GE Vernova (GEV)
Market Price (8/6/2026): $1018.25 | Market Cap: $272.9 BilInvestor Relations Sector: Industrials | Industry: Heavy Electrical Equipment
GE Vernova (GEV)
Market Price (8/6/2026): $1018.25Market Cap: $272.9 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 151x 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 151x |
| 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 lost about 5% since 4/30/2026 because of the following key factors:
1. Missed Earnings Per Share in Fiscal Q2 2026. GE Vernova reported adjusted earnings per share (EPS) of $2.47 for fiscal Q2 2026, which ended in June 2026. This figure missed the consensus analyst estimate of $3.17 by $0.70. This earnings miss, despite robust revenue growth of 21.9% year-over-year to $11.10 billion and increased full-year guidance, triggered investor concern and contributed to the stock's decline following the July 22, 2026, earnings release.
2. Persistent Weakness in the Wind Segment. The company's Wind segment continued to be a drag on overall performance, with its EBITDA losses expanding to $275 million in fiscal Q2 2026, an increase from $165 million in fiscal Q2 2025. This underperformance was attributed primarily to lower onshore wind equipment deliveries and elevated project costs in offshore wind, resulting in a 40% organic drop in orders for the segment. GE Vernova anticipates an ongoing organic revenue decline in the low double digits for the wind segment and projects a full fiscal year 2026 segment EBITDA loss of $400 million.
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GE Vernova (GEV) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Missed Earnings Per Share in Fiscal Q2 2026. GE Vernova reported adjusted earnings per share (EPS) of $2.47 for fiscal Q2 2026, which ended in June 2026. This figure missed the consensus analyst estimate of $3.17 by $0.70. This earnings miss, despite robust revenue growth of 21.9% year-over-year to $11.10 billion and increased full-year guidance, triggered investor concern and contributed to the stock's decline following the July 22, 2026, earnings release.
2. Persistent Weakness in the Wind Segment. The company's Wind segment continued to be a drag on overall performance, with its EBITDA losses expanding to $275 million in fiscal Q2 2026, an increase from $165 million in fiscal Q2 2025. This underperformance was attributed primarily to lower onshore wind equipment deliveries and elevated project costs in offshore wind, resulting in a 40% organic drop in orders for the segment. GE Vernova anticipates an ongoing organic revenue decline in the low double digits for the wind segment and projects a full fiscal year 2026 segment EBITDA loss of $400 million.
3. Investor Concerns Over Valuation and Earnings Quality. Despite a record backlog of $176 billion and strong overall demand for power and electrification solutions, the earnings per share miss for fiscal Q2 2026, coupled with the persistent struggles in the Wind segment, led investors to question the sustainability and quality of GE Vernova's earnings. Analyst sentiment, while largely positive with a "Buy" consensus rating, also highlighted concerns regarding the stock's valuation, which was perceived as overvalued relative to its fair value, and potential execution risks, including early failures reported in some turbines supporting AI data centers.
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Stock Movement Drivers
Fundamental Drivers
The -6.0% change in GEV stock from 4/30/2026 to 8/5/2026 was primarily driven by a -7.9% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1082.91 | 1017.96 | -6.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39,374 | 41,367 | 5.1% |
| Net Income Margin (%) | 23.8% | 23.0% | -3.3% |
| P/E Multiple | 31.1 | 28.6 | -7.9% |
| Shares Outstanding (Mil) | 269 | 268 | 0.4% |
| Cumulative Contribution | -6.0% |
Market Drivers
4/30/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| GEV | -6.0% | |
| Market (SPY) | 7.1% | 50.6% |
| Sector (XLI) | 6.7% | 66.9% |
