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Stock research / United States / GEV · Electronic & Other Electrical Equipment (No Computer Equip) · NYSE

GE Vernova Inc. (GEV)

GE Vernova sells the equipment and services that generate, transmit, convert, store and coordinate electricity, and it services what it has already installed. The company reports that its installed base generates approximately 25 percent of the world's electricity. It is a Delaware corporation with headquarters in Cambridge, Massachusetts, and it became independent on 2 April 2024, when General Electric, now GE Aerospace, distributed its shares to GE shareholders. There are three segments: Power, Wind and Electrification.

GE Vernova Inc.

GE Vernova sells the equipment and services that generate, transmit, convert, store and coordinate electricity, and it services what it has already installed. The company reports that its installed base generates approximately 25 percent of the world's electricity. It is a Delaware corporation with headquarters in Cambridge, Massachusetts, and it became independent on 2 April 2024, when General Electric, now GE Aerospace, distributed its shares to GE shareholders. There are three segments: Power, Wind and Electrification.

Power

Gas Power is the largest part and sells heavy-duty and aeroderivative gas turbines along with the long-term service agreements that go with them. Nuclear Power includes an agreement with a customer to deploy small modular reactor technology, which the filing describes as the first commercial contract of its kind in North America, and the company reports it is in discussion with the United States administration about developing more; the argument for the design is that standardising and modularising it cuts plant cost and build time. Steam Power supplies steam turbine technologies and services, mainly for nuclear plants in North America and for coal-fired plants. Hydro Power covers large and small hydropower plants and their servicing. The company says gas power is a source of dispatchable power that supports grid stability, and that it keeps investing in production capacity at existing factories for both equipment and services, including a first commercial direct air capture deployment using its own solid sorbent technology.

Wind

The Wind segment engineers, makes and sells onshore and offshore wind turbines and blades. Onshore Wind concentrates on a small number of high-volume products; the installed base runs to approximately 59,000 turbines and the company holds service agreements on roughly 24,000 of them. Offshore Wind is under pressure on project cost and timing as it works through existing backlog. On 22 December 2025 the United States Department of the Interior announced it was pausing leases for all large-scale offshore wind projects under construction in the country, which the filing says directly affected the completion timeline of the Vineyard Wind project.

Electrification

This segment carries the equipment between the generator and the consumer, grouped as Electrification Systems, meaning grid solutions and power conversion and storage, plus Electrification Software. Named products include high-voltage direct current transmission, alternating current substation solutions, power transformers, switchgear, synchronous condensers and grid automation products and services. Grid Solutions sells to power utilities and industrial users managing electricity on their networks.

The order book

Remaining performance obligations, the work already contracted but not yet delivered, stood at $150.2 billion at the end of 2025 against $119.0 billion a year earlier. Power alone held approximately $94.4 billion of that, up $21.0 billion or 29 percent on the year, mostly at Gas Power on heavy-duty and aeroderivative turbine equipment and contractual services. The rise across the company was $31.2 billion, or 26 percent.

Research

Research and development is done inside each business and at research centres in Niskayuna, New York and Bangalore, India, which the company groups as Advanced Research and which also works with outside companies, start-ups and universities on technologies beyond the current businesses. The company says it expects to invest approximately $5 billion cumulatively in research and development from 2025 through 2028, with about half going to industrialising existing products and supporting the installed base for this decade and about half to the next generation of products.

People and competitors

The workforce is approximately 75,000 people, roughly 70 percent of them working in manufacturing, engineering or services, with over 3,000 in quality or environmental, health and safety roles. By region there are approximately 24,000 employees in Europe, 21,000 in the United States, 19,000 in Asia and 6,000 in Latin America. The named competitors are Siemens Energy, Mitsubishi Power, Westinghouse, Framatome and Rolls-Royce in Power; Vestas, Siemens-Gamesa, Nordex, Envision and Goldwind in Wind; and Hitachi Energy, Siemens Energy, Siemens, Schneider Electric and Mitsubishi Electric in Electrification.

