The Revenue LinesNarrow moat

GE Vernova (GEV) — moat facet

GE Vernova is three businesses: gas services that earn the money, a grid business that grows, and wind that loses.

GE Vernova reports three segments: Power, Wind and Electrification. In 2025 their revenue was $19,767 million, $9,110 million and $9,642 million, and intersegment eliminations and other took $451 million off the total of $38,068 million1. The chart in this app shows the three bands for 2021 to 2025; they add up to slightly more than reported revenue each year, by the eliminations of $401-554 million23.

Segment revenue growth, 2025 (%)+27.7%Electrification+9.0%Power-6.1%WindGE Vernova Form 10-K FY2025; calculated; Wind decline shown as a magnitude
One growing fast, one steadily, one shrinking.

The three lines behave nothing alike. Power grew 9.0% in 2025 and earned $2,902 million of EBITDA; Electrification grew 27.7% and earned $1,433 million; Wind shrank 6.1% and lost $598 million45. Combined segment EBITDA was $3,737 million, and corporate costs of $541 million brought adjusted EBITDA to $3,196 million6.

Before April 2024 these were GE businesses. The 2021 to 2023 figures come from the audited carve-out statements in the Form 10 information statement7 and the 10-K comparatives, on the same segment definitions, and are not the results of an independent company.

Since January 2026 the business units inside each segment have been rearranged: Steam folded into Nuclear, Hydro and Gas Power, Grid Solutions split three ways, and onshore wind combined with LM Wind Power8. The three segments themselves are unchanged.

The segments share one cost that the lines do not show. Corporate and other costs were minus $541 million of EBITDA in 2025, from minus $116 million in 20239, as the company built the head office a standalone listing needs. Adjusted EBITDA, after those costs, rose from $807 million in 2023 to $3,196 million in 202510, and every dollar of that improvement came from Power and Electrification: Wind's loss in 2025 was almost the same as in 202411.

The business units were also rearranged a year earlier. Effective 1 January 2025, Power Conversion and Solar & Storage were combined into one unit12, which is why that unit's 2021 and 2022 figures appear as two lines in the older filings and one in the newer.

The lines tell the whole story in one comparison. The figure to follow is Wind's share of revenue, 23.9% in 202513; as it falls and Electrification's rises, GE Vernova becomes the gas-and-grid company its margins say it already is.

Moat trajectory: Widening

Electrification rising, Wind shrinking, Power margins expanding.

The number that tests this moat
Moat Explorer calc
Segment EBITDA, three segments combined
$3,737M (2025): Power $2,902M, Electrification $1,433M, Wind -$598M

The profit split across the lines; Wind still negative in 2027 would keep dragging the total.

How it's calculated: Sum of Power ($2,902M), Wind (-$598M) and Electrification ($1,433M) segment EBITDA, FY2025 10-K.
Source: Moat Explorer calculation from GE Vernova filings ↗
Dig deeper
DIG DEEPER 01
Power
GE Vernova's Power segment is two thirds services and earns three quarters of its segment EBITDA.
DIG DEEPER 02
Wind
GE Vernova's Wind segment has shrunk by a fifth since 2021 and still loses money.
DIG DEEPER 03
Electrification
GE Vernova's grid segment has almost doubled its revenue since 2022 and turned a loss into an 18% margin.
References
  1. ReportedIn 2025 their revenue was $19,767 million, $9,110 million and $9,642 million, and intersegment eliminations and other took $451 million off the total of $38,068 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  2. ReportedThe chart in this app shows the three bands for 2021 to 2025; they add up to slightly more than reported revenue each year, by the eliminations of $401-554 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  3. ReportedThe chart in this app shows the three bands for 2021 to 2025; they add up to slightly more than reported revenue each year, by the eliminations of $401-554 million.
    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 ↗
  4. ReportedPower grew 9.0% in 2025 and earned $2,902 million of EBITDA; Electrification grew 27.7% and earned $1,433 million; Wind shrank 6.1% and lost $598 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  5. Moat Explorer calcPower grew 9.0% in 2025 and earned $2,902 million of EBITDA; Electrification grew 27.7% and earned $1,433 million; Wind shrank 6.1% and lost $598 million.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ 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% - 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.
  6. ReportedCombined segment EBITDA was $3,737 million, and corporate costs of $541 million brought adjusted EBITDA to $3,196 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  7. ReportedThe 2021 to 2023 figures come from the audited carve-out statements in the Form 10 information statement and the 10-K comparatives, on the same segment definitions, and are not the results of an independent company.
    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 ↗
  8. ReportedSince January 2026 the business units inside each segment have been rearranged: Steam folded into Nuclear, Hydro and Gas Power, Grid Solutions split three ways, and onshore wind combined with LM Wind Power.
    GE Vernova Form 10-Q for the quarter ended 30 June 2026 - the balance sheet, contract liabilities, borrowings, remaining performance obligations, orders and sales in units, business-unit revenue and the Prolec GE acquisition. — Q2 2026 · publ. 22 July 2026 · source ↗
  9. ReportedCorporate and other costs were minus $541 million of EBITDA in 2025, from minus $116 million in 2023, as the company built the head office a standalone listing needs.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  10. ReportedAdjusted EBITDA, after those costs, rose from $807 million in 2023 to $3,196 million in 2025, and every dollar of that improvement came from Power and Electrification: Wind's loss in 2025 was almost the same as in 2024.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  11. ReportedAdjusted EBITDA, after those costs, rose from $807 million in 2023 to $3,196 million in 2025, and every dollar of that improvement came from Power and Electrification: Wind's loss in 2025 was almost the same as in 2024.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  12. ReportedEffective 1 January 2025, Power Conversion and Solar & Storage were combined into one unit, which is why that unit's 2021 and 2022 figures appear as two lines in the older filings and one in the newer.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue by business unit and by equipment and services, and Offshore Wind contract losses. — FY2025 · publ. 29 January 2026 · source ↗
  13. Moat Explorer calcThe figure to follow is Wind's share of revenue, 23.9% in 2025; as it falls and Electrification's rises, GE Vernova becomes the gas-and-grid company its margins say it already is.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ 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.
Sources
Generated September 28, 2026