A Business at a Glance
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NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Organization. On April 2, 2024, General Electric Company, which now operates as GE Aerospace (GE or Parent) completed the spin-off (the Spin-Off) of GE Vernova Inc. (the Company, GE Vernova, our, we, or us). The Spin-Off was completed through a distribution of all the Company's outstanding common stock to holders of record of GE's common stock as of the close of business on March 19, 2024 (the Distribution), which resulted in the issuance of approximately 274 million shares of common stock. As a result of the Distribution, the Company became an independent public company. Our common stock is listed under the symbol “GEV” on the New York Stock Exchange. In connection with the Spin-Off, GE contributed cash of $515 million to GE Vernova to fund future operations and transferred restricted cash of $325 million to us such that the Company’s cash balance upon completion of the Spin-Off was approximately $4,200 million.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 38.1B | 38.1B | 34.9B | 33.2B | 29.7B |
| Net Income | 4.9B | 4.9B | 1.6B | -438M | -2.7B |
| EPS | $17.69 | $17.69 | $5.58 | $-1.60 | $-10.00 |
| Free Cash Flow | 3.7B | 3.7B | 1.7B | 442M | -627M |
| ROIC | 42.7% | 46.0% | 15.8% | -5.9% | - |
| Gross Margin | 19.8% | 19.8% | 17.4% | 14.5% | 11.7% |
| Debt/Equity | 0.03 | 0.03 | 0.03 | 5.09 | - |
| Dividends/Share | $1.00 | $1.25 | $0.25 | - | - |
| Operating Income | 1.4B | 1.4B | 471M | -923M | -2.9B |
| Operating Margin | 3.6% | 3.6% | 1.3% | -2.8% | -9.7% |
| ROE | 43.7% | 47.1% | 16.3% | -5.9% | - |
| Shares Outstanding | 276M | 276M | 278M | 274M | 274M |
| Metric | 2022 | 2023 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 29.7B | 33.2B | 34.9B | 38.1B | 38.1B |
| Gross Margin | 11.7% | 14.5% | 17.4% | 19.8% | 19.8% |
| R&D | 979M | 896M | 982M | 1.2B | 1.2B |
| SG&A | 5.4B | 4.8B | 4.6B | 4.9B | 4.9B |
| EBIT | -2.9B | -923M | 471M | 1.4B | 1.4B |
| Op. Margin | -9.7% | -2.8% | 1.3% | 3.6% | 3.6% |
| Net Income | -2.7B | -438M | 1.6B | 4.9B | 4.9B |
| Net Margin | -9.2% | -1.3% | 4.4% | 12.8% | 12.8% |
| Non-Recurring | 111M | 0 | 173M | 176M | 176M |
| Returns on Capital | |||||
| ROIC | N/A | -5.9% | 15.8% | 46.0% | 42.7% |
| ROE | N/A | -5.9% | 16.3% | 47.1% | 43.7% |
| ROA | N/A | -0.9% | 3.0% | 8.5% | 7.8% |
| Cash Flow | |||||
| Op. Cash Flow | -114M | 1.2B | 2.6B | 5.0B | 5.0B |
| Free Cash Flow | -627M | 442M | 1.7B | 3.7B | 3.7B |
| Owner Earnings | -893M | 222M | 1.3B | 3.9B | 3.9B |
| CapEx | 513M | 744M | 883M | 1.3B | 1.3B |
| Maint. CapEx | 779M | 964M | 1.2B | 853M | 853M |
| Growth CapEx | 0 | 0 | 0 | 424M | 424M |
| D&A | 779M | 964M | 1.2B | 853M | 853M |
| CapEx/OCF | N/A | N/A | 34.2% | 25.6% | 25.6% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 275M | 275M |
| Dividend Yield | N/A | N/A | N/A | 0.2% | 0.1% |
| Share Buybacks | 0 | 0 | 43M | 3.3B | 3.3B |
| Buyback Yield | 0.0% | N/A | 0.0% | 1.8% | 1.2% |
| Stock-Based Comp | 0 | N/A | 155M | 257M | 257M |
| Debt Repayment | 15M | 16M | 23M | 0 | 0 |
| Balance Sheet | |||||
| Net Debt | -2.1B | N/A | -7.9B | -8.5B | -8.5B |
| Cash & Equiv. | 2.1B | 1.6B | 8.2B | 8.8B | 8.8B |
| Long-Term Debt | N/A | N/A | 248M | 254M | 254M |
| Debt/Equity | N/A | 5.09 | 0.03 | 0.03 | 0.03 |
| Interest Coverage | -37.4 | -11.1 | 6.4 | 26.2 | 26.2 |
| Equity | N/A | 7.4B | 9.5B | 11.2B | 11.2B |
