Total assets surged 50% year-over-year to $80.8B while debt jumped to $4.0B from zero in 2025Q4, lifting the debt-to-equity ratio to 0.30, though a $13.1B cash buffer and 0.85 current ratio indicate liquidity strain.
GE Vernova Inc. (GEV) balance sheet — 4-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Total Assets | 80.8B | 63.02B | 51.48B | 46.12B | 44.47B |
| Asset Growth % | 128.25% | 22.4% | 11.63% | 3.71% | - |
| PP&E (Net) | 7.35B | 6.01B | 5.15B | 5.23B | 5.11B |
| PP&E / Total Assets % | 9.1% | 9.53% | 10% | 11.34% | 11.48% |
| Total Current Assets | 47.43B | 40.22B | 34.15B | 27.43B | 25.9B |
| Cash & Equivalents | 13.12B | 8.85B | 8.21B | 1.55B | 2.07B |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 11.96B | 10.43B | 7.82B | 7.2B | 6.75B |
| Other Current Assets | 1.73B | 1.84B | 558M | 2.58B | 2.13B |
| Long-Term Investments | 8.03B | 1.83B | 2.15B | 2.34B | 3.69B |
| Goodwill | 9.69B | 4.44B | 4.26B | 4.44B | 4.16B |
| Intangible Assets | 4.51B | 727M | 813M | 1.04B | 1.17B |
| Other Assets | 4.64B | 4.47B | 4.09B | 4.39B | 2.84B |
| Total Liabilities | 67.69B | 50.72B | 40.89B | 37.74B | 32.86B |
| Total Debt | 3.96B | 0 | 1.62B | 1.71B | 1.66B |
| Net Debt | -9.16B | -8.85B | -6.58B | 158M | -411M |
| Long-Term Debt | 0 | 0 | 572M | 535M | 544M |
| Short-Term Borrowings | 0 | 0 | 241M | 365M | 320M |
| Capital Lease Obligations | 4.21B | 0 | 810M | 809M | 792M |
| Total Current Liabilities | 55.83B | 40.97B | 31.68B | 29.31B | 26.04B |
| Accounts Payable | 10.1B | 0 | 4.94B | 4.7B | 4.23B |
| Accrued Expenses | 0 | 0 | 1.82B | 1.62B | 1.24B |
| Deferred Revenue | 39.94B | 25.77B | 17.59B | 15.07B | 11.84B |
| Other Current Liabilities | 4.62B | 15.2B | 7.01B | 7.42B | 8.33B |
| Deferred Taxes | 4.75B | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 7.59B | 8.59B | 6.84B | 6.54B | 4.74B |
| Total Equity | 13.12B | 12.3B | 10.59B | 8.38B | 11.61B |
| Equity Growth % | 96.18% | 16.08% | 26.41% | -27.8% | - |
| Shareholders Equity | 11.96B | 11.18B | 9.55B | 7.42B | 10.65B |
| Minority Interest | 1.16B | 1.12B | 1.05B | 964M | 957M |
| Common Stock | 3M | 3M | 3M | 8.05B | 12.11B |
| Additional Paid-in Capital | 9.45B | 9.81B | 9.73B | 0 | 0 |
| Retained Earnings | 11.3B | 6.15B | 1.61B | 0 | 0 |
| Accumulated OCI | -1.73B | -1.41B | -1.76B | -635M | -1.46B |
| Return on Assets (ROA) | 13.92% | 8.53% | 3.18% | -0.97% | -6.15% |
| Return on Equity (ROE) | 75.92% | 42.68% | 16.36% | -4.38% | -23.57% |
| Debt / Equity | 0.30x | - | 0.15x | 0.20x | 0.14x |
| Debt / Assets | 4.9% | - | 3.15% | 3.71% | 3.72% |
| Net Debt / EBITDA | -3.21x | -3.95x | -3.56x | 3.85x | - |
| Book Value per Share | 48.57 | 44.55 | 38.1 | 30.8 | 42.66 |
Quick answers to the most common questions about buying GEV stock.
