenue. Depreciation & amortization (inside the costs above): $615M. Capital spending: $1.28B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Equipment sales
- Services, including long-term service agreements
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Designs, manufactures, delivers and services technologies that generate, transfer, orchestrate, convert and store electricity; long-term service agreements on the installed base are a large part of the business.
01 what it draws on
Inputs & resources
- About 75,000 employees
- 91 manufacturing facilities
- Gas turbine installed base of about 7,000 units
02 what it does
Activities
- Gas, nuclear, hydro and steam power equipment
- Onshore and offshore wind turbines
- Grid solutions, power conversion and storage
- Electrification software
03 who it serves
Customers
- Utilities and power developers
- Industrial, government and other electricity users
04 how money comes in
How it earns
- Equipment sales
- Services, including long-term service agreements
How the business makes money
- About 1,800 gas turbines are under long-term service agreements with an average remaining life of about 10 years.
- Total RPO $150,238M at December 31, 2025 (equipment $64,245M, services $85,993M).
- 2025 orders included 173 gas turbines (29.8 GW).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
GE Vernova sells to governments and faces permitting and climate rules.
Government as customer
Government contracts
Sells to government entities globally under public procurement rules.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Environmental rules
Carbon rules
Greenhouse gas regulation and carbon pricing could raise costs for it and customers.
Supports and constrainsTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Power
19,767 (51%)Wind
9,110 (24%)Electrification
9,642 (25%)
Source: Form 10-K (FY2025) Before eliminations and other of $(451)M; total revenues $38,068M. Segment EBITDA 2025: Power $2,902M, Wind $(598)M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
U.S. — 46% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
U.S.
17,341 (46%)Europe
7,594 (20%)Middle East and Africa
5,389 (14%)Asia
4,629 (12%)Other Americas
3,116 (8%)
Source: Form 10-K (FY2025) Revenue by region to which equipment and services are sold.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Xignux (Prolec GE)
Bought Xignux’s 50% stake in the Prolec GE transformer joint venture for $5,254M on February 2, 2026.
Pending or recent acquisition
Électricité de France (EDF)
Sold a portion of Steam Power nuclear activities to EDF in 2024 for a $1.0B pre-tax gain.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Utilities, developers, governments and industrial electricity users worldwide.
Named by the company
The 10-K names no customer accounting for 10% or more of revenue.
Suppliers
Global suppliers of materials and components.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names key competitors for each segment.
Competitors named in the 10-K
Peer group the company chose
2026 compensation peer group (16 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Halliburton, Honeywell and Vestas were removed and RTX, IBM, Cisco and NextEra Energy added for 2026.
- ABBsite ↗
- Baker Hughessite ↗
- Caterpillarsite ↗
- Cumminssite ↗
- Deere & Companysite ↗
- Eatonsite ↗
- Emersonsite ↗
- Parker-Hannifinsite ↗
- Quanta Servicessite ↗
- SLB (Schlumberger)site ↗
- Schneider Nationalsite ↗
- Siemens Energysite ↗
- RTXsite ↗
- IBMsite ↗
- Cisco Systemssite ↗
- NextEra Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
| Line item | FY2022In next year’s 10-K | FY2023In next year’s 10-K | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|
| Income statement ($M) | ||||
| Revenue | 29,654 | 33,239 | 34,935 | 38,068 |
| Operating income | -2,881 | -923 | 471 | 1,388 |
| Pretax income | -2,474 | -130 | 2,498 | 2,828 |
| Net income (attributable) | -2,736 | -438 | 1,552 | 4,884 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 12.1% | 5.1% | 9.0% |
| Operating margincalcoperating income ÷ revenue × 100 | -9.7% | -2.8% | 1.3% | 3.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -9.2% | -1.3% | 4.4% | 12.8% |
| Balance sheet ($M) | ||||
| Total assets | — | 46,121 | 51,485 | 63,016 |
| Total equity | 11,607 | 8,380 | 10,593 | 12,296 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | — | 145 | 60 | 63 |
| Equity ratio | — | 16.1% | 18.5% | 17.7% |
| ROE | -23.6% | -4.6% | 18.3% | 47.1% |
| Cash flow ($M) | ||||
| Operating CF | -114 | 1,186 | 2,583 | 4,987 |
| Investing CF | -322 | -734 | -37 | -755 |
| Financing CF | 811 | -408 | 3,652 | -3,813 |
| Free cash flowcalccash flow from operations − capital expenditures | -627 | 442 | 1,700 | 3,710 |
| Cash and equivalents | 2,067 | 1,551 | 8,205 | 8,848 |
| Per share & other | ||||
