تحليلات المنتج الاختيارية
بإذنك، نستخدم تحليلات محدودة تراعي الخصوصية لفهم مسارات البحث الفعالة. لا نستخدم أدوات تتبع إعلانية أو تسجيل الجلسات. يمكنك تغيير هذا الخيار في التفضيلات. اقرأ سياسة الخصوصية.
Delivering the FY2026-FY2027 revenue runway while preserving cash-backed profit could extend growth beyond the Base-case fade.
Provider-adjusted normalized net margin remains below 9% by FY2028.
Sell. Ordinary investors should avoid new exposure and reduce existing holdings because the report-date price stands well above our Fair value and Potential value.
The report was prepared at $941.95 on 2026-09-04. Fair value is $410.01 and Potential value is $495.63 as of 2026-09-08, implying -56.47% to Fair value.1
The main risk is normalized net margin below 9% by FY2028. Weaker pricing or mix would reduce earnings and operating cash, while a lower would deepen the loss.
The clearest upside is delivery of the FY2026-FY2027 revenue runway with durable cash-backed profit. That would raise the future earnings base, but it would not by itself justify the report-date price.
The demand-led upside is continued revenue acceleration through FY2027, followed by a controlled fade rather than an abrupt slowdown.
Sell because the accepted operating upside does not support the report-date valuation.
The demand-led upside is continued revenue acceleration through FY2027, followed by a controlled fade rather than an abrupt slowdown.
Sell because the accepted operating upside does not support the report-date valuation.
products and services that generate, transfer, orchestrate, convert, and store electricity. GE Vernova Inc. designs, manufacture, deliver, and service The commitments primarily consist of obligations to make investments by its Financial Services business. See Note 21 for further
Its Electrification segment includes grid solutions and power conversion & storage, which the company collectivelies refer to as •Its Electrification segment includes grid solutions, power conversion, electrification software, and solar and storage solutions
The harshest coherent path combines weaker normalized margins with a peer-like valuation. Lower earnings and a lower price paid per earnings dollar reinforce each other.
Lower sales growth reduces the earnings base, while weaker pricing or mix cuts profit per sales dollar. Paying less for future earnings compounds the decline.
If provider-adjusted normalized net margin remains below 9% by FY2028, weaker pricing or mix and normalized taxes reduce earnings and operating cash.
If the terminal P/E falls below 18.944x, investors pay less for each dollar of future earnings. Capital loss can follow even while profit remains positive.
التطورات الخمسة التي قد تضعف أطروحتنا الاستثمارية.
Weaker pricing or mix would cut profit per sales dollar, reduce operating cash, and invalidate the assumed earnings-conversion path.
الحالي:FY2028 planned normalized margin: 12%.
تنبيه إذاBelow 9% by FY2028.
The moat is not established. Near-term growth, improving profit, and peer margins do not demonstrate switching costs, installed-base lock-in, protected pricing, or service advantages.
PH and EMR test higher-margin economics, ETN tests growth, and CMI tests lower-margin economics. Their different profiles make the set a valuation and operating cross-check, not proof of customer alternatives.
FY2025 net income and stronger cash backing show improved economics. These are business outcomes, not evidence of a structural moat.2
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
The highlighted cell is Fair value when every assumption sits at its base level ($410.01). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $442.3M after modeled capex of $1.3B, with terminal value at 60.4% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
This path preserves the operating recovery but does not assume protected pricing or an extended period of rapid growth. A sustained shortfall against the FY2027 outlook would disconfirm it.
Evidence would be continued estimate delivery, cash-backed profit and new demand visibility beyond FY2027. Weaker normalized margins or higher reinvestment would disconfirm this path.
A beat matters only if revenue, normalized profit and operating cash improve together.
Meeting the near-term outlook does not resolve the report-date valuation premium.
A broad miss would shorten the growth runway and reduce future earnings.
FY2025 operating cash slightly exceeded reported profit. This supports earnings backed by cash, but it does not prove that profit margins will remain durable.