Fundamental Drivers
The 40.3% change in GEV stock from 1/31/2026 to 8/5/2026 was primarily driven by a 79.5% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 725.56 | 1017.96 | 40.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 38,068 | 41,367 | 8.7% |
| Net Income Margin (%) | 12.8% | 23.0% | 79.5% |
| P/E Multiple | 40.0 | 28.6 | -28.4% |
| Shares Outstanding (Mil) | 269 | 268 | 0.4% |
| Cumulative Contribution | 40.3% |
Market Drivers
1/31/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| GEV | 40.3% | |
| Market (SPY) | 11.5% | 53.0% |
| Sector (XLI) | 13.0% | 61.9% |
Fundamental Drivers
The 54.5% change in GEV stock from 7/31/2025 to 8/5/2026 was primarily driven by a 629.6% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 658.79 | 1017.96 | 54.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 36,614 | 41,367 | 13.0% |
| Net Income Margin (%) | 3.2% | 23.0% | 629.6% |
| P/E Multiple | 155.0 | 28.6 | -81.5% |
| Shares Outstanding (Mil) | 272 | 268 | 1.5% |
| Cumulative Contribution | 54.5% |
Market Drivers
7/31/2025 to 8/5/2026| Return | Correlation | |
|---|---|---|
| GEV | 54.5% | |
| Market (SPY) | 22.8% | 50.1% |
| Sector (XLI) | 23.9% | 57.5% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/5/2026| Return | Correlation | |
|---|---|---|
| GEV | ||
| Market (SPY) | 74.1% | 55.4% |
| Sector (XLI) | 75.8% | 57.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GEV Return | - | - | - | 135% | 99% | 56% | 631% |
| Peers Return | 29% | 4% | 17% | 29% | 9% | 31% | 190% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| GEV Win Rate | - | - | - | 78% | 67% | 62% | |
| Peers Win Rate | 70% | 48% | 55% | 57% | 48% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GEV Max Drawdown | - | - | - | - | -38% | -25% | |
| Peers Max Drawdown | -16% | -25% | -25% | -16% | -26% | -20% | |
| 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 8/5/2026 (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 | 347.70 |
| Mkt Cap | 138.2 |
| Rev LTM | 31,465 |
| Op Inc LTM | 4,586 |
| FCF LTM | 3,697 |
| FCF 3Y Avg | 3,534 |
| CFO LTM | 5,034 |
| CFO 3Y Avg | 5,128 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.9% |
| Rev Chg 3Y Avg | 7.7% |
| Rev Chg Q | 16.9% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Inc Chg LTM | 12.1% |
| Op Inc Chg 3Y Avg | 13.2% |
| Op Mgn LTM | 17.1% |
| Op Mgn 3Y Avg | 18.1% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 18.7% |
| CFO/Rev 3Y Avg | 16.7% |
| FCF/Rev LTM | 12.1% |
| FCF/Rev 3Y Avg | 13.7% |
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 | $1,017.96 | |
| Market Cap ($ Bil) | 272.8 | |
| First Trading Date | 04/02/2024 | |
| Distance from 52W High | -13.4% | |
| 50 Days | 200 Days | |
| DMA Price | $1,023.39 | $841.74 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -0.5% | 20.9% |
| 3M | 1YR | |
| Volatility | 58.9% | 52.1% |
| Downside Capture | 296.03 | 226.20 |
| Upside Capture | 197.71 | 224.51 |
| Correlation (SPY) | 50.8% | 50.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.22 | 2.34 | 2.21 | 2.04 | 2.03 | 0.34 |
| Up Beta | 6.41 | 4.11 | 3.80 | 2.74 | 2.00 | -0.04 |
| Down Beta | -2.15 | 0.58 | 0.35 | 1.08 | 1.50 | 0.24 |
| Up Capture | 111% | 307% | 227% | 321% | 440% | 1242% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 23 | 31 | 65 | 125 | 315 |
| Down Capture | 346% | 211% | 245% | 161% | 157% | 108% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 20 | 32 | 61 | 125 | 267 |
[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 | 54.2% | 52.0% | 1.01 | - |
| Sector ETF (XLI) | 24.7% | 17.0% | 1.13 | 57.6% |
| Equity (SPY) | 23.1% | 12.9% | 1.34 | 50.5% |
| Gold (GLD) | 25.4% | 28.3% | 0.79 | 15.4% |
| Commodities (DBC) | 29.5% | 19.8% | 1.19 | -5.3% |
| Real Estate (VNQ) | 14.4% | 13.7% | 0.74 | -4.4% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 25.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GEV | |
|---|---|---|---|---|
| GEV | 48.9% | 53.7% | 1.78 | - |
| Sector ETF (XLI) | 14.3% | 17.6% | 0.64 | 57.9% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 55.4% |
