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GE Vernova Inc. (GEV)

NYSE / Utilities / Renewable Utilities

Share price

926.44 USD Market dataClose of Oct 15, 2026

Market capitalisation

246.70B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Jan 29, 2026
Ratios computed
Oct 15, 2026
Filed years
4, FY2022 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

43.7% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

51.70x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

1.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2021 Revenue: 33.01B USDFY2021 Net income: -633.0M USDFY2022 Revenue: 29.65B USDFY2022 Net income: -2.74B USDFY2023 Revenue: 33.24B USDFY2023 Net income: -438.0M USDFY2024 Revenue: 34.94B USDFY2024 Net income: 1.55B USDFY2025 Revenue: 38.07B USDFY2025 Net income: 4.88B USD
Revenue Net income5 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 51.70x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Utilities sector (87 companies), 51.70x sits at the 90th percentile; the middle half of that group runs from 15.67x to 24.77x.

Is it good

Return on equity was 43.7% in FY2025, in the band labelled "Exceptional, check the leverage" (25.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Utilities sector (100 companies), 43.7% sits at the 100th percentile; the middle half of that group runs from 4.1% to 10.6%.

Is it safe

GE Vernova Inc. held more cash than debt at the end of FY2025 (net cash of 7.4bn USD), so net debt to EBITDA is a net cash position rather than a leverage reading.

Year by year against peers
Whether GE Vernova Inc.'s return on equity stayed above the median of the Utilities sector, year by year. (FY2022 to FY2025, 4 fiscal years of GE Vernova Inc. with a comparable figure)
The direction
Which way GE Vernova Inc.'s gross margin has moved, and how steadily. (FY2021 to FY2025, 5 filed years of GE Vernova Inc.)
What could explain it
What in GE Vernova Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines GE Vernova Inc. filed)
What to check next
What to check next on GE Vernova Inc., and where in its filings. (4 questions for GE Vernova Inc.)
In one paragraph
One paragraph on GE Vernova Inc.'s returns, cash, balance sheet and price. (13 of sixteen figures read for GE Vernova Inc.)

These are GEV’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research GEVPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Jan 29, 2026, accession 0001996810-26-000015.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

GE Vernova Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Return on equity43.7% ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Return on capital employed, pre-tax6.3% ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Return on assets7.8% ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Gross margin19.8% ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Operating margin3.6% ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Net margin12.8% ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

GE Vernova Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.13 ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Current ratio0.98 ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Quick ratio0.73 ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Altman Z-score3.82 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Net debt-7.37B ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Total assets 63.02BTotal liabilities 50.72BShareholders' equity 11.18BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What GE Vernova Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Jan 29, 2026, 0001996810-26-000015).

GE Vernova Inc: balance sheet position
Total assets63.02B FiledFY2025 10-K, filed Jan 29, 2026
Total liabilities50.72B FiledFY2025 10-K, filed Jan 29, 2026
Shareholders' equity11.18B FiledFY2025 10-K, filed Jan 29, 2026
Cash8.85B FiledFY2025 10-K, filed Jan 29, 2026
Total debt1.47B FiledFY2025 10-K, filed Jan 29, 2026
Net debt-7.37B
Current ratio0.98
Debt to equity0.13
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

GE Vernova Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings51.70x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
P/E on trailing twelve months27.04x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book22.88x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Price to sales6.72x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Enterprise value to EBIT178.91x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Enterprise value to EBITDA123.98x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Diluted earnings per share17.69 USD FiledFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Graham number127.79 USD ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015

We publish no fair value or price target of our own. Value GEV on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for GE Vernova Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

GE Vernova Inc: valuation
Share price926.44 USD
Market capitalisation246.70B USD
Enterprise value to EBITDA123.98x
Graham number127.79 USD
Diluted earnings per share, FY202517.69 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 23, 2024: low 25.12x, median 93.65x, high 340.00x, latest 27.04x. 495 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like GE Vernova Inc

No other Utilities company in our coverage sits in the Mega, 200B and over band that publishes a net margin and a current ratio, so none is set beside GEV.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

GE Vernova Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield1.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Free cash flow3.71B USD ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Free cash flow margin9.8% ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Dividend yield0.1% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Payout ratio5.6% ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
FY2021 Free cash flow: -2.24B USDFY2021 Net income: -633.0M USDFY2022 Free cash flow: -627.0M USDFY2022 Net income: -2.74B USDFY2023 Free cash flow: 442.0M USDFY2023 Net income: -438.0M USDFY2024 Free cash flow: 1.70B USDFY2024 Net income: 1.55B USDFY2025 Free cash flow: 3.71B USDFY2025 Net income: 4.88B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

GE Vernova Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
51.70xFY2025Oct 15, 2026
22.88xFY2025Oct 15, 2026
178.91xFY2025Oct 15, 2026
1.4%FY2025Oct 15, 2026
n/aFY2025Jan 29, 2026
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
0.1%FY2025Oct 15, 2026
0.13FY2025Jan 29, 2026
0.98FY2025Jan 29, 2026
6.72xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
3.82FY2025Oct 15, 2026
-2.69FY2025Jan 29, 2026
6/9FY2025Jan 29, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 4 filed fiscal years on record, FY2022 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

5 fiscal years, FY2021 to FY2025. 4 read from the annual reports GE Vernova Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

GE Vernova Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202538.07B1.39B4.88B17.693.71B3.6%43.7%10-K, Jan 29, 20260001996810-26-000015
FY202434.94B471.0M1.55B5.581.70B1.4%16.3%10-K, Feb 6, 20250001996810-25-000011
FY202333.24B-923.0M-438.0M-1.60442.0M-2.8%-5.9%10-K, Feb 6, 20250001996810-25-000011
FY202229.65B-2.88B-2.74B-10.00-627.0M-9.7%-25.7%10-K, Feb 6, 20250001996810-25-000011
FY202133.01B-884.0M-633.0M-2.33-2.24B-2.7%n/aMarket data, supplied Mar 7, 2026accession n/a
  • Revenue, compound annual growth FY2021 to FY2025: 3.6%
  • Earnings: Earnings was not positive in both 2021 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2021 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2021 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

GE Vernova Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.69 ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Piotroski F-score6/9 ComputedFY2025 10-K, filed Jan 29, 2026, 0001996810-26-000015
Named tests met0 of 30 Computed
Beta1.32 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 26 not met, 4 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Low PEG, low debt (Peter Lynch); High returns and growth; ROIC at or above WACC; Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(9)
  • Current Ratio: Graham set this test for industrial companies; for utilities he tested debt against equity.
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • Altman Z-Score: Altman fitted the Z-score on manufacturers; it is not measured for a utility.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 9 figures could not be read on this company, among them Current Ratio, Return on Invested Capital, Altman Z-Score. Each blank in the table above names the rest, with its reason. 4 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 4 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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