GE Vernova (GEV)
Market Price (7/23/2026): $1001.62 | Market Cap: $268.4 BilInvestor Relations Sector: Industrials | Industry: Heavy Electrical Equipment
GE Vernova (GEV)
Market Price (7/23/2026): $1001.62Market Cap: $268.4 BilSector: IndustrialsIndustry: Heavy Electrical Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%, CFO LTM is 14 Bil, FCF LTM is 12 Bil Stock buyback supportStock Buyback 3Y Total is 7.0 Bil Megatrend and thematic driversMegatrends include Renewable Energy Transition, Offshore Wind Development, Sustainable Infrastructure, Hydrogen Economy, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 146x Key risksGEV key risks include [1] its dependency on the pace of the energy transition and electricity demand from growth drivers like AI, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%, CFO LTM is 14 Bil, FCF LTM is 12 Bil |
| Stock buyback supportStock Buyback 3Y Total is 7.0 Bil |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Offshore Wind Development, Sustainable Infrastructure, Hydrogen Economy, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 146x |
| Key risksGEV key risks include [1] its dependency on the pace of the energy transition and electricity demand from growth drivers like AI, Show more. |
Qualitative Assessment
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GE Vernova (GEV) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. GE Vernova's robust Fiscal Q1 2026 performance, reported on April 22, 2026, significantly boosted investor confidence, with revenue growing 16.3% year-over-year to $9.34 billion and organic orders surging 71% to $18.3 billion. The company also raised its full-year 2026 revenue guidance to between $44.5 billion and $45.5 billion, and free cash flow guidance to between $6.5 billion and $7.5 billion.
2. Sustained and increasing demand for power and electrification solutions, particularly driven by the macroeconomic tailwinds of AI data center expansion and global grid modernization efforts, underpinned the stock's growth. Data center orders alone reached over $5 billion year-to-date by the end of Fiscal Q2 2026, more than double the total for all of 2025.
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GE Vernova (GEV) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. GE Vernova's robust Fiscal Q1 2026 performance, reported on April 22, 2026, significantly boosted investor confidence, with revenue growing 16.3% year-over-year to $9.34 billion and organic orders surging 71% to $18.3 billion. The company also raised its full-year 2026 revenue guidance to between $44.5 billion and $45.5 billion, and free cash flow guidance to between $6.5 billion and $7.5 billion.
2. Sustained and increasing demand for power and electrification solutions, particularly driven by the macroeconomic tailwinds of AI data center expansion and global grid modernization efforts, underpinned the stock's growth. Data center orders alone reached over $5 billion year-to-date by the end of Fiscal Q2 2026, more than double the total for all of 2025.
3. The company demonstrated substantial and expanding order backlog, reaching a record $176 billion by the end of Fiscal Q2 2026 (which concluded June 30, 2026), up $13 billion sequentially. This strong backlog, including gas power equipment backlog and slot reservation agreements growing from 100 GW to 116 GW in Fiscal Q2 2026, provides significant long-term revenue visibility.
4. Strong Fiscal Q2 2026 results, released on July 22, 2026, showcased continued operational momentum, with revenue increasing 22% year-over-year to $11.1 billion and organic orders soaring 88% to $24.2 billion, led by the Power and Electrification segments. Despite an EPS miss, the company further raised its full-year 2026 revenue guidance to $45.5 billion–$46.5 billion and significantly increased its free cash flow guidance to $11.5 billion–$12.5 billion.
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Stock Movement Drivers
Fundamental Drivers
The 12.9% change in GEV stock from 3/31/2026 to 7/22/2026 was primarily driven by a 79.5% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 872.45 | 985.03 | 12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 38,068 | 41,367 | 8.7% |
| Net Income Margin (%) | 12.8% | 23.0% | 79.5% |
| P/E Multiple | 48.1 | 27.7 | -42.3% |
| Shares Outstanding (Mil) | 269 | 268 | 0.4% |
| Cumulative Contribution | 12.9% |
Market Drivers
3/31/2026 to 7/22/2026| Return | Correlation | |
|---|---|---|
| GEV | 12.9% | |
| Market (SPY) | 14.9% | 50.2% |
| Sector (XLI) | 10.6% | 55.7% |
Fundamental Drivers
The 51.0% change in GEV stock from 12/31/2025 to 7/22/2026 was primarily driven by a 409.2% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 652.36 | 985.03 | 51.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 37,670 | 41,367 | 9.8% |
| Net Income Margin (%) | 4.5% | 23.0% | 409.2% |
| P/E Multiple | 104.1 | 27.7 | -73.4% |
| Shares Outstanding (Mil) | 272 | 268 | 1.5% |
| Cumulative Contribution | 51.0% |
Market Drivers
12/31/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| GEV | 51.0% | |
| Market (SPY) | 9.9% | 49.4% |
| Sector (XLI) | 15.6% | 57.8% |
Fundamental Drivers
The 86.7% change in GEV stock from 6/30/2025 to 7/22/2026 was primarily driven by a 324.9% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 527.72 | 985.03 | 86.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,707 | 41,367 | 15.9% |
| Net Income Margin (%) | 5.4% | 23.0% | 324.9% |
| P/E Multiple | 75.0 | 27.7 | -63.0% |
| Shares Outstanding (Mil) | 275 | 268 | 2.6% |
| Cumulative Contribution | 86.7% |
Market Drivers
6/30/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| GEV | 86.7% | |
| Market (SPY) | 22.0% | 49.4% |
| Sector (XLI) | 22.5% | 56.7% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/22/2026| Return | Correlation | |
|---|---|---|
| GEV | ||
| Market (SPY) | 74.6% | 55.7% |
| Sector (XLI) | 73.6% | 57.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GEV Return | - | - | - | 135% | 99% | 65% | 674% |
| Peers Return | 29% | 4% | 17% | 29% | 9% | 22% | 168% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| GEV Win Rate | - | - | - | 78% | 67% | 57% | |
| Peers Win Rate | 70% | 48% | 55% | 57% | 48% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| GEV Max Drawdown | - | - | - | - | -38% | -25% | |
| Peers Max Drawdown | -16% | -25% | -25% | -16% | -26% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ETN, HON, NEE, EMR, PWR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/22/2026 (YTD)
How Low Can It Go
| Event | GEV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.0% | -18.8% |
| % Gain to Breakeven | 38.9% | 23.1% |
| Time to Breakeven | 52 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.0% | -7.8% |
| % Gain to Breakeven | 12.3% | 8.5% |
| Time to Breakeven | 20 days | 18 days |
In The Past
GE Vernova's stock fell -28.0% during the 2025 US Tariff Shock. Such a loss loss requires a 38.9% gain to breakeven.
