Services: 45% of Revenue, 71% of Gross ProfitWide moat

GE Vernova (GEV) — moat facet

GE Vernova sells turbines to earn decades of service work, and services produced 71% of its gross profit on 45% of its sales in 2025.

GE Vernova earns its living after the sale. Services were $17,134 million of the $38,068 million of revenue in 20251, 45.0%2, and they produced $5,360 million of the $7,535 million of gross profit34. That is 71.1% of the profit from less than half of the sales5.

Gross profit by type ($M)-447Equipment 20235,265Services 20232,175Equipment 20255,360Services 2025GE Vernova Form 10-K FY2025; equipment 2023 was a loss; calculated
Services carried the company while equipment lost money.

The earlier years make the point more sharply. In 2023, services gross profit of $5,265 million was larger than the whole company's gross profit of $4,818 million67, because equipment was sold below cost: $18,258 million of equipment sales against $18,705 million of cost of equipment8. The machines were the price of admission to the maintenance work.

Services work this way because a power plant cannot choose its mechanic freely. A gas turbine runs for decades, its hot parts wear out on a schedule, and the owner wants the original manufacturer's parts and engineers when an outage costs it a day of revenue. In the Power segment, services were $13,081 million of $19,767 million of revenue in 20259, 66.2%10.

The share of profit from services has been falling, and for a good reason: equipment has become profitable. Services were 84.2% of gross profit in 202411 and 71.1% in 2025 as the equipment margin rose from 5.1% to 10.4%12. The annuity has not shrunk; the razor has stopped being free.

The trend over five years is steady rather than spectacular. Services revenue was $14,175 million in 2021 and $13,835 million in 20221314, dipping in the year Wind collapsed, then rose every year to $17,134 million in 202515. Services gross profit moved between $4,611 million and $5,360 million over those five years16, while equipment gross profit swung from a loss of $1,153 million to a profit of $2,175 million17.

The services margin is the part to watch. It was 35.1% in 2023, 32.0% in 2024 and 31.3% in 202518. A further slide below 30% while revenue grows would mean the installed base is being serviced more cheaply, by GE Vernova or by someone else.

Moat trajectory: Holding steady

Services gross profit $5,360M in 2025; margin 31.3%, down from 35.1% in 2023.

The number that tests this moat
Moat Explorer calc
Services gross margin
31.3% (2025), from 35.1% in 2023

The profitability of the installed base; a slide below 30% while revenue grows would mean the annuity is being competed away.

How it's calculated: Sales of services ($17,134M) less cost of services ($11,774M), divided by sales of services, from the FY2025 10-K.
Source: Moat Explorer calculation from GE Vernova filings ↗
⚠ Threats to the moat
⚠ THREAT 01
Services Margin Down Four Points in Two Years
GE Vernova's services margin fell from 35.1% to 31.3% in two years even as services revenue grew.
References
  1. ReportedServices were $17,134 million of the $38,068 million of revenue in 2025, 45.0%, and they produced $5,360 million of the $7,535 million of gross profit.
    GE Vernova Form 10-K for fiscal 2025 - financial statements: income, balance sheet, cash flow, taxes and capital returns. — FY2025 · publ. 29 January 2026 · source ↗
  2. Moat Explorer calcServices were $17,134 million of the $38,068 million of revenue in 2025, 45.0%, and they produced $5,360 million of the $7,535 million of gross profit.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  3. ReportedServices were $17,134 million of the $38,068 million of revenue in 2025, 45.0%, and they produced $5,360 million of the $7,535 million of gross profit.
    GE Vernova Form 10-K for fiscal 2025 - financial statements: income, balance sheet, cash flow, taxes and capital returns. — FY2025 · publ. 29 January 2026 · source ↗
  4. Moat Explorer calcServices were $17,134 million of the $38,068 million of revenue in 2025, 45.0%, and they produced $5,360 million of the $7,535 million of gross profit.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  5. Moat Explorer calcThat is 71.1% of the profit from less than half of the sales.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  6. Moat Explorer calcIn 2023, services gross profit of $5,265 million was larger than the whole company's gross profit of $4,818 million, because equipment was sold below cost: $18,258 million of equipment sales against $18,705 million of cost of equipment.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  7. ReportedIn 2023, services gross profit of $5,265 million was larger than the whole company's gross profit of $4,818 million, because equipment was sold below cost: $18,258 million of equipment sales against $18,705 million of cost of equipment.
    GE Vernova Form 10-K for fiscal 2025 - financial statements: income, balance sheet, cash flow, taxes and capital returns. — FY2025 · publ. 29 January 2026 · source ↗
  8. ReportedIn 2023, services gross profit of $5,265 million was larger than the whole company's gross profit of $4,818 million, because equipment was sold below cost: $18,258 million of equipment sales against $18,705 million of cost of equipment.
    GE Vernova Form 10-K for fiscal 2025 - financial statements: income, balance sheet, cash flow, taxes and capital returns. — FY2025 · publ. 29 January 2026 · source ↗
  9. ReportedIn the Power segment, services were $13,081 million of $19,767 million of revenue in 2025, 66.2%.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue by business unit and by equipment and services, and Offshore Wind contract losses. — FY2025 · publ. 29 January 2026 · source ↗
  10. Moat Explorer calcIn the Power segment, services were $13,081 million of $19,767 million of revenue in 2025, 66.2%.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - segment revenue, EBITDA and growth. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  11. Moat Explorer calcServices were 84.2% of gross profit in 2024 and 71.1% in 2025 as the equipment margin rose from 5.1% to 10.4%.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  12. Moat Explorer calcServices were 84.2% of gross profit in 2024 and 71.1% in 2025 as the equipment margin rose from 5.1% to 10.4%.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  13. ReportedServices revenue was $14,175 million in 2021 and $13,835 million in 2022, dipping in the year Wind collapsed, then rose every year to $17,134 million in 2025.
    GE Vernova information statement (Form 8-K exhibit 99.1, 8 March 2024) - audited combined carve-out financial statements for 2021-2023, segment results, the installed base and patents, and the Alstom legacy matters. — 2021-2023 · publ. 8 March 2024 · source ↗
  14. ReportedServices revenue was $14,175 million in 2021 and $13,835 million in 2022, dipping in the year Wind collapsed, then rose every year to $17,134 million in 2025.
    GE Vernova Form 10-K for fiscal 2024 - 2022 segment revenue, segment EBITDA and remaining performance obligations, the first dividend and the April 2024 listing. — FY2024 · publ. February 2025 · source ↗
  15. ReportedServices revenue was $14,175 million in 2021 and $13,835 million in 2022, dipping in the year Wind collapsed, then rose every year to $17,134 million in 2025.
    GE Vernova Form 10-K for fiscal 2025 - financial statements: income, balance sheet, cash flow, taxes and capital returns. — FY2025 · publ. 29 January 2026 · source ↗
  16. Moat Explorer calcServices gross profit moved between $4,611 million and $5,360 million over those five years, while equipment gross profit swung from a loss of $1,153 million to a profit of $2,175 million.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  17. Moat Explorer calcServices gross profit moved between $4,611 million and $5,360 million over those five years, while equipment gross profit swung from a loss of $1,153 million to a profit of $2,175 million.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  18. Moat Explorer calcIt was 35.1% in 2023, 32.0% in 2024 and 31.3% in 2025.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
Sources
Generated September 28, 2026