15 / 26 · Power + grid

GEV

GE Vernova

2.5%target weight

Latest available close$1,004.040.7% · vs previous close

DAILY CLOSE · USD2026-10-13Yahoo Finance ↗

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Explore a date

Daily candles, not a live feed. Price series is split-adjusted; total-return mode uses provider-adjusted prices including distributions. The chart does not predict returns.

A great business. At what price?

Test earnings growth against a change in valuation. All multiples below are your assumptions — not current company fundamentals.

Illustrative price CAGR—

CAGR = (1 + EPS growth) × (exit P/E ÷ entry P/E)^(1/years) − 1. Excludes dividends, dilution beyond EPS, taxes and fees. Not a price target. Not suitable for gold, bonds or companies with negative earnings.

RESEARCH ENGINE / 1.2

What must this price deliver?

Inspect reported numbers, test your assumptions and follow the next filing. A calculation is not an approved investment case.

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NORMALIZATION / v1.0.0

Normalization workpaper

A company-specific protocol, not an approved normalized cash flow.

Special model required

Model familySum-of-parts segment DCF

OCF − cash capex / diluted shareNo valid reported proxy

Price / reported cash proxy—

Required adjustment tests

working capital
Normalize working-capital timing; customer advances are not recurring profit.
contract quality
Convert backlog/RPO into dated probability-weighted cash; never count face value as equity.
capex split
Separate maintenance/replacement capex from expansion capex; do not assume either number.

Reported financial base

Annual period: 2025-01-01 → 2025-12-31Filed: 2026-01-29Reporting currency: USDLast source retrieval: 2026-09-18T22:00:49.022Z

Unreviewed extraction

Reported financial base
Metric	Value	Unit	Source
Revenue	38,068,000,000	USD	us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax ↗
Operating income	1,388,000,000	USD	us-gaap:OperatingIncomeLoss ↗
Net income	4,884,000,000	USD	us-gaap:NetIncomeLoss ↗
Operating cash flow	4,987,000,000	USD	us-gaap:NetCashProvidedByUsedInOperatingActivities ↗
Cash capital expenditure	—	—	Missing / manual review
Share-based compensation	—	—	Missing / manual review
Weighted diluted shares	276,000,000	shares	us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding ↗
Cash and equivalents	—	—	Missing / manual review
Current long-term debt	—	—	Missing / manual review
Noncurrent long-term debt	—	—	Missing / manual review

OCF − cash capex (not normalized)— USDNormalized owner cash: not approved

Annual figures, not trailing twelve months. No automatic currency/ADR conversion. Cash proxy excludes review of leases, debt service, SBC, acquisitions and cycle. Missing values are not zero.

Company-specific method

Segment DCF; normalize advances and working capital before extrapolating quarterly free cash flow.

Your scenario · not our forecast

Equity-per-share DCF: do not subtract net debt again. Future dilution must already be included in cash-per-share growth. This does not measure analyst consensus. Replacement capex and sustainable terminal cash still require review.

What changed?

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FUNDAMENTAL RESEARCH · 2026-09-06

The investment case, under examination.

A dated research map, not completed valuations. The 25-company portfolio baseline is unchanged; IBM is monitored at 0% outside it. Public facts do not establish an edge: every hypothesis still needs normalized financials, price-implied expectations and independent forward tests.

Hypothesis · not a trading signal

Q2 2026 · Published 2026-07-22 · Source checked 2026-09-06

01 / What the issuer reported: Backlog was $176bn; the 116 GW gas-power figure includes both equipment backlog and slot reservations.
02 / Our hypothesis — not established alpha: Scarce turbine and grid capacity may improve future contract margins; reservations must not be treated as firm orders.
03 / What to measure next: Reservation conversion, backlog margins, service mix, customer advances and wind warranty/cash costs.
04 / What would challenge the thesis: Reassess if reservations lapse, execution costs consume pricing gains or cash flow depends on growing advances.
05 / Appropriate valuation method: Segment DCF; normalize advances and working capital before extrapolating quarterly free cash flow.
06 / Still missing: Missing: firm-order/slot split, delivery schedule and recurring versus timing-driven cash flow.

No measured consensus gap or approved price target. A familiar good business can still be an expensive stock.

Read the primary source ↗

Issuer-reported figures, not an independent accounting audit. Review after the next report or material filing. These review triggers are proposed, not automatic sell rules. Weights and paper mandates are unchanged.

Why this position exists

Generation and grid equipment

AI demand requires turbines, transformers and grid upgrades across GE Vernova's portfolio.

Principal risk

Project execution, working capital and energy-order cyclicality.

What the daily radar monitors

01Gas Power backlogPRIMARY KPI

02Electrification ordersTREND + GUIDANCE

03Services marginTHESIS TRIGGER

Decision rule

A headline never changes a weight by itself. The system verifies the primary source, tests the KPI trend and creates a proposal for the investment committee.