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GE Vernova (GEV)

Market Price (2/24/2026): $834.0 | Market Cap: $224.3 Bil
Sector: Industrials | Industry: Heavy Electrical Equipment

GE Vernova (GEV)

Market Price (2/24/2026): $834.0
Market Cap: $224.3 Bil
Sector: Industrials
Industry: Heavy Electrical Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 5.0 Bil, FCF LTM is 3.7 Bil		 Trading close to highs
Dist 52W High is -0.3%, Dist 3Y High is -0.3%		 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 161x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 45x
1 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Offshore Wind Development, Sustainable Infrastructure, Hydrogen Economy, Show more.		  Stock price has recently run up significantly
12M Rtn12 month market price return is 154%
2   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%
3   Key risks
GEV key risks include [1] its dependency on the pace of the energy transition and electricity demand from growth drivers like AI, Show more.
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 5.0 Bil, FCF LTM is 3.7 Bil
1 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Offshore Wind Development, Sustainable Infrastructure, Hydrogen Economy, Show more.
2 Trading close to highs
Dist 52W High is -0.3%, Dist 3Y High is -0.3%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 161x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 45x
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 154%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%
6 Key risks
GEV key risks include [1] its dependency on the pace of the energy transition and electricity demand from growth drivers like AI, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

GE Vernova (GEV) stock has gained about 40% since 10/31/2025 because of the following key factors:

1. Strong Q4 2025 Financial Performance and Upgraded Outlook. GE Vernova reported robust fourth-quarter and full-year 2025 financial results on January 28, 2026, significantly exceeding analyst expectations. The company announced an impressive Q4 2025 earnings per share (EPS) of $13.39, dramatically surpassing the forecasted $2.99, and revenue reached $11 billion, outperforming projections of $10.21 billion. Following these strong results, management raised its 2026 revenue guidance to $44-$45 billion from a previous range of $41-$42 billion and increased its free cash flow guidance to $5.0-$5.5 billion from $4.5-$5.0 billion, while also projecting $56 billion in revenue by 2028.

2. Record-Breaking Order Backlog and Robust Demand. The company achieved a record total backlog of $150 billion in 2025, marking a 25% increase year-over-year. Full-year orders in 2025 surged by 65% compared to 2024, demonstrating strong market traction. Notably, the Gas Power equipment backlog and slot reservation agreements grew from 62 GW to 83 GW. Additionally, the Electrification segment experienced its largest order quarter in history during Q4 2025, highlighting strong demand across key business areas and providing significant revenue visibility for future periods.

Show more

Stock Movement Drivers

Fundamental Drivers

The 42.2% change in GEV stock from 10/31/2025 to 2/23/2026 was primarily driven by a 183.6% change in the company's Net Income Margin (%).
(LTM values as of)103120252232026Change
Stock Price ($)584.71831.7042.2%
Change Contribution By: 
Total Revenues ($ Mil)37,67038,0681.1%
Net Income Margin (%)4.5%12.8%183.6%
P/E Multiple93.345.8-50.9%
Shares Outstanding (Mil)2722691.1%
Cumulative Contribution42.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/23/2026
ReturnCorrelation
GEV42.2% 
Market (SPY)0.0%45.4%
Sector (XLI)12.7%52.9%

Fundamental Drivers

The 26.1% change in GEV stock from 7/31/2025 to 2/23/2026 was primarily driven by a 306.4% change in the company's Net Income Margin (%).
(LTM values as of)73120252232026Change
Stock Price ($)659.53831.7026.1%
Change Contribution By: 
Total Revenues ($ Mil)36,61438,0684.0%
Net Income Margin (%)3.2%12.8%306.4%
P/E Multiple155.245.8-70.5%
Shares Outstanding (Mil)2722691.1%
Cumulative Contribution26.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/23/2026
ReturnCorrelation
GEV26.1% 
Market (SPY)8.3%45.1%
Sector (XLI)15.5%52.4%

Fundamental Drivers

The 123.6% change in GEV stock from 1/31/2025 to 2/23/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)13120252232026Change
Stock Price ($)372.00831.70123.6%
Change Contribution By: 
Total Revenues ($ Mil)�38,0680.0%
Net Income Margin (%)�12.8%0.0%
P/E Multiple�45.80.0%
Shares Outstanding (Mil)2722691.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/23/2026
ReturnCorrelation
GEV123.6% 
Market (SPY)14.4%58.4%
Sector (XLI)27.7%61.8%

Fundamental Drivers

null
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Market Drivers

1/31/2023 to 2/23/2026
ReturnCorrelation
GEV  
Market (SPY)74.1%55.9%
Sector (XLI)79.1%56.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GEV Return---135%99%27%495%
Peers Return29%4%17%29%10%20%170%
S&P 500 Return27%-19%24%23%16%1%84%