It tests whether the explicit demand runway survives.
It shows whether sales become durable profit and cash.
The shift from FY2021 cash losses to FY2025 cash-backed profit improves business quality. Durability depends on margin normalization and continued conversion of reported profit into operating cash.1
Diluted average shares were 274 million in FY2023, 278 million in FY2024 and 276 million in FY2025. Dilution was not one-directional, so share count requires continued tracking.
The record establishes an operating recovery, but that should not be presented as a dated return-on-invested-capital trend.
No verified spread is presented. The evidence supports improving earnings and cash generation, not a separate return-on-capital conclusion.
FY2021 operating income was negative $884 million. FY2025 net income was positive $4.88 billion.
The turnaround is real, but normalized margins still determine whether it becomes durable compounding.
FY2021 free cash flow was negative $2.24 billion. FY2025 operating cash slightly exceeded reported profit.
Cash-backed profit supports the operating inflection, but a sustained drop below $0.80 per $1 of profit would weaken it.
| الإيرادات | 38,068,000,000 US$ |
|---|---|
| تكلفة الإيرادات | 30,533,000,000 US$ |
| إجمالي الربح | 7,535,000,000 US$ |
| المصروفات التشغيلية | 6,147,000,000 US$ |
| الدخل التشغيلي | 1,388,000,000 US$ |
| البنود غير التشغيلية والضرائب | 3,496,000,000 US$ |
| صافي الدخل | 4,884,000,000 US$ |
| إجمالي الأصول | 63,016,000,000 US$ |
|---|---|
| النقد | 8,848,000,000 US$ |
| الأصول المتداولة | 40,216,000,000 US$ |
| إجمالي الالتزامات | 50,720,000,000 US$ |
| الالتزامات المتداولة | 40,972,000,000 US$ |
| حقوق المساهمين | 12,296,000,000 US$ |
| صافي الدخل | 4,884,000,000 US$ |
|---|---|
| التدفق النقدي التشغيلي الداخل | 5,737,000,000 US$ |
| الإهلاك والإطفاء | 853,000,000 US$ |
| التدفق النقدي التشغيلي | 4,987,000,000 US$ |
| التدفق النقدي التشغيلي الخارج | 750,000,000 US$ |
| النقد المتاح | 13,416,000,000 US$ |
| النقد في بداية الفترة | 8,205,000,000 US$ |
| تأثير سعر الصرف | 224,000,000 US$ |
| التدفق الاستثماري الخارج | 755,000,000 US$ |
| التدفق التمويلي الخارج | 3,813,000,000 US$ |
| إعادة شراء الأسهم | 3,316,000,000 US$ |
| أرباح الأسهم المدفوعة | 275,000,000 US$ |
| أنشطة تمويلية أخرى | 222,000,000 US$ |
| النقد في نهاية الفترة | 8,848,000,000 US$ |
| التدفق النقدي الاستثماري | -755,000,000 US$ |
| التدفق النقدي التمويلي | -3,813,000,000 US$ |
المصدر: SEC EDGAR · تاريخ الإيداع 2026-01-29 · SEC EDGAR
| الإيرادات حسب المنطقة | الإيرادات | الحصة | على أساس سنوي |
|---|---|---|---|
| United States | 17.3 مليار US$ | 45.6% | 18.1% |
| Europe | 7.6 مليار US$ | 19.9% | -8.8% |
| Middle East And Africa | 5.4 مليار US$ | 14.2% | 28.5% |
| Asia | 4.6 مليار US$ | 12.2% | -1.5% |
| Americas Excluding U.S. | 3.1 مليار US$ | 8.2% | 2.6% |
البيانات المالية في نقطة زمنية المستخدمة في تحليل 2026-09-08.
| الفترة | الإيرادات | EBITDA | صافي الدخل | التدفق النقدي التشغيلي | التدفق النقدي الحر | النفقات الرأسمالية | الإهلاك والإطفاء | التعويض القائم على الأسهم | إعادة شراء الأسهم | أرباح الأسهم المدفوعة | صافي إصدار الدين | التدفق النقدي الاستثماري | التدفق النقدي التمويلي | النقد في بداية الفترة | النقد في نهاية الفترة | النقد والاستثمارات | إجمالي الديون | الهامش التشغيلي | ROIC | WACC | فارق ROIC−WACC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021-12-31 | 33 مليار US$ | 484 مليون US$ | -633 مليون US$ | -1.7 مليار US$ | -2.2 مليار US$ | 577 مليون US$ | 1.2 مليار US$ | -3 مليار US$ | — | — | — | -1.1 مليار US$ | 2 مليار US$ | — | 1.8 مليار US$ | 1.8 مليار US$ | — | -2.7% | — | — | — |
| 2022-12-31 | 29.7 مليار US$ | -526 مليون US$ | -2.7 مليار US$ | -114 مليون US$ | -627 مليون US$ | 513 مليون US$ | 991 مليون US$ | -3 مليار US$ | — | — | 15 مليون US$ | -322 مليون US$ | 811 مليون US$ | 1.8 مليار US$ | 2.1 مليار US$ | 2.1 مليار US$ | 1.7 مليار US$ | -9.7% | — | — | — |
| 2023-12-31 | 33.2 مليار US$ | 932 مليون US$ | -438 مليون US$ | 1.2 مليار US$ | 442 مليون US$ | 744 مليون US$ | 964 مليون US$ | -3.9 مليار US$ | 0 US$ | 0 US$ | 16 مليون US$ | -734 مليون US$ | -408 مليون US$ | 2.1 مليار US$ | 1.6 مليار US$ | 3.6 مليار US$ | 1.7 مليار US$ | -2.8% | — | — | — |
| 2024-12-31 | 34.9 مليار US$ | 3.6 مليار US$ | 1.6 مليار US$ | 2.6 مليار US$ | 1.7 مليار US$ | 883 مليون US$ | 1.2 مليار US$ | — | 43 مليون US$ | 0 US$ | -23 مليون US$ | -37 مليون US$ | 3.7 مليار US$ | 1.6 مليار US$ | 4.2 مليار US$ | 4.2 مليار US$ | 1.6 مليار US$ | 1.3% | — | 9.3% | — |
| 2025-12-31 | 38.1 مليار US$ | 3.7 مليار US$ | 4.9 مليار US$ | 5 مليار US$ | 3.7 مليار US$ | 1.3 مليار US$ | 853 مليون US$ | — | 3.3 مليار US$ | 275 مليون US$ | 0 US$ | -755 مليون US$ | -3.8 مليار US$ | 8.2 مليار US$ | 8.8 مليار US$ | 9.3 مليار US$ | 1.2 مليار US$ | 3.6% | — | 9.0% | — |
GE Vernova Inc. (GEV) trades at 38.2x forward earnings against a peer median of 22.8x. Its EV/EBITDA of 61.9x compares with a peer median of 19.7x. The comparison uses 4 peers: Parker-Hannifin Corporation, Eaton Corporation plc, Emerson Electric Co. and Cummins Inc., as of 2026-09-08.
The machinery benchmark showed capital spending at 4.1% of revenue and 0.68x depreciation as of 2026-09-01.
The demand-led upside is continued revenue acceleration through FY2027, followed by a controlled fade rather than an abrupt slowdown.
The cycle weakens if demand conversion slows while competitors preserve stronger margins. That would pressure both project share and pricing.
FY2025 revenue came from the United States and four disclosed international regions. This shows demand breadth, but not regional margins or supply-chain exposure.3
No new allocation. The report-date price exceeds both Fair value and Potential value, while execution must remain strong to sustain the premium.1
Continue to avoid new exposure while the price is outside our fair-value range. Sell remaining exposure if FY2027 revenue growth falls below 8% or FY2028 normalized net margin stays below 9%.