| EPS ($) | -10.00 | -1.60 | 5.58 | 17.69 |
| BVPS ($) | — | — | 34.60 | 41.47 |
| Dividend per share ($) | — | — | 0.25 | 1.25 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | — | 4.5% | 7.1% |
| P/E (x) | — | — | 59.0 | 37.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | 60.5 | 83.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | — | — | 9.51 | 15.76 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $12.64B+26.8% | $1.39B+280.9% | $1.29B+185.6% | $4.81 |
| 2026-06-30 | $11.1B+21.9% | $653M+72.8% | $668M+30.0% | $2.47 |
| 2026-03-31 | $9.34B+16.3% | $179M+316.3% | $4.75B+1768.1% | $17.44 |
| 2025-12-31 † | $10.96B+3.8% | $601M+1.5% | $3.66B+657.0% | — |
| 2025-09-30 | $9.97B | $366M | $452M | $1.64 |
| 2025-06-30 | $9.11B | $378M | $514M | $1.86 |
| 2025-03-31 | $8.03B | $43M | $254M | $0.91 |
| 2024-12-31 † | $10.56B | $592M | $484M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
9.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,388M × (1 − 21%) ÷ $11,506M × 100 = 9.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
11.71%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $176.16B ÷ ($176.16B + $63M) = 100.0%
e.g.Debt weight: $63M ÷ ($176.16B + $63M) = 0.0%
e.g.WACC: 11.7% × 100.0% + 5.0% × (1 − 21%) × 0.0% = 11.71%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 9.6%–14.2% and ROIC − WACC runs −4.7 to −0.1 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 11.71% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.23 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.71%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 21% (U.S. federal statutory rate (not enough data for an effective rate))
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 11.71%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.23 (price-derived adjusted beta. Raw β 1.34, R² 0.19, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.342 + 0.33 = 1.229
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.23 × 5.5% = 11.7%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
10.0%
Perpetual FCF growth: g = r − FCF ÷ EV = 11.7% − 1.7%
Past FCF growth (FY2022–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2022–FY2025)
+8.7%
Compound annual rate, 3 years
Inputs (FY2025): free cash flow $3.71B (operating CF − capex); enterprise value $214.2B = market cap $222.99B (latest close, 2026-11-04) + debt $63M − cash and short-term investments $8.85B; r = WACC of 11.7% using this page’s default assumptions (β 1.23, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$218.24B
FCF $3.71B ÷ (11.7% − 10.0%)
Theoretical ÷ actual enterprise value
1.02x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 9.7% | 10.7% | 11.7% | 12.7% | 13.7% |
|---|---|---|---|---|---|
| 0% | 0.18x | 0.16x | 0.15x | 0.14x | 0.13x |
| 2% | 0.22x | 0.20x | 0.18x | 0.16x | 0.15x |
| 4% | 0.30x | 0.26x | 0.22x | 0.20x | 0.18x |
| 6% | 0.47x | 0.37x | 0.30x | 0.26x | 0.22x |
| 8% | 1.02x | 0.64x | 0.47x | 0.37x | 0.30x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.34x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -0.2%
A small share of profit rests on accounting estimates.
- !
Core-earnings share (operating income ÷ pretax income): 49%
Non-operating items (interest income, equity-method gains, other income/expense) are having a bigger effect.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,987M ÷ $4,884M = 1.02x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,388M ÷ $2,828M × 100 = 49%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($8,177M + $9,803M) ÷ 2 ÷ $38,068M × 365 = 86 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($8,587M + $10,429M) ÷ 2 ÷ $30,533M × 365 = 114 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 79.8%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 20.2%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 308 of 416
- Beta (adjusted)
- 1.23
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 74% of covered companies have more
above 1 = swings more than the market
- 212.5M shares reported by 3,441 13F filers ÷ 266.3M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-03 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
20
Strengths & weaknessesSite analysis
Strengths
1. Large backlog
RPO of $150.2B at end-2025, up 26%, $176.3B at June 30, 2026 and $197B at September 30, 2026.
Evidence: Form 10-K (FY2025); Q3 2026 earnings release
2. Service annuity
About 1,800 of about 7,000 installed gas turbines are under long-term service agreements; services RPO was $86.0B at end-2025.
Evidence: Form 10-K (FY2025)
3. Growth in gas and grid
2025 gas turbine orders rose to 173 units from 112; Electrification revenue grew to $9,642M from $7,550M.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Wind losses
Wind segment EBITDA was $(598)M in 2025 and $(588)M in 2024; Offshore Wind revenue fell to $652M.