Monthly Win Rates [3]
GEV Win Rate---78%67%100% 
Peers Win Rate70%48%55%57%48%100% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
GEV Max Drawdown----12%-18%-5% 
Peers Max Drawdown-6%-21%-17%-7%-21%-1% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 

[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 2/23/2026 (YTD)

How Low Can It Go

GEV has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

Unique KeyEventXLIS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-22.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven29.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven273 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-42.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven74.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven232 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-24.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven32.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven312 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-63.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven172.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,463 days1,480 days

Compare to ETN, HON, NEE, EMR, PWR

In The Past

SPDR Select Sector Fund's stock fell -22.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -22.6% loss requires a 29.2% 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 LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions. The company was incorporated in 2023 and is based in Cambridge, Massachusetts.

AI Analysis | Feedback

  • Caterpillar for electricity generation infrastructure.
  • The industrial energy solutions arm of Siemens.
  • ABB for large-scale power generation and electricity grids.

AI Analysis | Feedback

  • Wind Power Solutions: Designs, manufactures, and services onshore and offshore wind turbines for renewable electricity generation.
  • Gas Power Technology: Provides gas turbines, steam turbines, generators, and comprehensive services for natural gas and other fuel-based power plants.
  • Hydro Power Solutions: Offers turbines, generators, and related equipment and services for hydroelectric power generation projects globally.
  • Grid Solutions: Delivers critical hardware and software for electrical grids, enabling the transmission, distribution, and control of electricity.
  • Nuclear Power Services: Offers advanced technologies and services to support the operation, maintenance, and upgrade of nuclear power plants.

AI Analysis | Feedback

GE Vernova (symbol: GEV) primarily sells its products and services, which include power generation equipment, wind turbines, and grid solutions, to other companies (Business-to-Business, or B2B) rather than directly to individuals.

Due to the nature of its business involving large capital projects and long-term contracts with a diverse, global customer base, specific named "major customers" are not typically disclosed in public reports. However, GE Vernova's customer base broadly consists of the following types of entities:

  • Electric Utilities: These are companies (both public and privately owned) responsible for generating, transmitting, and distributing electricity to end-users. They are major buyers of power plants (e.g., gas turbines, steam turbines, nuclear plant components), wind farms (onshore and offshore turbines), and grid infrastructure (e.g., transformers, substations, control systems).
    • Examples of companies in this category that would be potential customers include:
      • NextEra Energy (symbol: NEE)
      • Duke Energy (symbol: DUK)
      • Southern Company (symbol: SO)
  • Independent Power Producers (IPPs) and Project Developers: These firms specialize in developing, building, owning, and operating power generation facilities (including renewable energy projects like wind farms) and then selling the electricity to utilities, industrial consumers, or other entities. They frequently procure GE Vernova's generation equipment and wind turbines for their projects.
    • Examples of companies in this category that would be potential customers include:
      • Vistra Corp (symbol: VST)
      • Various global renewable energy developers (many of which may not be publicly traded).
  • Large Industrial and Commercial Enterprises: While not as primary as utilities or IPPs, some very large industrial facilities (e.g., in oil & gas, mining, data centers, large manufacturing) may purchase smaller-scale power generation equipment or specialized grid solutions from GE Vernova for their own on-site power needs, improved reliability, or microgrid development.

AI Analysis | Feedback

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Scott Strazik, Chief Executive Officer

Scott Strazik serves as the Chief Executive Officer of GE Vernova. Prior to leading GE Vernova, he held various leadership positions within GE, including CEO of GE's Power business and CEO of GE Gas Power. He has a long history of working within General Electric's energy businesses. His background does not indicate that he founded or managed companies outside of GE, sold companies to an acquirer in a personal capacity, or has a pattern of managing companies backed by private equity firms.

James Fisher, Chief Financial Officer

James Fisher is the Chief Financial Officer of GE Vernova. Before this role, he served as the CFO of GE's Power business. He has an extensive background in finance leadership roles within General Electric. His career history does not indicate that he founded or managed other companies, sold companies he was previously involved with to an acquirer, or has a pattern of managing companies backed by private equity firms.

Ghassan Barghout, President & CEO, GE Vernova’s Power Generation

Ghassan Barghout is the President & CEO of GE Vernova’s Power Generation. He previously led GE Grid Solutions in the Middle East, North Africa and Turkey. He has held various leadership roles at GE, including in the power and oil & gas sectors.