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| Event | GEV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.0% | -18.8% |
| % Gain to Breakeven | 38.9% | 23.1% |
| Time to Breakeven | 52 days | 79 days |
In The Past
GE Vernova's stock fell -28.0% during the 2025 US Tariff Shock. Such a loss loss requires a 38.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About GE Vernova (GEV)
GE Vernova (GEV) is a recently established energy business focused on generating electricity and providing essential solutions for the global energy transition. The company helps power industries and communities worldwide by both producing electricity through diverse methods and developing technologies to modernize and decarbonize electrical grids.
GE Vernova operates through three key segments. Its Power segment generates and sells electricity using established sources such as hydro, gas, nuclear, and steam power, primarily serving utility companies and large industrial customers. The Wind segment is dedicated to the manufacturing and sale of wind turbine blades, catering to wind farm developers and utility companies aiming to expand their renewable energy capacity.
The Electrification segment provides critical infrastructure solutions including grid solutions, power conversion technologies, solar integration, and energy storage systems. This segment's offerings support utilities, industrial clients, and renewable energy project developers in enhancing grid stability, integrating various energy sources efficiently, and optimizing energy use and storage. In essence, GE Vernova delivers a broad spectrum of products and services, from power generation and renewable energy components to advanced grid technologies, to customers across the global energy sector.
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A pure-play Siemens Energy, focused exclusively on electricity generation and grid solutions.
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- Electricity Generation: Generates and sells electricity through hydro, gas, nuclear, and steam power.
- Wind Turbine Blades: Manufactures and sells blades for wind turbines.
- Grid Solutions: Provides solutions for electrical grids.
- Power Conversion Solutions: Offers solutions for power conversion.
- Solar Solutions: Provides solutions related to solar energy.
- Storage Solutions: Offers solutions for energy storage.
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GE Vernova (GEV) - Major Customers
GE Vernova (GEV) sells primarily to other companies, not individuals. While specific customer names are not disclosed in the provided company description, its major customers are typically large organizations within the energy sector. These include:
- Electric Utilities and Independent Power Producers (IPPs): These entities are responsible for generating, transmitting, and distributing electricity. They are major purchasers of power generation equipment (for hydro, gas, nuclear, steam, and wind power plants), grid solutions, and large-scale energy storage technologies.
- Renewable Energy Project Developers and Operators: Companies specializing in the development, construction, and operation of wind farms, solar power plants, and battery energy storage systems. They acquire wind turbines, solar components, and complete storage solutions from GE Vernova.
- Large Industrial and Commercial Customers: Businesses with significant energy needs that purchase power conversion, distributed solar, or energy storage solutions for their own operational efficiency, sustainability goals, or resilience requirements.
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Scott Strazik Chief Executive Officer and President
Scott Strazik is the chief executive officer and president of GE Vernova, a company focused on electrifying and decarbonizing the world. He has more than 20 years of leadership, finance, and operations experience within GE, including over eight years in the company's power businesses. Strazik previously served for two years as CFO of GE Aviation's Commercial Engine Operations organization and three years as CFO of Gas Power Systems. He was named CEO of GE's Gas Power business in 2018 and expanded his role to leading the GE Power businesses in 2021. Under his leadership, GE Vernova became an independent entity in April 2024. He led the team that executed the turnaround of Gas Power and oversaw the launch and global scaling of the HA gas turbine platform.
Kenneth Parks Chief Financial Officer
Kenneth Parks is the chief financial officer of GE Vernova, a role he assumed in October 2023. He brings 38 years of comprehensive financial leadership and extensive public company CFO experience to GE Vernova. Most recently, Parks served as CFO for Owens Corning (NYSE: OC). Prior to that, he was a public company CFO at Mylan and Wesco International (NYSE: WCC). He also held the position of divisional CFO for United Technologies Corp (UTC) Fire & Security and served as Director of Investor Relations for UTC. Parks began his finance career with Coopers & Lybrand and is a Certified Public Accountant.
Jessica Uhl President
Jessica Uhl assumed the role of President at GE Vernova in January 2024, reporting directly to CEO Scott Strazik. In this role, she is responsible for overseeing Research and Development (R+D) and Business Development. Uhl served on the GE Board since 2023 and previously held the position of CFO and board member at Shell plc. She is also the Co-Chair of the Mission Possible Partnership and serves on the Board of Directors of Goldman Sachs.
Vic Abate Chief Executive Officer, Wind
Vic Abate is the chief executive officer of GE Vernova's Wind segment. He previously served as CEO of Gas Power Systems from 2013-2015, where his team launched the HA gas turbine product line, and as CEO of the Renewable Energy businesses from 2005-2013. Abate also serves as GE's Chief Technology Officer.
