GE Vernova Inc.
GEV.US Full Coverage
Last updated:
Volume
52W avg
Day Range
52W High
52W Low
Market Cap
Div Yield
Forward P/E
P/B
Headlines
FY2026 Q2
GE Vernova posted a standout Q2, raising its 2026 free‑cash‑flow guide by $5 bn to $11.5‑$12.5 bn and its revenue outlook by $1 bn to $45.5‑$46.5 bn. The upgrade was underpinned by a $13 bn sequential backlog lift to $176 bn, delivering $5.1 bn of quarterly free cash flow from large customer down‑payments, while electrification orders topped $5 bn YTD at more than 20% above late‑2025 pricing. Management now must execute a scale‑up to a 30 GW annual gas‑power output target by 2030 amid lingering softness in U.S. onshore wind.
FY2026 Free Cash Flow Guidance
$11.5B - $12.5B
+$5.0B vs. Prior
Total Backlog
$176B
+$13B seq.
Gas Power Pipeline (GWs)
116 GW
+16 GW seq.
Adjusted EBITDA Margin
11.3%
+340 bps org. YoY
FY2026 Revenue Guidance
$45.5B - $46.5B
+$1.0B vs. Prior
What We're Watching
Operational
Gas Power Production Scale-Up
📅
Q3 2026 & Ongoing
What to Monitor
Confirmation of achieving the 5 GW/quarter (20 GW annualized) shipment rate in Q3. Commentary on supply chain readiness to support the new 30 GW target for 2030.
Why It Matters
The ability to execute this massive industrial scale-up is critical to converting the record backlog into revenue and profit.
Strategic
SRA to Firm Order Conversion
📅
H2 2026
What to Monitor
Confirmation of reaching the inflection point where gigawatts in the firm order backlog surpass gigawatts held in SRAs.
Why It Matters
This is the key de-risking event for the long-term backlog, signaling that customer projects and EPC partners are ready to proceed.
Opportunity
Commercialization of Data Center Solutions
📅
H2 2026 & 2027
What to Monitor
Announcement of the first commercial orders for the MV-UPS "stability block" and updates on the testing of the 5-megawatt SST prototype.
Why It Matters
These solutions could increase revenue "entitlement" per gigawatt by 2-3 times, representing a major organic growth catalyst.
Risk
U.S. Onshore Wind Market Recovery
📅
H2 2026
What to Monitor
The outcome of Section 2-3-2 tariff decisions and any corresponding change in customer order activity.
Why It Matters
A recovery in the U.S. onshore equipment market is the primary catalyst needed to return the Wind segment to profitability.
Strategic
Long-Term Services Strategy
📅
Ongoing
What to Monitor
Commentary on the growth of long-term service agreements (LTSAs) attached to new orders and any investments in expanding services shop capacity.
Why It Matters
Securing high-margin, multi-decade service contracts is fundamental to the long-term value creation thesis.
