Latest Ratios: P/E Ratio 53.8x · EV/EBITDA 109.2x · ROE 42.7%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $253.5B | $180.4B | $91.4B | — | — |
| Enterprise Value | $244.7B | $171.5B | $84.9B | — | — |
| P/E Ratio → | 53.81 | 36.95 | 58.95 | — | — |
| P/S Ratio | 6.66 | 4.74 | 2.62 | — | — |
| P/B Ratio | 21.36 | 14.67 | 8.63 | — | — |
| P/FCF | 68.31 | 48.61 | 53.79 | — | — |
| P/OCF | 50.82 | 36.16 | 35.40 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 4.51 | 2.43 | — | — |
| EV / EBITDA | 109.17 | 76.54 | 45.85 | — | — |
| EV / EBIT | 176.26 | 60.66 | 33.97 | — | — |
| EV / FCF | — | 46.22 | 49.92 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 19.8% | 19.8% | 18.1% | 14.5% | 11.7% |
| Operating Margin | 3.6% | 3.6% | 2.3% | -2.8% | -9.7% |
| Net Profit Margin | 12.8% | 12.8% | 4.4% | -1.3% | -9.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 42.7% | 42.7% | 16.4% | -4.4% | -23.6% |
| ROA | 8.5% | 8.5% | 3.2% | -1.0% | -6.2% |
| ROIC | 27.9% | 27.9% | 9.4% | -7.0% | -19.3% |
| ROCE | 6.6% | 6.6% | 4.3% | -5.2% | -15.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.15 | 0.20 | 0.14 |
| Debt / EBITDA | — | — | 0.88 | 41.68 | — |
| Net Debt / Equity | — | -0.72 | -0.62 | 0.02 | -0.04 |
| Net Debt / EBITDA | -3.95 | -3.95 | -3.56 | 3.85 | — |
| Debt / FCF | — | -2.38 | -3.87 | 0.36 | — |
| Interest Coverage | — | — | — | -0.33 | -15.38 |
Net cash position: cash ($8.8B) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 0.98 | 0.98 | 1.08 | 0.94 | 0.99 |
| Quick Ratio | 0.73 | 0.73 | 0.83 | 0.69 | 0.74 |
| Cash Ratio | 0.22 | 0.22 | 0.26 | 0.05 | 0.08 |
| Asset Turnover | — | 0.60 | 0.68 | 0.72 | 0.67 |
| Inventory Turnover | 2.93 | 2.93 | 3.66 | 3.95 | 3.88 |
| Days Sales Outstanding | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.2% | — | — | — |
| Payout Ratio | 5.6% | 5.6% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 2.7% | 1.7% | — | — |
| FCF Yield | 1.5% | 2.1% | 1.9% | — | — |
| Buyback Yield | 1.3% | 1.8% | 0.0% | — | — |
| Total Shareholder Yield | 1.4% | 2.0% | 0.0% | — | — |
| Shares Outstanding | — | $276M | $278M | $272M | $272M |
Includes 30+ ratios · 4 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
Bull/bear thesis, analyst target revisions, and earnings execution.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GEV stock.
GE Vernova Inc.'s current P/E ratio is 53.8x. The historical average is 47.9x. This places it at the 50th percentile of its historical range.
GE Vernova Inc.'s current EV/EBITDA is 109.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 61.2x.
GE Vernova Inc.'s return on equity (ROE) is 42.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.8%.
Based on historical data, GE Vernova Inc. is trading at a P/E of 53.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
GE Vernova Inc.'s current dividend yield is 0.10% with a payout ratio of 5.6%.
GE Vernova Inc. has 19.8% gross margin and 3.6% operating margin.
Key Metrics
Top Statement Risk
Wind segment warranty exposure
Metrics are mathematically derived from official filings.
Premium Multiple Anchored to Growth
GEV trades at 54.6x trailing earnings and 31.4x forward earnings, according to current market data, reflecting expectations of sustained double-digit growth from grid electrification and gas turbine demand.
The P/E premium over peers like Eaton (39.7x) and Emerson (38.3x) suggests the market is pricing in above-average earnings growth, likely driven by the data center electrification backlog and gas turbine service longevity. However, the forward P/E of 31.4x implies a significant earnings ramp that may not fully materialize if wind segment losses persist. The dividend yield of 0.1% is negligible, indicating investors are seeking capital appreciation rather than income, a departure from traditional utility investment patterns.
ROE Volatility Masks Regulatory Earnings Power
ROE swung from -1.4% in 2024Q1 to 34.7% in 2026Q1, as per financial statements, indicating that reported returns are heavily influenced by one-time items rather than stable regulated earnings.
The 42.7% ROE in the latest quarter is unsustainable and likely inflated by non-operating gains, as evidenced by the 50.8% net margin in 2026Q1 versus a 1.9% operating margin. This suggests that the underlying regulated business earns a more modest return, possibly in line with the authorized ROE for utility peers, but the volatility obscures the true earning power. Investors should normalize earnings by stripping out one-time items to assess the sustainable ROE, which appears to be in the mid-single digits based on operating margins.
Operating Margin Recovery Still Incomplete
Operating margin improved to 5.9% in 2026Q2 from 4.1% a year earlier, according to the latest quarterly report, but remains below the 6.4% peak in 2024Q2, indicating ongoing cost pressures.
The gross margin of 19.79% reflects a mix of high-margin gas services and loss-making wind projects, as per company disclosures, suggesting that cost recovery in the wind segment is still a drag. The operating margin of 3.65% on a TTM basis is thin, implying that SG&A and R&D costs from the spin-off are absorbing earnings. If wind warranty costs persist, operating margin expansion may be limited, but the recent improvement suggests some stabilization.
Debt Emergence Signals Strategic Shift
Debt-to-capital rose to 0.23 in 2026Q2 from 0.13 in 2024Q4, as reported in financial statements, indicating a deliberate increase in leverage to fund growth initiatives.
The jump in total debt to $4.0B in 2026Q2 from zero in 2025Q4, per the balance sheet, suggests management is comfortable using leverage to finance expansion, likely in the electrification segment. However, the current ratio of 0.85 indicates potential liquidity strain, though the $13.1B cash buffer provides a cushion. Interest coverage data is unavailable, but the low debt levels relative to cash suggest ample headroom, though investors should monitor if leverage continues to rise.
Minimal Payout Signals Growth Focus
Dividend yield is 0.1% with a payout ratio of 20.4% in 2026Q2, according to financial statements, indicating that GEV retains nearly all earnings to fund its capital-intensive growth strategy.
The low dividend payout is typical for a newly spun-off company prioritizing reinvestment, but it contrasts with traditional utilities that offer higher yields. The dividend coverage from operating cash flow is exceptionally strong, as per the cash flow statement, but the negligible yield means income-focused investors may look elsewhere. This capital allocation strategy suggests management is betting on high-return projects in grid electrification, which could drive future value creation if executed well.
P/E Misapplied to Cyclical Growth
Comparing GEV's P/E to regulated utilities is misleading because its earnings are cyclical and include one-time gains, as per financial statements, obscuring the underlying growth trajectory.
The trailing P/E of 54.6x is inflated by non-recurring items, such as the 50.8% net margin in 2026Q1, which do not reflect sustainable earnings. Instead, investors should use forward P/E or EV/EBITDA, but even EV/EBITDA of 110.9x is distorted by low EBITDA margins. A more appropriate metric is price-to-sales (6.76x) or a sum-of-the-parts valuation that separates the high-margin gas services from the loss-making wind segment, providing a clearer picture of intrinsic value.