Roger Martella, Chief Sustainability Officer

Roger Martella is the Chief Sustainability Officer for GE Vernova. Before joining GE, he served as General Counsel of the U.S. Environmental Protection Agency. He also has experience in private law practice, advising clients on environmental and energy matters.

Pablo Perez Fernandez, Chief Commercial Officer

Pablo Perez Fernandez serves as the Chief Commercial Officer of GE Vernova. He previously held the position of Chief Commercial Officer for GE Power. He has a long career within GE, focused on commercial operations in the energy sector.

AI Analysis | Feedback

The key risks to GE Vernova's business operations primarily revolve around the dynamics of the global energy transition, operational challenges within key segments, and external economic factors impacting production costs and supply chains.

  1. Sensitivity to the Pace of Energy Transition and Demand for Electricity: GE Vernova's growth and backlog are significantly dependent on the global demand for electricity, which is currently being driven by trends such as the expansion of AI and data centers, as well as broader decarbonization initiatives. A deceleration in the need for AI, the development of more energy-efficient data centers, or a slower-than-anticipated pace of the energy transition, particularly in regions like Europe, could lead to a decline in turbine sales and overall business growth.

  2. Challenges in the Wind Segment and Operational Execution: The company's wind business is projected to continue experiencing negative organic growth metrics in the coming years, posing a drag on overall financial performance. Furthermore, the inherent complexity of GE Vernova's products and services, including its gas and wind turbines, introduces operational risks such as potential quality control issues or safety failures, which could result in significant financial and reputational damage. The service segment, a crucial part of GE Vernova's operations, also faces risks from third-party competition.

  3. Raw Material Cost Volatility and Supply Chain Disruptions: Rising raw material costs, especially if these increases cannot be effectively passed on to customers through pricing adjustments, could significantly erode profit margins. Additionally, the company faces ongoing challenges in managing supply chain disruptions, which have the potential to impact financial results and cash flows by affecting production and delivery timelines.

AI Analysis | Feedback

Increased market dominance and aggressive pricing strategies by Asian, particularly Chinese, wind turbine manufacturers. These competitors are rapidly expanding their global footprint beyond their domestic markets, offering lower-cost turbines with increasingly competitive technology and integrated solutions. This intensifies pricing pressure and erodes market share for established Western players like GE Vernova, directly impacting GEV's ability to achieve profitability and secure new orders in its crucial renewable energy segment.

AI Analysis | Feedback

GE Vernova (symbol: GEV) operates across several key energy sectors, addressing substantial global and regional markets for its main products and services.

Power Generation (Gas Power)

  • The global industrial gas turbine market is projected to see over $192 billion in new orders over the next 10 years, excluding ancillary system and installation expenditures.
  • In the U.S., a forecast of 2.5% compound annual growth in electricity demand through 2035 implies roughly 1,000 gigawatts of gross generation capacity additions, with approximately one-third (330 gigawatts) expected to come from natural gas turbines.
  • GE Vernova's Power segment has an estimated total addressable market of $110 billion.

Wind Energy

  • The global wind energy market was valued at USD 174.5 billion in 2024 and is anticipated to grow by over 11.1% from 2025 to 2034.
  • The U.S. wind energy market was valued at USD 17.2 billion in 2024.
  • The North American wind energy industry is projected to grow by more than USD 52 billion by 2034.
  • Wind is expected to increase its contribution to the world's energy supply from 7% to over 25% by 2040.
  • GE Vernova's Wind segment has an estimated total addressable market of $80 billion.

Electrification (Grid Solutions)

  • The global smart grid market size is expected to reach US$ 52 billion in 2025 and is estimated to grow to US$ 154.1 billion by 2032, with a compound annual growth rate (CAGR) of 16.8%.
  • In North America, the smart grid market was estimated at USD 16.6 billion in 2024 and is projected to reach USD 44.5 billion in 2034, growing at a CAGR of 10.6%.
  • The global smart grid analytics market is anticipated to expand at a CAGR of 12.4%, from an estimated USD 7.9 billion in 2024 to USD 14.3 billion by 2029.
  • The market opportunity for synchronous condensers, which are used for grid stabilization, is estimated at a credible $5 billion annually.
  • GE Vernova's Electrification segment has an estimated total addressable market of $75 billion.

Nuclear Energy (Small Modular Reactors - SMRs)

  • The global nuclear energy market was valued at USD 30.80 billion in 2023, increasing to an estimated USD 31.25 billion in 2024, and is projected to reach USD 38.32 billion by 2031, growing at a CAGR of 2.96%.
  • The North American nuclear energy market share was approximately 32.63% in 2023, valued at USD 10.05 billion.
  • The market for small modular reactors (SMRs) and microreactors, which offer clean energy solutions, is a global market worth US$7.49 billion in 2025 and is expected to more than double to US$16.13 billion by 2034.
  • Globally, more than 70 gigawatts of new nuclear capacity are currently under construction.

