GEV·Heavy Electrical Equipment / Power Generation OEM (gas turbines, grid electrification, wind)

GE Vernova

ConvictionStrong

Capital-equipment OEM plus high-margin long-tail services: sells gas/steam/wind turbines and grid hardware (HVDC, transformers, switchgear, software) against multi-year reservation-and-order backlog, then earns recurring revenue on a large installed-base service fleet (parts, upgrades, long-term service agreements).

Revenuefact

$9.3B Q1 FY26+16% YoY); $38.1B FY25

Rev growth

+16% YoY reported / +7% organicQ1 FY26, fact

Gross margin

~18-19%TTM est. from $7.3B GAAP gross profit on ~$39B revenue, MacroTrends/SEC — approximate; GEV manages to EBITDA not gross margin

Op margin

Adj EBITDA margin 9.6% Q1 FY26+390bps YoY); 8.4% FY25 — fact (GAAP operating margin distorted by Prolec M&A gain

Capex intensity

~4% Q1 FY26$0.4B capex / $9.3B rev); ~$6B capex committed 2025-2028 (~3-4% of rev) — fact

Market cap

~$284-298Blate June 2026, fact; ~$1,087-1,127/share, P/E ~32.5x

Price · 1-year trend

real · weekly

$1071+100% 1yUSD

52-week range

$534 – $1175

52w lowas of 2026-07-08 · Yahoo Finance52w high

Across the boards

The thesis on this name

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position · longStrong

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book · long

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Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-01-29. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’24

$34.9B

FY’25

$38.1B+9%

Margins & balance sheet — FY’25

Gross margin19.8%

Operating margin3.6%

Net margin12.8%

Net cash$10.2B

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for GE Vernova

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence