Key Stats for GE Vernova Stock
- Current Price: $926.44
- Target Price (Mid): ~$3,400
- Street Target: ~$1,224
- Potential Total Return: ~267%
- Annualized IRR: ~36% / year
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What Happened?
GE Vernova (GEV) closed at $926.44 on October 15, 2026, 21.14% below its June 30 record close of $1,174.86 but still up about 42% in 2026. JPMorgan and Susquehanna trimmed their price targets on October 9 and October 14 and kept positive ratings. Most of the debate is about gas turbines. CEO and President Scott Strazik told Morgan Stanley’s Laguna conference on September 16 that Electrification backlog has grown to $45 billion from $6 billion at the end of 2021. Third-quarter results arrive October 28, according to GE Vernova’s investor relations materials.
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The Grid Half of Venture Global’s Deal Orders First
Venture Global (VG) announced its agreements with GE Vernova and Baker Hughes (BKR) on October 15. Its 8-K describes two deals, both signed October 9:
- Grid agreement: GE Grid Solutions, part of GE Vernova’s Electrification segment, will supply transformers and gas-insulated switchgear for up to 21 power island projects. Five equipment packages are reserved, with purchase orders starting in late 2026.
- Power agreement: Venture Global expects to order its first power island by the end of 2026. Eight more are reserved with GE Vernova, with orders expected from early 2027.
Beyond reservation fees, neither agreement binds anyone to the rest. The roughly $17.2 billion total assumes every order proceeds, and the split between the two agreements is not disclosed.
Strazik Says Prolec Is Running Ahead of Plan
GE Vernova bought the remaining 50% of Prolec GE on February 2, 2026. Strazik said there is “even more opportunity to fulfill within the existing footprint than I anticipated prior to close.” He expects 2028 financials “to be materially better than the incremental revenue and margin than we projected in October,” when the deal was announced in 2025.
With the joint venture’s exclusive hold on North America gone, GE Vernova’s international factories booked $800 million of North American orders through the second quarter of 2026. Reported results lag the outlook: Prolec posted $859 million of second-quarter revenue and a $57 million pretax loss, according to GE Vernova’s 10-Q.
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New Products Sit Outside the Backlog, at a Premium Price
Strazik said three Electrification products “aren’t really even embedded in that $45 billion backlog”:
- Energy management system: links a data center to the grid or on-site power.
- Medium-voltage UPS: he expects its launch order in the second half of 2026, and GE Vernova’s August 24 announcement puts first shipments in mid-2027.
- Solid-state transformers: still in development.
He also said hyperscalers have racks connected to GE Vernova equipment at its Niskayuna, New York research center, which is why Electrification R&D is growing faster than the other two segments.
The price already assumes a lot. GE Vernova trades at 44.09x NTM normalized P/E, against 25.59x for ABB (ABBN) and 22.63x for Schneider Electric (SU), per TIKR. Second-quarter adjusted EPS of $2.41, reported July 22, missed the $3.01 estimate.
TIKR Advanced Model Analysis
- Current Price: $926.44
- Target Price (Mid): ~$3,400
- Potential Total Return: ~267%
- Annualized IRR: ~36% / year
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The mid case is used because its December 31, 2030, horizon spans Strazik’s 2028 Prolec outlook and the 2030 targets he plans to set at a Capital Markets Day before summer 2027. It reaches around $3,400 from $926.44, or around 36% a year.
Two company milestones have to land along the way: gas output reaching 6 gigawatts a quarter in the second half of 2027, and Electrification turning backlog into profit. Prolec’s pretax loss shows that second step is not automatic. The model’s 10-year inputs already assume the P/E shrinks around 3% a year, so slower earnings growth is the bigger risk. TIKR’s Street data shows a $940 low target, but it excludes GLJ Research’s $470 Sell from September 14. The output is a scenario, not a forecast.
Conclusion
October 28 gives the first read. A September 30 Electrification backlog above the $45 billion Strazik cited on September 16 would show growth holding into quarter-end, while a lower figure would test it. After that, two order dates matter: Venture Global’s first grid purchase orders in late 2026, and the medium-voltage UPS launch order by the January report.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
