GEVGE Vernova Inc.

Electronic & Other Electrical Equipment (no Computer Equip)

Revenue: $38.1B; 9.0% YoY
Operating margin: 3.6%; 170% YoY
EBITDA: $2.0B; 47% YoY
Market cap: $227.1B
Employees: 75,000; $508K revenue each
Net debt / EBITDA: -7.0×; −$14.0B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
102% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
72% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$508K · 59th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 7.0× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$227.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$29.7B	$33.2B	$34.9B	$38.1B	9.0%
Operating income	−$2.9B	−$923M	$471M	$1.4B	195%
Net income	−$2.7B	−$438M	$1.6B	$4.9B	215%
Operating cash flow	−$114M	$1.2B	$2.6B	$5.0B	93%
Capex	$513M	$744M	$883M	$1.3B	45%
Stock-based comp	—	—	$155M	$257M	66%
Buybacks	—	$0	$43M	$3.3B	7612%
Dividends	—	$0	$0	$275M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $12M · 3
Net: −$12M

Pay vs performance

No pay-versus-performance disclosure yet.