# GE Vernova Inc. (GEV)

> Source: Nexqual · https://nexqual.com/GEV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, GE Vernova Inc. (GEV), nexqual.com/GEV" · informational, not investment advice.

**Price:** USD 827.42 (-10.64% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 925.92 · day 813.26–901 · 52w 530.16–1,195.94 · market cap $220B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $41.4B, net income $9.53B (23.0% margin), free cash flow $12.4B (SEC filings).
- Valuation: P/E 23.1x (avg 47.9x at the last 2 fiscal year-ends), EV/EBITDA 85.1x, net cash $10.3B.
- Earnings quality: non-operating income $5.40B vs operating income $1.80B over the last four quarters; P/E excluding non-operating income ≈53.4x (estimate: non-operating income taxed at the company's 0% effective rate).
- 9 of 80 tracked superinvestors hold GEV (13F, Q2 2026): 5 new, 0 added, 2 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $7.0M; 2 not under a Rule 10b5-1 plan ($7.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.03 on a 1–5 scale) (38 analysts), mean target USD 1,223.98 (range 940–1,450).
- Total return with dividends: 1Y +39.3% vs S&P 500 +14.9%; 5Y +507.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 4.01, revenue estimate $12.0B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $29.7B | $33.2B | $34.9B | $38.1B | $41.4B |
| Gross profit | $3.46B | $4.82B | $6.08B | $7.54B | — |
| Operating income | -$2.88B | -$923M | $471M | $1.39B | $1.80B |
| Net income | -$2.74B | -$438M | $1.55B | $4.88B | $9.53B |
| EPS (diluted) | -$10.00 | -$1.60 | $5.58 | $17.69 | — |
| Free cash flow | -$627M | $442M | $1.70B | $3.71B | $12.4B |
| Gross margin | 11.7% | 14.5% | 17.4% | 19.8% | — |
| Operating margin | -9.7% | -2.8% | 1.3% | 3.6% | 4.3% |
| Net margin | -9.2% | -1.3% | 4.4% | 12.8% | 23.0% |
| Revenue growth | — | +12.1% | +5.1% | +9.0% | — |
| Cash + short-term investments | $2.07B | $1.55B | $8.21B | $8.85B | — |
| Total debt | — | — | — | $328M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.1x · P/E ex non-operating (est.) ≈53.4x · P/S 5.3x · EV/EBITDA 85.1x · EV/Sales 5.1x · P/FCF 17.7x · P/B 18.4x · FCF yield 5.64% · Earnings yield 4.32% · Dividend yield (paid, TTM) 0.19% · Buyback yield (TTM) 2.45% · Net cash $10.3B · EV $210B
P/E at fiscal year-ends: Dec 2025 36.9x, Dec 2024 58.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
9 of 80 tracked investors hold GEV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Chase Coleman | Tiger Global Management | 3.91% | $937M | Reduced -18.0% |
| Terry Smith | Fundsmith | 3.53% | $481M | New position |
| Polen Capital | Polen Capital Management | 1.99% | $231M | New position |
| Christopher Bloomstran | Semper Augustus | 0.26% | $2.3M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | 0.08% | $144M | Reduced -4.9% |
| Van Den Berg Management I |  | 0.05% | $227K | New position |
| Lee Ainslie | Maverick Capital | 0.01% | $1.3M | New position |
| Mairs & Power | Mairs & Power Funds | 0.01% | $994K | Unchanged |
| Richard Pzena | Pzena Investment Management | <0.01% | $216K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-01 | Abate Victor | Chief Executive Officer, Wind | 4,819 | $4.6M | 72.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Potvin Matthew Joseph | Chief Accounting Officer | 2,333 | $2.5M | 39.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.03 on a 1–5 scale), 38 analysts; mean target USD 1,223.98 (low 940, high 1,450).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Susquehanna | Target lowered | Positive | $1300 → $1270 |
| 2026-10-13 | Guggenheim | Reiterated | Buy | $1450 |
| 2026-10-09 | JP Morgan | Target lowered | Overweight | $1330 → $1150 |
| 2026-09-15 | Bernstein | Reiterated | Outperform | $1298 |
| 2026-09-14 | GLJ Research | Initiated | Sell | $470 |
| 2026-07-27 | Mizuho | Target raised | Neutral | $913 → $949 |
| 2026-07-23 | Bernstein | Target raised | Outperform | $1206 → $1298 |
| 2026-07-23 | JP Morgan | Target raised | Overweight | $1302 → $1330 |
| 2026-07-23 | Morgan Stanley | Target raised | Overweight | $1250 → $1350 |
| 2026-07-23 | TD Cowen | Target raised | Buy | $1220 → $1235 |
| 2026-07-23 | RBC Capital | Target raised | Outperform | $1195 → $1225 |
| 2026-07-23 | Oppenheimer | Target raised | Outperform | $1303 → $1338 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-03-25) |
|---|---|---|
| Total return | +39.3% | +507.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +39.4% | +101.3% |
| Volatility (annualized) | 53.3% | 44.9% |
| Max drawdown | -29.6% (Jun 2026→Oct 2026) | -35.4% (Jan 2025→Mar 2025) |