From GE Vernova's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in GE Vernova became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 28 October 2026
Revenue
$12.6 billion
+26.8% on the year · +13.9% on the quarter
Q4 FY2024Q3 FY2026
Net income
$1.3 billion
+185.6% on the year · +93.3% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$4.81
+193.3% on the year · +94.7% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Last full yearFY2025ended 31 December 2025 · 10-K filed 29 January 2026
Revenue
$38.1 billion
+9.0% on the year
FY2022FY2025
Net income
$4.9 billion
+214.7% on the year
FY2022FY2025
Diluted EPS
$17.69
+217.0% on the year
FY2022FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsGE Vernova (GEV) reported revenue of $38.1 billion for fiscal 2025, the year ended 31 December 2025, up 9.0% on the year before. Net income was $4.9 billion and diluted earnings per share $17.69. Revenue was $34.9 billion in fiscal 2024, $33.2 billion in fiscal 2023 and $29.7 billion in fiscal 2022. Net income in the same years was $1.6 billion, a loss of $438 million and a loss of $2.7 billion. Over the twelve months to 30 September 2026, GE Vernova reported revenue of $44.0 billion and net income of $10.4 billion. GE Vernova declared $2.00 a share in dividends over the last four quarters and had 265 million shares outstanding at the latest filed count. At 30 September 2026 it carried $2.8 billion of debt and $16.8 billion of cash. At the close of 6 November 2026 the market cap of GE Vernova was $204.9 billion, 20.3 times its earnings over the last twelve months.

Ratios

From the filings

ROE91.1%
ROCE19.9%
Operating margin6.4%
Net margin23.5%
FCF margin38.9%
Interest covern/a
Debt to equity0.25x
Cash conversion1.85x
Share count, last 12 months-2.4%
Sales CAGR, 3 years8.7%
Profit CAGR, 3 yearsn/a
EPS, TTM$38.11

At the close of 6 November 2026

Price$774.16
Market cap$204.9 billion
Stock P/E20.3x
Price to book18.0x
EV / EBITDA44.9x
Dividend yield0.3%
Market cap / sales4.7x
52-week high$1,174.86
52-week low$550.17
Price, 1 year40.7%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the one borrowings figure GE Vernova Inc. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.
GEVgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue6,8228,1198,25310,0457,2608,2048,91310,5588,0329,1119,96910,9569,33911,10412,642
Cost of revenue5,9036,9737,2018,3446,1096,5027,8048,4356,5627,2668,0718,6347,5588,7449,536
Gross profit9191,1471,0511,7011,1501,7021,1092,1241,4701,8461,8972,3221,7812,3603,107
Gross margin13%14%13%17%16%21%12%20%18%20%19%21%19%21%25%
R&D202216223255237237243265239282310366304334358
SG&A1,1861,2721,1351,2521,2029381,2261,2661,1881,1851,2211,3551,2981,3721,354
Operating income-469-341-307194-289527-35959243.03783666011796531,394
Operating margin-7%-4%-4%2%-4%6%-4%6%1%4%4%5%2%6%11%
Pre-tax income-415-27.0-16.0328-96.01,602-1221,1143326457461,1055,1039251,782
Tax raten/an/an/a37%n/a20%n/a57%20%24%39%-232%7%30%28%
Net income-315-150-170197-1301,294-96.04842545144523,6644,7456681,291
Net margin-5%-2%-2%2%-2%16%-1%5%3%6%5%33%51%6%10%
Diluted EPSn/a-$0.55-$0.62n/a-$0.47$4.65-$0.35$1.73$0.91$1.86$1.64$13.39$17.44$2.47$4.81
Operating cash flow-690-2882331,931-4449791,1279211,1613679802,4795,1885,4926,057
Capital expenditure124159181280217157159350186173247671397386647
Free cash flow-814-44752.01,651-6618229685719751947331,8084,7915,1065,410
Buybacksn/an/an/an/a0.00.040.03.01,1014806601,0751,2782,3931,625
Dividends paid0.00.00.00.00.00.00.00.069.070.068.068.0137136133
Shares outstanding274m275m276m276m274m275m276m276m273m272m271m270m269m266m265m
Filing10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2022FY2023FY2024FY2025TTM
Revenue29,65433,23934,93538,06844,041
Cost of revenue26,19628,42128,85030,53334,472
Gross profit3,4584,8186,0857,5359,570
Gross margin11.7%14.5%17.4%19.8%21.7%
Research and development9798969821,1971,362
Selling, general and administrative5,3604,8454,6324,9495,379
Operating income-2,881-9234711,3882,827
Operating margin-9.7%-2.8%1.3%3.6%6.4%
Pre-tax income-2,474-1302,4982,8288,915
Income tax248344939-2,051-1,442
Effective tax raten/an/a37.6%-72.5%-16.2%
Net income-2,736-4381,5524,88410,368
Net margin-9.2%-1.3%4.4%12.8%23.5%
Diluted EPS-$10.00-$1.60$5.58$17.69$38.11
Filing10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Revenue by product or service FY2022 to FY2025

