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US energy-equipment maker selling gas/wind/hydro power turbines, grid equipment and electrification products.
US energy-equipment maker selling gas/wind/hydro power turbines, grid equipment and electrification products.
Spun off from General Electric in April 2024, completing the break-up of GE into three companies. It sells turbines and grid equipment against long order backlogs, then earns from servicing those machines for decades. Gas power and grid carry the business; the wind unit has lost money.
Moat: narrow (installed base, switching costs, scale). Huge installed base of gas turbines and grid gear generates long-tail parts and service revenue that's costly to switch away from.
Headquarters: Cambridge, Massachusetts, US · Founded: 2024 · Employees: 75,000
Size GE Vernova (GEV) is a United States Industrials company (Electrical Products) with a market value of $205B, the 55th largest of 3,117 United States companies the cockpit tracks. Shares closed at $774.11 on 6 Nov 2026.
Performance Over six months the shares fell 25.5%, against -22.1% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 11 in its peer set.
Growth Revenue grew 16.8% over the last twelve months (peer median +10.5%); the operating margin is 7.2% (peer median 12.3%).
Valuation It trades at 32.2× forward earnings against a peer median of 22.2× (most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Backlog Backlog (remaining performance obligations) was $197B at 30 Sep 2026, up 45% on a year earlier — 4.5 years of trailing revenue. Backlog detail →
Credit GE Vernova has 3 bonds outstanding ($2.60B), rated BBB by the agencies and trading like A at a weighted spread of 75 bp.
Short interest Short interest is 2.8% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | |
|---|---|---|---|
| Revenue | $44.0B | $38.1B | $34.9B |
| Revenue growth | — | +9% | — |
| Gross profit | $9.53B | $7.74B | $6.31B |
| EBITDA | $4.62B | $2.92B | $1.85B |
| Net income | $10.4B | $4.88B | $1.55B |
| Free cash flow | $17.1B | $3.71B | $1.70B |
| Capital expenditure | $2.10B | $1.28B | $883M |
| Total debt | $2.83B | $1.20B | $1.06B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| GE Vernova GEV | $205B | -26% | +17% | 7% | 32.2× | 24.9% |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 26.4× | 17.3% |
| Eaton ETN | $133B | -15% | +20% | 19% | 21.4× | 19.1% |
| ABB ABBN.SW | $147B | -17% | +1% | 18% | 24.5× | 4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GEV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.5% | -15.3% | 2nd lowest of 11 |
| 6-month return | -25.5% | -22.1% | 6th highest of 11 |
| Distance from 52-week high | -35.3% | -30.6% | 5th lowest of 11 |
| Revenue growth (TTM) | +16.8% | +10.5% | 4th highest of 11 |
| Operating margin | 7.2% | 12.3% | 3rd lowest of 11 |
| Forward P/E | 32.2× | 22.2× | most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 24.9% | 15.3% | most demanding of 9 |
| Growth delivered (Del g) | +16.8% | +8.1% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | +8.1 pp | +7.2 pp | 5th least demanding of 9 |
| EV / EBITDA | 41.6× | 16.6× | most expensive of 8 |
| Net debt / EBITDA | -3.0× | 0.3× | least indebted of 8 |
| Bond spread | 75 bp | 72 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GE Vernova GEV | United States | $205B | -26% | +17% | 7% | 32.2× | 24.9% | +16.8% |
| Contemporary Amperex Technology 3750.HK | Hong Kong | $179B | -43% | +59% | 14% | 16.6× | -8.3% | +52.0% |
| Schneider Electric SU.PA | France | $151B | -16% | +7% | 18% | 22.2× | 18.0% | +9.8% |
| ABB ABBN.SW | Switzerland | $147B | -17% | +1% | 18% | 24.5× | 4.3% | +2.3% |
| Eaton ETN | United States | $133B | -15% | +20% | 19% | 21.4× | 19.1% | +9.0% |
| Siemens Energy ENR.DE | Germany | $111B | -33% | +9% | 9% | 26.4× | 17.3% | +7.3% |
| BYD 002594.SZ | China | $96.6B | -17% | -4% | 4% | 21.2× | n/a | n/a |
| Mitsubishi Heavy Industries 7011.T | Japan | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% | +6.1% |
| Mitsubishi Electric 6503.T | Japan | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% | +7.1% |
| LG Energy Solution 373220.KS | South Korea | $58.2B | -27% | +25% | 1% | n/a | n/a | n/a |
| Ametek AME | United States | $52.4B | -1% | +14% | 27% | 24.8× | 18.5% | +10.3% |
GE Vernova has 3 bonds outstanding with $2.60B face value. The agencies rate it BBB; its bonds trade like A. Weighted yield 5.68%, a spread of 75 bp over government bonds.
GE Vernova reported $197B of remaining performance obligations at 30 Sep 2026, up 45% from a year earlier and up 12% from the previous quarter. That is 4.5 years of trailing revenue already under contract. Book-to-bill last quarter: 2.62.