GE Vernova (GEV) has gained significantly in 2025, with its shares advancing more than 115% year to date. The surge reflects an exceptionally supportive demand backdrop, driven by accelerating artificial intelligence (AI)-related power consumption, broad-based electrification initiatives, and the global push toward decarbonization. These structural tailwinds are driving sustained demand for advanced energy infrastructure, and GE Vernova is benefiting from this trend.
GEV’s portfolio spans power generation, grid transmission, and energy storage technologies. With capital deployment into data-intensive sectors, large-scale infrastructure modernization, and efforts to electrify buildings and transportation systems, GE Vernova is well-positioned to deliver solid growth.
Operationally, the company’s momentum shows no signs of slowing. Following several quarters of robust performance, management recently outlined an upbeat medium-term outlook that reflects the durability of its growth trajectory. The company’s revenue is projected to reach $52 billion by 2028, up from an expected $36 billion to $37 billion in 2025. Profitability is set to expand meaningfully, with EBITDA margins targeted at approximately 20% by 2028 compared with 8%-9% anticipated for 2025. The Power and Electrification divisions are expected to be particularly strong contributors, with margins of roughly 22%.
Cash generation could remain strong. Management forecasts cumulative free cash flow of $22 billion from 2025 through 2028, even after allocating nearly $10 billion toward capital expenditures and R&D. This combination of secular demand strength, margin expansion, and substantial cash flow strengthens the company’s bull case.
Reflecting this durable growth narrative, JPMorgan recently lifted its price target on GE Vernova to $1,000 per share, implying nearly 60% upside from the Dec. 9 closing price of $625.30.
GEV Has Significant Growth Catalysts
GE Vernova is poised to benefit from a multi-year energy investment cycle. Management projects 2026 revenue between $41 billion and $42 billion, reflecting low double-digit year-over-year growth across both equipment and services. At the same time, adjusted EBITDA margins are expected to rise to 11%-13% as the company converts a rapidly expanding backlog at higher margins and benefits from favorable pricing.
A favorable pricing environment will enable the company to more than offset inflation, while higher production volume tied to its expanding backlog will enhance margin performance. Further productivity gains from ongoing cost-reduction initiatives will boost its margins and earnings growth.
Within the Power segment, Gas Power is driving revenue and margins. Higher output, steady demand for services, and continued pricing traction will support the segment’s growth. Management expects higher productivity, increased volume leverage, and strong underwriting to support margins.
Electrification is on track to deliver accelerated growth for GEV in 2026, with continued margin expansion as it works through a more profitable backlog.
The company’s equipment backlog has been growing steadily as rising global electricity demand drives a need for advanced power generation and grid solutions. Gas turbine orders have also risen significantly, with additional growth expected. Further, the demand for heavy-duty gas units remains particularly strong in North America and the Middle East.
The electrification backlog has expanded significantly, driven by strong orders for grid-modernization equipment in Europe and rising demand across North America, the Middle East, and Asia.
This strengthening backlog supports multi-year revenue visibility and margin expansion.
Will GEV Stock Hit $1,000 in a Year?
With electricity consumption accelerating in step with AI, data center expansion, and global electrification, GE Vernova is well-positioned to deliver strong growth. Its rapidly growing backlog, widening margins, and substantial free cash flow reflect that the momentum in its business will sustain in 2026 and beyond.
If the company delivers on its multi-year performance plan, GE Vernova will continue to scale profitably, strengthen its competitive moat across Power and Electrification, and enable it to capture a higher share of the global spending on electrification and infrastructure. Against this backdrop, bullish projections such as JPMorgan’s $1,000 price target appear less speculative and more a reflection of the company’s strengthening fundamentals.
Whether the stock ultimately reaches that level within a year remains uncertain, but the underlying rationale for bullish sentiment is growing stronger.
On the date of publication, Amit Singh did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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