A Business at a Glance
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GE Vernova Inc.
GEV
$280.2B
Mkt Cap
$1,014.75
-1.59%
GE Vernova Inc. (GEV) has a current P/E ratio of 57.4, 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 19.7%. This indicates strong capital allocation and a potential competitive advantage.
GE Vernova Inc. (GEV) has a market capitalization of $272.7B. It is classified as a mega-cap stock.
Yes, GE Vernova Inc. (GEV) pays a dividend with a trailing twelve-month yield of 0.13%. The company also returns capital through share buybacks, with a buyback yield of 1.28%.
Based on historical P/E analysis, GE Vernova Inc. (GEV) appears fair. The current P/E of 57.4 is 18% above its historical median of 48.6. The estimated fair value CAGR (P/E method) is 88.3%.
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 is a global leader in electric power infrastructure, operating through three segments: Power, which designs and manufactures gas, nuclear, hydro, and steam generation technologies providing dispatchable and reliable baseload capacity; Wind, which develops onshore and offshore wind turbines and blades; and Electrification, which provides grid solutions, power conversion, storage, and solar technologies for electricity transmission, distribution, and orchestration. The company earns revenue through equipment sales and long-term service contracts, with a business model characterized by large, multi-year backlogs that support predictable cash generation and margin expansion as higher-priced orders flow through production. Unit economics are capital-intensive with significant manufacturing footprints, though the company pursues asset-light service offerings with recurring revenue streams. Distribution occurs through direct relationships with utilities, independent power producers, data centers, and grid operators globally, with particular strength in North America and Europe. The company's competitive moat derives from proprietary turbine and grid technology, integrated product portfolios addressing electrification and decarbonization, and operational excellence through lean manufacturing practices that drive productivity and cost reduction. Customers span traditional power generators, renewable energy developers, hyperscale data centers, and government entities seeking to modernize grid infrastructure and support electrification.
【Accelerating backlog conversion and margin expansion】 Management expects substantial revenue growth and profitability improvement as the company converts its record $163 billion backlog—up from $116 billion at spin-off—into deliveries, with particular momentum in Power and Electrification driven by strong demand for gas generation, grid modernization, and data center infrastructure. Power segment pricing is expected to increase 10–20 basis points on a per-kilowatt basis in the first half of 2026, and the company anticipates reaching 20 GW of annualized gas production capacity by the third quarter of 2026, supporting delivery of 10–15 GW of new contracts in the second quarter alone. Electrification is experiencing exceptional growth with data center orders exceeding full-year 2025 volumes in the first quarter of 2026 alone, and the company expects to reach $200 billion in total backlog by 2027, accelerating the timeline from the prior 2028 expectation. The company is investing approximately 30% more in combined research and development and capital expenditure in 2026 to support innovation and capacity expansion, while simultaneously pursuing disciplined cost reduction through lean initiatives and restructuring, with expectations to save tens of millions of dollars annually from operational improvements and to achieve $600 million in G&A reductions by 2028.
| Metric | Target | Period |
|---|---|---|
| Revenue | $44.5 billion–$45.5 billion | FY2026 |
| Adjusted EBITDA margin | 12%–14% | FY2026 |
| Free cash flow | $6.5 billion–$7.5 billion | FY2026 |
| Total backlog | $200 billion | 2027 |
| Power organic revenue growth | 16%–18% | FY2026 |
| Power EBITDA margin | 17%–19% | FY2026 |
| Electrification revenue | $14 billion–$14.5 billion | FY2026 |
| Power gas equipment under contract | at least 110 GW | end of 2026 |
Revenue (FY2026): “For revenue, we now expect to be in the range of $44.5 bilion-$45.5 billion, up $500 million compared to our previous expectation due to additional growth at Electrification.”
Adjusted EBITDA margin (FY2026): “We're raising adjusted EBITDA margin by 1 point at both ends of the range to 12%-14%, driven by Power and Electrification.”
Free cash flow (FY2026): “we're increasing our 2026 free cash flow guidance to between $6.5 billion and $7.5 billion, up from $5 billion-$5.5 billion.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 39.4B | 38.1B | 34.9B | 33.2B | 29.7B |
| Net Income | 9.4B | 4.9B | 1.6B | -438M | -2.7B |
| EPS | $34.81 | $17.69 | $5.58 | $-1.60 | $-10.00 |
| Free Cash Flow | 7.5B | 3.7B | 1.7B | 442M | -627M |
| ROIC | 56.0% | 46.0% | 17.7% | -4.5% | - |
| Gross Margin | 19.9% | 19.8% | 17.4% | 14.5% | 11.7% |
| Debt/Equity | 0.21 | 0.11 | 0.11 | 0.16 | - |
| Dividends/Share | $1.28 | $1.25 | $0.25 | $0.00 | - |
| Operating Income | 1.5B | 1.4B | 471M | -923M | -2.9B |
| Operating Margin | 3.9% | 3.6% | 1.3% | -2.8% | -9.7% |
| ROE | 67.3% | 47.1% | 18.3% | -4.6% | - |
| Shares Outstanding | 269M | 276M | 278M | 274M | 274M |
| Metric | |||||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 29.7B | 33.2B | 34.9B | 38.1B | 39.4B |
| Gross Margin | 11.7% | 14.5% | 17.4% | 19.8% | 19.9% |
| R&D | 979M | 896M | 982M | 1.2B | 1.3B |
| SG&A | 5.4B | 4.8B | 4.6B | 4.9B | 5.1B |
| EBIT | -2.9B | -923M | 471M | 1.4B | 1.5B |
| Op. Margin | -9.7% | -2.8% | 1.3% | 3.6% | 3.9% |
| Net Income | -2.7B | -438M | 1.6B | 4.9B | 9.4B |
| Net Margin | -9.2% | -1.3% | 4.4% | 12.8% | 23.8% |
| Non-Recurring | 111M | 216M | 173M | 176M | 159M |
| Returns on Capital | |||||
| ROIC | N/A | -4.5% | 17.7% | 46.0% | 56.0% |
| ROE | N/A | -4.6% | 18.3% | 47.1% | 67.3% |
| ROA | N/A | -1.9% | 3.2% | 8.5% | 12.4% |
| Cash Flow | |||||
| Op. Cash Flow | -114M | 1.2B | 2.6B | 5.0B | 9.0B |
| Free Cash Flow | -627M | 442M | 1.7B | 3.7B | 7.5B |
| Owner Earnings | -1.9B | 222M | 1.3B | 4.0B | 7.5B |
| CapEx | 513M | 744M | 883M | 1.3B | 1.5B |
| Maint. CapEx | 1.8B | 964M | 1.2B | 853M | 1.0B |
| Growth CapEx | 0 | 0 | 0 | 424M | 458M |
| D&A | 1.8B | 964M | 1.2B | 853M | 1.0B |
| CapEx/OCF | N/A | N/A | 34.2% | 25.6% | 16.5% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 275M | 343M |
| Dividend Yield | N/A | N/A | N/A | 0.2% | 0.1% |
| Share Buybacks | 0 | 0 | 43M | 3.3B | 3.5B |
| Buyback Yield | 0.0% | N/A | 0.0% | 1.8% | 1.3% |
| Stock-Based Comp | 0 | 0 | 155M | 177M | 506M |
| Debt Repayment | 15M | 16M | 23M | 0 | 0 |
| Balance Sheet | |||||
| Net Debt | -2.1B | -377M | -7.2B | -7.7B | -7.3B |
| Cash & Equiv. | 2.1B | 1.6B | 8.2B | 8.8B | 10.2B |
| Long-Term Debt | N/A | 284M | 248M | 254M | 2.8B |
| Debt/Equity | N/A | 0.16 | 0.11 | 0.11 | 0.21 |
| Interest Coverage | -37.4 | -11.1 | 6.4 | 26.2 | 26.2 |
| Equity | N/A | 7.4B | 9.5B | 11.2B | 13.9B |
| Total Assets | N/A | 46.1B | 51.5B | 63.0B | 75.6B |
| Total Liabilities | 643M | 37.7B | 40.9B | 50.7B | 60.5B |
| Intangibles | N/A | 1.0B | 813M | 727M | 4.5B |
| Retained Earnings | N/A | 0 | 1.6B | 6.2B | 10.8B |
| Working Capital | N/A | -1.9B | 2.5B | -756M | -5.1B |
| Current Assets | N/A | 27.4B | 34.2B | 40.2B | 43.0B |
| Current Liabilities | N/A | 29.3B | 31.7B | 41.0B | 48.1B |
| Per Share Data | |||||
| EPS | -10.00 | -1.60 | 5.58 | 17.69 | 34.81 |
| Owner EPS | -6.98 | 0.81 | 4.52 | 14.33 | 27.83 |
| Book Value | N/A | 27.09 | 34.32 | 40.49 | 51.81 |
| Cash Flow/Share | -0.42 | 4.33 | 9.29 | 18.06 | 38.72 |
| Dividends/Share | N/A | 0.00 | 0.25 | 1.25 | 1.28 |
| Shares Out. | 273.6M | 273.8M | 278.1M | 276.1M | 268.7M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | 59.7 | 37.5 | 29.2 |
| P/FCF | N/A | N/A | 54.5 | 49.3 | 36.2 |
| EV/EBIT | N/A | N/A | 179.4 | 125.5 | 174.1 |
