WindThin moat

GE Vernova (GEV) — moat facet

GE Vernova's Wind segment has shrunk by a fifth since 2021 and still loses money.

Wind is GE Vernova's problem segment. Revenue was $9,110 million in 2025, down 6.1%12, and segment EBITDA minus $598 million3. The segment has lost money in every year since 2021456.

Wind segment revenue ($M)11,53920218,90520229,82620239,70120249,1102025GE Vernova Forms 10-K and Form 10 information statement
Down a fifth in four years.

It has three parts. Onshore Wind, the core, had revenue of $8,241 million in 2025; Offshore Wind $652 million; and LM Wind Power, the blade maker, $217 million7. Onshore has an installed base of about 59,000 turbines, about 24,000 of them under service agreements8. Equipment was $7,251 million of revenue and services $1,859 million9.

The history is one of decline. Wind revenue was $11,539 million in 202110, and turbines sold fell from 3,590 in 202111 to 1,518 in 202512. Offshore revenue rose to $1,455 million in 2023 as big projects were built, then halved in 202513. Offshore contract losses totalled $2,021 million from 2023 to 202514.

Wind is paid for on turbine contracts, with services following on the onshore fleet. The segment has not been profitable enough for that service base to carry it.

The outlook is a smaller business. The company expects 2026 Wind organic revenue down low double digits and an EBITDA loss of about $400 million15, and targets a 6% margin in 202816. Backlog fell from $25,837 million in 2021 to $20,388 million by June 20261718. In the second quarter of 2026 revenue was $2,026 million and EBITDA minus $275 million19.

Policy decides a large part of this line. The US Interior Department paused offshore leases on 22 December 2025 and lifted the pause on 27 January20, and turbine installation at Vineyard Wind was completed in the first quarter of 202621. The United States accounted for about 60% of Onshore equipment backlog at the end of 202522, so American tax credits and permits set the order book as much as any competitor does.

The segment's employees and factories are the same ones that built the losses. LM Wind Power, the blade maker, had revenue of $217 million in 2025 against $666 million in 20212324, and was combined with Onshore Wind from January 202625. Consolidating the units is a cost measure as much as a reporting change.

The verdict turns on whether the losses stop. A 2027 in which Wind is still negative at the EBITDA line would say the segment cannot be fixed by shrinking it.

Moat trajectory: Narrowing

Revenue $11.5bn (2021) to $9.1bn (2025); EBITDA negative since 2022.

The number that tests this moat
Reported
Wind segment revenue, latest quarter
$2,026M (Q2 2026), EBITDA -$275M

The shrinking segment; still negative EBITDA in 2027 would mean it cannot be fixed by shrinking.

