FirmAtlas
Company handbook · GEV · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
GEV · CIK 1996810 · LATEST FILING: 10-Q JUN '26 · FILED JUL 22, 2026
GE Vernova Inc.
$921.20
−5.24 (−0.57%)
Close, Oct 16, 2026 · 52-week $530–1,196
Last fiscal year
GE Vernova Inc. reported revenue of $38.1B for the year ended Dec 31, 2025 (FY25), up 9.0% from FY24. Net income was $4.9B, operating cash flow $5.0B and free cash flow $3.7B. Source: 10-K filed Jan 29, 2026.
Market cap
$248.3B
P/E
26.1
EV/EBITDA
119.7x
P/B
20.8
Div yield
0.19%
ROIC
64.6%
Revenue 1Y
9.0%/yr
EPS 1Y
217.0%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOScott Strazik
HQCambridge, MA
AuditorDeloitte & Touche LLP
Employees75,000
Year endsDecember
Revenue by segment · FY25
Product55%
Service45%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
—
—
53.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$5.8B deployed
Capex
$2.2B
37.3%
Dividends
$275M
4.7%
Buybacks
$3.4B
58.0%
Operating cash flow over the period: $7.6B. Total debt changed by +$9M. R&D of $2.2B is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
34,935
38,068+9.0%
41,368
YoY
+9.0%
Gross profit
6,085
7,535+23.8%
8,360
Gross margin
17.4%
19.8%+2.4 pp
—
Operating income
471
1,388+194.7%
1,799
Operating margin
1.3%
3.6%+2.3 pp
—
EBITDA
1,366
2,003+46.6%
—
EBITDA margin
3.9%
5.3%+1.4 pp
—
Interest expense
74
53−28.4%
—
Interest coverage
18.46x
37.79x+19.33x
—
Net income
1,552
4,884+214.7%
9,529
YoY
+214.7%
Net margin
4.4%
12.8%+8.4 pp
—
EPS (diluted, $)
5.58
17.69+217.0%
35.14
YoY
+217.0%
Balance sheet
Total assets
51,485
63,016+22.4%
80,800
Cash & short-term investments
8,205
8,848+7.8%
—
Accounts receivable
8,177
9,803+19.9%
—
Inventory
8,587
10,429+21.5%
—
Other assets
26,516
33,936+28.0%
—
Total liabilities
41,939
51,838+23.6%
68,843
Total debt
308
317+2.9%
2,794
Other liabilities
41,631
51,521+23.8%
—
Shareholders’ equity
9,546
11,178+17.1%
11,957
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,583
4,987+93.1%
14,139
Net income
1,559
4,879+213.0%
—
Depreciation & amortization
895
615−31.3%
—
Stock-based compensation
155
257+65.8%
—
Working capital & other
(26)
(764)n/m
—
Cash from investing
(37)
(755)n/m
—
Capex
(883)
(1,277)n/m
—
PP&E sold
25
39+56.0%
—
Other investing
821
483−41.2%
—
Cash from financing
3,652
(3,813)−204.4%
—
Dividends
0
(275)n/m
—
Buybacks
(43)
(3,316)n/m
—
Shares issued
130
55−57.7%
—
Other financing
3,565
(277)−107.8%
—
Net change in cash
6,051
644−89.4%
—
Free cash flow (OCF − capex)
1,700
3,710+118.2%
12,438
Where the cash went
Operating cash flow
2,583
4,987+93.1%
14,139
Reinvested in the business
883
1,277+44.6%
—
% of operating cash flow
34.2%
25.6%
Capex
883
1,277+44.6%
1,701
R&D (memo, already in costs)
982
1,197+21.9%
—
Free cash flow
1,700
3,710+118.2%
12,438
YoY
+118.2%
Returned to shareholders
43
3,591+8251.2%
—
% of free cash flow
2.5%
96.8%
Dividends
0
275n/m
—
Buybacks
43
3,316+7611.6%
—
Change in total debt
—
9
—
Cash left over
—
128
—
FCF conversion (FCF ÷ net income)
109.5%
76.0%−33.6 pp
—
Owner earnings
—
754
—
Owner earnings margin
—
2.0%
—
Buyback yield
0.0%
1.9%+1.8 pp
—
Returns & ratios
ROIC (all capital)
17.8%
64.6%+46.8 pp
—
ROIC (operating)
1.8%
7.5%+5.8 pp
—
Net debt / EBITDA
−5.78x
−4.26x+1.52x
—
Debt / equity
0.03x
0.03x−0.00x
—
ROE
16.3%
43.7%+27.4 pp
—
ROA
3.0%
7.8%+4.7 pp
—
ROCE
2.4%
6.3%+3.9 pp
—
NOPAT
294
1,388+372.2%
—
Invested capital (operating)
16,764
20,232+20.7%
—
Invested capital (all)
1,649
2,647+60.5%
—
Reinvestment rate
—
249.9%
—
Debtor days
85
94+9 d
—
Inventory days
109
125+16 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
9,969
10,956
9,339
11,104
vs year-ago quarter
Gross profit
1,897
2,322
1,781
2,360
Gross margin
19.0%
21.2%
19.1%
21.3%
Operating income
366
601
179
653
Net income
452
3,664
4,745
668
vs year-ago quarter
Net margin
4.5%
33.4%
50.8%
6.0%
EPS (diluted, $)
1.64
13.59
17.44
2.47
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
54,398
63,016
75,612
80,800
Cash & equivalents
7,945
8,848
10,172
13,120
Total debt
—
317
2,806
2,794
Shareholders’ equity
8,646
11,178
13,922
11,957
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
980
2,479
5,188
5,492
Capex
247
671
397
386
Free cash flow
733
1,808
4,791
5,106
vs year-ago quarter