Eric Gray Chief Executive Officer, Power
Eric Gray is the chief executive officer of GE Vernova's Power segment. The Power segment offers a broad range of power generation solutions, including gas turbines, steam turbines, advanced and small modular reactors, and hydroelectric solutions.
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The public company GE Vernova (symbol: GEV) faces several key risks to its business, primarily stemming from challenges within its Wind segment, broader macroeconomic volatility, and intense competitive pressures across its markets.
The most significant risk to GE Vernova is the **ongoing challenges and financial struggles within its Wind segment, particularly offshore wind**. The company has experienced substantial financial losses in this area, including a reported $300 million loss in the third quarter of 2024 and a $117 million loss in the second quarter of 2024 for its offshore wind business. This strain is attributed to widespread issues such as turbine blade damages and failures at major project sites like Vineyard Wind in the U.S. and the Dogger Bank project in the U.K., some linked to manufacturing flaws. Additionally, the offshore wind industry is grappling with escalating construction costs, supply chain disruptions, and unfavorable economics, leading GE Vernova to implement a restructuring plan to transform its offshore wind division into a "smaller, leaner, and more profitable" segment. The company has ceased pursuing new sales of its large offshore turbines and has not booked a single new sale for them in approximately three years due to the industry's grim prospects.
A second key risk is **exposure to macroeconomic and market volatility**. GE Vernova's operations are affected by broad economic factors, including rising costs, inflation, supply chain disruptions, and high interest rates. These factors have increased the costs of building and financing projects, impacting profitability across its segments. Volatile commodity prices and the overall economic climate can also influence investment in energy infrastructure, which is crucial for GE Vernova's demand.
Finally, **intense competition and potential pricing pressure** pose a significant risk to GE Vernova's business. The company operates in highly competitive markets within its Power, Wind, and Electrification segments. In the wind energy sector, competition is particularly fierce, with Asian competitors often offering lower prices and higher production capacity, impacting GE Vernova's market share and profitability. There is also a risk of oversupply and subsequent pricing pressure in the gas turbine market if the company and its competitors expand production capabilities faster than demand grows. The Electrification segment faces competition from major industrial conglomerates like Schneider Electric, Siemens AG, ABB, and Hitachi Energy.
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The aggressive emergence and rapid global expansion of state-backed Chinese wind turbine manufacturers pose a significant threat. These manufacturers, often benefiting from subsidies and large domestic markets, are able to offer highly competitive pricing, severely pressuring the profitability and market share of established Western players like GE Vernova in the global wind energy market.
The accelerating decline in the cost of renewable energy sources (solar, wind) coupled with increasingly economical battery storage solutions threatens GE Vernova's traditional Power segment, which relies on gas, steam, and nuclear generation. As these renewable solutions become more cost-effective and widely adopted, they are actively displacing demand for new large-scale conventional power plants and accelerating the retirement of existing ones, potentially leading to reduced demand for GE Vernova's legacy power generation equipment and services.
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GE Vernova (symbol: GEV) operates in significant global addressable markets across its three segments: Power, Wind, and Electrification. The company's overall total addressable market is estimated to be approximately $2 trillion globally.
Power Segment (Hydro, Gas, Nuclear, Steam Power)
- The global power generation market was valued at around USD 2.38 trillion in 2024 and is projected to grow to USD 4.93 trillion by 2033. Another estimate places the market at USD 2,300.00 billion in 2025, expected to reach USD 4,102.00 billion by 2033.
Wind Segment (Wind Turbine Blades)
- The global wind turbine market was valued at USD 170.9 billion in 2025 and is estimated to grow at a compound annual growth rate (CAGR) of 7.3% to reach USD 325.6 billion by 2034. Other reports indicate the global wind turbine market was valued at USD 66.9 billion in 2023, projected to reach USD 164.3 billion by 2033.
Electrification Segment (Grid Solutions, Power Conversion, Solar, Storage Solutions)
- Grid Solutions: The global grid modernization market was valued at USD 42,640.50 million in 2024 and is expected to reach USD 158,269.32 million by 2032. The digital grid solutions market is projected to grow from USD 36.73 billion in 2025 to USD 76.63 billion by 2030.
- Power Conversion: The global power converter market is projected to reach USD 22.3 billion by 2032. Another source indicates the global power converter market is expected to reach USD 35 billion by 2030.
- Solar: The global solar energy market was valued at USD 0.4 trillion in 2024 and is projected to reach USD 1.6 trillion by 2034.
- Storage Solutions: The global energy storage market is valued at approximately USD 660 billion, based on a five-year historical analysis. The global battery energy storage market size was valued at USD 32.62 billion in 2025 and is expected to reach USD 161.12 billion by 2034.
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GE Vernova (NYSE: GEV) is poised for future revenue growth over the next 2-3 years, driven by several key factors:
- Growing Demand for Electrification and Decarbonization: The company is purpose-built to address the vital energy transition market, aiming to electrify and decarbonize the world. This overarching trend is expected to provide multi-decade growth opportunities, driving higher-margin orders and recurring service revenue.
- Increased Demand for Grid Solutions and Upgrades: GE Vernova's Electrification segment, which provides critical infrastructure for transmitting, distributing, and managing electricity, is experiencing robust demand. The company's electrification backlog has significantly expanded due to strong demand in key regions, indicating a positive outlook for revenue generation in the coming years.
- Surging AI-Related Power Demand and Data Center Growth: The rapid expansion of artificial intelligence and data centers is creating substantial electricity demand, which in turn drives growth opportunities for GE Vernova's gas turbines, grid solutions, and related power infrastructure. The company secured over $2 billion in data center-related Electrification orders last year, more than tripling the prior year's figures.
- Strong Backlog and Recurring Service Revenue in the Power Segment: The Power segment, which includes gas, steam, nuclear, and hydroelectric turbines, benefits from a substantial backlog of approximately $150 billion, effectively selling out its capacity for several years. Analysts anticipate mid-to-high-teens organic revenue growth in this segment. Additionally, recurring service revenue from this installed base contributes to sustained growth and earnings stability.
- Acquisition of Prolec GE: The acquisition of the remaining 50% stake in Prolec GE, which adds approximately $3 billion in annual grid transformer sales, is expected to be immediately accretive to EBITDA and will further establish the Electrification segment as a primary growth driver. This acquisition has also led to an upward revision in GE Vernova's 2026 financial guidance.
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Share Repurchases
- GE Vernova approved an initial $6 billion share repurchase authorization in December 2024.
- The company increased its share repurchase authorization to $10 billion in December 2025.
- As of December 3, 2025, GE Vernova had spent $3.3 billion of the authorized amount on share repurchases.
Share Issuance
- Upon its spin-off from General Electric on April 2, 2024, GE Vernova distributed one share of GE Vernova common stock for every four shares of GE common stock held by shareholders as of March 19, 2024.
Outbound Investments
- GE Vernova is in the process of acquiring the remaining 50% stake in Prolec GE, with the closing expected by mid-2026.
- The acquisition of the remaining 50% stake in Prolec GE was partially financed by a $2.6 billion senior notes offering completed in February 2026.
Capital Expenditures
- GE Vernova announced plans for approximately $9 billion in cumulative global capital expenditures and research and development (R&D) investments through 2028, later updated to at least $10 billion from 2025 to 2028.
- The company plans to invest nearly $600 million in its U.S. factories and facilities over two years, focusing on gas power, grid, nuclear, and onshore wind manufacturing (announced January 2025).
- Reported capital expenditures for the fiscal year ending December 31, 2025, amounted to $1.3 billion.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 319.95 |
| Mkt Cap | 152.9 |
| Rev LTM | 29,322 |
| Op Inc LTM | 4,418 |
| FCF LTM | 3,446 |
| FCF 3Y Avg | 3,299 |
| CFO LTM | 4,951 |
| CFO 3Y Avg | 5,096 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.5% |
| Rev Chg 3Y Avg | 8.2% |
| Rev Chg Q | 12.1% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | 10.3% |
| Op Inc Chg 3Y Avg | 14.1% |
| Op Mgn LTM | 17.7% |
| Op Mgn 3Y Avg | 18.2% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 18.0% |
| CFO/Rev 3Y Avg | 16.8% |
| FCF/Rev LTM | 12.3% |
| FCF/Rev 3Y Avg | 12.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Power | 19,767 | 18,127 | 17,436 | 16,124 |
| Electrification | 9,642 | 7,550 | 6,378 | 5,076 |
| Wind | 9,110 | 9,701 | 9,826 | 8,905 |
| Other revenues and elimination of intersegment revenues | -451 | -442 | -401 | -451 |
| Total | 38,068 | 34,936 | 33,239 | 29,654 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Power | 26,663 | 24,161 |
| Other | 15,709 | 9,952 |
| Wind | 11,444 | 9,970 |
| Electrification | 9,201 | 7,402 |
| Total | 63,017 | 51,485 |
Price Behavior
| Market Price | $985.03 | |
| Market Cap ($ Bil) | 265.0 | |
| First Trading Date | 04/02/2024 | |
| Distance from 52W High | -16.2% | |
| 50 Days | 200 Days | |
| DMA Price | $1,034.82 | $823.05 |
| DMA Trend | up | up |
| Distance from DMA | -4.8% | 19.7% |
| 3M | 1YR | |
| Volatility | 54.3% | 52.1% |
| Downside Capture | 338.65 | 226.37 |
| Upside Capture | 202.89 | 248.97 |
| Correlation (SPY) | 53.5% | 50.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.44 | 2.18 | 2.10 | 1.83 | 2.05 | -0.05 |
| Up Beta | 2.53 | 2.74 | 2.24 | 2.05 | 1.87 | 0.08 |
| Down Beta | 2.23 | 1.20 | 1.35 | 1.48 | 1.75 | -0.68 |
| Up Capture | 445% | 266% | 273% | 334% | 534% | 1164% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 14 | 22 | 34 | 67 | 130 | 306 |
| Down Capture | 136% | 224% | 209% | 128% | 151% | 107% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 7 | 19 | 29 | 58 | 120 | 254 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GEV | |
|---|---|---|---|---|
| GEV | 74.8% | 52.8% | 1.23 | - |
| Sector ETF (XLI) | 20.0% | 16.6% | 0.92 | 57.2% |
| Equity (SPY) | 20.0% | 12.6% | 1.16 | 50.0% |
| Gold (GLD) | 21.2% | 28.1% | 0.67 | 12.7% |
