GE Vernova vs Generac
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The short version
- GE Vernova is the larger business, with $38.1B of revenue in fiscal 2025 against $4.2B for Generac, about 9.0 times as much.
- GE Vernova grew revenue faster (9.0%, against −2.0%).
- Generac kept more of each dollar of sales as operating profit (6.9% operating margin, against 3.7%).
- GE Vernova turned more of its sales into free cash flow (9.8% FCF margin, against 6.4%).
- Investors pay more for each dollar of Generac’s earnings: a P/E of 43.0x against 23.4x for GE Vernova.
| Latest fiscal year | GEV · FY25 | GNRC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $220.1B | $11.1B |
| Revenue | $38.1B | $4.2B |
| Free cash flow | $3.7B | $268M |
| Net income | $4.9B | $160M |
| Growth | ||
| Revenue growth | 9.0% | −2.0% |
| 5-year growth | — | 11.1% |
| Share count change | −0.7% | −1.8% |
| Profitability | ||
| Gross margin | 19.8% | 38.3% |
| Operating margin | 3.7% | 6.9% |
| Net margin | 12.8% | 3.8% |
| FCF margin | 9.8% | 6.4% |
| Return on capital | — | 6.5% |
| Return on equity | 47.1% | 6.2% |
| Balance sheet | ||
| Net debt | −$8.5B | $1.0B |
| Net debt / EBITDA | −3.8x | 2.1x |
| Dividends and buybacks | $3.6B | $148M |
| Valuation & quality | ||
| P/E | 23.4x | 43.0x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
GEV —
GNRC $1.4B
FY17
GEV —
GNRC $1.7B
FY18
GEV —
GNRC $2.0B
FY19
GEV —
GNRC $2.2B
FY20
GEV —
GNRC $2.5B
FY21
GEV —
GNRC $3.7B
FY22
GEV $29.7B
GNRC $4.6B
FY23
GEV $33.2B
GNRC $4.0B
FY24
GEV $34.9B
GNRC $4.3B
FY25
GEV $38.1B
GNRC $4.2B
GEV
GNRC
Operating margin
FY16
GEV —
GNRC 14.0%
FY17
GEV —
GNRC 14.9%
FY18
GEV —
GNRC 17.7%
FY19
GEV —
GNRC 16.9%
FY20
GEV —
GNRC 19.3%
FY21
GEV —
GNRC 19.3%
FY22
GEV −9.7%
GNRC 12.4%
FY23
GEV −2.8%
GNRC 9.6%
FY24
GEV 1.4%
GNRC 12.5%
FY25
GEV 3.7%
GNRC 6.9%
GEV
GNRC
Free cash flow
FY16
GEV —
GNRC $211M
FY17
GEV —
GNRC $224M
FY18
GEV —
GNRC $200M
FY19
GEV —
GNRC $248M
FY20
GEV —
GNRC $424M
FY21
GEV —
GNRC $301M
FY22
GEV −$627M
GNRC −$27.7M
FY23
GEV $442M
GNRC $393M
FY24
GEV $1.7B
GNRC $605M
FY25
GEV $3.7B
GNRC $268M
GEV
GNRC
Return on capital
FY16
GEV —
GNRC 10.0%
FY17
GEV —
GNRC 14.9%
FY18
GEV —
GNRC 19.3%
FY19
GEV —
GNRC 18.8%
FY20
GEV —
GNRC 22.8%
FY21
GEV —
GNRC 24.7%
FY22
GEV —
GNRC 13.7%
FY23
GEV —
GNRC 7.9%
FY24
GEV 5.9%
GNRC 11.3%
FY25
GEV —
GNRC 6.5%
GEV
GNRC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.