Forensic Analysis · Electrical Equipment · as of Nov 10, 2026
GE Vernova Inc. (GEV)
A forensic read on GE Vernova Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.6
Distress distance
Clean
Earnings quality
4
Forensic signals
47.1%
ROE
9.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
GE Vernova Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.6, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+33.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +33.5% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $90.0M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by inventory up +21% against +6% in cost of sales and receivables up +20% against revenue +9%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 33.5%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
125d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 109 to 125 FY2024→FY2025 (against cost of goods sold; inventory +21% vs +6% in cost of sales). Inventory is building a little faster than sales — watch for markdowns. There's no FY2023 figure on file for inventory, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
9.7%
FY2025
Return on invested capital.Return on invested capital is 9.7% in the latest fiscal year, against 2.5% in FY2024. After-tax operating profit was $306M in FY2024 and $1.2B in FY2025, with operating income at 1.3% of revenue in FY2024 and 3.6% in FY2025. The capital base behind it cannot be compared across FY2024–FY2025: long-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
97% of FCF
FY2025
Shareholder returns.Returned $3.6B to shareholders (buybacks + dividends) in FY2025 — 97% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 3% of free cash flow the year before — not just sitting there. Counting the $257M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 104%.
Key fundamentals
Latest Revenue$38.07B
Revenue Growth YoY+9.0%
Net Margin12.8%
Free Cash Flow$3.71B
Return on Equity47.1%
Debt / Equity0.03x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from GE Vernova Inc.'s actual 10-K/10-Q/8-K filings?