One-glance verdict
Overvalued
$568.36 our estimate vs market $999.35
Wall Street consensus: $1,230.34 (116.5% higher than our fair-value estimate)
76% above our estimate, beyond the bull case
Fundamentals snapshot
GE Vernova Inc.
GEV · NYQ · Industrials · Specialty Industrial Machinery
Current price
$999.35
52-week range
$530.16 - $1,195.94
Market cap
$266.16B
Balance sheet
Healthy
14.17x Strong cushion
Net cash $9.00B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 8.7% last year.
- Reward Returns 82.6% on equity, ahead of 83% of its peers.
- Reward Free cash flow was positive in 3/10 years.
- Risk Forward P/E (39.7x) is higher than trailing (28.7x) - earnings are expected to drop.
What this company does
GE Vernova Inc.
GE Vernova builds and services the large-scale equipment that powers our world, from gas turbines and nuclear reactors to wind farms and the electric grid. The company makes most of its revenue (money from sales) by selling and maintaining these complex systems for utility companies and governments. This work matters because GE Vernova provides the technology for both traditional and renewable power, placing it at the center of the global shift in how we generate and use electricity.
How the company got here
GE Vernova was created in April 2024 when the original General Electric (GE) split into three separate, more focused companies. This move was designed to allow each new company to concentrate on its specific market. GE Vernova is the result of combining GE's former energy-related businesses, including power and renewable energy. The remaining parts of the old GE became GE Aerospace, focusing on aviation, and GE HealthCare. This separation, known as a spin-off (a corporate action where a company separates a part of its business into a new, independent entity), gave existing GE shareholders new shares in GE Vernova.
What it actually does
GE Vernova is a global energy company that provides the equipment and services needed to generate, transmit, and use electricity. Think of it as a company that builds and maintains the backbone of the world's electrical systems. Its customers are large-scale power users like utility companies, governments, and big industrial businesses. The company's work is focused on both traditional power sources and renewable energy, with a stated goal of helping the world switch to more sustainable energy while keeping the lights on.
Power
This is the company's largest and most established business, making up more than half of its business. It designs, builds, and services the heavy-duty equipment for power plants, including turbines that run on natural gas, steam, and nuclear power, as well as equipment for hydroelectric dams. A huge part of this segment's business comes from long-term service agreements (contracts to maintain, repair, and upgrade equipment over many years), which provides a steady and predictable stream of revenue (the money a company earns from its sales).
Wind
This segment focuses entirely on wind energy, one of the key types of renewable power. It manufactures and services wind turbines, which are the giant spinning structures that convert wind into electricity. The business covers both onshore wind farms (located on land) and offshore projects (located in the ocean). This part of the company faces intense competition and has had challenges with profitability (the ability to make a profit after all costs are paid).
Electrification
This division provides the essential technology needed to manage the electrical grid (the network that moves electricity from power plants to consumers). It makes products for grid solutions (the hardware and software that help run the power grid efficiently and reliably), power conversion (changing electricity from one form to another), and energy storage, like large-scale batteries. This segment also includes the software that helps orchestrate the flow of electricity, which is becoming more complex as more renewable energy sources are added to the system.
What management is betting on now
The company's main strategy is to lead the global shift toward cleaner energy, a trend often called the 'energy transition'. Management is focused on electrifying more of the world while also decarbonizing (reducing the carbon dioxide emissions from) the power supply. They are investing in making their gas turbines more efficient and are also developing new technologies like small modular nuclear reactors. A key priority is to improve the profitability of the Wind segment and capitalize on the growing need for modern grid infrastructure to support new energy sources and rising electricity demand from things like data centers.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$968.00M
FY2024 Q4
$571.00M
FY2025 Q1
$975.00M
FY2025 Q2
$194.00M
FY2025 Q3
$733.00M
FY2025 Q4
$1.81B
FY2026 Q1
$4.79B
FY2026 Q2
$5.11B
Revenue
$11.10B
Net income
$668.00M
Diluted EPS
2.47
Operating cash flow
$5.49B
Free cash flow
$5.11B
Fetching…
Sources
Revenue
$9.34B
Net income
$4.75B
Diluted EPS
17.44
Operating cash flow
$5.19B
Free cash flow
$4.79B
Fetching…
Sources
Revenue
$10.96B
Net income
$3.66B
Diluted EPS
13.28
Operating cash flow
$2.48B
Free cash flow
$1.81B
Fetching…
Sources
Revenue
$9.97B
Net income
$452.00M
Diluted EPS
1.64
Operating cash flow
$980.00M
Free cash flow
$733.00M
Fetching…
Sources
Revenue
$9.11B
Net income
$514.00M
Diluted EPS
1.86
Operating cash flow
$367.00M
Free cash flow
$194.00M
Fetching…
Sources
Revenue
$8.03B
Net income
$254.00M
Diluted EPS
0.91
Operating cash flow
$1.16B
Free cash flow
$975.00M
Fetching…
Sources
Revenue
$10.56B
Net income
$484.00M
Diluted EPS
1.75
Operating cash flow
$921.00M
Free cash flow
$571.00M
Fetching…
Sources
Revenue
$8.91B
Net income
$-96.00M
Diluted EPS
-0.35
Operating cash flow
$1.13B
Free cash flow
$968.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $568.36 vs current price $999.35
Wall Street consensus is the average analyst price target: $1,230.34 (116.5% higher than our fair-value estimate).
Our most-likely fair value is $568.36 a share — about 43.1% below today's price of $999.35, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $9.0B - more cash than debt. Interest coverage 14.2x.
Net debt
$-9.00B
Interest coverage
14.17x
GE Vernova Inc.'s profit covers its interest bill about 14.2 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
GEV
BASELINE
GE Vernova Inc.
Total debt $3.72B Interest coverage 14.17x This is the baseline the peer rows are being compared against.
Total debt $56.03B Interest coverage 5.54x -61% vs GEV Carries about 2.6x less debt cushion than GEV.
Total debt $21.33B Interest coverage 21.61x +52% vs GEV Carries about 1.5x more debt cushion than GEV.
Total debt $13.80B Interest coverage 9.13x -36% vs GEV Carries about 1.6x less debt cushion than GEV.
Total debt $23.35B Interest coverage 12.98x -8% vs GEV Has roughly the same debt cushion as GEV.
Total debt $3.97B Interest coverage 7.36x -48% vs GEV Carries about 1.9x less debt cushion than GEV.
What you should know
The case for and against GEV
3 Rewards
1 Risk
Rewards
-
Revenue grew 8.7% last year.
-
Returns 82.6% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 3/10 years.
Risks
-
Forward P/E (39.7x) is higher than trailing (28.7x) - earnings are expected to drop.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
28.65x
Forward P/E
39.68x
P/B
22.26x
P/S
6.43x
EV/EBITDA
65.78x
PEG ratio
1.95x
Profitability
How much profit each dollar creates
Gross margin
20.6%
Operating margin
7.5%
Net margin
23.0%
ROE
82.6%
ROA
2.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.28x
Current ratio
0.85x
Quick ratio
0.56x
Total debt
$3.72B
Total cash
$12.72B
Growth
How the business has been compounding
Revenue TTM
$41.37B
Revenue 5Y CAGR
8.7%
EPS TTM
34.88
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$14.14B
Free CF TTM
$3.71B
FCF margin
9.0%
Dividend
Shareholder payout
Yield
0.2%
Payout ratio
5.7%
Last ex-div date
2026-10-27