Source: GE Vernova Q2 2026 results release ↗
References
  1. ReportedRevenue was $9,110 million in 2025, down 6.1%, and segment EBITDA minus $598 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  2. Moat Explorer calcRevenue was $9,110 million in 2025, down 6.1%, and segment EBITDA minus $598 million.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - segment revenue, EBITDA and growth. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  3. ReportedRevenue was $9,110 million in 2025, down 6.1%, and segment EBITDA minus $598 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  4. ReportedThe segment has lost money in every year since 2021.
    GE Vernova information statement (Form 8-K exhibit 99.1, 8 March 2024) - audited combined carve-out financial statements for 2021-2023, segment results, the installed base and patents, and the Alstom legacy matters. — 2021-2023 · publ. 8 March 2024 · source ↗
  5. ReportedThe segment has lost money in every year since 2021.
    GE Vernova Form 10-K for fiscal 2024 - 2022 segment revenue, segment EBITDA and remaining performance obligations, the first dividend and the April 2024 listing. — FY2024 · publ. February 2025 · source ↗
  6. ReportedThe segment has lost money in every year since 2021.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  7. ReportedOnshore Wind, the core, had revenue of $8,241 million in 2025; Offshore Wind $652 million; and LM Wind Power, the blade maker, $217 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue by business unit and by equipment and services, and Offshore Wind contract losses. — FY2025 · publ. 29 January 2026 · source ↗
  8. ReportedOnshore has an installed base of about 59,000 turbines, about 24,000 of them under service agreements.
    GE Vernova Form 10-K for fiscal 2025 - Item 1 business: products, installed base, competitors and employees. — FY2025 · publ. 29 January 2026 · source ↗
  9. ReportedEquipment was $7,251 million of revenue and services $1,859 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue, segment EBITDA and the reconciliation to adjusted EBITDA. — FY2025 · publ. 29 January 2026 · source ↗
  10. ReportedWind revenue was $11,539 million in 2021, and turbines sold fell from 3,590 in 2021 to 1,518 in 2025.
    GE Vernova information statement (Form 8-K exhibit 99.1, 8 March 2024) - audited combined carve-out financial statements for 2021-2023, segment results, the installed base and patents, and the Alstom legacy matters. — 2021-2023 · publ. 8 March 2024 · source ↗
  11. ReportedWind revenue was $11,539 million in 2021, and turbines sold fell from 3,590 in 2021 to 1,518 in 2025.
    GE Vernova information statement (Form 8-K exhibit 99.1, 8 March 2024) - audited combined carve-out financial statements for 2021-2023, segment results, the installed base and patents, and the Alstom legacy matters. — 2021-2023 · publ. 8 March 2024 · source ↗
  12. ReportedWind revenue was $11,539 million in 2021, and turbines sold fell from 3,590 in 2021 to 1,518 in 2025.
    GE Vernova Form 10-K for fiscal 2025 - Item 1 business: products, installed base, competitors and employees. — FY2025 · publ. 29 January 2026 · source ↗
  13. ReportedOffshore revenue rose to $1,455 million in 2023 as big projects were built, then halved in 2025.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue by business unit and by equipment and services, and Offshore Wind contract losses. — FY2025 · publ. 29 January 2026 · source ↗
  14. Moat Explorer calcOffshore contract losses totalled $2,021 million from 2023 to 2025.