## Peers (Specialty Industrial Machinery)
ETN (Eaton Corporation, PLC) USD 368.99 -6.33% · PH (Parker-Hannifin Corporation) USD 893.21 -6.78% · EMR (Emerson Electric Company) USD 160.29 -1.73% · ITW (Illinois Tool Works Inc.) USD 279.24 +0.88% · CMI (Cummins Inc.) USD 519.53 -4.18% · AME (AMETEK, Inc.) USD 238.82 -4.58%

## More
Full page: https://nexqual.com/GEV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GEV's own 10-K filed 2026-01-29 (https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | HITACHI LTD (HTHIY) | "and the design and development of small modular reactors through joint ventures with Hitachi, Ltd." |
| Competitor | Siemens | "Key Power segment competitors include Siemens Energy, Mitsubishi Power, Westinghouse, Framatome, and Rolls-Royce." |

Other companies that name GEV in their own reports (relationship from GEV's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | AVIAT NETWORKS, INC. (AVNW) | 10-K 2026-08-27 | "Our principal competitors include business units of large mobile and IP network infrastructure manufacturers such as Ericsson, Huawei, ZTE, Nokia Corporation and GE Vernova, as well as a number of sma…" |
| supplier | GRAHAM CORP (GHM) | 10-K 2026-06-08 | "A representative list of our customers include: 3M, Air Liquide, Anduril, Applied Research Laboratory at Pennsylvania State University, Aramco, Axiom Space, Bechtel Plant Machinery Inc., Blue Origin, …" |
| partner | AirJoule Technologies Corp. (AIRJ) | 10-K 2026-03-31 | ""A&R Joint Venture Agreement" are to the Second Amended and Restated Joint Venture Agreement for the AirJoule JV, entered into on April 25, 2025 between us and GE Vernova;" |
| customer | Fermi Inc. (FRMI) | 10-K 2026-03-30 | "We have secured and contracted for industrial frame class gas turbines sourced from high quality Siemens Energy and GE Vernova assets, HRSGs and steam turbines for back-end combined cycle equipment, a…" |
| customer | Kenon Holdings Ltd. (KEN) | 20-F 2026-03-30 | "an equipment supply agreement with GE Vernova." |
| partner | Pioneer Bancorp, Inc./MD (PBFS) | 10-K 2026-03-12 | "Large employers in the Capital Region include GE Vernova, Regeneron Pharmaceuticals, Inc., GlobalFoundries, Albany Med Health System, St. Peter's Health Partners, Northeast Grocery Inc., Rensselaer Po…" |
| supplier | BROADWIND, INC. (BWEN) | 10-K 2026-03-11 | "Sales to GE Vernova represented greater than 10% of our consolidated revenues for the years ended December 31, 2025 and 2024." |
| supplier | Arcosa, Inc. (ACA) | 10-K 2026-02-27 | "Revenues from GE Vernova, Inc. ("GE Vernova"), a customer in our" |
| competitor | BENTLEY SYSTEMS INC (BSY) | 10-K 2026-02-26 | "•our key competitors in asset performance systems include the AVEVA unit of Schneider Electric, Esri, and GE Vernova." |
