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olivLaw · US equity research

GE Vernova Inc. GEV

Electronic & Other Electrical Equipment (No Computer Equip) · SIC 3600 · Vertical: Electronic & Other Electrical Equipment (No Computer Equip) (SIC 3600)

832.83USD−9.30% · 1 dayClose 04 Nov 2026

GE Vernova Inc. is a global leader in the electric power industry, designing and servicing technologies that generate, transfer and store electricity. Total revenues were 38.1 billion USD in fiscal 2025, and in the second quarter of 2026 reached 11.1 billion USD, with remaining performance obligations of 176.3 billion USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, GE Vernova Inc. (GEV) stock was 832.83 USD (−9.30% on the day), with market capitalisation 220.4 bn USD, P/E 21.8 on diluted EPS of 38.14 USD over the last 12 months, dividend yield 0.24%, beta 1.84, 52-week range 550.17–1,174.86 USD. Latest reported quarter (Q3 2026): revenue of 12.6 bn USD (+26.8% YoY), net income of 1.3 bn USD (+185.6% YoY), diluted EPS 4.81 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
220.4 bn USD
shares as of 30 Sept 2026
P/E (TTM)
21.8
Diluted EPS TTM 38.14 · TTM to 30 Sept 2026
E/P (TTM)
4.58%
TTM to 30 Sept 2026
Dividend yield
0.24%
DPS 12m 2.00
Beta (2y)
1.84
Volatility (1y) 55%
52-week range
550.171,174.86

Price history

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Technical reading

RSI (14)
40.2
weak (30–45)
Bollinger (20, 2)
791.79 – 1,023.07
in the lower half of the band · %B 0.18 · band width 25.5%
SMA 50 / 200
930.76 / 947.66
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-25.04 / -22.69
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−15.9%−1.1%−14.8 pp—
3 months−18.2%−0.5%−17.7 pp—
6 months−25.6%+4.4%−30.0 pp—
Year to date+27.4%+12.3%+15.1 pp—
1 year+52.0%+13.5%+38.4 pp−50.0%
3 yearsunavailable+76.4%unavailable−53.5%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−30.6%
30 Jun 2026 → 23 Oct 2026
Max drawdown (5y)
−38.3%
23 Jan 2025 → 10 Mar 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
12.6 bn USD
+26.8% YoY
Net income
1.3 bn USD
+185.6% YoY
Diluted EPS
4.81
+193.3% YoY
net / operating
10.2% / 11.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue10.6 bn8.0 bn9.1 bn10.0 bn11.0 bn9.3 bn11.1 bn12.6 bn
Cost of revenue8.4 bn6.6 bn7.3 bn8.1 bn8.6 bn7.6 bn8.7 bn9.5 bn
Gross profit2.1 bn1.5 bn1.8 bn1.9 bn2.3 bn1.8 bn2.4 bn3.1 bn
Research & development265.0 m239.0 m282.0 m310.0 m365.0 m304.0 m334.0 m358.0 m
SG&A1.3 bn1.2 bn1.2 bn1.2 bn1.4 bn1.3 bn1.4 bn1.4 bn
Operating income593.0 m43.0 m378.0 m366.0 m601.0 m179.0 m653.0 m1.4 bn
Pre-tax income1.1 bn332.0 m645.0 m746.0 m1.1 bn5.1 bn925.0 m1.8 bn
Income tax629.0 m68.0 m153.0 m293.0 m-2.6 bn354.0 m276.0 m493.0 m
Net income484.0 m254.0 m514.0 m452.0 m3.7 bn4.7 bn668.0 m1.3 bn
Diluted EPS1.72 ≈0.911.861.6413.42 ≈17.442.474.81
Operating cash flow921.0 m1.2 bn367.0 m ≈980.0 m ≈2.5 bn5.2 bn5.5 bn ≈6.1 bn ≈
Capex350.0 m186.0 m173.0 m ≈247.0 m ≈671.0 m397.0 m386.0 m ≈647.0 m ≈
Dividends paid069.0 m70.0 m ≈68.0 m ≈68.0 m137.0 m136.0 m ≈133.0 m ≈
Share repurchases3.0 m1.1 bn480.0 m ≈660.0 m ≈1.1 bn1.3 bn2.4 bn ≈1.6 bn ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 10-quarter history (min 24.9, median 42.1, max 127.7; quarters with earnings only).

