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GEVGE Vernova

Industrials · Electrical Equipment · NYSE
GEV quote by TradingView
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FY2025 at a glance

Sales up 9.0%, free cash flow up to $3.7B

XBRL, from each 10-K
RevenueStatements ↓
$38.1B
from $34.9B in FY2024
FY2022FY2025
Net incomeStatements ↓
$4.9B
from $1.6B in FY2024
FY2022FY2025
Free cash flowStatements ↓
$3.7B
from $1.7B in FY2024
FY2022FY2025
EPS (diluted)Statements ↓
$17.69
from $5.58 in FY2024
FY2022FY2025
Operating marginStatements ↓
3.6%
from 1.3% in FY2024
FY2022FY2025
Total debtStatements ↓
$352.0M
from $60.0M in FY2024
FY2022FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)38.09Sales (ttm)44.0BNet income (ttm)10.4BSales growth+9.0%EPS growth+217%Sales Q/Q+26.8%
Free cash flow17.1BGross margin21.7%Oper. margin6.4%Net margin23.5%FCF margin38.9%ROE91.1%
ROA12.0%R&D / sales3.1%Dividend1.25Debt/Eq0.25Curr. ratio0.83Cash16.8B
Op. cash flow (ttm)19.2BEBITDA2.0BEBITDA margin5.3%Net debt-13.9BQuick ratio0.66Interest cover26.19
ROIC16.9%Payout ratio7.1%Tax rate-72.5%Stock pay / sales0.7%Shares out.264.7MShares Y/Y-0.7%
Book / share43.00Cash / share63.34Sales / share166.39Asset turnover0.51Inventory turns2.93Days sales out.94
Sales 3Y CAGR+8.7%Employees3,000Sales / employee14.7M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 487%$60.0M → $352.0M · Short-term + long-term debt at year end
  • Free cash flow rose 118%$1.7B → $3.7B · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin widened to 3.6%1.3% → 3.6% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

GEV against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
GEVPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+9.0%19th of 82 · median +4.8%
Net margin
23.5%6th of 82 · median 13.0%
Return on equity
91.1%3rd of 77 · median 24.9%
Free cash flow margin
38.9%1st of 79 · median 13.0%
Debt / equity (less is better)
0.256th of 72 · median 0.72
GEV and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
GEV GE Vernova$44.0B +9.0%21.7%23.5%91.1%38.9%0.25
DE Deere & Company$48.0B -11.7%-10.2%17.4%12.5%0.61
NOC Northrop Grumman$43.6B +2.2%-10.4%24.2%8.8%0.81
HON Honeywell Technologies$37.7B +7.8%37.2%18.7%31.5%2.6%0.74
PWR Quanta Services$37.3B +20.3%15.8%4.5%16.0%8.5%0.66
CMI Cummins$35.8B -1.3%25.9%9.3%24.9%9.7%0.54
Where each dollar goes

From $34.9B of sales to $1.6B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $6.1BRevenue to Cost of revenue: $28.9BGross profit to Operating profit: $471.0MGross profit to Operating expenses: $5.6BOperating profit to Net profit: $471.0MOther income to Net profit: $1.1BOperating expenses to R&D: $982.0MOperating expenses to SG&A: $4.6B Revenue: $34.9B Revenue$34.9B +5% Y/Y Gross profit: $6.1B · 17% margin Gross profit$6.1B17% margin +26% Y/Y Cost of revenue: $28.9B · 83% of revenue Cost of revenue$28.9B83% of revenue Operating profit: $471.0M · 1% margin Operating profit$471.0M1% margin Other income: $1.1B · 3% of revenue Other income$1.1B3% of revenue Operating expenses: $5.6B · 16% of revenue Operating expenses$5.6B16% of revenue Net profit: $1.6B · 4% margin Net profit$1.6B4% margin R&D: $982.0M · 3% of revenue R&D$982.0M3% of revenue SG&A: $4.6B · 13% of revenue SG&A$4.6B13% of revenue

Swipe sideways for the whole flow →

From $38.1B of sales to $4.9B of profit

FY2025, from the 10-K income statement and revenue by product
Equipment revenues to Revenue: $20.9BServices revenues to Revenue: $17.1BRevenue to Gross profit: $7.5BRevenue to Cost of revenue: $30.5BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $6.1BOperating profit to Net profit: $1.4BOther income to Net profit: $3.5BOperating expenses to R&D: $1.2BOperating expenses to SG&A: $5.0B Equipment revenues: $20.9B · 55% Equipment revenues$20.9B55% Services revenues: $17.1B · 45% Services revenues$17.1B45% Revenue: $38.1B Revenue$38.1B +9% Y/Y Gross profit: $7.5B · 20% margin Gross profit$7.5B20% margin +24% Y/Y Cost of revenue: $30.5B · 80% of revenue Cost of revenue$30.5B80% of revenue Operating profit: $1.4B · 4% margin Operating profit$1.4B4% margin +195% Y/Y Other income: $3.5B · 9% of revenue Other income$3.5B9% of revenue Operating expenses: $6.1B · 16% of revenue Operating expenses$6.1B16% of revenue Net profit: $4.9B · 13% margin Net profit$4.9B13% margin +215% Y/Y R&D: $1.2B · 3% of revenue R&D$1.2B3% of revenue SG&A: $5.0B · 13% of revenue SG&A$5.0B13% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median23.5% vs 13.0%
  • ✓
    Gross margin up over 3 years11.7% → 19.8%
  • ✓
    Return on equity above 15%91.1%
  • !
    A profit in 2 of 4 years
Net margin, FY2022 to FY2025: -9.2% → 12.8%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 26.2× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.25 on the latest balance sheet (peer median 0.72)
  • !
    Current ratio below 1Current ratio 0.83
  • ✓
    More cash than debtNet cash $13.9B
Debt / equity at each year end, FY2022 to FY2025: 0.02 → 0.03
What the debt is made of ↓