| partner | NRG ENERGY, INC. (NRG) | 10-K 2026-02-24 | "On February 13, 2025, NRG signed a strategic Project Development Agreement with GE Vernova ("GEV") and Kiewit's subsidiary, TIC, to develop and construct up to 5.4 GW of new gas-fired, combined cycle …" |
| competitor | CATERPILLAR INC (CAT) | 10-K 2026-02-13 | "Other competitors, such as Volvo Penta AB, FPT Industrial SpA (Iveco Group), INNIO Group, GE Vernova Inc., Kawasaki Heavy Industries Ltd., Everllence SE (formerly MAN Energy Solutions SE), Weichai Pow…" |
| customer | Baker Hughes Co (BKR) | 10-K 2026-02-05 | "In particular, Baker Hughes has: i) an intellectual property cross-license agreement with GE Aerospace, GE Vernova, and GE HealthCare that allows all parties to have continued rights to commercially u…" |
| supplier | GENERAL ELECTRIC CO (GE) | 10-K 2026-01-29 | "To support GE Vernova in selling products and services globally, we often entered into contracts on behalf of GE Vernova or issued parent company guarantees or trade finance instruments supporting the…" |
| supplier | Woodward, Inc. (WWD) | 10-K 2025-11-25 | "OEM customers with internal capabilities for similar products include Caterpillar, Cummins, GE Vernova, Rolls-Royce Power Systems, Wärtsilä, and Weichai Power." |
| partner | Tennessee Valley Authority (TVC) | 10-K 2025-11-13 | "For example, TVA has entered into a multi-party collaborative arrangement to advance the global development of the GE Vernova Hitachi Nuclear Energy BWRX-300 SMR ("BWRX-300")." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Equipment | $6.46B | 58.2% | +32.0% |
| Services | $4.64B | 41.8% | +10.1% |
| Total revenue | $11.10B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $20.73B | 54.4% | +2.3% |
| — Europe (part of Non Us) | $7.59B | 19.9% | -8.8% |
| — Middle East & Africa (part of Non Us) | $5.39B | 14.2% | +28.5% |
| — Asia (part of Non Us) | $4.63B | 12.2% | -1.5% |
| — Americas Excluding U.S. (part of Non Us) | $3.12B | 8.2% | +2.6% |
| United States | $17.34B | 45.6% | +18.1% |
| Total revenue | $38.07B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.01 | $4.20 | -4.5% | $12.00B | 15 |
| Next quarter (ends 2026-12-31) | $6.44 | $6.33 | +1.7% | $13.96B | 15 |
| Current fiscal year (ends 2026-12-31) | $30.42 | $30.74 | -1.0% | $46.32B | 21 |
| Next fiscal year (ends 2027-12-31) | $24.44 | $24.85 | -1.6% | $52.92B | 26 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±8.3%; last 8 reports averaged ±6.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 69.5% | ±8.3% |
| 2026-11-06 | 14 | 64.0% | ±10.4% |
| 2026-11-13 | 21 | 61.1% | ±11.9% |
| 2026-11-20 | 28 | 57.4% | ±12.9% |
| 2026-11-27 | 35 | 55.5% | ±13.8% |
| 2026-12-04 | 42 | 53.0% | ±14.9% |
| 2026-12-18 | 56 | 53.4% | ±16.7% |
| 2027-01-15 | 84 | 51.6% | ±19.6% |