    Moat Explorer calculation from GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data ($ millions unless stated). Equipment gross profit = sales of equipment less cost of equipment: 18,831 - 18,654 = 177 (2021, 0.9%); 15,819 - 16,972 = -1,153 (2022, -7.3%); 18,258 - 18,705 = -447 (2023, -2.4%); 18,952 - 17,989 = 963 (2024, 5.1%); 20,934 - 18,759 = 2,175 (2025, 10.4%). Services gross profit: 14,175 - 9,407 = 4,768 (2021, 33.6%); 13,835 - 9,224 = 4,611 (2022, 33.3%); 14,981 - 9,716 = 5,265 (2023, 35.1%); 15,983 - 10,861 = 5,122 (2024, 32.0%); 17,134 - 11,774 = 5,360 (2025, 31.3%). Services share of gross profit 5,360 / 7,535 = 71.1% (2025); 5,122 / 6,085 = 84.2% (2024); 5,265 / 4,818 = 109% (2023). Services share of revenue 17,134 / 38,068 = 45.0%. Power services share of Power revenue 13,081 / 19,767 = 66.2%. Gas Power share of revenue 16,006 / 38,068 = 42.0%. Gas turbines under long-term service agreements 1,800 / 7,000 = 26%; onshore wind turbines under service agreements 24,000 / 59,000 = 41%. RPO: services share 85,993 / 150,238 = 57.2%; services RPO growth 85,993 / 75,976 - 1 = 13.2%; equipment RPO growth 64,245 / 43,047 - 1 = 49.2%; total RPO growth 150,238 / 119,023 - 1 = 26.2%; Power share of RPO at 30 June 2026 111,649 / 176,284 = 63.3%; Power equipment RPO 24,707 / 12,461 = 1.98 times; 39,261 / 24,707 - 1 = 59%. Electrification RPO 34,667 / 8,971 = 3.9 times (2022-2025); 34,667 / 9,642 = 3.6 years of 2025 segment revenue. Services RPO beyond 15 years 100% - 91% = 9%. Gas turbine backlog plus slot reservations at 30 June 2026 53 + 63 = 116 GW; 116 / 20 GW a year = 5.8 years of output. Gas turbine orders 173 / 112 - 1 = 54% (units), 29.8 / 20.2 - 1 = 48% (GW). Operating cash flow less the increase in contract liabilities 4,987 - 8,019 = -3,032 (2025). Net cash = cash less borrowings: 8,848 - 289 = 8,559 (31 Dec 2025); 13,120 - 2,849 = 10,271 (30 June 2026). Contract liabilities / equity attributable 39,944 / 11,957 = 3.3 times; contract liabilities less cash 39,944 - 13,120 = 26,824. Geography 2025: US 17,341 / 38,068 = 45.6%; US growth 17,341 / 12,467 - 1 = 39.1% (2023-2025); US share of pre-tax income 78 / 2,828 = 2.8%. Wind segment EBITDA 2021-2025 176 - 1,710 - 1,033 - 588 - 598 = -3,753; Offshore Wind contract losses 637 + 1,005 + 379 = 2,021 (2023-2025); Offshore Wind revenue 652 / 1,377 - 1 = -52.7%; Wind orders in units 854 / 2,290 - 1 = -62.7% (2023-2025); Wind revenue 9,110 / 9,701 - 1 = -6.1%; H1 2026 Wind EBITDA margin -657 / 3,459 = -19.0%. Power share of 2025 segment EBITDA 2,902 / (2,902 - 598 + 1,433) = 77.7%. Segment revenue growth 2025: Power 19,767 / 18,127 - 1 = 9.0%; Electrification 9,642 / 7,550 - 1 = 27.7%; revenue 38,068 / 34,935 - 1 = 9.0%. Growth 2021-2025 a year: Electrification (9,642 / 5,292)^(1/4) - 1 = 16.2%; Power (19,767 / 16,729)^(1/4) - 1 = 4.3%; Electrification 2023-2025 9,642 / 6,378 - 1 = 51.2%. Grid Solutions 6,620 / 3,226 - 1 = 105% (2021-2025); Nuclear Power 1,018 / 699 - 1 = 45.6% (2022-2025); Steam Power 1,937 / 3,270 - 1 = -40.8% (2021-2025). Electrification segment assets 21,000 / 9,017 = 2.3 times. Return on invested capital: invested capital = total assets less current liabilities less cash: 63,016 - 40,972 - 8,848 = 13,196 (2025); 51,485 - 31,685 - 8,205 = 11,595 (2024); average 12,395.5. NOPAT at an assumed 21% tax rate on operating income 1,388 x 0.79 = 1,096.5, ROIC 1,096.5 / 12,395.5 = 8.8% (2025); 2024 on year-end capital 471 x 0.79 / 11,595 = 3.2%. Adjusted basis: (adjusted EBITDA 3,196 - depreciation and amortization 847) x 0.79 = 1,855.7, / 12,395.5 = 15.0%. Capex / revenue 1,277 / 38,068 = 3.4%; capex growth 1,277 / 744 - 1 = 72% (2023-2025). 2025 capital returns 275 + 3,316 = 3,591. Average 2025 buyback price 3,316 / 8.2M shares = about $404. Shares outstanding 266,333,581 / 275,880,314 - 1 = -3.5% (Dec 2024 - June 2026). Dividends 2025 4 x $0.25 = $1.00. Valuation: P/E = market value / net income: 90.60 / 1.552 = 58.4 (2024); 177.33 / 4.884 = 36.3 (2025); trailing 255.05 / 9.529 = 26.8; 2025 excluding the $2.9bn tax benefit 4,884 - 2,900 = 1,984, 177.33 / 1.984 = 89. P/S 90.60 / 34.935 = 2.59; 177.33 / 38.068 = 4.66; 255.05 / 41.367 = 6.17. Trailing revenue 38,068 + 20,442 - 17,143 = 41,367; trailing net income 4,884 + 5,413 - 768 = 9,529; trailing net income less the Prolec gain 9,529 - 3,992 = 5,537. Forward EPS 957.63 / 45.68 = 20.96. Analyst target 1,237.34 / 957.63 - 1 = 29%. Price 957.63 / 1,195.94 - 1 = -20% from the 52-week high. 2026 guidance: revenue midpoint (45.5 + 46.5) / 2 = 46.0bn; adjusted EBITDA at 12%-14% of 46.0bn = 5.5-6.4bn; free cash flow midpoint 12.0bn; H1 revenue 20,442 / 46,000 = 44%; H1 free cash flow 9,897 / 12,000 = 82%. Wind 2026 EBITDA loss about 400 against 2025 598. Services RPO / 2025 services revenue 85,993 / 17,134 = 5.0 times; services RPO beyond five years 100% - 52% = 48%. Electrification orders / revenue 19.3 / 9.642 = 2.0 times; Electrification services / revenue 2,263 / 9,642 = 23.5%; Electrification 2026 EBITDA at 18% of 14.5bn = 2.61bn. Prolec gain / trailing net income 3,992 / 9,529 = 42%. 