| Gold (GLD) | 18.2% | 18.6% | 0.79 | 12.1% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 9.2% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 12.9% |
| Bitcoin (BTCUSD) | 9.9% | 53.0% | 0.37 | 24.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GEV | |
|---|---|---|---|---|
| GEV | 22.0% | 53.7% | 1.78 | - |
| Sector ETF (XLI) | 14.2% | 20.0% | 0.62 | 57.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 55.4% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 12.1% |
| Commodities (DBC) | 7.1% | 18.0% | 0.31 | 9.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 12.9% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 24.8% |
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Earnings Returns History
Updated 7/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -8.7% | -12.6% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 5 | 7 |
| # Negative | 3 | 4 | 1 |
| Median Positive | 2.7% | 9.8% | 10.6% |
| Median Negative | -4.5% | -8.6% | -13.5% |
| Max Positive | 13.7% | 13.8% | 38.9% |
| Max Negative | -8.7% | -14.6% | -13.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -8.7% | -12.6% | |
| 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 | 3 | 4 | 1 |
| Median Positive | 2.7% | 9.8% | 10.6% |
| Median Negative | -4.5% | -8.6% | -13.5% |
| Max Positive | 13.7% | 13.8% | 38.9% |
| Max Negative | -8.7% | -14.6% | -13.5% |
Recent Forward Guidance
Updated 7/23/2026Latest: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 45.50 Bil | 46.00 Bil | 46.50 Bil | 2.2% | Raised | Guidance: 45.00 Bil for 2026 | |
| 2026 Free Cash Flow | 11.50 Bil | 12.00 Bil | 12.50 Bil | 71.4% | Raised | Guidance: 7.00 Bil for 2026 | |
| 2026 Adjusted EBITDA Margin | 12.0% | 13.0% | 14.0% | 0.0% | Affirmed | Guidance: 13.0% for 2026 | |
| 2026 Power Organic Revenue Growth | 18.0% | 19.0% | 20.0% | 2.0% | Raised | Guidance: 17.0% for 2026 | |
| 2026 Power Segment EBITDA Margin | 17.0% | 18.0% | 19.0% | 0.0% | Affirmed | Guidance: 18.0% for 2026 | |
| 2026 Electrification Revenue | 14.50 Bil | 14.75 Bil | 15.00 Bil | 3.5% | Raised | Guidance: 14.25 Bil for 2026 | |
| 2026 Electrification Segment EBITDA Margin | 18.0% | 19.0% | 20.0% | 0.0% | Affirmed | Guidance: 19.0% for 2026 | |
| 2026 Wind Segment EBITDA Losses | -400.00 Mil | -400.00 Mil | -400.00 Mil | 0.0% | Affirmed | Guidance: -400.00 Mil for 2026 | |
Prior: 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 | ||||||
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 Aug 6, 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
Neutral / Watch
CONVICTION RATIONALE
GE Vernova's record $176 billion backlog and accelerating orders in its profitable Power and Electrification segments signal a multi-year growth cycle. However, persistent losses in the Wind segment, which widened to $(275) last quarter, create significant uncertainty. The investment case hinges on whether the profitable core can financially and perceptually outweigh this ongoing drag.
STOCK ARCHETYPE
Long-Cycle Capital Goods & Services(Backlog Conversion Rate * Backlog Value) + New Service & Transactional Revenue Mix shift towards higher-margin Power and Electrification segments, pricing power on new equipment orders, and growth in the high-margin services installed base.
INVESTMENT THESIS
Evidence suggests yes, as a demand supercycle is fueling hypergrowth in the two profitable, core segments.
- Total backlog reached $176 billion in 2026, up sequentially.
- Q2 orders grew 88% year-over-year to $24.2 billion, with a book-to-bill ratio over 2x.
- Gas Power orders in H1 2026 were priced more than 20% above Q4 2025 levels.
- Full-year 2026 free cash flow guidance was raised to $11.5 billion - $12.5 billion.
- Electrification booked over $5 billion in data center orders in H1 2026.
PRIMARY RISK
The Wind segment is a 'long-standing trouble spot' with widening losses and execution issues that may permanently impair consolidated profitability and valuation, regardless of strength elsewhere.
- The Wind segment's Q2 EBITDA loss widened to $(275) million.