| Total Assets | N/A | 46.1B | 51.5B | 63.0B | 63.0B |
| Total Liabilities | 643M | 37.7B | 40.9B | 50.7B | 50.7B |
| Intangibles | N/A | 1.0B | 813M | 727M | 727M |
| Retained Earnings | N/A | 0 | 1.6B | 6.2B | 6.2B |
| Working Capital | N/A | -1.9B | 2.5B | -756M | -756M |
| Current Assets | N/A | 27.4B | 34.2B | 40.2B | 40.2B |
| Current Liabilities | N/A | 29.3B | 31.7B | 41.0B | 41.0B |
| Per Share Data | |||||
| EPS | -10.00 | -1.60 | 5.58 | 17.69 | 17.69 |
| Owner EPS | -3.26 | 0.81 | 4.52 | 14.04 | 14.04 |
| Book Value | N/A | 27.09 | 34.32 | 40.49 | 40.49 |
| Cash Flow/Share | -0.42 | 4.33 | 9.29 | 18.06 | 20.78 |
| Dividends/Share | N/A | N/A | 0.25 | 1.25 | 1.00 |
| Shares Out. | 273.6M | 273.8M | 278.1M | 276.1M | 276.1M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | 59.7 | 37.5 | 56.0 |
| P/FCF | N/A | N/A | 54.5 | 49.3 | 73.8 |
| EV/EBIT | N/A | N/A | 179.4 | 125.5 | 191.0 |
| Price/Book | N/A | N/A | 9.7 | 16.4 | 24.5 |
| Price/Sales | N/A | N/A | 1.7 | 3.6 | 7.2 |
| FCF Yield | N/A | N/A | 1.8% | 2.0% | 1.4% |
| Market Cap | 0 | N/A | 92.6B | 183.0B | 273.6B |
| Avg. Price | 0.00 | N/A | 218.64 | 493.98 | 991.12 |
| Year-End Price | 0.00 | N/A | 333.02 | 662.97 | 991.12 |
GE Vernova Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
GE Vernova Inc. trades at 56.0x trailing earnings, compared to its 15-year median P/E of 48.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 72.0x vs a median of 51.9x. The company's 5-year average ROIC is 18.7% with a gross margin of 15.8%. Total shareholder yield (dividends + buybacks) is 1.3%. At current prices, the estimated annualized return to fair value is +54.9%.
GE Vernova Inc. (GEV) has a current P/E ratio of 56.0, compared to its historical median P/E of 48.6. The stock is currently considered Fair based on its historical valuation range.
GE Vernova Inc. (GEV) has a 5-year average return on invested capital (ROIC) of 18.7%. This indicates strong capital allocation and a potential competitive advantage.
GE Vernova Inc. (GEV) has a market capitalization of $273.6B. It is classified as a mega-cap stock.
Yes, GE Vernova Inc. (GEV) pays a dividend with a trailing twelve-month yield of 0.10%. The company also returns capital through share buybacks, with a buyback yield of 1.21%.
Based on historical P/E analysis, GE Vernova Inc. (GEV) appears fair. The current P/E of 56.0 is 15% above its historical median of 48.6. The estimated fair value CAGR (P/E method) is 112.6%.
GE Vernova Inc. (GEV) operates in the Electronic & Other Electrical Equipment (No Computer Equip) industry, within the Industrials sector.
GE Vernova Inc. (GEV) reported annual revenue of $38.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
GE Vernova Inc. (GEV) has a net profit margin of 12.8%. This is a healthy margin.
GE Vernova Inc. (GEV) generated $3.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GE Vernova Inc. (GEV) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
GE Vernova Inc. (GEV) reported earnings per share (EPS) of $17.69 in its most recent fiscal year.
GE Vernova Inc. (GEV) has a return on equity (ROE) of 47.1%. This indicates the company generates strong returns for shareholders.
GE Vernova Inc. (GEV) has a 5-year average gross margin of 15.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 4 years of financial data for GE Vernova Inc. (GEV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GE Vernova Inc. (GEV) has a book value per share of $40.49, based on its most recent annual SEC filing.