FY2022FY2023FY2024FY2025Share
of the parts, latest year
Equipment15,81918,24618,93920,93455.0%
Services13,83514,97915,95517,09845.0%
EquipmentServices
29.7FY202233.2FY202334.9FY202438.0FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region FY2022 to FY2025

FY2022FY2023FY2024FY2025Share
of the parts, latest year
United States11,59012,46714,67917,34145.6%
Europe6,5838,4178,3257,59419.9%
Middle East and Africa3,4493,9194,1945,38914.2%
Asia4,9425,2594,6984,62912.2%
Americas3,0903,1773,0383,1168.2%
United StatesEuropeMiddle East and AfricaAsiaAmericas
29.7FY202233.2FY202334.9FY202438.1FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2022FY2023FY2024FY2025TTM
Operating cash flow-1141,1862,5834,98719,216
Capital expenditure5137448831,2772,101
Free cash flow-6274421,7003,71017,115
Free cash flow margin-2.1%1.3%4.9%9.7%38.9%
Cash from investing-322-734-37.0-755-5,103
Cash from financing811-4083,652-3,813-5,262
Depreciation and amortisation1,7979641,1728531,429
Share-based compensationn/an/a155257n/a
Buybacksn/a0.043.03,3166,371
Dividends paidn/a0.00.0275474
Dividend per sharen/an/a$0.25$1.25n/a
Diluted shares, weighted274m274m278m276m268m
Shares outstanding at period endn/an/a276m270m265m
Filing10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity11,6077,4169,54611,17811,382
Non-controlling interestn/a9641,0471,1181,156
Short-term borrowingsn/a14560.063.0n/a
Debtn/an/an/a2652,795
Operating lease liabilitiesn/a525562661n/a
Finance lease liabilitiesn/a284248254n/a
Other liabilitiesn/a36,78740,02249,47770,887
Total liabilities and equityn/a46,12151,48563,01686,220
Owned
Goodwill4,1644,4374,2634,4399,609
Intangible assetsn/a1,0428137274,343
Cash and equivalents2,0671,5518,2058,84816,764
Receivablesn/an/a8,1779,80311,587
Inventoryn/a8,2538,58710,42913,045
Other assetsn/a30,83821,44028,77030,872
Total assetsn/a46,12151,48563,01686,220
Filing10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/an/a8.7%16.9%
Profit growth, compoundedn/an/an/a508.5%
Return on equity, averagen/a7.6%18.0%43.7%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was GE Vernova's revenue in fiscal 2025?

GE Vernova (GEV) reported revenue of $38.1 billion for fiscal 2025, the year ended 31 December 2025, up 9.0% on the year before.

How much did GE Vernova earn in fiscal 2025?

Net income was $4.9 billion for fiscal 2025, and diluted earnings per share $17.69.

What is GE Vernova's P/E ratio?

At the close of 6 November 2026, GE Vernova traded at 20.3 times its earnings over the twelve months to 30 September 2026.

What is GE Vernova's market cap?

The market cap of GE Vernova was $204.9 billion at the close of 6 November 2026.

Does GE Vernova pay a dividend?

Yes. GE Vernova declared $2.00 a share in dividends over the four quarters to 30 September 2026.

