GE Vernova Inc.

GE Vernova Inc. is an American electric power equipment and services company that generates, transfers, orchestrates, converts, and stores electricity, with an installed base that produces approximately 25% of the world's electricity. Spun off from General Electric (now GE Aerospace) in April 2024, the company operates through three segments — Power (gas, nuclear, hydro, and steam turbines), Wind (onshore and offshore turbines), and Electrification (grid solutions, power conversion, and electrification software) — and generated $38.1 billion in revenue in fiscal 2025.

This is a story about a century-old industrial franchise reborn as an independent company at the exact moment the world decided it needed more electricity than anyone had planned for. The AI data-center buildout has collided with decades of underinvestment in grid infrastructure, and GE Vernova sits at the intersection of both — it builds the gas turbines that hyperscalers are signing up for years in advance, and the transformers and switchgear that an aging grid desperately needs. The question is not whether the demand exists; it is whether the company can convert an extraordinary order book into the kind of margins and cash flows that would justify a $266 billion market capitalization.

The file turns on a tension between two businesses moving in opposite directions. Power and Electrification are in the early stages of what management calls a "multi-decade electricity investment supercycle," with orders running at nearly three times revenue and the gas turbine business effectively sold out through 2030. Wind, meanwhile, is burning cash — $598 million of negative segment EBITDA in FY2025 and still in the red through mid-2026 — caught between blade-quality remediation costs, offshore project delays, and a U.S. policy environment that has paused offshore leasing and imposed tariffs on imported components. The investment case turns on whether the growing businesses can outrun the shrinking one, and whether the margin trajectory implied by the current stock price is achievable before the cycle turns.