Fiscal years

Fiscal year2022202320242025
Revenue29.7 bn33.2 bn34.9 bn38.1 bn
Revenue YoYunavailable+12.1%+5.1%+9.0%
Net income-2.7 bn-438.0 m1.6 bn4.9 bn
Net income YoYunavailableunavailableunavailable+214.7%
Diluted EPS-10.00-1.605.5817.69
Diluted EPS YoYunavailableunavailableunavailable+217.0%
net %-9.2%-1.3%4.4%12.8%
Free cash flow-627.0 m442.0 m1.7 bn3.7 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
8.8 bn USD
Financial debt
63.0 m USD
Net debt
-8.8 bn USD
Equity
12.3 bn USD
Total assets
63.0 bn USD
Debt / equity
0.01x
Current ratio
0.98x
ROE
42.7%
ROA
8.5%
FCF margin
9.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
33.2 bn
2024
34.9 bn
2025
38.1 bn

SEC (XBRL)· 29 Jan 2026verified

Cost of revenue
2023
28.4 bn
2024
28.9 bn
2025
30.5 bn

SEC (XBRL)· 29 Jan 2026verified

Gross profit
2023
4.8 bn
2024
6.1 bn
2025
7.5 bn

SEC (XBRL)· 29 Jan 2026verified

Research & development
2023
896.0 m
2024
982.0 m
2025
1.2 bn

SEC (XBRL)· 29 Jan 2026verified

SG&A
2023
4.8 bn
2024
4.6 bn
2025
4.9 bn

SEC (XBRL)· 29 Jan 2026verified

Operating income
2023
-923.0 m
2024
471.0 m
2025
1.4 bn

SEC (XBRL)· 29 Jan 2026verified

Pre-tax income
2023
-130.0 m
2024
2.5 bn
2025
2.8 bn

SEC (XBRL)· 29 Jan 2026verified

Income tax
2023
344.0 m
2024
939.0 m
2025
-2.1 bn

SEC (XBRL)· 29 Jan 2026verified

Net income
2023
-438.0 m
2024
1.6 bn
2025
4.9 bn

SEC (XBRL)· 29 Jan 2026verified

Diluted EPS
2023
-1.60
2024
5.58
2025
17.69

SEC (XBRL)· 29 Jan 2026verified

Weighted average diluted shares
2023
274.0 m
2024
278.0 m
2025
276.0 m

SEC (XBRL)· 29 Jan 2026verified

Dividend per share
2023
—
2024
0.25
2025
1.25

SEC (XBRL)· 29 Jan 2026verified

Balance sheet · USD

Cash
2023
1.6 bn
2024
8.2 bn
2025
8.8 bn

SEC (XBRL)· 29 Jan 2026verified

Inventories
2023
8.3 bn
2024
8.6 bn
2025
10.4 bn

SEC (XBRL)· 29 Jan 2026verified

Current assets
2023
27.4 bn
2024
34.2 bn
2025
40.2 bn

SEC (XBRL)· 29 Jan 2026verified

Goodwill
2023
4.4 bn
2024
4.3 bn
2025
4.4 bn

SEC (XBRL)· 29 Jan 2026verified

Intangibles (excl. goodwill)
2023
1.0 bn
2024
813.0 m
2025
727.0 m

SEC (XBRL)· 29 Jan 2026verified

Total assets
2023
46.1 bn
2024
51.5 bn
2025
63.0 bn

SEC (XBRL)· 29 Jan 2026verified

Short-term debt
2023
145.0 m
2024
60.0 m
2025
63.0 m

SEC (XBRL)· 29 Jan 2026verified

Current liabilities
2023
29.3 bn
2024
31.7 bn
2025
41.0 bn

SEC (XBRL)· 29 Jan 2026verified

Total liabilities
2023
37.7 bn
2024
40.9 bn
2025
50.7 bn

SEC (XBRL)· 29 Jan 2026verified

Equity
2023
8.4 bn
2024
10.6 bn
2025
12.3 bn

SEC (XBRL)· 29 Jan 2026verified

Shares outstanding at year end
2023
—
2024
275.9 m
2025
269.5 m

SEC (XBRL)· 29 Jan 2026verified

Cash flow · USD

Operating cash flow
2023
1.2 bn
2024
2.6 bn
2025
5.0 bn

SEC (XBRL)· 29 Jan 2026verified

Capex
2023
744.0 m
2024
883.0 m
2025
1.3 bn

SEC (XBRL)· 29 Jan 2026verified

Free cash flow
2023
442.0 m ≈
2024
1.7 bn ≈
2025
3.7 bn ≈

SEC (XBRL)· 29 Jan 2026derived

Investing cash flow
2023
-734.0 m
2024
-37.0 m
2025
-755.0 m

SEC (XBRL)· 29 Jan 2026verified

Financing cash flow
2023
-408.0 m
2024
3.7 bn
2025
-3.8 bn

SEC (XBRL)· 29 Jan 2026verified

Dividends paid
2023
0
2024
0
2025
275.0 m

SEC (XBRL)· 29 Jan 2026verified

Share repurchases
2023
0
2024
43.0 m
2025
3.3 bn

SEC (XBRL)· 29 Jan 2026verified

Computed indicators

Growth

Revenue growth (YoY)
9.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
8.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
194.7%
computed by olivLawFY 2025
Net income growth (YoY)
214.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
217.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
118.2%
computed by olivLawFY 2025

Profitability

Gross margin
21.7%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
unavailable
input data missing
EBIT margin
6.4%
computed by olivLawTTM to 30 Sept 2026
Net margin
23.5%
computed by olivLawTTM to 30 Sept 2026