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 3 of 4 years$3.7B last year
  • !
    Share count up over 3 years+0.7%
  • ✓
    Cash from operations above net income$5.0B vs $4.9B
Free cash flow, FY2022 to FY2025: -627.0M → 3.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2022 to FY2025

Revenue 38.1B Net income 4.9B
FY2022 revenue 29.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001996810-25-000011 FY2022 net income -2.7B · NetIncomeLoss, 0001996810-25-000011 29.7B FY2022 FY2023 revenue 33.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001996810-26-000015 FY2023 net income -438.0M · NetIncomeLoss, 0001996810-26-000015 33.2B FY2023 FY2024 revenue 34.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001996810-26-000015 FY2024 net income 1.6B · NetIncomeLoss, 0001996810-26-000015 34.9B FY2024 FY2025 revenue 38.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001996810-26-000015 FY2025 net income 4.9B · NetIncomeLoss, 0001996810-26-000015 38.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

GEV's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue38.1B
FY2022: 29.7BFY2023: 33.2BFY2024: 34.9BFY2025: 38.1B FY2022FY2023FY2024FY2025
Net income4.9B
FY2022: -2.7BFY2023: -438.0MFY2024: 1.6BFY2025: 4.9B FY2022FY2023FY2024FY2025
Free cash flow3.7B
FY2022: -627.0MFY2023: 442.0MFY2024: 1.7BFY2025: 3.7B FY2022FY2023FY2024FY2025
EPS (diluted)17.69
FY2022: -10.00FY2023: -1.60FY2024: 5.58FY2025: 17.69 FY2022FY2023FY2024FY2025
Dividend per share1.25
FY2022: -FY2023: -FY2024: 0.25FY2025: 1.25 FY2022FY2023FY2024FY2025
Diluted shares276.0M
FY2022: 274.0MFY2023: 274.0MFY2024: 278.0MFY2025: 276.0M FY2022FY2023FY2024FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Equipment revenues 20.9B55.0% +10.5%
Services revenues 17.1B45.0% +7.2%

10-K 0001996810-26-000015, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
Non-U.S. 20.7B54.4% +2.3%
U.S. 17.3B45.6% +18.1%
Europe 7.6B19.9% -8.8%
Middle East and Africa 5.4B14.2% +28.5%
Asia 4.6B12.2% -1.5%
Americas 3.1B8.2% +2.6%

10-K 0001996810-26-000015, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2022FY2023FY2024FY2025
Revenue29.7B33.2B34.9B38.1B
Cost of revenue26.2B28.4B28.9B30.5B
Gross profit3.5B4.8B6.1B7.5B
R&D979.0M896.0M982.0M1.2B
SG&A5.4B4.8B4.6B4.9B
Operating income-2.9B-923.0M471.0M1.4B
Interest expense77.0M83.0M74.0M53.0M
Pretax income-2.5B-130.0M2.5B2.8B
Income tax248.0M344.0M939.0M-2.1B
Net income-2.7B-438.0M1.6B4.9B
EPS (diluted)-10.00-1.605.5817.69
Diluted shares274.0M274.0M278.0M276.0M
Depreciation & amortization779.0M724.0M895.0M615.0M
EBITDA-2.1B-199.0M1.4B2.0B
Gross margin11.7%14.5%17.4%19.8%
Operating margin-9.7%-2.8%1.3%3.6%
Net margin-9.2%-1.3%4.4%12.8%
Revenue growth-+12.1%+5.1%+9.0%
EPS growth---+217%

Balance sheet

From EDGAR
FY2022FY2023FY2024FY2025
Cash2.1B1.6B8.2B8.8B
Receivables--8.2B9.8B
Inventory-8.3B8.6B10.4B
Current assets-27.4B34.2B40.2B
Goodwill4.2B4.4B4.3B4.4B
Total assets-46.1B51.5B63.0B
Current liabilities-29.3B31.7B41.0B
Total debt-145.0M60.0M352.0M
Total liabilities-37.7B40.9B50.7B
Shareholders' equity11.6B7.4B9.5B11.2B
Retained earnings-01.6B6.2B

Cash flow

From EDGAR
FY2022FY2023FY2024FY2025
Operating cash flow-114.0M1.2B2.6B5.0B
Capital spending513.0M744.0M883.0M1.3B
Free cash flow-627.0M442.0M1.7B3.7B
Stock-based pay (added back)--155.0M257.0M
Dividends paid-00275.0M
Buybacks-043.0M3.3B
Investing cash flow-322.0M-734.0M-37.0M-755.0M
Financing cash flow811.0M-408.0M3.7B-3.8B
Dividend per share--0.251.25

Stock-based pay and leases

From EDGAR
FY2022FY2023FY2024FY2025
Stock-based pay (expense)--155.0M257.0M
Stock-based pay / revenue--0.4%0.7%
Operating lease cost225.0M205.0M194.0M220.0M
Operating lease cash paid229.0M214.0M242.0M225.0M
Right-of-use assets-668.0M671.0M788.0M
Operating lease liabilities-718.0M725.0M843.0M
Finance lease liabilities-311.0M266.0M278.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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