AI Analysis | Feedback

GE Vernova (GEV) is expected to drive future revenue growth over the next 2-3 years through several key strategic areas:

  1. Strong Demand for Electrification and Decarbonization Solutions: GE Vernova is positioned to benefit from the global investment supercycle in the energy transition, driven by increased demand for electrification and decarbonization. The company is seeing robust demand for its technologies and services, particularly in grid equipment across the Middle East, North America, and Europe. This includes growth in high-voltage direct current (HVDC) and switchgear, as well as battery energy storage solutions. Additionally, there is continued strong demand for heavy-duty gas turbines, which are capable of running on hydrogen blends, and increased project commissioning.

  2. Growth in High-Margin Services: The company anticipates significant revenue growth from its services segment. In the third quarter of 2025, Onshore Wind services orders were up 27% year-to-date, with progress in repowering in the U.S. Power services revenue also increased due to higher transactional volume and favorable pricing. GE Vernova's substantial services backlog, accounting for approximately 65% of its total backlog, provides clear visibility into future cash flow streams and is expected to generate recurring, high-margin revenue for years to come.

  3. Enhanced Pricing Power: A robust and expanding order backlog across its segments is providing GE Vernova with increased pricing power for both equipment and services. This ability to command higher prices is a significant contributor to revenue growth and improved margins. The company's recent financial results indicate that higher prices are offsetting increased expenses and inflation, particularly within Gas Power.

  4. Strategic Investments in R&D and Manufacturing Capacity: GE Vernova is committing substantial capital expenditure (CapEx) and research and development (R&D) investments to fuel future growth and innovation. The company plans to invest approximately $9 billion cumulatively in CapEx and R&D through 2028, including an anticipated 20% increase in R&D spending in 2025. These investments support capacity expansions, such as in gas power to enhance assembly and testing of efficient generators, and R&D in areas like nuclear power, strengthening its long-term market position and product offerings.

AI Analysis | Feedback

Capital Allocation Decisions of GE Vernova (GEV)

Share Repurchases

  • GE Vernova approved an initial $6 billion share repurchase authorization in December 2024.
  • The company repurchased 8,000 shares for approximately $3 million in late December 2024.
  • As of September 2025, GE Vernova completed a total buyback of 6,279,000 shares for US$2.24 billion, which was part of the December 2024 authorization.

Share Issuance

  • GE Vernova became an independent publicly traded company on April 2, 2024, through a spin-off from General Electric.
  • Existing GE shareholders received one share of GE Vernova common stock for every four shares of GE common stock held on the record date of March 19, 2024.

Outbound Investments

  • In 2024, GE Vernova monetized an 8% ownership stake in GE Vernova T&D India Limited and a 3% ownership stake in China XD Electric Co Ltd., generating approximately $0.6 billion in pre-tax proceeds.
  • The company's capital allocation strategy includes targeted, bolt-on mergers and acquisitions.

Capital Expenditures

  • GE Vernova invested $0.3 billion in capital expenditures in 2024, focusing on expanding capacity in its Power and Electrification segments.
  • The company plans to invest approximately $4 billion in capital expenditures and $5 billion in R&D, for a total of $9 billion, through 2028 to drive growth and innovation.
  • Over the next two years (2025-2026), GE Vernova intends to invest nearly $600 million in its U.S. factories and facilities, including approximately $300 million for gas power expansion, nearly $20 million for grid equipment manufacturing, and more than $50 million for its nuclear business.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Why GE Vernova Stock Jumped 120%?02/14/2026
2GEV Stock Surges 19% In 7-Day Spree On Massive Earnings Beat And Upgrades02/04/2026
3GEV Stock Surges 15% With A 6-day Winning Spree On 315% EPS Beat02/03/2026
4GEV Stock Surges 10% With A 5-day Winning Spree On Strong Earnings & Upgrades01/31/2026
5GE Vernova Earnings Notes12/21/2025
6GE Vernova Stock vs Competition: Who Wins?12/18/2025
7GE Vernova Stock (+16%): AI Power Demand Ignites a Valuation Re-Rate12/11/2025
8Day 7 of Loss Streak for GE Vernova Stock with -11% Return (vs. 75% YTD) [10/22/2025]10/23/2025
9Day 6 of Loss Streak for GE Vernova Stock with -9.7% Return (vs. 78% YTD) [10/21/2025]10/22/2025
10ARTICLES 
11Large Cap Stocks Trading At 52-Week High02/19/2026
12GE Vernova Stock Surged 120%, Here’s Why02/14/2026
13GE Vernova Stock To $573?02/13/2026
14GEV Stock Surges 10% With A 5-day Winning Spree On Strong Earnings & Upgrades01/31/2026
15GE Vernova Stock Surged 100%, Here’s Why01/30/2026
Title
0DASHBOARDS
1Why GE Vernova Stock Jumped 120%?
2GEV Stock Surges 19% In 7-Day Spree On Massive Earnings Beat And Upgrades
3GEV Stock Surges 15% With A 6-day Winning Spree On 315% EPS Beat
4GEV Stock Surges 10% With A 5-day Winning Spree On Strong Earnings & Upgrades
5GE Vernova Earnings Notes
6GE Vernova Stock vs Competition: Who Wins?
7GE Vernova Stock (+16%): AI Power Demand Ignites a Valuation Re-Rate
8Day 7 of Loss Streak for GE Vernova Stock with -11% Return (vs. 75% YTD) [10/22/2025]
9Day 6 of Loss Streak for GE Vernova Stock with -9.7% Return (vs. 78% YTD) [10/21/2025]
10ARTICLES
11Large Cap Stocks Trading At 52-Week High
12GE Vernova Stock Surged 120%, Here’s Why
13GE Vernova Stock To $573?
14GEV Stock Surges 10% With A 5-day Winning Spree On Strong Earnings & Upgrades
15GE Vernova Stock Surged 100%, Here’s Why