FCF margin
38.9%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
103.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
14.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
insufficient data
ROCE
11.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
5.2%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
2.8%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
-16.7 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
19.2 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
2.1 bn USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
17.1 bn USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
165.1%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
220.4 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
203.7 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
21.3x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
21.8x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
4.6%
computed by olivLawTTM to 30 Sept 2026
P/B
19.4x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
5.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
72.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
4.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
12.9x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
7.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
0.2%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
3.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 51 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

832.83 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 220.4 bn USD

Key indicators

Market capitalisation
220.4 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
21.8x
computed by olivLawTTM to 30 Sept 2026
P/B
19.4x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
103.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
23.5%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
9.0%
computed by olivLawFY 2025
Dividend yield
0.2%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 30 Sept 2026
Source: SEC (XBRL)published 28 Oct 2026
verified 555derived 43

Score by group

  • Balance sheet2
  • Valuation77
  • Quality39
  • Growth40
  • Returns85

Estimated value range

Low
876.94
USD per share
Mid
1,065.01
USD per share
High
1,256.29
USD per share
Price: 832.83 USD
The price is below the range
Potential to the central value: 27.9% (value / price − 1)
Margin of safety: 21.8% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 876.94 – 1,256.29 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/Sales876.94 – 1,256.29 (Mid 1,065.01)
    4 companies used · median multiple 6.0x · quartiles 4.9x – 7.2x
    EMR, GE, MKDW, OTIS
  • Peers: EV/EBITDAunavailable · input data missing
Multiple comparisons use the SIC vertical: Electronic & Other Electrical Equipment (No Computer Equip) (SIC 3600)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 51/100

FactorValueScoreWeight used
Gross margin · Quality21.7%0 (on a fixed band)11%
EBIT margin · Quality6.4%26 (on a fixed band)9%
FCF margin · Quality38.9%100 (on a fixed band)9%
Revenue CAGR 3Y · Growth8.7%35 (on a fixed band)18%
Revenue growth (YoY) · Growth9.0%50 (vs peers)9%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.8x2 (on a fixed band)7%
EV/Sales · Valuation4.6x60 (vs peers)18%
FCF yield · Valuation7.8%100 (on a fixed band)14%
Shareholder yield (distributions) · Returns3.1%85 (on a fixed band)5%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial2/100 · 1/2 factors with a value
  • Growth40/100 · 2/2 factors with a value
  • Quality39/100 · 3/3 factors with a value
  • Returns85/100 · 1/1 factors with a value
  • Valuation77/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

GE Vernova Inc. (GEV). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 38.1 bn USD in 2025; YoY growth 9.0%; net margin 23.5%; ROE 103.5%.

