Rankings Grid & electrical equipment GE Vernova
GE Vernova
86
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−7
- Absolute price level−7
- Margin−4
Strengths
- Raised guidance+3
- Order book+2
- Net cash+2
How the score is built
From 100 to 86, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 862.25 USD
- Median analyst target
- 1,200 USD
- Upside to median
- +39.2%
- Analysts
- 38
- Target range
- 940.00 – 1,400 USD
- 52-week change
- +47%
- P/E (trailing)
- 22.5
- Forward P/E
- 37.2
- PEG
- 0.96
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−7 of −30
- −4MarginGAAP operating margin of only 6.6% and gross margin of 20.6% (TTM); adjusted EBITDA margin 11.3% in Q2 and guided to 12–14% for 2026. The margin has improved from −5.9% in 2022 but is still low for a business with sold-out capacity.
- −3Weak segment (Wind)Wind (about 20% of revenue) is losing money and shrinking: Q2 revenue -10% to USD 2.03bn, orders -40% and EBITDA loss widened to USD 275m from USD 165m; Q3 wind revenue is expected down by a low double-digit figure.
Price
Today's multiples against the company's own history and its peers. · 2 findings−14 of −35
- −7Multiples vs own historyP/S 6.5 versus 2.6-4.7 in 2024-25, EV/EBITDA 65.9 versus 38-57 and P/B 22.4 versus 8.6-14.4 - all above the top of the short history. Forward P/E 47.8 is below 52-60 in 2024-25. The share price has risen 61% in a year.
- −7Absolute price levelA share price of about USD 1,005 gives a P/E of about 66 on analysts' 2026 EPS (15.17) and about 40 on 2027 EPS (25.27); EV/EBITDA 66. The FCF yield of 4.7% is inflated by prepayments and does not reflect normal earnings.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−11 of −35
- −3Order book qualityGas Power's 116 GW is order book PLUS slot reservations, which are not yet firm orders; management only expects firm GW to exceed reservations in 2027. If data-centre construction slows, the reservations are the most uncertain part.
- −3Capacity expansion in a cycleGas turbine capacity is being expanded from 20 GW in 2026 to 24 GW in 2028 and 30 GW in 2030, while Siemens Energy and Mitsubishi are also expanding; the gas turbine market has historically swung sharply (the GE Power crisis of 2017–19), and demand rests increasingly on AI data centres.
- −2ExecutionAdjusted EPS in Q2 of 2.47 USD was a clear miss against consensus of 3.04–3.13 USD, and the stock fell; the price is approx. 19% below the June peak.
- −2TariffsThe company has flagged a tariff burden of up to USD 200m; tariffs already hit onshore wind in Q1.
- −1Litigation (Vineyard Wind)Vineyard Wind claimed more than USD 850m for the 2024 blade failure; a judge forced GE Vernova to stay in the project in April. The case was settled in September 2026 on confidential terms.
Plus
Only documented strengths. · 4 findings+8 of +15
- +3Raised guidance2026 guidance raised for the second quarter in a row: revenue 45.5-46.5bn USD and FCF 11.5-12.5bn USD.
- +2Order bookOrder book at a record USD 176.3bn (about 4 years of revenue), +47.6bn in a year; Q2 orders USD 24.2bn, +88% organically.
- +2Net cashNet cash of USD 9.0bn (cash 12.7bn, debt 3.7bn) despite the purchase of Prolec GE for USD 5.3bn.
- +1BuybacksShare count has fallen 2.3% over a year; buybacks and dividends (approx. 6.7bn USD) are below FCF of 12.4bn USD.
Caveats
What the score does not capture, or where the data is weak.
Only two to three years of own multiple history (spin-off from GE in April 2024). GAAP net income (USD 9.5bn TTM) is inflated by non-operating items and a tax income of USD 1.6bn - pre-tax income is 7.9bn against operating income of only 2.7bn (presumably a revaluation of the previously held stake in Prolec GE on acquisition) - so trailing P/E of 28.8 is misleading; forward P/E is used. FCF (12.4bn TTM) is lifted by customer prepayments and slot reservations. The share of orders from data centres is not disclosed. Insider trading has not been checked against Form 4 (only share-compensation-related trades for the CEO found). Q3 is due 28 Oct.
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