Evidence: Form 10-K (FY2025)
2. Short operating history as a standalone company
Spun off from GE in April 2024; 2022–2023 figures are carve-out combined statements.
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
37.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.19%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
7%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.1%
(Operating CF − capex) ÷ market cap
1. Growing cash returns
Quarterly dividend doubled to $0.50 per share (declared December 2025); buyback authorization raised to $10B.
- What has to hold
- Cash flow keeps growing with the backlog.
- The other side
- Wind losses and large acquisitions compete for cash.
Evidence: Form 10-K (FY2025)
2. Backlog visibility
RPO grew to $197B at September 30, 2026.
- What has to hold
- Backlog converts at expected margins.
- The other side
- Project execution risk.
Evidence: Q3 2026 earnings release
Spun off from GE on April 2, 2024; 2022–2023 are carve-out combined financials, so share counts and book value per share for those years are left blank. 2025 net income includes a U.S. tax valuation allowance release; 2024 includes a $1.0B gain on the sale of part of Steam Power nuclear activities to EDF.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
100x+
$8.85B vs. $63M
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
13.5x
$3.71B vs. $275M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 4 fiscal years on record (FY2022–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Services
Services RPO of $85,993M at end-2025, much of it in long-term agreements expected to be recognized over up to 15+ years.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
GE Vernova lists no single pending lawsuit as significant. Its main legal exposures are $390 million of GE-transferred cash restricted for legacy GE legal matters, a possible tax indemnification to GE from an IRS audit of 2016–2020, and asbestos/worker exposure and environmental reserves of $129 million.
3 open matters (1 flagged as major)
IRS audit of GE 2016–2020 returns
PendingTax disputeMajorIRS, GE and GE Vernova
Under the tax matters agreement, additional tax from the IRS audit of GE’s consolidated returns could be allocated to GE Vernova; resolution is not likely in the near term and no liability is accrued.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 22, Guarantees and Other Loss Contingencies
Legacy GE legal matters (restricted cash)
PendingLawsuitGE Vernova and General Electric
GE transferred cash at separation that is restricted for certain legal matters related to legacy GE operations; GE Vernova carries a $390M liability to settle them and return any remaining cash to GE.
- Amounts
- $390 million liability
Source: Form 10-Q (quarter ended 2026-09-30) — Note 22, Guarantees and Other Loss Contingencies
Asbestos and worker exposure lawsuits
PendingProduct liabilitySubsidiaries are defendants in lawsuits alleging worker exposure to asbestos or other hazardous materials; environmental and worker exposure reserves were $129M at June 30, 2026.
- Amounts
- $129 million reserve (with environmental)
Source: Form 10-Q (quarter ended 2026-09-30) — Note 22, Guarantees and Other Loss Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Note 22, Guarantees and Other Loss Contingencies, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Governance & quality
Product quality and safety
- Company disclosure (summarized from the 10-K)
- Quality issues or safety failures, such as those affecting offshore wind projects including Vineyard Wind, can lead to costs and regulatory action.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Law & regulation
Energy policy
- Company disclosure (summarized from the 10-K)
- Changes in U.S. energy, tax and permitting policy have caused order uncertainty at Onshore Wind and affected offshore projects.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Supply chain
Capacity and supply constraints
- Company disclosure (summarized from the 10-K)
- Supply chain or logistics disruptions and manufacturing capacity limits could delay deliveries of a growing backlog.
- Company’s stated mitigation
- To mitigate the impact of tariffs, we are diversifying our supply chains, increasing U.S. manufacturing capabilities, and engaging with policy makers and industry associations to advocate for more beneficial trade policies.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Prolec GE integration
- Company disclosure (summarized from the 10-K)
- Integration of Prolec GE (about 10,000 employees) into Electrification.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
GE tax indemnification
- Company disclosure (summarized from the 10-K)
- An IRS audit of GE’s 2016–2020 returns could create material indemnification obligations to GE under the tax matters agreement; no liability is accrued.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What to watch going forwardSite analysis
- Gas turbine orders and slot reservations.
- Wind segment return to profitability.
- Electrification growth with Prolec GE.
- RPO growth ($197B at September 30, 2026; GE Vernova expects more than $200B in Q4).
- Buybacks under the $10B authorization.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 02:50 (SEC EDGAR) · Source 10-K filed: January 29, 2026
Built on10-K FY2025 · filed 2026-01-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent GE Vernova’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.