The estimated value range is 876.94–1,256.29 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1,065.01 USD, the price of 832.83 USD leaves a potential of 27.9% (value / price − 1) and a margin of safety of 21.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF margin: 38.9%
  • FCF yield: 7.8%
  • Shareholder yield (distributions): 3.1%
  • The price is below the estimated value range

What contradicts it

  • Gross margin: 21.7%
  • EBIT margin: 6.4%
  • Current ratio: 0.8x

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.

Versus the vertical median

Electronic & Other Electrical Equipment (No Computer Equip) (SIC 3600) · same industry (4-digit SIC) · compared with 6 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
21.8x
vertical median 37.3x
below median (−41.5%)
EV/EBITDA
—
vertical median —
P/S
5.0x
vertical median 3.6x
above median (+40.8%)
P/B
19.4x
vertical median 4.1x
above median (+375.3%)
ROE
103.5%
vertical median -328.7%
above median
Net margin
23.5%
vertical median -1.9%
above median
EBIT margin
6.4%
vertical median -41.9%
above median
Revenue YoY
9.0%
vertical median 10.7%
below median (−16.5%)
Net debt/EBITDA
—
vertical median —
Dividend yield
0.2%
vertical median 1.3%
below median (−81.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
GEGeneral Electric Company340.4 bn38.050.1%17.3%+18.5%+10% / +239%
GEVGE Vernova Inc.220.4 bn21.8103.5%23.5%+9.0%+52% / unavailable
EMREmerson Electric Co.95.1 bn37.312.8%13.8%+3.0%+28% / +92%
OTISOtis Worldwide Corporation30.4 bn19.8—10.3%+1.2%−10% / −7%
MKDWMKDWELL Tech Inc.23.6 m—-401.0%-104.0%+51.6%−97% / −100%
FXHOUTime Limited10.0 m—-328.7%-14.2%−17.7%−90% / −100%
TRNRInteractive Strength Inc.1.9 m—-336.8%-159.3%+114.3%−99% / −100%

1- and 3-year price returns: for GEV from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
526.86
Total return -37% · Per year -37%
929.65
Total return 12% · Per year 12%
1,397.85
Total return 68% · Per year 68%
3 years
555.21
Total return -33% · Per year -12%
1,098.08
Total return 33% · Per year 10%
1,806.53
Total return 118% · Per year 30%
5 years
585.10
Total return -29% · Per year -7%
1,297.04
Total return 57% · Per year 9%
2,334.70
Total return 182% · Per year 23%
What moves the 3-year price the most
  • Exit P/E± 274.52
  • Net margin± 192.16
  • Annual revenue growth± 151.66
  • Annual dilution± 16.15

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 22 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).

In brief

GE Vernova Inc. is a global leader in the electric power industry, designing and servicing technologies that generate, transfer and store electricity. Total revenues were 38.1 billion USD in fiscal 2025 1, and in the second quarter of 2026 reached 11.1 billion USD 2, with remaining performance obligations of 176.3 billion USD 2.

SWOT

Strengths

  • A large installed base with long-term service contracts provides recurring revenue and visibility on orders.
  • Backlog has grown strongly and free cash flow has risen significantly in recent quarters.
  • A broad technology range, from gas turbines to transmission grids, allows integrated solutions for customers.

Weaknesses

  • The onshore and offshore wind segment has posted losses and revenue declines, and offshore project costs remain a pressure.
  • The company depends on complex supply chains and critical materials, which can lead to delays.
  • Quality risk on new products, especially in nuclear, can generate unexpected costs.

Opportunities

  • Demand from data centers and artificial intelligence could lift orders for gas and grid equipment.
  • The Prolec GE acquisition could strengthen the position in transformers and grid equipment.
  • Grid modernization and renewable integration may open new long-term contracts.