| Price/Book | N/A | N/A | 9.7 | 16.4 | 19.6 |
| Price/Sales | N/A | N/A | 1.7 | 3.6 | 6.9 |
| FCF Yield | N/A | N/A | 1.8% | 2.0% | 2.8% |
| Market Cap | 0 | N/A | 92.6B | 183.0B | 272.7B |
| Avg. Price | 0.00 | N/A | 218.64 | 493.98 | 1,014.75 |
| Year-End Price | 0.00 | N/A | 333.02 | 662.97 | 1,014.75 |
GE Vernova Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
GE Vernova Inc. trades at 57.4x 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 73.7x vs a median of 51.9x. The company's 5-year average ROIC is 19.7% with a gross margin of 15.8%. Total shareholder yield (dividends + buybacks) is 1.4%. At current prices, the estimated annualized return to fair value is +44.4%.
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 0.11. 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.
Based on recent SEC filings and earnings disclosures, Management expects substantial revenue growth and profitability improvement as the company converts its record $163 billion backlog—up from $116 billion at spin-off—into deliveries, with particular momentum in Power and Electrification driven by strong demand for gas generation, grid modernization, and data center infrastructure. Power segment pricing is expected to increase 10–20 basis points on a per-kilowatt basis in the first half of 2026, and the company anticipates reaching 20 GW of annualized gas production capacity by the third quarter of 2026, supporting delivery of 10–15 GW of new contracts in the second quarter alone. Electrification is experiencing exceptional growth with data center orders exceeding full-year 2025 volumes in the first quarter of 2026 alone, and the company expects to reach $200 billion in total backlog by 2027, accelerating the timeline from the prior 2028 expectation. The company is investing approximately 30% more in combined research and development and capital expenditure in 2026 to support innovation and capacity expansion, while simultaneously pursuing disciplined cost reduction through lean initiatives and restructuring, with expectations to save tens of millions of dollars annually from operational improvements and to achieve $600 million in G&A reductions by 2028.
Based on recent SEC filings and earnings calls, GE Vernova Inc. (GEV) has provided the following forward guidance: Revenue: $44.5 billion–$45.5 billion (FY2026); Adjusted EBITDA margin: 12%–14% (FY2026); Free cash flow: $6.5 billion–$7.5 billion (FY2026); Total backlog: $200 billion (2027); Power organic revenue growth: 16%–18% (FY2026), plus 3 additional metrics.
Total backlog (2027): “we've added $13 billion to our total backlog and now expect to reach $200 billion in backlog in 2027 versus our previous expectation of 2028.”
Power organic revenue growth (FY2026): “By segment for 2026, we continue to expect 16%-18% of organic revenue growth and Power driven by Gas Power.”
Power EBITDA margin (FY2026): “We now anticipate power EBITDA margins to be between 17%-19%, up from our previous range of 16%-18%, as we continue to see the benefits of our productivity efforts.”
Electrification revenue (FY2026): “In Electrification, we're raising our revenue expectations from $13.5 billion-$14 billion to $14 billion-$14.5 billion as the team continues to deliver its growing, more profitable backlog.”
Power gas equipment under contract (end of 2026): “We now expect to book 10 GW-15 GW of contracts in Q2 and to end 2026 with at least 110 GW under contract.”