| Commodities (DBC) | 33.0% | 19.1% | 1.36 | -6.7% |
| Real Estate (VNQ) | 13.9% | 14.0% | 0.70 | -3.6% |
| Bitcoin (BTCUSD) | -43.6% | 42.9% | -1.21 | 23.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GEV | |
|---|---|---|---|---|
| GEV | 47.9% | 53.5% | 1.79 | - |
| Sector ETF (XLI) | 13.4% | 17.6% | 0.60 | 57.8% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 55.7% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 12.1% |
| Commodities (DBC) | 9.3% | 19.5% | 0.37 | 9.4% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 14.0% |
| Bitcoin (BTCUSD) | 15.2% | 53.5% | 0.46 | 25.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GEV | |
|---|---|---|---|---|
| GEV | 21.6% | 53.5% | 1.79 | - |
| Sector ETF (XLI) | 13.8% | 20.0% | 0.61 | 57.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 55.7% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 12.1% |
| Commodities (DBC) | 7.1% | 17.9% | 0.31 | 9.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 14.0% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 25.0% |
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Earnings Returns History
Updated 7/22/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | 13.7% | 9.8% | 3.4% |
| 1/28/2026 | 2.7% | 12.6% | 26.5% |
| 10/22/2025 | -1.6% | -2.5% | 1.7% |
| 4/23/2025 | 3.1% | 13.8% | 38.9% |
| 1/22/2025 | 2.7% | -14.6% | -13.5% |
| 10/23/2024 | 1.3% | 8.1% | 24.0% |
| 7/24/2024 | -4.5% | -4.6% | 8.1% |
| 4/25/2024 | 1.5% | 3.8% | 10.6% |
| SUMMARY STATS | |||
| # Positive | 6 | 5 | 7 |
| # Negative | 2 | 3 | 1 |
| Median Positive | 2.7% | 9.8% | 10.6% |
| Median Negative | -3.0% | -4.6% | -13.5% |
| Max Positive | 13.7% | 13.8% | 38.9% |
| Max Negative | -4.5% | -14.6% | -13.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | 13.7% | 9.8% | 3.4% |
| 1/28/2026 | 2.7% | 12.6% | 26.5% |
| 10/22/2025 | -1.6% | -2.5% | 1.7% |
| 4/23/2025 | 3.1% | 13.8% | 38.9% |
| 1/22/2025 | 2.7% | -14.6% | -13.5% |
| 10/23/2024 | 1.3% | 8.1% | 24.0% |
| 7/24/2024 | -4.5% | -4.6% | 8.1% |
| 4/25/2024 | 1.5% | 3.8% | 10.6% |
| SUMMARY STATS | |||
| # Positive | 6 | 5 | 7 |
| # Negative | 2 | 3 | 1 |
| Median Positive | 2.7% | 9.8% | 10.6% |
| Median Negative | -3.0% | -4.6% | -13.5% |
| Max Positive | 13.7% | 13.8% | 38.9% |
| Max Negative | -4.5% | -14.6% | -13.5% |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 44.50 Bil | 45.00 Bil | 45.50 Bil | 1.1% | Raised | Guidance: 44.50 Bil for 2026 | |
| 2026 Adjusted EBITDA Margin | 12.0% | 13.0% | 14.0% | 1.0% | Raised | Guidance: 12.0% for 2026 | |
| 2026 Free Cash Flow | 6.50 Bil | 7.00 Bil | 7.50 Bil | 33.3% | Raised | Guidance: 5.25 Bil for 2026 | |
| 2026 Power Organic Revenue Growth | 16.0% | 17.0% | 18.0% | ||||
| 2026 Power Segment EBITDA Margin | 17.0% | 18.0% | 19.0% | ||||
| 2026 Electrification Revenue | 14.00 Bil | 14.25 Bil | 14.50 Bil | ||||
| 2026 Electrification Segment EBITDA Margin | 18.0% | 19.0% | 20.0% | ||||
| 2026 Wind Segment EBITDA Losses | -400.00 Mil | ||||||
| 2026 Gas Power Backlog and Slot Reservation Agreements | 110.00 Bil | ||||||
Prior: Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 44.00 Bil | 44.50 Bil | 45.00 Bil | 21.9% | Higher New | Guidance: 36.50 Bil for 2025 | |
| 2026 Adjusted EBITDA Margin | 11.0% | 12.0% | 13.0% | 3.5% | Higher New | Guidance: 8.5% for 2025 | |
| 2026 Free Cash Flow | 5.00 Bil | 5.25 Bil | 5.50 Bil | 61.5% | Higher New | Guidance: 3.25 Bil for 2025 | |
| 2028 Revenue | 56.00 Bil | Higher New | |||||
| 2028 Adjusted EBITDA Margin | 20.0% | Higher New | |||||
| 2028 Cumulative Free Cash Flow | 24.00 Bil | Higher New | |||||
Insider Activity
Updated 6/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Abate, Victor | Chief Executive Officer, Wind | Direct | Sell | 6032026 | 948.08 | 4,819 | 4,568,798 | 1,739,727 | Form |
| 2 | Potvin, Matthew Joseph | Chief Accounting Officer | Direct | Sell | 5182026 | 1059.09 | 2,333 | 2,470,857 | 3,758,710 | Form |
| 3 | Baert, Steven | Chief People Officer | Direct | Sell | 3032026 | 850.00 | 5,300 | 4,505,000 | 10,749,100 | Form |
| 4 | Parks, Kenneth Scott | Chief Financial Officer | Direct | Sell | 8272025 | 620.00 | 3,300 | 2,046,000 | 4,705,800 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Abate, Victor | Chief Executive Officer, Wind | Direct | Sell | 6032026 | 948.08 | 4,819 | 4,568,798 | 1,739,727 | Form |
| 2 | Potvin, Matthew Joseph | Chief Accounting Officer | Direct | Sell | 5182026 | 1059.09 | 2,333 | 2,470,857 | 3,758,710 | Form |
| 3 | Baert, Steven | Chief People Officer | Direct | Sell | 3032026 | 850.00 | 5,300 | 4,505,000 | 10,749,100 | Form |