Threats

  • Tariffs and policy changes could raise costs and reduce demand in certain markets.
  • Competition from Chinese manufacturers and government-backed rivals could pressure prices.
  • If anticipated demand does not materialize, overcapacity could weigh on margins and investment.

Risks

  • Product qualityhigh

    Defects in products or services can lead to damage claims and significant repair costs.

  • Supply chainhigh

    Supply disruptions and volatile material costs could delay deliveries.

  • Offshore windmedium

    Contract pauses and project delays could weigh on Wind segment results.

  • Tariffs and trade policymedium

    New tariffs or trade restrictions could raise costs and change contract terms.

  • Acquisitions and integrationlow

    Integrating acquired businesses such as Prolec GE could prove costlier than estimated.

Investment thesis

What would need to be true (bull case)

  • Strong order growth and a rising backlog could support revenue in the coming years.
  • Improving margins and cash flow give the company room for investment and shareholder returns.
  • Demand from data centers and transmission networks could keep rising if current trends continue.

What would break the thesis

  • The wind segment remains under pressure, and losses could persist if onshore demand does not recover.
  • Tariffs and policy uncertainty could reduce orders and raise supply costs.
  • Expanding production capacity could create overcapacity if estimated demand does not materialize.

What to watch

  • Delivery of gas turbine capacity and the 2026 guidanceQ3 2026
  • Development of onshore wind ordersQ4 2026
  • Completion of Prolec GE integration and Electrification margins2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 22 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).

The business

Activity is organized in three segments: Power, Wind and Electrification 1. The company argues gas plays an essential role as a dependable power source, especially for data center demand 1. From 2026 some business units were realigned, and the company plans capex of 6 billion USD from 2025 to 2028 3.

Quarterly results show strong order and cash growth: second quarter 2026 orders reached 24.2 billion USD 3 and free cash flow reached 5.1 billion USD 3. The company raised its 2026 revenue guidance to 45.5-46.5 billion USD 3.

Segments

Power

The Power segment covers gas, nuclear, hydro and steam power technologies 1. In the second quarter of 2026 orders were 16.7 billion USD and revenues 5.5 billion USD 3.

Electrification

The Electrification segment includes grid solutions, power conversion and storage, and electrification software 1. In the second quarter of 2026 orders reached 6.3 billion USD and revenues 3.6 billion USD 3.

Wind

The Wind segment includes onshore and offshore wind turbines and blade manufacturing through LM Wind Power 1. Revenues fell in the second quarter of 2026 to 2.0 billion USD 3, and the segment posted EBITDA losses from lower onshore volume and offshore project costs 3.

Market context

Global electricity demand is growing, and investment in infrastructure, grids and diversified supply is viewed as essential 1. Data center demand has risen sharply, with related orders exceeding 5 billion USD in 2026 year to date 3.

Trends

  • Rising electricity demandtailwind

    Forecast demand growth tied to population and the economy could support orders for turbines and grid equipment 1.

  • Decarbonization and the shift to low-carbon sourcesmixed

    Climate pressure is driving new technologies, but the transition could shift demand away from traditional equipment if the pace differs 1.

  • Policy and tariffsheadwind

    US tariffs and policy changes have added costs and uncertainty, particularly in wind 12.

  • Grid modernizationtailwind

    The need to upgrade aging infrastructure and integrate new generation supports demand for grid equipment 1.

Competitive position

In Power, key competitors include Siemens Energy, Mitsubishi Power, Westinghouse, Framatome and Rolls-Royce 1. Competition is based on performance, quality, service and price 1.

In Electrification and Wind the company faces Hitachi Energy, Siemens, Schneider Electric, ABB, Vestas, Nordex and others, some of them government-sponsored 1.

  • Siemens Energy

    Competitor in Power and Electrification, listed outside the US.

  • Hitachi Energy

    Key competitor in grid and transmission electrification.

  • Schneider Electric

    Competitor in Electrification with a broad range of electrical equipment.

  • Vestas

    Main competitor in onshore and offshore wind turbines.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / GE Vernova Inc. · 29 Jan 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / GE Vernova Inc. · 22 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / GE Vernova Inc. · 22 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.