NYSE: GEV
GE Vernova
Industrials · Electronic & Other Electrical Equipment (No Computer Equip)
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$252B
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| Period | Market cap |
|---|---|
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | — |
| FY2024, ended Dec 31, 2024 | $90.8B |
| FY2025, ended Dec 31, 2025 | $176B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $252B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$44.0B
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| Period | Revenue |
|---|---|
| FY2022, ended Dec 31, 2022 | $29.7B |
| FY2023, ended Dec 31, 2023 | $33.2B |
| FY2024, ended Dec 31, 2024 | $34.9B |
| FY2025, ended Dec 31, 2025 | $38.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $44.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2022, ended Dec 31, 2022 | −$2.74B | −$627M |
| FY2023, ended Dec 31, 2023 | −$438M | $442M |
| FY2024, ended Dec 31, 2024 | $1.55B | $1.70B |
| FY2025, ended Dec 31, 2025 | $4.88B | $3.71B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $10.4B | $17.1B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$16.8B
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| Period | Cash and cash equivalents |
|---|---|
| FY2022, ended Dec 31, 2022 | $2.07B |
| FY2023, ended Dec 31, 2023 | $1.55B |
| FY2024, ended Dec 31, 2024 | $8.21B |
| FY2025, ended Dec 31, 2025 | $8.85B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $16.8B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.83B
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| Period | Total debt |
|---|---|
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | $145M |
| FY2024, ended Dec 31, 2024 | $60.0M |
| FY2025, ended Dec 31, 2025 | $352M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.83B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 3.4% since 2022.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.265M
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| Period | Shares outstanding |
|---|---|
| FY2022, ended Dec 31, 2022 | 274M |
| FY2023, ended Dec 31, 2023 | 274M |
| FY2024, ended Dec 31, 2024 | 276M |
| FY2025, ended Dec 31, 2025 | 270M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 265M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $6.37B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2022, ended Dec 31, 2022 | — | — |
| FY2023, ended Dec 31, 2023 | $0 | — |
| FY2024, ended Dec 31, 2024 | $43.0M | $155M |
| FY2025, ended Dec 31, 2025 | $3.32B | $257M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.37B | — |
Revenue (TTM)
$44.0B
+16.9% YoY
Net income (TTM)
$10.4B
+508% YoY
Cash
$16.8B
+111% YoY
Total debt
$2.83B
—
Valuation
At current price- Market Cap
- $227B
- P/E
- 21.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.2×
- Price / Book
- 19.9×
- EV / EBITDA
- 50.1×
Growth
Trailing 12 months- Revenue (TTM)
- $44.0B
- Revenue Growth YoY
- 16.9%
- Revenue CAGR 3Y
- 8.7%
- Revenue CAGR 5Y
- —. Compound annual growth over the last 5 fiscal years
- EPS Growth YoY
- 520%
- Net Income Growth YoY
- 508%
Profitability
Trailing 12 months- Gross Margin
- 21.7%
- Operating Margin
- 6.4%
- Net Margin
- 23.5%
- FCF Margin
- 38.9%
- Return on Equity
- 104%
Earnings
Trailing 12 months- Net Income
- $10.4B
- EPS (diluted)
- $38.09
- EBITDA
- $4.26B
- Operating Income
- $2.83B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $16.8B
- Total Debt
- $2.83B
- Net Cash
- $13.9B
- Total Assets
- $86.2B
- Total Liabilities
- $73.7B
- Shareholders' Equity
- $11.4B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $19.2B
- Capital Expenditure
- $2.10B
- Free Cash Flow
- $17.1B
Dividends and risk
Last 12 months- Dividend Yield
- 0.2%
- Dividend / Share
- $2.00
- Beta (5Y)
- 0.94
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 16.9% year over year, at $44.0B.
Strength
Operating margin widened 2.8 pts in a year, to 6.4%.
Strength
Holds more cash than debt, with $13.9B in net cash.
Strength
Turns 38.9% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K76Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Jan 29, 2026 · Read the filing on EDGAR
- Revenue rose 9% to $38.1 billion and operating income almost tripled to $1.4 billion, driven by the Power and Electrification segments.
- Net income of $4.9 billion was boosted by a one-time $2.9 billion tax benefit, so the underlying profit gain is smaller than it looks.
- The order backlog grew 26% to $150.2 billion, and free cash flow more than doubled to $3.7 billion.
- GE Vernova agreed to buy the rest of Prolec GE for about $5.3 billion and raised its buyback authorization to $10 billion.
Business momentum
Strong improvement
“For the year ended December 31, 2025, total revenues were $38.1 billion, an increase of $3.1 billion for the year.”
Outlook
Positive
“We believe that our industry-defining technologies and commitment to innovation position us well to capitalize on, as well as mitigate adverse impacts from, these long-term trends”
Financial stress
None
“As of December 31, 2025, our Cash, cash equivalents, and restricted cash was $8.8 billion, $0.4 billion of which was restricted use cash.”
Tone against the previous report
More positive
Red flags
- Minor
Other
“The fair value of our Wind reporting unit, which has $3.3 billion of goodwill, exceeds the carrying value by 27%.”
Positives
Order backlog up 26%
“As of December 31, 2025, RPO increased $31.2 billion (26%) from December 31, 2024, primarily at Power”
Electrification profit more than doubled
“For the year ended December 31, 2025, segment revenues were up $2.1 billion (28%) and segment EBITDA was up $0.8 billion.”
Free cash flow more than doubled
“Free cash flow* was $3.7 billion and $1.7 billion for the years ended December 31, 2025 and 2024, respectively.”
Concerns
Wind segment still losing money and shrinking
“For the year ended December 31, 2025, segment revenues were down $0.6 billion (6%) and segment EBITDA decreased slightly (2%).”
Net income inflated by one-time tax benefit
“driven by a $2.9 billion benefit primarily from a U.S. tax valuation allowance release in the fourth quarter of 2025”
Onshore wind orders fell amid U.S. policy uncertainty
“a decrease in orders at Onshore Wind as U.S. customers dealt with policy uncertainty.”
New risks since the previous report
Large Prolec GE acquisition funded partly with debt
“GE Vernova will pay approximately $5.3 billion at closing, expected to be funded equally between cash and debt.”
Tariff costs
“The total cost impact from the global tariffs for the full year 2025 was approximately $250 million, after taking into consideration contractual protections and mitigating actions.”
New factory capacity could run ahead of actual demand
“Further, our capacity expansions and related commitments may outpace realized demand.”
New customer types such as hyperscalers, and slot reservations that may not turn into orders
“some counterparties to slot reservation agreements may not place orders equal to the value of their reservation amount or at all”
Stock price tied to AI investment sentiment
“our performance and the market price of our common stock are frequently linked to AI investment trends and sector sentiment, which has resulted in, and may continue to result in, significant volatility.”
Biggest risks named
- Wind segment losses and quality or execution problems
- Supply chain shortages, tariffs and inflation
- Changes to energy and renewable policy
- Integrating the Prolec GE acquisition
- Factory capacity expansion outpacing demand
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | +2 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 76 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Jan 29, 2026 | 76 | Strong improvement | 1 minor | |
| 10-K | Feb 6, 2025 | 57 | Stable | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR