GE Vernova
GEV NYSE Heavy Electrical Equipment Financials FY2022–FY2025
GE Vernova's revenue rose 9.0% to $38.1 billion in fiscal 2025. Its operating margin was 3.6%, up from 1.4% a year earlier. Free cash flow was $3.7 billion, up 118.2%. It paid out $3.6 billion in dividends and buybacks, 97% of free cash flow. The diluted share count fell 0.7%.
About these figures. GE Vernova reports no long-term debt, so its debt is its short-term borrowings. Return on capital for fiscal 2025 is blank: invested capital is small next to total assets (cash nearly matches equity and debt), so the ratio isn't meaningful.
What GE Vernova does
GE Vernova makes and services equipment that generates, moves and manages electric power. Its customers include utilities, independent power producers, developers, governments and industrial companies around the world. It says the machines it has installed generate approximately 25% of the world's electricity. It was spun off from General Electric, now GE Aerospace, on April 2, 2024.
It reports three segments. Power makes gas and steam turbines and sells nuclear technology, hydropower solutions and the service of that equipment. Wind makes onshore and offshore wind turbines and blades. Electrification supplies equipment and software to transmit, distribute, convert and store electricity. Servicing equipment it has already installed is a large part of its strategy. At the end of 2025 it had approximately $94.4 billion in remaining performance obligations, which is its measure of backlog: firm customer orders for equipment and services not yet delivered.
Key rivals named in the 10-K include Siemens Energy and Mitsubishi Power in Power, Vestas and Siemens-Gamesa in Wind, and Hitachi Energy and ABB in Electrification. The company had approximately 75,000 employees, about 24,000 of them in Europe and 21,000 in the United States.
- Legal name
- GE Vernova Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Jan 29, 2026
- Accession · CIK
- 0001996810-26-000015
0001996810
Revenue and margins
GE Vernova had $38.1B of revenue in fiscal 2025, up 9.0% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $3.7B in fiscal 2025, 9.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
GE Vernova returned $3.6B to shareholders in fiscal 2025, 97% of free cash flow. The diluted share count fell 0.7%.
Value GE Vernova yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $8.5B and divides by 276.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 23.4x · peers 21.9x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably GE Vernova can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $2.1B | $1.6B | $8.2B | $8.8B |
| Debt incl. finance leases | $0.0M | $456M | $326M | $341M |
| Net debt / EBITDA | — | −26.7x | −4.8x | −3.8x |
| Debt / equity | — | 0.1x | 0.0x | 0.0x |
| Interest coverage | −37.4x | −11.1x | 6.4x | 26.2x |
| Current ratio | — | 0.9x | 1.1x | 1.0x |
| Quick ratio | — | 0.7x | 0.8x | 0.7x |
| Total assets | — | $46.1B | $51.5B | $63.0B |
| Total liabilities | — | $37.7B | $40.9B | $50.7B |
| Shareholders' equity | $11.6B | $7.4B | $9.5B | $11.2B |
| Net debt (− = net cash) | −$2.1B | −$1.1B | −$7.9B | −$8.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$11.5M
3 insiders
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | — | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | ✓ | ✕ |
| Share count didn't rise | ✓ | ✕ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 9 | — / 9 | 7 / 9 |