Trade Ideas

Select ideas related to GEV.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FBIN_1302026_Dip_Buyer_FCFYield01302026FBINFortune Brands InnovationsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.6%3.6%-4.7%
PAYC_1302026_Dip_Buyer_FCFYield01302026PAYCPaycom SoftwareDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-15.1%-15.1%-15.1%
HTZ_1302026_Short_Squeeze01302026HTZHertz GlobalSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-9.6%-9.6%-9.6%
PAYX_1232026_Dip_Buyer_ValueBuy01232026PAYXPaychexDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-18.0%-18.0%-18.0%
CPRT_1022026_Dip_Buyer_ValueBuy01022026CPRTCopartDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-6.4%-6.4%-6.4%

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Peer Comparisons

Peers to compare with:

Financials

GEVETNHONNEEEMRPWRMedian
NameGE Verno.Eaton Honeywel.NextEra .Emerson .Quanta S. 
Mkt Price831.70362.05243.0694.06145.51549.11302.56
Mkt Cap223.7140.8154.4195.781.781.8147.6
Rev LTM38,06826,63340,67027,41318,18627,19127,302
Op Inc LTM1,3915,0497,6928,0203,6131,5484,331
FCF LTM3,7103,3226,1643,2112,5751,2523,266
FCF 3Y Avg1,9513,1145,2123,2372,0321,2662,573
CFO LTM4,9874,1047,48512,4853,0201,8144,546
CFO 3Y Avg2,9193,8816,33612,3492,4491,7813,400

Growth & Margins

GEVETNHONNEEEMRPWRMedian
NameGE Verno.Eaton Honeywel.NextEra .Emerson .Quanta S. 
Rev Chg LTM9.0%8.2%7.5%10.8%3.6%18.7%8.6%
Rev Chg 3Y Avg-9.7%5.2%11.0%9.1%17.9%9.7%
Rev Chg Q3.8%10.1%7.0%20.7%4.1%17.5%8.6%
QoQ Delta Rev Chg LTM1.1%2.5%1.7%4.2%0.9%4.4%2.1%
Op Mgn LTM3.7%19.0%18.9%29.3%19.9%5.7%18.9%
Op Mgn 3Y Avg0.7%17.8%19.5%31.0%18.0%5.4%17.9%
QoQ Delta Op Mgn LTM-0.0%0.1%-0.9%1.1%0.3%0.1%0.1%
CFO/Rev LTM13.1%15.4%18.4%45.5%16.6%6.7%16.0%
CFO/Rev 3Y Avg8.0%15.8%16.4%46.4%13.9%7.7%14.8%
FCF/Rev LTM9.7%12.5%15.2%11.7%14.2%4.6%12.1%
FCF/Rev 3Y Avg5.3%12.6%13.5%12.4%11.5%5.4%11.9%