2025 tax benefit / net income 2,900 / 4,884 = 59%. Gas turbine market share 64.5 - 18.5 = 46.0 for the other four of the top five. Share price 957.63 / 327.79 = 2.9 times. Cumulative segment EBITDA 2021-2025: Power 1,407 + 1,655 + 1,722 + 2,268 + 2,902 = 9,954; Electrification -461 - 164 + 234 + 679 + 1,433 = 1,721. Adjusted EBITDA margin 807 / 33,239 = 2.4% (2023); 2,035 / 34,935 = 5.8% (2024). Power share of total revenue 19,767 / 38,068 = 51.9%; Gas Power share of Power 16,006 / 19,767 = 81%; Nuclear share of Power 1,018 / 19,767 = 5.2%; Grid Solutions share of Electrification 6,620 / 9,642 = 68.7%. Electrification revenue 9,642 / 5,076 - 1 = 90% (2022-2025). Wind revenue 9,110 / 11,539 - 1 = -21% (2021-2025); Wind share of revenue 9,110 / 38,068 = 23.9%. Segment EBITDA of the three segments 2,902 - 598 + 1,433 = 3,737. Q2 2026 orders / 2025 orders 24.2 / 59.3 = 41%. Electrification and other RPO at 30 June 2026 176,284 - 111,649 - 20,388 = 44,247. Power equipment RPO 39,261 / 12,461 = 3.2 times (Dec 2024 - June 2026). 2026 guidance midpoints: revenue 41.5 (Dec 2025), 44.5 (Jan 2026), 45.0 (Apr 2026), 46.0 (Jul 2026); free cash flow 4.75, 5.25, 7.0, 12.0. Market value 255.05 / 35.71 = 7.1 times the when-issued value. R&D / revenue 1,197 / 38,068 = 3.1%. Trailing revenue growth over 2024 41,367 / 34,935 - 1 = 18%. Power orders share 32.8 / 59.3 = 55%. Wind services / Power services 1,859 / 13,081 = 14%; onshore wind units / gas turbine units 59,000 / 7,000 = 8.4. Power services RPO / Power services revenue 69,841 / 13,081 = 5.3 years. Electrification H1 2026 EBITDA margin 1,200 / 6,597 = 18.2%; Power H1 2026 1,842 / 10,449 = 17.6%. Return on equity 2025 4,884 / ((11,178 + 9,546) / 2 = 10,362) = 47.1%; excluding the tax benefit (4,884 - 2,900) / 10,362 = 19.1%. Q2 2026 capex implied by operating cash flow less free cash flow 5,492 - 5,107 = 385. SG&A / revenue 5,360 / 29,654 = 18.1% (2022); 4,949 / 38,068 = 13.0% (2025). Cost of services growth 11,774 - 9,716 = 2,058; services revenue growth 17,134 - 14,981 = 2,153 (2023-2025). Electrification 2026 guide without Prolec (14.5 - 3.1) / 9.642 - 1 = 18%; (15.0 - 3.1) / 9.642 - 1 = 23%. HA installed base growth 51 / 126 = 40%. Contract liabilities / receivables at end-2025 25,774 / 9,803 = 2.6 times; receivables / revenue 9,803 / 38,068 = 26%. Backlog target progress (176.3 - 135) / (200 - 135) = 64%. Heavy-duty orders Q2 2026 / 2025 52 / 110 = 47%. Average capacity per gas turbine sold 15.3 / 81 = 0.19 GW (2025); 11.1 / 101 = 0.11 GW (2022). Equity / contract liabilities 11,957 / 39,944 = 30%. Cost of services growth 2,058 / 9,716 = 21%; services revenue growth 2,153 / 14,981 = 14% (2023-2025). Gas turbine orders / sales 29.8 / 15.3 = 1.9 (2025). Electrification share of guided 2026 revenue 14.75 / 46.0 = 32%; of 2025 revenue 9,642 / 38,068 = 25%. Electrification share of 2025 orders 19.3 / 59.3 = 33%. Aeroderivative orders 63 / 44 - 1 = 43% - gross margins, revenue mix and geography. — 2021-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in GE Vernova's Forms 10-K and 10-Q, the Form 10 information statement, results releases and market data; operands shown in the source line. The 21% tax rate used for NOPAT is the US federal statutory rate, an assumption, because the 2025 reported tax line is a benefit.
  15. ReportedThe company expects 2026 Wind organic revenue down low double digits and an EBITDA loss of about $400 million, and targets a 6% margin in 2028.
    GE Vernova second-quarter 2026 results release (Form 8-K exhibit) - orders, revenue, segment EBITDA, free cash flow, the gas turbine backlog and slot reservations, data-centre orders and raised 2026 guidance - raised 2026 guidance. — Q2 2026 · publ. 22 July 2026 · source ↗