| 4 | Parks, Kenneth Scott | Chief Financial Officer | Direct | Sell | 8272025 | 620.00 | 3,300 | 2,046,000 | 4,705,800 | Form |
Investor Activity (13F)
Updated Jul 23, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sirios Capital Management L P | $107.3 Mil | 13.0% | 81 | TRIM -23.5% | 13F |
| Thames Capital Management LLC | $44.0 Mil | 7.9% | 43 | TRIM -7.4% | 13F |
| Codex Capital Asset Management L.L.C. | $18.5 Mil | 7.2% | 31 | Hold | 13F |
| Night Owl Capital Management, LLC | $56.3 Mil | 6.6% | 30 | TRIM -28.7% | 13F |
| Valiant Capital Management, L.P. | $82.5 Mil | 6.5% | 28 | TRIM -7.0% | 13F |
| Mark Asset Management LP | $48.8 Mil | 6.5% | 31 | TRIM -5.3% | 13F |
| One Madison Group LLC | $52.4 Mil | 6.0% | 28 | TRIM -9.1% | 13F |
| 11 Capital Partners LP | $17.3 Mil | 5.6% | 19 | TRIM -11.3% | 13F |
| Amanah Holdings Trust | $45.5 Mil | 5.0% | 20 | Hold | 13F |
| Pennant Investors, LP | $17.9 Mil | 5.0% | 17 | TRIM -9.3% | 13F |
| DSM Capital Partners LLC | $205.7 Mil | 3.6% | 44 | TRIM -16.8% | 13F |
| M37 Management LP | $8.7 Mil | 3.5% | 12 | Hold | 13F |
| First Washington CORP | $9.0 Mil | 2.6% | 50 | TRIM -24.1% | 13F |
| KADENSA CAPITAL Ltd | $16.1 Mil | 2.2% | 39 | TRIM -48.3% | 13F |
| Bender Robert & Associates | $9.2 Mil | 2.2% | 45 | ADD +45.2% | 13F |
| Mar Vista Investment Partners LLC | $20.2 Mil | 2.0% | 35 | ADD +353.8% | 13F |
| Slate Path Capital LP | $101.7 Mil | 1.5% | 44 | Hold | 13F |
| Kinetic Partners Management, LP | $26.5 Mil | 1.5% | 49 | ADD +239.2% | 13F |
| Varenne Capital Partners | $5.5 Mil | 1.4% | 27 | TRIM -19.6% | 13F |
| Parker Investment Management, LLC | $8.2 Mil | 1.3% | 37 | New | 13F |
| Archon Partners LLC | $9.6 Mil | 1.1% | 39 | Hold | 13F |
| Allen Operations LLC | $7.3 Mil | 1.1% | 36 | Hold | 13F |
| Electron Capital Partners, LLC | $12.5 Mil | 0.6% | 44 | TRIM -9.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Value Aligned Research Advisors, LLC | $177.3 Mil | 3.6% | 47 | Exited | Dec 31, 2025 | 13F |
| Anomaly Capital Management, LP | $41.0 Mil | 1.5% | 32 | Exited | Dec 31, 2025 | 13F |
| WT Asset Management Ltd | $39.0 Mil | 1.6% | 42 | Exited | Dec 31, 2025 | 13F |
| Goodlander Investment Management, LLC | $29.4 Mil | 11.2% | 11 | Exited | Dec 31, 2025 | 13F |
| Owl Creek Asset Management, L.P. | $18.4 Mil | 2.2% | 30 | Exited | Dec 31, 2025 | 13F |
| Incline Global Management LLC | $10.8 Mil | 3.7% | 30 | Exited | Dec 31, 2025 | 13F |
| VMS Asset Management Limited | $5.6 Mil | 2.2% | 42 | Exited | Dec 31, 2025 | 13F |
| KADENSA CAPITAL Ltd | $16.1 Mil | 2.2% | 39 | TRIM -48.3% | Mar 31, 2026 | 13F |
| Night Owl Capital Management, LLC | $56.3 Mil | 6.6% | 30 | TRIM -28.7% | Mar 31, 2026 | 13F |
| First Washington CORP | $9.0 Mil | 2.6% | 50 | TRIM -24.1% | Mar 31, 2026 | 13F |
| Sirios Capital Management L P | $107.3 Mil | 13.0% | 81 | TRIM -23.5% | Mar 31, 2026 | 13F |
| Varenne Capital Partners | $5.5 Mil | 1.4% | 27 | TRIM -19.6% | Mar 31, 2026 | 13F |
| DSM Capital Partners LLC | $205.7 Mil | 3.6% | 44 | TRIM -16.8% | Mar 31, 2026 | 13F |
| 11 Capital Partners LP | $17.3 Mil | 5.6% | 19 | TRIM -11.3% | Mar 31, 2026 | 13F |
| Electron Capital Partners, LLC | $12.5 Mil | 0.6% | 44 | TRIM -9.7% | Mar 31, 2026 | 13F |
| Pennant Investors, LP | $17.9 Mil | 5.0% | 17 | TRIM -9.3% | Mar 31, 2026 | 13F |
| One Madison Group LLC | $52.4 Mil | 6.0% | 28 | TRIM -9.1% | Mar 31, 2026 | 13F |
| Thames Capital Management LLC | $44.0 Mil | 7.9% | 43 | TRIM -7.4% | Mar 31, 2026 | 13F |
| Valiant Capital Management, L.P. | $82.5 Mil | 6.5% | 28 | TRIM -7.0% | Mar 31, 2026 | 13F |
| Mark Asset Management LP | $48.8 Mil | 6.5% | 31 | TRIM -5.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| DSM Capital Partners LLC | $205.7 Mil | 3.6% | 44 | TRIM -16.8% | 13F |
| Sirios Capital Management L P | $107.3 Mil | 13.0% | 81 | TRIM -23.5% | 13F |
| Slate Path Capital LP | $101.7 Mil | 1.5% | 44 | Hold | 13F |
| Valiant Capital Management, L.P. | $82.5 Mil | 6.5% | 28 | TRIM -7.0% | 13F |
| Night Owl Capital Management, LLC | $56.3 Mil | 6.6% | 30 | TRIM -28.7% | 13F |
| One Madison Group LLC | $52.4 Mil | 6.0% | 28 | TRIM -9.1% | 13F |
| Mark Asset Management LP | $48.8 Mil | 6.5% | 31 | TRIM -5.3% | 13F |
| Amanah Holdings Trust | $45.5 Mil | 5.0% | 20 | Hold | 13F |
| Thames Capital Management LLC | $44.0 Mil | 7.9% | 43 | TRIM -7.4% | 13F |
| Kinetic Partners Management, LP | $26.5 Mil | 1.5% | 49 | ADD +239.2% | 13F |