- Wind segment revenue declined 10% year-over-year in Q2 2026.
- The company faces ongoing execution pressure on its existing Offshore Wind backlog.
- The U.S. market for new onshore wind equipment remains soft.
- The stock fell -9.0% post-earnings as wind losses overshadowed record results.
| KPI | Status | Rationale |
|---|---|---|
| Total Backlog | $176 billion as of Q2 2026 - Accelerating | The company's total backlog is showing strong and consistent growth, both sequentially and year-over-year. The growth is driven by significant increases in equipment backlog, reflecting a surge in new business. |
| Total Orders | $24.2 billion in Q2 2026, an 88% year-over-year increase - Accelerating | Total orders, the primary input for backlog, are growing at an accelerating pace. This signals that the strong backlog growth is likely to continue, fueled by robust current demand across the Power and Electrification segments. |
| Gas Power Gigawatts Under Contract | 116 GW (Q2 2026) | Market rewards The company expects to have at least 125 gigawatts under contract by the end of 2026.. A key measure of demand and future production for the Gas Power business, combining firm orders in backlog and slot reservation agreements (SRAs). Growth in this metric shows a strong pipeline for future turbine sales and subsequent service revenue. |
| Book-to-Bill Ratio | Slightly more than 2x (Q2 2026) | Measures the ratio of new orders booked to revenue billed in a period. A ratio above 1x indicates that the backlog is growing and demand is outpacing current revenue generation, signaling future growth. |
Backlog Boom vs. Wind Business Bust
BULL VIEW
The unprecedented demand in Power and Electrification, creating a backlog, is a multi-year supercycle that will drive such immense profit growth that the Wind segment's issues become a rounding error.
CORE TENSION
Can the combined quarterly EBITDA from Power and Electrification overcome the market's focus on the $(275) million loss from Wind, which triggered a -9.0% stock decline?
PREVAILING SENTIMENT
The latest evidence favors the bears' sentiment but the bulls' fundamentals. While the market punished the stock for Wind's losses, management reaffirmed its full-year loss target, suggesting the issue is contained.
BEAR VIEW
The Wind segment's $(275) million quarterly loss is a structural problem on long-cycle, fixed-price contracts that will continue to consume cash and management focus, acting as a permanent anchor on the stock's valuation.
| Timeline | Event & Metric To Watch |
|---|---|
starting this quarter | Gas Turbine Capacity Ramp Watch: Company to increase annual gas turbine production capacity to a 20-gigawatt run rate. |
10/20/2026 | Wind Segment Performance Drag Watch: Continued or worsening losses in the Wind segment overshadowing strength in Power and Electrification in the Q3 report. |
10/20/2026 | Quarterly Earnings Report Watch: Company reports next quarterly earnings. |
10/21/2026 | Peer Honeywell Earnings Report Watch: Peer Honeywell International (HON) reports earnings. |
in the second half of the year | Gas Turbine Order Conversion Watch: Company expects to convert many Slot Reservation Agreements (SRAs) into firm orders. |
in the second half of the year | Wind Tariff Outcome Clarity Watch: Clarity expected on the outcome of 2-3-2 tariffs that impact wind development. |
later this year | First Solid-State Transformer Delivery Watch: Company will deliver its first 5-megawatt solid-state transformer (SST) prototype to a hyperscaler customer. |
by the end of the year | Gas Power Contract Milestone Watch: Company expects to have at least 125 gigawatts of gas power capacity under contract. |
by the end of this year | Future Production Slot Sales Watch: Company expects to have sold more than half of its 30 gigawatts of 2031 production slots. |
THIS_QUARTER | Gas Turbine Capacity Ramp Failure Watch: Any commentary in the Q3 earnings release or call indicating delays or cost overruns in the Greenville facility ramp. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-22 | Reports Q2 Earnings, Raises Guidance Details: The company raised its 2026 revenue forecast by $1 billion and its free cash flow guidance to $11.5B-$12.5B. However, the stock fell -9.0% as wind losses widened. | -8.7% $1078.81 -> $985.03 |
2026-07-22 | Closes Prolec GE Acquisition Details: The company completed the acquisition of the remaining 50% stake in the Prolec GE joint venture on February 2, 2026, for cash consideration of $5,254 million. | -8.7% $1078.81 -> $985.03 |
2026-06-24 | Announces Gas Turbine Ramp Details: Following an exclusive look inside its Greenville, South Carolina plant, the company highlighted it is ramping capacity to meet strong demand for gas turbines from AI data centers. | +4.9% $1034.98 -> $1085.47 |
