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General Electric (NYSE: GE) spun off its energy division as GE Vernova (NYSE: GEV) on April 2, 2024. GE Vernova's stock opened at $142.25 per share on that day, set a record high of $1,174.86 on June 30, 2026, and now trades at about $1,000 per share. Let's see why GE Vernova's stock skyrocketed -- and if it will soar even higher over the next five years.
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GE Vernova operates three main segments: Power (55% of its orders in 2025), Electrification (33%), and Wind (13%). The Power segment produces gas and steam turbines for coal, gas, nuclear, and combined-cycle plants. It also provides services for nuclear power plants.
The Electrification segment provides products and services for upgrading electric grids, and the Wind segment produces onshore and offshore wind turbines. Here's how those three businesses fared since GE Vernova's market debut.
GE Vernova's organic order growth accelerated as the explosive growth of the power-hungry cloud and AI markets generated strong tailwinds for its Power and Electrification segments. That growth easily offset the weaker growth of its Wind business, which struggled with supply chain constraints, quality control problems, and other operational issues. It's been downsizing the Wind segment to free up more resources to expand its Power and Electrification businesses.
At the end of the second quarter of 2026, GE Vernova's backlog grew 37% year year to $176.3 billion, or 4.6 times the $38.1 billion in revenue it generated in 2025. That growth was mainly driven by an insatiable demand for its gas turbines and grid modernization technologies.
From 2025 to 2028, analysts expect GE Vernova's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 17% and 60%, respectively, as the AI-driven energy boom continues. With an enterprise value of $262 billion, it still looks reasonably valued at 27 times next year's adjusted EBITDA.
It still has plenty of room to grow through the 2030s. According to Fortune Business Insights, the global AI in power utilities market could expand at a 19.3% CAGR from 2026 to 2034.
If GE Vernova matches analysts' expectations through 2028 and grows its adjusted EBITDA at a 25% CAGR from 2028 to 2032, the figure could reach $32 billion by the final year. Assuming it trades at 25 times that estimate, its stock could more than triple over the next five years.
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Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends GE Aerospace and GE Vernova. The Motley Fool has a disclosure policy.
Where Will GE Vernova Stock Be in 5 Years? was originally published by The Motley Fool
