GE Vernova Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Equipment was 55% and Services was 45% of revenue.

In the fiscal year to Dec 2025, United States was 46% and Europe was 20% of revenue; United States rose from 38% in the fiscal year to Dec 2023.

Quarters: GE Vernova Inc.'s SEC filings, named by the month they end. Fiscal years: GE Vernova Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $12.8 ends up as net income. Net margin rose from −9.2% to 12.8% over the past 3 years.

Circled: Dec 2025 (net 33.4%, operating 5.5%), Mar 2026 (net 50.8%, operating 1.9%). Net margin is usually about 2 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: GE Vernova Inc.'s annual reports to the SEC; quarters: SEC filings.

How much work is already signed?

Customers had signed $196.7B of work GE Vernova has not yet delivered at the end of Sep 2026: 4.5 years of revenue at the last four quarters' pace. New orders over those four quarters were about 2.4× revenue, so the backlog grew.

Backlog: remaining performance obligations in GE Vernova Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report GE Vernova buys from Aero Alliance.

Suppliers

A

Aero Alliance

 

GEVGE Vernova

Partners

CChina XD ElectricGE Vernova invested in it · Equity investment$466 million investment fair value as of December 31, 2025

Hitachi HTHIYNuclear technology and small modular reactor development

GE Aerospace GELicenses GE trademarks and logo

PProlec GEManufactures generation, transmission, and distribution transformers

XXignuxCo-owns transformer manufacturing joint venture

AAero AllianceAeroderivative engines, parts, repairs, and maintenance50-50 joint venture

Baker Hughes BKRCo-owns Aero Alliance50-50 joint venture

HHitachi-GE Nuclear EnergyNuclear energy joint venture

Named in other companies’ filings

GE Aerospace GElicensing deal with it · Licenses GE name and logo

Only the companies GE Vernova names in its 10-K filed Jan 29, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names GE Vernova. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 21.5x, below the peer median of 32.9x, but earnings are expected to fall, so the discount may be deserved.

Priced 35% below the peer median of 32.9x.

At 21.5× trailing earnings GEV is below most of its range since Jul 2024; the median is 61.7×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $1,183, 45% above the current price; 87% of 38 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 33 analysts (87%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $666.30 to $1,137.50 (+71%), while GEV went from $558.17 to $818.49 (+47%). In the past three months targets were raised 3 times and cut 8 times. 4 upgrades and 3 downgrades over the year; the latest: HSBC moved it to Buy from Hold on Oct 30, 2026.

The day after each of these reports the stock moved +3.6% (Dec 2025, beat); +16.0% (Mar 2026, beat); −4.4% (Jun 2026, missed); −0.8% (Sep 2026, beat).

For the quarter ending Dec 2026 (GE Vernova reports on Jan 27, 2027), analysts expect adjusted earnings of $6.92 a share, and revenue of $14.0B, up 28% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $25.84 a share, and revenue of $53.6B, up 14% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $17.1B in free cash flow over the year, of which $6.8B went back to shareholders (dividends plus buybacks), leaving $10.3B in the company.

GE Vernova had 268M diluted shares in the quarter ended Sep 2026, 2.5% fewer than a year earlier. It spent $6.4B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 521.0% and its net income rose 508.5%: fewer shares added about 13 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.0, short-term debt coverage is tight; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 2 members of Congress and 12 funds whose copy leaves GEV out (on the exchange, not in the app yet): Coatue Management, Tiger Global Management, Fundsmith, Polen Capital Management, Fisher Asset Management, Temasek Holdings (Private) and 8 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 17 held GEV at the end of their latest quarter (for most, Q2 2026). Over that quarter 5 added shares, 9 cut, 3 bought new and 1 sold all. The largest of them is Fisher Asset Management, 4.92M shares worth $4.7B at Sep 30, 2026, 38.3% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of GEV at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $11.5M of GEV on the open market in the 12 months to Nov 12, 2026; none bought. The largest was Victor Abate (Chief Executive Officer, Wind), who sold $4.6M in 1 sale.

From the Form 4s filed with the SEC about GE Vernova Inc. (31 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 67 other transactions (option exercises and shares withheld for tax).