  16. ReportedThe company expects 2026 Wind organic revenue down low double digits and an EBITDA loss of about $400 million, and targets a 6% margin in 2028.
    GE Vernova fourth-quarter and full-year 2025 results release (Form 8-K exhibit) - orders, free cash flow, capital returns, credit upgrades, the gas turbine backlog and the outlook through 2028 including Prolec GE. — Q4 2025 · publ. 28 January 2026 · source ↗
  17. ReportedBacklog fell from $25,837 million in 2021 to $20,388 million by June 2026.
    GE Vernova information statement (Form 8-K exhibit 99.1, 8 March 2024) - audited combined carve-out financial statements for 2021-2023, segment results, the installed base and patents, and the Alstom legacy matters. — 2021-2023 · publ. 8 March 2024 · source ↗
  18. ReportedBacklog fell from $25,837 million in 2021 to $20,388 million by June 2026.
    GE Vernova Form 10-Q for the quarter ended 30 June 2026 - the balance sheet, contract liabilities, borrowings, remaining performance obligations, orders and sales in units, business-unit revenue and the Prolec GE acquisition. — Q2 2026 · publ. 22 July 2026 · source ↗
  19. ReportedIn the second quarter of 2026 revenue was $2,026 million and EBITDA minus $275 million.
    GE Vernova second-quarter 2026 results release (Form 8-K exhibit) - orders, revenue, segment EBITDA, free cash flow, the gas turbine backlog and slot reservations, data-centre orders and raised 2026 guidance - second-quarter results, orders, backlog and gas turbine slots. — Q2 2026 · publ. 22 July 2026 · source ↗
  20. ReportedThe US Interior Department paused offshore leases on 22 December 2025 and lifted the pause on 27 January, and turbine installation at Vineyard Wind was completed in the first quarter of 2026.
    GE Vernova Form 10-Q for the quarter ended 30 June 2026 - the balance sheet, contract liabilities, borrowings, remaining performance obligations, orders and sales in units, business-unit revenue and the Prolec GE acquisition. — Q2 2026 · publ. 22 July 2026 · source ↗
  21. ReportedThe US Interior Department paused offshore leases on 22 December 2025 and lifted the pause on 27 January, and turbine installation at Vineyard Wind was completed in the first quarter of 2026.
    GE Vernova first-quarter 2026 results release (Form 8-K exhibit) - gas turbine backlog and slot reservations, M&A gains, data-centre orders and the first 2026 guidance raise. — Q1 2026 · publ. 22 April 2026 · source ↗
  22. ReportedThe United States accounted for about 60% of Onshore equipment backlog at the end of 2025, so American tax credits and permits set the order book as much as any competitor does.
    GE Vernova Form 10-K for fiscal 2025 - Item 1 business: products, installed base, competitors and employees. — FY2025 · publ. 29 January 2026 · source ↗
  23. ReportedLM Wind Power, the blade maker, had revenue of $217 million in 2025 against $666 million in 2021, and was combined with Onshore Wind from January 2026.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue by business unit and by equipment and services, and Offshore Wind contract losses. — FY2025 · publ. 29 January 2026 · source ↗
  24. ReportedLM Wind Power, the blade maker, had revenue of $217 million in 2025 against $666 million in 2021, and was combined with Onshore Wind from January 2026.
    GE Vernova information statement (Form 8-K exhibit 99.1, 8 March 2024) - audited combined carve-out financial statements for 2021-2023, segment results, the installed base and patents, and the Alstom legacy matters. — 2021-2023 · publ. 8 March 2024 · source ↗
  25. ReportedLM Wind Power, the blade maker, had revenue of $217 million in 2025 against $666 million in 2021, and was combined with Onshore Wind from January 2026.
    GE Vernova Form 10-Q for the quarter ended 30 June 2026 - the balance sheet, contract liabilities, borrowings, remaining performance obligations, orders and sales in units, business-unit revenue and the Prolec GE acquisition. — Q2 2026 · publ. 22 July 2026 · source ↗
Sources
Generated September 28, 2026