Peers: Electrical Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
General Electric Co. GE$334.1 billion37.6852.0%17.7%19.6%1.100.5%
GE Vernova Inc. GEV$204.9 billion20.3191.1%6.4%16.9%0.250.3%
Emerson Electric Co. EMR$90.5 billion35.5112.7%n/a4.8%0.641.4%
Bloom Energy Corp. BE$51.2 billion105.5926.8%14.8%110.6%1.28n/a
Otis Worldwide Corp. OTIS$30.1 billion19.64n/a15.3%5.8%n/a2.2%
Woodward, Inc. WWD$18.7 billion35.2922.3%n/a22.3%0.540.4%
Generac Holdings Inc. GNRC$10.4 billion35.0110.0%10.4%6.1%0.44n/a
Acuity Inc. (De) AYI$9.6 billion18.9017.9%15.4%6.8%0.230.2%
Littelfuse Inc. LFUS$9.0 billion291.481.4%5.5%18.7%0.230.9%
EnerSys ENS$5.3 billion15.7317.9%13.0%3.7%0.530.7%
Novanta Inc. NOVT$5.1 billion86.583.8%9.0%7.6%0.14n/a
Powell Industries Inc. POWL$4.9 billion25.5725.2%19.7%7.0%0.000.3%
All 32 in Electrical Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
General Electric Co. GE$334.1 billion37.6852.0%17.7%19.6%1.100.5%
GE Vernova Inc. GEV$204.9 billion20.3191.1%6.4%16.9%0.250.3%
Emerson Electric Co. EMR$90.5 billion35.5112.7%n/a4.8%0.641.4%
Bloom Energy Corp. BE$51.2 billion105.5926.8%14.8%110.6%1.28n/a
Otis Worldwide Corp. OTIS$30.1 billion19.64n/a15.3%5.8%n/a2.2%
Woodward, Inc. WWD$18.7 billion35.2922.3%n/a22.3%0.540.4%
Generac Holdings Inc. GNRC$10.4 billion35.0110.0%10.4%6.1%0.44n/a
Acuity Inc. (De) AYI$9.6 billion18.9017.9%15.4%6.8%0.230.2%
Littelfuse Inc. LFUS$9.0 billion291.481.4%5.5%18.7%0.230.9%
EnerSys ENS$5.3 billion15.7317.9%13.0%3.7%0.530.7%
Novanta Inc. NOVT$5.1 billion86.583.8%9.0%7.6%0.14n/a
Powell Industries Inc. POWL$4.9 billion25.5725.2%19.7%7.0%0.000.3%
Franklin Electric Co. Inc. FELE$4.2 billion21.1813.8%12.4%7.3%0.39n/a
Plug Power Inc. PLUG$2.0 billionn/a-282.1%-172.8%10.6%1.00n/a
Spectrum Brands Holdings, Inc. SPB$2.0 billion26.384.3%4.0%0.8%0.332.2%
Energizer Holdings, Inc. ENR$1.6 billion20.1940.1%n/a2.2%16.415.0%
Amprius Technologies, Inc. AMPX$1.3 billionn/a-29.0%-37.7%143.6%0.00n/a
American Superconductor Corp. AMSC$1.1 billion7.8723.2%5.2%31.1%0.00n/a
Fuelcell Energy Inc. FCEL$796 millionn/a-18.0%-116.3%1.1%0.14n/a
LSI Industries Inc. LYTS$643 million27.376.1%5.5%27.9%0.651.2%
Eos Energy Enterprises, Inc. EOSE$638 millionn/an/a-121.5%319.9%n/an/a
Enovix Corp. ENVX$605 millionn/a-81.0%-496.5%34.9%2.53n/a
Energy Vault Holdings, Inc. NRGV$581 millionn/a-1,600.2%-32.8%336.8%38.53n/a
Solid Power, Inc. SLDP$452 millionn/a-18.4%-1,475.0%-66.1%0.00n/a
ChargePoint Holdings, Inc. CHPT$311 millionn/an/a-41.2%8.8%n/an/a
SES AI Corp. SES$310 millionn/a-36.3%-312.8%n/a0.00n/a
Ultralife Corp. ULBI$261 million1.34-2.2%-2.2%3.0%0.38n/a
Graftech International Ltd. EAF$257 millionn/an/a-21.0%-2.5%n/an/a
Microvast Holdings, Inc. MVST$241 millionn/a9.4%-10.3%-13.0%0.32n/a
NeoVolta Inc. NEOV$152 millionn/a-54.3%-136.1%58.2%0.03n/a
Skyx Platforms Corp. SKYX$98 millionn/a-241.9%-30.3%8.1%1.27n/a
Byrna Technologies Inc. BYRN$89 millionn/a-16.0%-11.4%-13.4%0.00n/a
3 companies share its SEC industry code (Electronic & Other Electrical Equipment (No Computer Equip)); the rest are the names nearest in size in its wider industry, Electrical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on GEV

Dividends$2.00 a share over the four quarters to 30 September 2026, a 0.26% yield
Filings18 in twelve months: 8 current reports (8-K), about 4 results of operations; 2 officer or director change; 1 shareholder vote; 1 other events
Planned insider sales4 Form 144 notices in twelve months, $21.4 million; latest 1 June 2026
Options tapeput/call 1.33 by open interest at the 6 November 2026 close; the straddle prices a 7.9% move to 13 November 2026
13F holders3,475 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading3 sales and 0 purchases on Form 4 in twelve months
Congress2 House trades disclosed in six months
Short interest7.4 million shares short, 3.26 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 202628 October 2026EDGAR
10-Q30 June 202622 July 2026EDGAR
10-Q31 March 202622 April 2026EDGAR
10-K31 December 202529 January 2026EDGAR
10-Q30 September 202522 October 2025EDGAR
10-Q30 June 202523 July 2025EDGAR
10-Q31 March 202523 April 2025EDGAR
10-K31 December 20246 February 2025EDGAR
10-Q30 September 202423 October 2024EDGAR
10-Q30 June 202424 July 2024EDGAR

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