Should You Be Worried About GE Vernova Stock?
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GE Vernova (GEV) booked $29.3 billion of orders in the third quarter of 2026, up 96% from a year earlier. Its backlog rose to $197 billion, and it sold gas turbine slots for 2032 delivery in the quarter, management said on the October 28, 2026 call. On that same call, however, management described one market where it cannot say when orders will pick up. So where is demand still soft at GE Vernova, and why?
GE Vernova’s U.S. Wind Customers Face Permitting Delays
The soft spot is new onshore wind turbines in the U.S., sold through GE Vernova’s Wind segment. Management said the U.S. market for that equipment remains soft, noting that it is difficult to call a turn in U.S. orders because customers still face permitting delays and tariff uncertainty.
Wind orders did rise 16% in the third quarter, helped especially by repowering, or re-equipping, existing wind farms in North America. On November 9, GE Vernova also announced an agreement to supply three onshore turbines in Germany, outside the U.S. market management described as soft.
How Big Is GE Vernova’s Wind Business?
Wind sold $9.11 billion in fiscal 2025, the smallest of GE Vernova’s three segments. Its sales fell 6.1% that year, following a 1.3% fall in fiscal 2024. Electrification, a segment of about the same size at $9.64 billion, grew 27.7% in fiscal 2025.
Wind turned a $72 million EBITDA profit in the third quarter, but management still expects an EBITDA loss of $400 million to $500 million for the whole of 2026. The company now expects Wind’s 2026 organic revenue to fall by a mid-single-digit percentage, better than the low-double-digit fall it expected before.
GE Vernova stock closed on November 9 at a price 29.4% below its June 30 high. Even after that fall, the stock trades at 5.0 times its sales over the last twelve months, compared with 3.1 for the S&P 500. The price appears to assume that faster growth in Power and Electrification keeps outweighing Wind.
How Worried Should GE Vernova Holders Be?
The wind risk is real but slow-moving, and it sits in GE Vernova’s smallest segment rather than in Power and Electrification, which both grew in fiscal 2025. In Gas Power, part of the Power business, management expects at least 130 gigawatts under contract by the end of 2026, compared with 83 gigawatts at the start of the year.
Management is also watching the outcome of a specific set of tariffs that affect wind development. It said that outcome should bring more clarity on orders. Wind orders are the measure to watch when GE Vernova reports its fourth quarter, expected in January 2027.
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