The report-date price stands above Potential value, leaving inadequate support even if near-term growth is delivered.1
Reduce exposure while valuation remains above the accepted range. Do not rely on continued multiple expansion.
The FY2026-FY2027 runway is attractive, but explicit duration beyond FY2027 is limited and competitors provide demanding benchmarks.
Fair value is $410.01 and Potential value is $495.63, both below the $941.95 report-date price.1
The operating recovery is genuine, but the report-date share price requires stronger and longer growth than the forecast supports.
دوّن أطروحتك الاستثمارية وحجم مركزك وأسئلة المتابعة. تبقى على هذا الجهاز، ولا يراها أحد سواك.
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
A lower multiple means investors pay less for each dollar of future earnings, causing capital loss even if profit remains positive.
الحالي:38.17x forward earnings as of 2026-09-08.
تنبيه إذاTerminal P/E below 18.944x.
A sustained shortfall would show weaker demand conversion, pricing, capacity execution, or competitive share, reducing the later earnings base.
الحالي:FY2027 estimate implies 13.89% annual growth.
تنبيه إذاBelow 8% for FY2027.
Poor cash backing would indicate that reported profit is not translating into funds available for reinvestment, distributions, or balance-sheet support.
الحالي:FY2025 operating cash was $1.02 for each $1 of reported profit.
تنبيه إذاBelow $0.80 for each $1 of reported profit for two fiscal years.
A decline in Europe’s attributed revenue would reduce that region’s contribution to consolidated sales. The effect on total growth would depend on performance in other geographies.
الحالي:FY2025: $7.59 billion.
تنبيه إذاBelow $5 billion in FY2027.
Under the moderate discount rate, 163 US$ comes from forecast-period earnings and 212 US$ from the long-term value, totaling 375 US$.
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Limitation: Terminal value is 71.3% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Multiply the peer median PEG by this stock's forecast growth to derive an implied forward P/E, then apply it to forward EPS.
Solve for the growth rate that makes the model value equal the report-date share price.
Weak cash backing would lower funds available to shareholders.
Stronger peers can pressure project share and pricing.
| $56.11B |
| $58.64B |
| $60.77B |
| Operating income | $1.69B | $1.92B | $2.05B | $2.14B | $2.22B |
| NOPAT | $1.05B | $1.20B | $1.27B | $1.33B | $1.38B |
| Residual cash after reinvestment policy | $1.05B | $1.20B | $1.27B | $1.33B | $1.38B |
| Revenue growth | 21.5% | 13.9% | 6.5% | 4.5% | 3.6% |
| Operating margin | 3.6% | 3.6% | 3.6% | 3.6% | 3.6% |
| Tax rate | 37.7% | 37.7% | 37.7% | 37.7% | 37.7% |
| Reinvestment rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Terminal growth | 3.6% | 3.6% | 3.6% | 3.6% | 3.6% |
| Diluted shares | 277.01M | 278.01M | 279.03M | 280.04M | 281.06M |
| EPS | $21.59 | $24.69 | $25.51 | $25.84 | $25.95 |
| Net margin | 12.9% | 13.0% | 12.7% | 12.3% | 12.0% |
| Implied net income | $5.98B | $6.86B | $7.12B | $7.24B | $7.29B |
| الهامش |
|---|
| GEV | GE Vernova Inc. | $250.9B | 38.2x | 6.1x | 61.9x | 82.6% | — |
| PH | Parker-Hannifin Corporation | 24.6x | 5.6x | 22.9x | 25.1% | 23.5% | |
| ETN | Eaton Corporation plc | 25.6x | 5.3x | 27.2x | 19.7% | 16.6% | |
| EMR | Emerson Electric Co. | 21.1x | 4.6x | 16.0x | 12.8% | 26.9% | |
| CMI | Cummins Inc. | 16.3x | 2.2x | 16.5x | 21.1% | 11.9% |
| Reduce further because weaker profit conversion lowers earnings and operating cash. |