Valuation

GEVETNHONNEEEMRPWRMedian
NameGE Verno.Eaton Honeywel.NextEra .Emerson .Quanta S. 
Mkt Cap223.7140.8154.4195.781.781.8147.6
P/S5.95.33.87.14.53.04.9
P/EBIT160.828.117.621.523.550.325.8
P/E45.835.825.228.635.480.435.6
P/CFO44.934.320.615.727.145.130.7
Total Yield2.3%3.1%5.9%5.9%3.2%1.3%3.1%
Dividend Yield0.1%0.3%1.9%2.4%0.4%0.1%0.3%
FCF Yield 3Y Avg-2.7%3.9%2.2%2.8%2.7%2.7%
D/E0.00.10.20.50.20.10.1
Net D/E-0.00.10.20.50.10.10.1

Returns

GEVETNHONNEEEMRPWRMedian
NameGE Verno.Eaton Honeywel.NextEra .Emerson .Quanta S. 
1M Rtn26.4%9.3%9.8%10.9%-1.1%17.1%10.3%
3M Rtn43.4%9.6%28.8%11.7%13.6%24.1%18.8%
6M Rtn38.2%5.0%17.5%26.7%10.8%45.2%22.1%
12M Rtn154.3%23.3%24.3%35.5%21.4%104.1%29.9%
3Y Rtn495.9%118.2%42.4%40.7%87.5%243.3%102.8%
1M Excs Rtn26.8%9.5%10.3%11.7%-1.7%18.2%11.0%
3M Excs Rtn36.9%1.8%24.6%9.4%11.0%20.4%15.7%
6M Excs Rtn30.1%-2.2%11.9%18.1%5.4%37.9%15.0%
12M Excs Rtn120.0%7.0%12.9%26.5%6.8%83.8%19.7%
3Y Excs Rtn431.1%52.7%-28.5%-31.5%13.5%188.6%33.1%

Comparison Analyses

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Financials

Segment Financials

Assets by Segment
$ Mil202520242023
Power24,16125,003 
Wind9,97010,898 
Other9,9523,613 
Electrification7,4026,607 
Total51,48546,121 


Price Behavior

Price Behavior
Market Price$831.70 
Market Cap ($ Bil)223.7 
First Trading Date04/02/2024 
Distance from 52W High-0.3% 
   50 Days200 Days
DMA Price$707.47$601.92
DMA Trendupup
Distance from DMA17.6%38.2%
 3M1YR
Volatility55.3%52.8%
Downside Capture112.20143.70
Upside Capture323.60219.61
Correlation (SPY)39.6%58.8%
GEV Betas & Captures as of 1/31/2026

 1M2M3M6M1Y3Y
Beta-0.192.352.402.091.63-0.08
Up Beta-3.79-0.26-0.120.401.32-0.25
Down Beta0.232.453.052.281.67-0.08
Up Capture150%441%412%295%421%419%
Bmk +ve Days11223471142430
Stock +ve Days12243260137251
Down Capture-86%168%205%223%135%103%
Bmk -ve Days9192754109321
Stock -ve Days8162863112206

[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
GEV132.6%53.5%1.76-
Sector ETF (XLI)28.2%19.2%1.1761.7%
Equity (SPY)12.8%19.4%0.5058.7%
Gold (GLD)79.1%25.7%2.253.0%
Commodities (DBC)7.7%16.9%0.2720.9%
Real Estate (VNQ)6.6%16.7%0.2124.0%
Bitcoin (BTCUSD)-30.9%44.9%-0.6924.9%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with GEV
GEV42.9%53.3%1.97-
Sector ETF (XLI)15.8%17.2%0.7456.8%
Equity (SPY)13.2%17.0%0.6155.9%
Gold (GLD)23.6%17.1%1.127.5%
Commodities (DBC)10.7%19.0%0.4519.0%
Real Estate (VNQ)5.1%18.8%0.1817.4%
Bitcoin (BTCUSD)6.7%57.1%0.3424.6%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with GEV
GEV19.5%53.3%1.97-
Sector ETF (XLI)15.4%19.8%0.6956.8%
Equity (SPY)15.7%17.9%0.7555.9%
Gold (GLD)15.1%15.6%0.817.5%
Commodities (DBC)8.5%17.6%0.4019.0%
Real Estate (VNQ)6.9%20.7%0.3017.4%
Bitcoin (BTCUSD)67.8%66.8%1.0724.6%

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Short Interest

Short Interest: As Of Date1302026
Short Interest: Shares Quantity7.1 Mil
Short Interest: % Change Since 11520269.0%
Average Daily Volume3.8 Mil
Days-to-Cover Short Interest1.9 days
Basic Shares Quantity269.0 Mil
Short % of Basic Shares2.6%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/28/20262.7%12.6% 
10/22/2025-1.6%-2.5%1.7%
4/23/20253.1%13.8%38.9%
1/22/20252.7%-14.6%-13.5%
10/23/20241.3%8.1%24.0%
7/24/2024-4.5%-4.6%8.1%
4/25/20241.5%3.8%10.6%
SUMMARY STATS   
# Positive545
# Negative231
Median Positive2.7%10.4%10.6%
Median Negative-3.0%-4.6%-13.5%
Max Positive3.1%13.8%38.9%
Max Negative-4.5%-14.6%-13.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202501/29/202610-K
09/30/202510/22/202510-Q
06/30/202507/23/202510-Q
03/31/202504/23/202510-Q
12/31/202402/06/202510-K
09/30/202410/23/202410-Q
06/30/202407/24/202410-Q
03/31/202404/30/202410-Q
12/31/202303/13/2024S-1