As of 2025, GE Vernova Inc. (GEV) had total assets of $63.02B including $40.22B in current assets.
GE Vernova Inc. (GEV) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
GE Vernova Inc. (GEV) has total shareholders' equity (book value) of $11.18B ($44.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
GE Vernova Inc. (GEV) reported a current ratio of 0.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Wind segment warranty exposure
Metrics are mathematically derived from official filings.
Asset Growth Outpacing Equity
Total assets surged 50% year-over-year to $80.8B in 2026Q2, according to the latest balance sheet, while equity grew only 32%, suggesting leverage is funding expansion.
The $80.8B asset base reflects a dramatic build-up from $53.1B a year earlier, driven largely by a $5.2B increase in cash and a $2.0B rise in PPE net. However, equity expanded to just $12.0B from $8.9B, implying that asset growth is increasingly debt-financed. This trajectory may indicate a shift toward a more leveraged capital structure as the company scales its electrification and gas power operations.
PPE Growth Signals Grid Investment
PPE net rose 37% year-over-year to $7.4B in 2026Q2, as reported in financial statements, indicating sustained investment in manufacturing and grid infrastructure assets.
The increase from $5.4B in 2025Q2 to $7.4B in 2026Q2 suggests a deliberate expansion of physical capacity, likely aligned with the surge in data center electrification orders. While PPE remains a modest share of total assets at 9%, its growth rate outpaces revenue growth, implying that capital deployment is front-loaded. Investors should monitor whether this asset build translates into regulated or contracted returns, given the project-based nature of the business.
Debt Emerges as Growth Accelerates
Total debt jumped to $4.0B in 2026Q2 from zero in 2025Q4, per the latest balance sheet, lifting the debt-to-equity ratio to 0.30 from 0.19.
The introduction of debt after a period of zero leverage marks a strategic shift, likely to fund working capital needs as revenue scales. The D/E ratio of 0.30 remains conservative relative to peers like Quanta Services at 0.71, but the rapid increase warrants attention. If asset growth continues at this pace, debt levels may rise further, potentially straining the balance sheet if cash flows from wind projects falter.
Cash Buffer Masks Current Ratio Weakness
Cash and equivalents reached $13.1B in 2026Q2, up from $7.9B a year earlier, according to the balance sheet, yet the current ratio fell to 0.85.
The substantial cash pile provides a liquidity cushion, but the current ratio below 1.0 indicates that short-term liabilities exceed current assets, a common feature for project-based businesses with large payables. The $13.1B cash position, however, offers ample coverage for the $4.0B total debt, suggesting no immediate solvency risk. The divergence between cash strength and current ratio weakness may reflect timing differences in project billings and collections.
Cash Deployment Signals Growth Confidence
Cash reserves grew 66% year-over-year to $13.1B in 2026Q2, as per the latest filing, while capex of $386M remained modest, suggesting a war chest for future investments.
The accumulation of cash, despite a $2.4B buyback in the prior quarter, indicates management is retaining capital for strategic opportunities, likely in grid electrification and gas power services. The low capex-to-cash ratio implies that the company is not yet in a heavy investment phase, but the asset growth trajectory suggests this may change. Investors should watch for deployment into high-return projects, as idle cash earns minimal returns.
Leverage Could Undermine Flexibility
The rapid rise in debt to $4.0B in 2026Q2, from zero in 2025Q4, as reported in the balance sheet, may signal a structural shift that reduces financial flexibility.
While the current D/E of 0.30 is manageable, the speed of debt accumulation—$4.0B in just two quarters—suggests that the company may be relying on external financing to support its growth. If wind segment warranty costs materialize as cash outlays, the combination of higher debt and operational losses could strain the balance sheet. This warrants close monitoring, as the company's historical zero-debt posture provided a significant buffer against project risks.