| Accruals ratio | — | −2.1% | −0.2% |
| Altman Z'' | −0.17 | 0.75 | 0.64 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| GE Vernova GEV | $220.1B | 9.0% | 3.7% | 9.8% | — | 23.4x | 7 | |
| Generac GNRC | $11.1B | −2.0% | 6.9% | 6.4% | 6.5% | 43.0x | 6 | Compare → |
| Honeywell Technologies HON | $70.6B | 7.9% | 21.7% | 14.5% | 17.1% | 15.0x | 4 | Compare → |
| Northrop Grumman NOC | $78.5B | 2.2% | 10.8% | 7.9% | 13.5% | 17.4x | 6 | Compare → |
| Cummins CMI | $71.7B | −1.3% | 12.0% | 7.1% | 18.3% | 26.4x | 7 | Compare → |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $29.7B | $33.2B | $34.9B | $38.1B |
| Gross profit | $3.5B | $4.8B | $6.1B | $7.5B |
| Research and development | $979M | $896M | $982M | $1.2B |
| Operating income | −$2.9B | −$923M | $471M | $1.4B |
| Interest expense | $77.0M | $83.0M | $74.0M | $53.0M |
| Pretax income | −$2.5B | −$130M | $2.5B | $2.8B |
| Income tax | $248M | $344M | $939M | −$2.1B |
| Net income | −$2.7B | −$438M | $1.6B | $4.9B |
| Diluted EPS | −$10.00 | −$1.60 | $5.58 | $17.69 |
| Diluted shares | 0.27B | 0.27B | 0.28B | 0.28B |
| Cash flow | ||||
| Cash from operations | −$114M | $1.2B | $2.6B | $5.0B |
| Capital expenditure | $513M | $744M | $883M | $1.3B |
| Free cash flow | −$627M | $442M | $1.7B | $3.7B |
| Depreciation and amortization | $1.8B | $964M | $1.2B | $853M |
| Stock-based compensation | — | — | $155M | $257M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $43.0M | $3.3B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $275M |
| Dividends and buybacks | $0.0M | $0.0M | $43.0M | $3.6B |
| Balance sheet | ||||
| Cash and short-term investments | $2.1B | $1.6B | $8.2B | $8.8B |
| Total debt | $0.0M | $145M | $60.0M | $63.0M |
| Finance lease liabilities | $0.0M | $311M | $266M | $278M |
| Current assets | — | $27.4B | $34.2B | $40.2B |
| Current liabilities | — | $29.3B | $31.7B | $41.0B |
| Inventory | $0.0M | $8.3B | $8.6B | $10.4B |
| Total assets | — | $46.1B | $51.5B | $63.0B |
| Total liabilities | — | $37.7B | $40.9B | $50.7B |
| Shareholders' equity | $11.6B | $7.4B | $9.5B | $11.2B |
| Margins | ||||
| Gross margin | 11.7% | 14.5% | 17.4% | 19.8% |
| Operating margin | −9.7% | −2.8% | 1.4% | 3.7% |
| EBITDA margin | −3.7% | 0.1% | 4.7% | 5.9% |
| Net margin | −9.2% | −1.3% | 4.4% | 12.8% |
| FCF margin | −2.1% | 1.3% | 4.9% | 9.8% |
| Returns | ||||
| Return on capital | — | — | 5.9% | — |
| Return on capital employed | — | — | 2.6% | 6.6% |
| Return on equity | — | — | 18.3% | 47.1% |
| Return on assets | — | — | 3.2% | 8.5% |
| Growth | ||||
| Revenue growth | — | 12.1% | 5.1% | 9.0% |
| Net income growth | — | — | — | 214.7% |
| EPS growth | — | — | — | 217.0% |
| FCF growth | — | — | 284.6% | 118.2% |
| Share count change | — | 0.0% | 1.5% | −0.7% |
| Financial health | ||||
| Net debt / EBITDA | — | −26.7x | −4.8x | −3.8x |
| Debt / equity | — | 0.1x | 0.0x | 0.0x |
| Interest coverage | −37.4x | −11.1x | 6.4x | 26.2x |
| Current ratio | — | 0.9x | 1.1x | 1.0x |
| Quick ratio | — | 0.7x | 0.8x | 0.7x |
| Capital allocation | ||||
| Capex / revenue | 1.7% | 2.2% | 2.5% | 3.4% |
| Stock comp / revenue | — | — | 0.4% | 0.7% |
| Payouts / FCF | — | 0.0% | 2.5% | 96.8% |
| Quality scores | ||||
| Piotroski F-score | — | — | — | 7.0 |
| Altman Z'' | — | −0.2 | 0.8 | 0.6 |
| Accruals ratio | — | — | −2.1% | −0.2% |
Source: SEC EDGAR XBRL filings (CIK 0001996810). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.