GEV
GE Vernova · Industrials · Heavy Electrical Equipment
$942.10
52w 530.16 – 1,195.94
20y monthly, adjusted
Mkt cap
$250.9B
P/E
53.8
P/FCF
70.9
FCF yield
1.4%
ROE
43.7%
Shldr yield
1.4%
div 0.1% + bb 1.3%
What today's price assumes
At $250.9B, the market is pricing in 25.0% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth).
Simple DCF per-share range: $212 · $285 · $355 (4% / base / optimistic growth). An estimate, not a target.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+8.7%
Rev 5y
+8.7%
Rev 10y
+8.7%
EPS 5y
—
EPS 10y
—
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2022–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $11.1B | +21.9% | $668.0M | +30.0% | 2.47 | $5.5B |
| Q1'26 | $9.3B | +16.3% | $4.7B | +1768.1% | 17.44 | $5.2B |
| Q4'25 * | $11.0B | +3.8% | $3.7B | +657.0% | 13.28 | $2.5B |
| Q3'25 | $10.0B | +11.8% | $452.0M | — | 1.64 | $980.0M |
| Q2'25 | $9.1B | +11.1% | $514.0M | −60.3% | 1.86 | $367.0M |
| Q1'25 | $8.0B | +10.6% | $254.0M | — | 0.91 | $1.2B |
| Q4'24 * | $10.6B | +5.1% | $484.0M | +145.7% | 1.75 | $921.0M |
| Q3'24 | $8.9B | +8.0% | −$96.0M | — | -0.35 | $1.1B |
| Q2'24 | $8.2B | +1.0% | $1.3B | — | 4.65 | $979.0M |
| Q1'24 | $7.3B | +6.4% | −$130.0M | — | -0.47 | −$444.0M |
| Q4'23 * | $10.0B | — | $197.0M | — | — | $1.9B |
| Q3'23 | $8.3B | — | −$170.0M | — | -0.62 | $233.0M |
| Q2'23 | $8.1B | — | −$150.0M | — | -0.55 | −$288.0M |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +8.7% | — | — | — |
| Operating cash flow | — | — | — | — |
| Free cash flow | — | — | — | — |
| EPS (diluted) | — | — | — | — |
| Equity | −1.2% | — | — | — |
| LT debt | — | — | — | — |
| Diluted shares | +0.2% | — | — | — |
| Stock price | — | — | — | — |
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
44.6%
OCF ÷ (equity + debt)
OCF / EV yield
2.0%
MC vs 10× OCF
5.27
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
6.9%
Owner earnings
$3.5B
OCF − capex − SBC
OE yield
1.3%
Share count 5y
+0.2%
per year; negative = buybacks
Capital intensity
—
net PP&E ÷ revenue
Sales efficiency
—
new PP&E per $1 new revenue, 5y
Checklist
14 of 19 checks pass · 74%. Checks with structurally missing inputs are excluded.
Growth & Consistency
2/2
- pass
Revenue growth
8.7% · 5y CAGR ≥ 5%
- na
EPS growth
— · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- na
Revenue rises consistently
— · up in ≥ 7 of last 10 years
- na
FCF consistently positive
— · positive in ≥ 8 of last 10 years
- na
Profitable every year
— · net income > 0 in ≥ 8 of last 10
- pass
Cash flow keeps up with sales
105.1% vs 8.7% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
6/7
- pass
Net margin
12.8% · ≥ 8%
- fail
Operating margin
3.6% · ≥ 10%
- pass
Gross margin stable or rising
19.8% vs 11.7% · no drop > 2 pts over 3y
- pass
Return on equity
43.7% · ≥ 12%
- pass
Cash ROIC
44.6% · ≥ 12%
- pass
FCF margin
9.7% · ≥ 5%
- pass
Earnings back their cash
OCF $5.0B vs NI $4.9B · OCF ≥ net income (latest FY)
Balance Sheet
3/4
- pass
Debt payable from cash flow
no debt · LT debt ≤ 3× FCF
- pass
Cash cushion
— · cash ≥ 50% of LT debt
- pass
Leverage
— · LT debt ≤ 1.5× equity
- fail
Equity positive and compounding
$11.2B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
3/3
- pass
Share count flat or shrinking
0.2% · ≤ +0.5%/yr over ~5y
- pass
Stock comp restrained
7% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
97% · dividends + buybacks ≤ 100% of FCF
- na
Repurchases are a habit
— · buybacks in ≥ 5 of last 10 years
Valuation Discipline
0/3
- fail
FCF yield
1.4% · ≥ 3%
- fail
Earnings multiple
53.8 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- fail
Shareholder yield
1.4% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 38,068 | 7,535 | 1,388 | 4,884 | 17.69 | 4,987 | 1,277 | 3,710 | 275 | 3,316 | 257 | 8,848 | — | 11,178 | 276 |
| 2024 | 34,935 | 6,085 | 471 | 1,552 | 5.58 | 2,583 | 883 | 1,700 | 0 | 43 | 155 | 8,205 | — | 9,546 | 278 |
| 2023 | 33,239 | 4,818 | -923 | -438 | -1.60 | 1,186 | 744 | 442 | 0 | 0 | — | 1,551 | — | 7,416 | 274 |
| 2022 | 29,654 | 3,458 | -2,881 | -2,736 | -10.00 | -114 | 513 | -627 | — | — | — | 2,067 | — | 11,607 | 274 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.