| Mar Vista Investment Partners LLC | $20.2 Mil | 2.0% | 35 | ADD +353.8% | 13F |
| Codex Capital Asset Management L.L.C. | $18.5 Mil | 7.2% | 31 | Hold | 13F |
| Pennant Investors, LP | $17.9 Mil | 5.0% | 17 | TRIM -9.3% | 13F |
| 11 Capital Partners LP | $17.3 Mil | 5.6% | 19 | TRIM -11.3% | 13F |
| KADENSA CAPITAL Ltd | $16.1 Mil | 2.2% | 39 | TRIM -48.3% | 13F |
| Electron Capital Partners, LLC | $12.5 Mil | 0.6% | 44 | TRIM -9.7% | 13F |
| Archon Partners LLC | $9.6 Mil | 1.1% | 39 | Hold | 13F |
| Bender Robert & Associates | $9.2 Mil | 2.2% | 45 | ADD +45.2% | 13F |
| First Washington CORP | $9.0 Mil | 2.6% | 50 | TRIM -24.1% | 13F |
| M37 Management LP | $8.7 Mil | 3.5% | 12 | Hold | 13F |
| Parker Investment Management, LLC | $8.2 Mil | 1.3% | 37 | New | 13F |
| Allen Operations LLC | $7.3 Mil | 1.1% | 36 | Hold | 13F |
| Varenne Capital Partners | $5.5 Mil | 1.4% | 27 | TRIM -19.6% | 13F |
GEV Trade Sentinel
High Conviction
CONVICTION RATIONALE
Conviction is high, centered on a massive $163 billion backlog driven by AI data center power demand. The company is demonstrating significant pricing power, with 2026 orders priced 10 to 20 points higher. Management's consistent record of raising guidance on revenue, margins, and cash flow underpins the outlook.
STOCK ARCHETYPE
Long-Cycle Industrial / Infrastructure Provider(Backlog Conversion Rate * Backlog Value) + (New Shorter-Cycle Service/Parts Orders) Execution on the high-margin equipment backlog and growth of the recurring, high-margin services business, driven by the large installed base.
INVESTMENT THESIS
Evidence suggests yes, with an accelerating, high-margin backlog providing multi-year visibility into growth.
- Total backlog grew to $163 billion in Q1 2026.
- Gas Power gigawatts under contract grew sequentially to 100 gigawatts.
- The book-to-bill ratio was approximately 2 in Q1 2026.
- 2026 orders are expected to be priced 10 to 20 points higher.
- FY2026 free cash flow guidance was raised to between $6.5 billion and $7.5 billion.
PRIMARY RISK
Delivering on the massive backlog faces supply chain constraints and fixed-price contract risks. The Wind segment remains a drag, with guided Q2 EBITDA losses of $200 million to $300 million and ongoing project execution pressures, which could signal broader operational challenges.
- Wind segment guided to a Q2 EBITDA loss between $200 million and $300 million.
- Inventory grew 30.4% year-over-year, outpacing revenue growth of 16.3%.
- Offshore Wind continues to experience pressure on project costs and timelines.
- Supply chain pressures are expected to persist for critical components.
- The company recently lost a legal bid to end work on the Vineyard Wind project.
| KPI | Status | Rationale |
|---|---|---|
| Total Backlog | $163 billion as of Q1 2026 - Accelerating | Total backlog growth is accelerating, increasing by $13 billion sequentially in Q1 2026. This builds on strong momentum from 2025, where the backlog grew by $31 billion for the full year. The equipment portion of the backlog has seen particularly strong growth, increasing 80% since the company's spin-off. |
| Gas Power Gigawatts Under Contract | 100 gigawatts as of Q1 2026 - Accelerating | This key pipeline metric for the Gas Power segment is experiencing explosive growth, driven by demand from data centers, which explicitly account for 20% of the total. The company expects to reach at least 110 gigawatts by the end of 2026, indicating continued strong momentum. |
| Total Backlog / Remaining Performance Obligation (RPO) | $163,276 million (As of March 31, 2026) | Indicates the total value of contracted future revenue, providing multi-year visibility into the company's top line. |
| Book-to-Bill Ratio | Approximately 2 (Q1 2026) | A ratio significantly above 1 indicates that new orders are far outpacing current revenue generation, leading to strong backlog growth and signaling accelerating future demand. |
AI Super-Cycle vs. Industrial Execution
BULL VIEW
The AI-driven demand surge, reflected in a $163 billion backlog and a book-to-bill ratio of 2, is a multi-year structural tailwind that will overwhelm any operational friction. Pricing power is expanding margins, funding strong shareholder returns.
CORE TENSION
Can accelerating, high-margin orders in Power and Electrification offset the execution risks and losses from the Wind segment?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The company raised full-year 2026 guidance for revenue, margins, and free cash flow, and pulled forward its $200 billion backlog target to 2027.
