GE Vernova (GEV)
Industrials · $252B market cap · SEC CIK 0001996810
fundamentals score out of 100
Next reports on Oct 28, 2026, with analysts expecting $4.04 in earnings per share.
The case for GEV
- Earns 83% on shareholder equity, a figure flattered by a small equity base.
- 23% of revenue drops through to net profit.
- Revenue growing 13.0% year over year.
- Earnings per share up 744.4%.
- Barely leveraged. Debt is 0.23× equity.
- Up 51.6% over the past year.
The case against
- Priced at 26× book value. Very little hard asset backing here.
- Current liabilities exceed current assets (ratio 0.85).
- Free cash flow is only 1.5% of its market value, a thin cash return for the price.
- Price/sales of 6.1× is higher than 85% of Industrials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 28 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 82 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 71 |
| Momentumhow the price has behaved lately | 58 |
| Stabilityhow violently it moves, what it owes and what it pays you | 48 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 26.4× |
|---|---|
| Price / book | 26.40× |
| Price / sales | 6.1× |
| Revenue growth (YoY) | +13.0% |
| EPS growth (YoY) | +744.4% |
| Gross margin | 20% |
| Operating margin | 15% |
| Net margin | 23% |
| Return on equity | 83% |
| Debt / equity | 0.23× |
| Current ratio | 0.85 |
| Dividend yield | 0.16% |
| Beta | 0.97 |
| 52-week range | $530.16 – $1,196 |
| Position in that range | 63% of the way up |
| 3-month return | -14.7% |
| 1-year return | +51.6% |
Five years of financials, as filed
Pulled from GE Vernova's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $38.1B | $34.9B | $33.2B | $29.7B | — |
| Gross profit | $7.5B | $6.1B | $4.8B | $3.5B | — |
| Operating income | $1.4B | $471M | -$923M | -$2.9B | — |
| Net income | $4.9B | $1.6B | -$438M | -$2.7B | — |
| Operating cash flow | $5.0B | $2.6B | $1.2B | -$114M | — |
| Capital expenditure | $1.3B | $883M | $744M | $513M | — |
| Total assets | $63.0B | $51.5B | $46.1B | — | — |
| Total liabilities | $50.7B | $40.9B | $37.7B | — | — |
| Shareholder equity | $11.2B | $9.5B | $7.4B | — | — |
| Cash | $8.8B | $8.2B | $1.6B | $2.1B | $1.8B |
| Free cash flow | $3.7B | $1.7B | $442M | -$627M | — |
| Gross margin | 19.8% | 17.4% | 14.5% | 11.7% | — |
| Operating margin | 3.6% | 1.3% | -2.8% | -9.7% | — |
| Net margin | 12.8% | 4.4% | -1.3% | -9.2% | — |
| Diluted shares | 276M | 278M | 274M | 274M | — |
Share count is essentially flat over 3 years.
What GE Vernova says it does
INTRODUCTION. GE Vernova Inc. (the Company, GE Vernova, our, we, or us) is a global leader in the electric power industry, with products and services that generate, transfer, orchestrate, convert, and store electricity. We design, manufacture, deliver, and service technologies to create a more reliable, secure, and sustainable electric power system, enabling electrification and decarbonization, underpinning the progress and prosperity of the communities we serve. We are a purpose-built company, positioned with a unique scope and scale of solutions to help accelerate the energy transition, while servicing and growing our installed base and strengthening our own profitability and stockholder returns. We have a strong history of innovation, which is a key strength enabling us to meet our customers’ needs. The breadth of our portfolio also enables us to provide an extensive range of technologies and integrated solutions to help advance our…
Risk factors GEV lists in its 10-K
- Risks Relating to Operations and Supply Chain
- Quality issues among our products, solutions, and services could cause us to incur significant costs, reduce demand for our
- products and services, lead to claims for damages or regulatory actions, and harm our business or reputation
- Significant supply chain and logistics disruptions, including volatility in the cost or availability of critical materials and
- components, could delay or impact our ability to deliver on customer obligations, increase costs, and expose us to contractual
- Disruptions or capacity constraints at our manufacturing and operating facilities could delay deliveries, increase costs, damage
- customer relationships, and limit our ability to meet demand for our products and services, and planned capacity expansions
- may not result in the benefits we expect if demand does not meet expectations
- Risks Related to Managing Growth and Competition
- We may fail to achieve anticipated cost savings
- We may fail to execute and accurately estimate long-term service obligations
- We may fail to compete successfully in the highly-competitive global markets in which we operate
- Our business success is dependent upon our ability to innovate and successfully commercialize new technologies in fast-
- changing markets, and manage our product cycles