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Parks, Kenneth ScottChief Financial OfficerDirectSell8272025620.003,3002,046,0004,705,800Form
2Zingoni, Maria VictoriaChief Executive Officer, PowerDirectSell4292025368.1618,803  Form

GEV Trade Sentinel

Core Investment Debate

Power Super-Cycle vs. Wind Segment Drag

BULL VIEW

Record backlog and pricing power in Power/Electrification, driven by a data center super-cycle, will drive accelerating earnings growth, making Wind's losses a manageable drag.

CORE TENSION

Can the explosive, AI-driven demand in the high-margin Power & Electrification segments financially overwhelm the persistent, costly execution problems in the Wind division?

PREVAILING SENTIMENT
BULLISH

Q4 book-to-bill ratio of ~2.0x and total backlog growth of 26% YoY to $150.2 billion decisively indicates that momentum in core segments is far outpacing the drag from Wind.

BEAR VIEW

Wind segment's execution issues (blade reliability, project costs) are systemic and represent a capital sinkhole that will continue to surprise negatively and offset positive momentum.

Next 6 months: Risks and Catalysts
Timeline Event & Metric To Watch
Late April 2026
Q1 2026 Earnings Report
Watch: Wind Segment EBITDA loss guidance for FY26. Any change from the guided ~$400M loss and commentary on Haliade-X blade reliability provisions will be critical.
Anytime
Major Project Announcement for Haliade-X Turbines
Watch: A major offshore wind project award or, conversely, a public statement from a key customer (e.g., Orsted, SSE) pausing a project due to turbine reliability.
Late April 2026
Supply Chain Cost Update (Earnings Call)
Watch: Management commentary on gross margins for Wind/Electrification, specifically citing 'input cost inflation' or the price of rare earth magnets (Neodymium).
H1 2026
US Utility Customer Investment Plans Update
Watch: Press releases or earnings call commentary from major US utilities (e.g., NextEra, Duke) regarding their gas turbine fleet investment plans.
Key Events in Last 6 Months
Date Event Stock Impact
2025-09-12
Morgan Stanley Laguna Conference Presentation
Details: Management presented to investors at a major industry conference, providing a business update. The stock saw a minor pullback following the event.
Slight -1.36% pullback
$633.41 -> $624.82
2025-10-22
Q3 2025 Earnings Release
Details: Reported a miss on EPS ($1.64 vs $1.78 est) but a beat on revenue. Reaffirmed full-year 2025 guidance, signaling confidence despite the mixed quarterly result.
Slight -1.6% pullback
$584.89 -> $575.57
2025-12-10
Investor Day & Outlook Update
Details: GEV hosted an investor meeting, providing updated multi-year guidance and reinforcing the long-term growth story driven by electrification and the energy transition, which was received very positively by the market.
Surged +15.62%
$624.83 -> $722.46
2025-12-22
US Government Halts Offshore Wind Projects
Details: The US government paused leases for all offshore wind projects, including GEV's Vineyard Wind, citing security concerns. This created uncertainty and led to a Q4 cost accrual for GEV.
Flat (0.54%)
$657.79 -> $661.32
2026-01-28
Q4 2025 Earnings Release
Details: Reported a massive beat with EPS of $13.39 vs. $2.99 estimate. Revenue also beat. Highlighted a 65% YoY surge in orders and a record $150.2B backlog, driven by Power and Electrification.
Rose significantly by 2.73%
$692.70 -> $711.59
2026-02-05
Debt Offering to Fund Prolec GE Acquisition
Details: GEV announced the completion of a $2.6 billion senior notes offering to fund the acquisition of the remaining 50% stake in the profitable Prolec GE joint venture, strengthening its Electrification portfolio.
Slight -1.17% pullback
$746.22 -> $737.53
Risk Management
Position Sizing

4%-6%

NORMAL

Stock is in an 'Explosive' volatility regime (4.6x S&P) with Spiking near-term uncertainty. Although the fundamental thesis is Bullish with high visibility, the extreme volatility prevents an aggressive position. Capped at Normal size to manage drawdown risk.

