Why GE Vernova Is the Stock That Survives Every Market

Why GE Vernova Is the Stock That Survives Every Market

In April 2024, General Electric completed what it had been planning for years: splitting into three separate public companies. GE Aerospace took the jet engines. GE HealthCare had already spun off with medical equipment earlier. And everything related to generating and transmitting electricity got packaged into a new company called GE Vernova.

Twenty months of trading later, in December 2025, the stock sits at $671. It started trading at $136. That’s a nearly 400% return in less than two years. Market cap around $180 billion.

GE Vernova is three very different businesses operating under one roof. One prints cash. One is growing explosively. And one is still bleeding hundreds of millions with no clear timeline to breakeven.

Let’s start with what they actually do.

Source: GE Vernova

Power rules

Power is the largest segment. In Q3 2025, it did $4.8 billion in revenue, up 15% year-over-year, with $645 million in EBITDA (13.3% margins, up from 11.9% a year ago). This is primarily gas turbines for power plants. Think massive machines the size of a house that cost $30-50 million each and can power a city of 500,000 people. They also make nuclear, hydro, and steam equipment, but gas is the star. More importantly, about $3.1 billion of that $4.8 billion quarterly revenue comes from services, meaning ongoing maintenance, parts, and upgrades for the existing installed base. This is the cash cow.

Wind did $2.6 billion in revenue in Q3, down 8% year-over-year. This includes onshore wind turbines, offshore wind turbines, and blades through their LM Wind Power subsidiary. Here’s the problem: this segment lost $61 million in Q3 2025. That’s actually an improvement from the $317 million loss in Q3 2024, but they’re still not profitable. The offshore wind business continues to book incremental contract losses, $296 million in Q3 alone, as projects run over budget and timelines slip. Onshore wind is modestly profitable but facing soft orders due to policy uncertainty in the US market.

Electrification is the growth story. Q3 revenue of $2.6 billion, up 35% year-over-year. This segment makes transformers, switchgear, high-voltage DC transmission systems, grid software, and battery storage solutions. Basically everything needed to move electricity from point A to point B and manage the grid. EBITDA hit $393 million in the quarter (15.1% margins), nearly double the $201 million a year ago. The backlog has quadrupled since the end of 2022 to around $30 billion. Demand is exploding because the grid needs massive upgrades to handle renewables integration, AI data centers, and general electrification.