BEAR VIEW
The unprofitable Wind segment, with ongoing project issues, is a canary in the coal mine for execution risk on complex, fixed-price contracts. A 30.4% inventory build signals potential future margin pressure as the company navigates a constrained supply chain.
| Timeline | Event & Metric To Watch |
|---|---|
Q2 2026 | Quarterly Free Cash Flow Watch: Company expects to deliver positive free cash flow for the second quarter of 2026. |
midyear 2026 | Gas Turbine Capacity Ramp Watch: Annual production capacity for gas turbines is expected to increase, starting in mid-2026. |
Q2 | Gas Power Contract Bookings Watch: Company expects to book 10 to 15 gigawatts of new gas power contracts in Q2 2026. |
10/20/2026 | Wind Segment Profitability Miss Watch: Updates on Wind segment margins, guidance for Q4, and any new provisions for the Vineyard Wind dispute. |
10/21/2026 - 11/3/2026 | Peer Reports Signal Cost Pressures Watch: Peer commentary on input costs, labor availability, logistics, and demand from key industrial and utility customers. |
fall of this year | Solid-State Transformer Delivery Watch: Company will deliver its first solid-state transformer product to a hyperscaler customer. |
second half of the year | Wind Segment Performance Inflection Watch: Company expects significant improvement in Wind segment revenue and a shift to profitability. |
second half of the year | Tariff Uncertainty Delays Orders Watch: U.S. government announcements on Section 232 tariffs and management commentary on Onshore Wind order trends. |
| Date | Event | Stock Impact |
|---|---|---|
2026-06-24 | AI Demand Drives Capacity Ramp Details: Media reports highlighted that demand from AI data centers is driving GE Vernova to ramp capacity at its gas turbine factory in Greenville, South Carolina. | +4.9% $1034.98 -> $1085.47 |
2026-06-01 | Loses Bid to End Wind Farm Work Details: A Massachusetts judge declined to lift an order forcing GE Vernova to continue work on the Vineyard Wind offshore wind farm, sending the dispute with the developer into arbitration. | +0.1% $967.83 -> $969.17 |
2026-05-19 | Declares Third Quarter Dividend Details: The Board of Directors declared a quarterly dividend of $0.50 per share, payable on July 14, 2026. | +1.2% $1011.73 -> $1024.00 |
2026-04-22 | Raises Full-Year 2026 Guidance Details: Following strong Q1 results, the company raised its 2026 guidance for Revenue, Adjusted EBITDA Margin, and Free Cash Flow. The stock reacted positively, jumping 16.0% over two days. | +16.0% $990.79 -> $1148.94 |
2026-03-12 | Analyst Upgrades Follow Guidance Details: Following strong Q4 results and guidance, some analysts turned bullish. Redburn upgraded its rating from Sell to Buy and raised its price target to $1,100. | -5.0% $846.71 -> $804.12 |
2026-02-05 | Announces Repower Orders and Dividend Details: The company announced it received orders in 2025 to repower 1.1 GW of onshore wind turbines in the U.S. and declared a $0.50 per share quarterly dividend. | +4.4% $745.39 -> $778.48 |
2026-01-29 | Reports Robust 2025 Results Details: The company reported robust 2025 results with $38B in revenue. The Power and Electrification segments delivered profitable growth, while the Wind segment continued to face challenges. | +2.1% $710.80 -> $725.56 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: GEV trades at roughly 62% annualized options-implied volatility versus about 15% for the S&P 500 (4.2x the market), around the 98th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
ETN - Eaton
Higher-Margin Electrification PlayProvides more focused exposure to the electrical equipment and data center end-markets with substantially higher historical gross margins of 36.9%.
SIE.DE - Siemens Energy
Direct European PeerOffers a similarly broad portfolio across the energy value chain, providing a direct peer comparison without GEV's specific legacy project issues.
A primary 'picks and shovels' beneficiary of the global electrification and AI-driven power buildout, monetizing a multi-year growth cycle through a massive, high-margin equipment and services backlog.
GE Vernova provides the core infrastructure for the electric power industry. As demand for electricity surges due to data centers, AI, and decarbonization, the company is seeing unprecedented orders for its gas turbines (for reliable power) and grid equipment (to transmit it). This has created a massive $163 billion backlog, providing years of revenue visibility and a clear path to margin expansion as higher-priced orders are delivered.
Large new contract announcements for gas turbines or HVDC systems, especially from data center customers; continued guidance raises on revenue and margins.
Significant project cancellations, evidence of widespread supply chain disruptions delaying backlog conversion, or a sharp, unexpected downturn in electricity demand growth forecasts.
Quarterly fluctuations in the Wind segment's performance; minor legal disputes like the Vineyard Wind issue unless they signal systemic execution problems.
Repricing Catalyst
The ongoing conversion of the company's large and increasingly profitable backlog into revenue and earnings, leading to sustained financial outperformance and guidance increases.
Power
$20.3B TTM (52% of Total)What It Is
Sells gas, nuclear, hydro, and steam power technologies, including turbines and small modular reactors (SMRs), along with related services, to power generation, industrial, and government customers worldwide.
Who Pays & How
Utilities and independent power producers pay for reliable, dispatchable power generation equipment to ensure grid stability and meet surging demand from industrialization and data centers, and for long-term servicing to maintain asset performance.
Competition
Electrification
$10.8B TTM (27% of Total)What It Is
Sells grid solutions (e.g., transformers, switchgear), power conversion, storage, and software required for the transmission, distribution, and orchestration of electricity. Customers include power utilities and industries.
Who Pays & How
Utilities and industrial customers, including data centers, pay to modernize and expand grid infrastructure to connect new renewable power sources, move bulk power, and meet higher electricity demand.
Competition
Wind
$8.7B TTM (22% of Total)What It Is
Sells onshore and offshore wind turbines and blades, as well as related services, to customers in the wind power industry.
Who Pays & How
Wind farm developers and utilities pay for equipment to generate carbon-free electricity, driven by energy transition goals.
Competition
GE Vernova — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Heavy Electrical Equipment Resources |
| Power Engineering |
| Electrical Review |
| IEEE Power & Energy Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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