Diversification Alternatives
ETN
SECTOR

ETN is a more mature, stable compounder with a wider moat and less exposure to high-risk, capital-intensive project execution like offshore wind. It offers pure-play exposure to the electrification theme with higher, more consistent margins.

Core Thesis: The core thesis rests on its dominant position in essential power management infrastructure, benefiting from secular growth in electrification and digitalization with a strong brand, scale, and distribution network.
VRT
SECTOR

Vertiv is a more direct, pure-play investment in the AI data center buildout, specifically focused on thermal and power management. It avoids the cyclicality and project risk of GEV's power generation and wind businesses.

Core Thesis: The thesis is a direct play on the surging electricity and heat demands of high-density AI deployments, where VRT's leadership in liquid cooling and power solutions creates a sticky, high-margin business.
Stock Conviction

OVERWEIGHT (Score 9-10)

CONVICTION RATIONALE

The probability-adjusted skew of 3.21x is highly attractive. The investment thesis is supported by a 'WIDENING' moat and exceptionally strong leading indicators ('REGIME A'). The primary risk is an operational drag in the non-core Wind segment, which is outweighed by the powerful AI-driven demand super-cycle in the core, high-margin Power and Electrification businesses. The high valuation is justified by the visible re-acceleration in growth.

STOCK ARCHETYPE
Type C: 'Cyclical / Commodity'

GEV operates in the heavy industrial/energy infrastructure space, characterized by long project cycles tied to capital expenditure. The provided data explicitly labels its revenue archetype as 'The 'Project' Hunter (Cyclical/Capex)' and its current growth phase as 'CYCLICAL RE-ACCELERATION', fitting the cyclical archetype perfectly.

INVESTMENT THESIS
Gas Turbine & Grid Solutions Demand from AI/Data Center Capex Cycle

GE Vernova is the primary beneficiary of a structural, multi-year 'super-cycle' in electricity demand driven by AI data centers and broad electrification. This has created a global shortage of critical energy hardware, allowing GEV to exercise significant pricing power in its most profitable segments (Power and Electrification), driving both revenue acceleration and margin expansion.

Mechanism: GEV captures value by selling capacity-constrained gas turbines and grid equipment into a demand surge, locking in higher prices. Crucially, each equipment sale expands its high-margin, long-duration services business, which is anchored by a massive installed base and prohibitive customer switching costs.
Supporting Evidence:
  • Total backlog grew to $150.2 billion in Q4 2025, up 26% year-over-year, indicating demand is vastly outpacing current revenue.
  • Q4 2025 orders surged 65% organically year-over-year to $22.2 billion, with a book-to-bill ratio of approximately 2.0x.
  • Management reports new gas turbine slot reservation agreements are priced 10-20% higher than the current backlog, confirming strong pricing power.
  • The high-margin services backlog stands at $86 billion, providing a durable, recurring revenue stream with high visibility.
PRIMARY RISK
Wind Segment Profitability Drag & Offshore Turbine Execution Risk

The Wind segment, particularly the offshore division, remains a significant operational and financial drag on the company. Persistent quality issues with the Haliade-X turbine blades, coupled with project delays and cost overruns, are destroying value and offsetting the strong performance in Power and Electrification. The risk is that these are not isolated incidents but indicative of deeper execution problems that will continue to cause earnings misses.

Mechanism: A material earnings miss or a downward revision to full-year guidance would occur if the Wind segment losses exceed the guided ~$400 million, or if another significant turbine failure requires larger financial provisions, causing a compression of the stock's premium valuation multiple.
Supporting Evidence:
  • Management has guided to an EBITDA loss of ~$400 million for the Wind segment in 2026.
  • The company acknowledged multiple Haliade-X turbine blade failures in 2024 at the Vineyard Wind and Dogger Bank projects.
  • A U.S. government halt on offshore wind activity in late 2025 led to an incremental accrual for costs on the Vineyard Wind project.
Key KPI Watchlist
KPI Threshold Rationale
Book-to-Bill RatioSustainably > 1.2xThis is the primary leading indicator of demand outpacing supply. A ratio consistently above 1.2x confirms that the backlog, the source of future revenue, is still growing at a healthy pace.
Power & Electrification Segment MarginsSequential Quarterly ImprovementThe core of the bull thesis is margin expansion driven by pricing power and mix. Demonstrating consistent margin improvement in these key segments is critical to justifying the premium valuation.
Wind Segment EBITDALosses tracking at or better than the guided (~$400M) annual run-rateThis measures the containment of the 'Anti-Alpha'. As long as the losses in the Wind segment are predictable and managed, the market can look past them to the strength in the core business.

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