2026-06-01 | Loses Bid On Wind Farm Details: A Massachusetts judge declined to lift an order forcing the company to continue work on the Vineyard Wind offshore wind farm, rejecting a bid to end its involvement. | +0.1% $967.83 -> $969.17 |
2026-04-22 | Reports Q1 Earnings Beat Details: The company raised its full-year outlook and reported strong Q1 results, driven by AI data center demand. The stock surged about 13% following the announcement. | +16.0% $990.79 -> $1148.94 |
2026-01-29 | Reports Strong 2025 Results Details: Company reported robust 2025 results with $38B in revenue. Power and Electrification segments delivered profitable growth, while the Wind segment continued to generate significant losses. | +2.1% $710.80 -> $725.56 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: GEV trades at roughly 61% annualized options-implied volatility versus about 14% for the S&P 500 (4.4x 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
Pure-Play ElectrificationEaton offers focused exposure to the grid and data center buildout without the drag from a wind or large-scale power generation business. It demonstrates superior profitability with an 18.2% operating margin.
HON - Honeywell International
Diversified Industrial LeaderHoneywell provides exposure to industrial automation and building controls, which benefit from electrification, but within a more diversified and consistently profitable portfolio that includes aerospace, delivering a stable 17.2% operating margin.
A long-cycle capital goods pure-play on the global energy transition and AI-driven power demand boom, with a massive, high-visibility backlog de-risking near-term growth.
GE Vernova is in the early stages of a multi-decade growth cycle driven by the need for more electricity globally. Its profitable Power segment is capitalizing on demand for reliable gas power from data centers and utilities, while its Electrification segment is rapidly growing by providing the grid infrastructure to support this expansion. While the Wind segment faces profitability challenges, the strength and visibility from the other two segments provide a clear path to significant revenue and cash flow growth.
Large new contract announcements, especially multi-gigawatt gas turbine orders, major HVDC grid projects, or SMR agreements. Continued margin expansion in Power and Electrification. Positive updates on the Wind segment's path to profitability.
A slowdown in gas turbine orders or data center buildouts. Significant project delays, cost overruns, or quality issues, particularly in the large offshore wind backlog. Failure to expand manufacturing capacity to meet demand.
Short-term stock price volatility around earnings despite strong results. Minor legal disputes on individual projects unless they signal systemic execution issues.
Repricing Catalyst
The market's recognition of the scale and profitability of the company's backlog, driven by accelerating electricity demand from AI and data centers, which is translating into raised revenue and free cash flow guidance.
Power
$20.3B TTM (52% of Total)What It Is
Sells products and services for energy production using resources like natural gas, nuclear, and water. Offerings include gas and steam turbines, nuclear reactor technology (including Small Modular Reactors or SMRs), and hydropower solutions. Customers are power generators, industrial companies, and governments worldwide.
Who Pays & How
Utilities, independent power producers, and industrial customers (including data centers) pay for reliable and dispatchable power generation. They choose GEV for its technology, particularly its large installed base of gas turbines (approx. 7,000 units) and long-term service capabilities.
Competition
Electrification
$10.8B TTM (27% of Total)What It Is
Provides products and services for the transmission, distribution, conversion, storage, and orchestration of electricity. Offerings include grid solutions, power conversion, energy storage, and electrification software. Customers are power utilities and industries globally.
Who Pays & How
Utilities and industrial customers, including data centers, pay to modernize and expand grid infrastructure to handle increased electricity demand and connect renewable energy sources. They choose GEV for its comprehensive portfolio, including high-voltage direct current (HVDC) solutions and transformers.
Competition
Wind
$8.7B TTM (22% of Total)What It Is
Engineers, manufactures, and commercializes onshore and offshore wind turbines and blades. It also provides services to improve the performance of wind farm assets over their lifetime.
Who Pays & How
Utilities and project developers pay for wind generation technology to build out renewable energy capacity. They choose GEV for its turbine technology, including its Haliade-X offshore workhorse product.
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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