GE Vernova Outperform Upgrade Highlights 83 GW Backlog, 13.2% 2026 Margins
Baird upgraded GE Vernova to Outperform, citing its position as a top beneficiary of a growing energy-infrastructure cycle and pointing to an 83 GW gas turbine backlog (50% firm orders, 50% slot reservations). The firm forecasts adjusted EBITDA margins rising to 13.2% in 2026 and 20–21% by 2030.
1. Baird Outperform Upgrade
On February 4, Baird raised GE Vernova to Outperform, highlighting its strategic position to capitalize on a strengthening energy-infrastructure cycle and noting prior market underestimation of gas power demand timing.
2. Backlog Strength
GE Vernova ended 2025 with an 83 GW gas turbine backlog, evenly split between firm orders and slot-reservation contracts, providing strong near- and mid-term revenue visibility.
3. Margin Growth Outlook
Adjusted EBITDA margins are projected to climb to 13.2% in full-year 2026 and accelerate further to 20–21% by 2030, driven by operational leverage and cost efficiencies.
4. Overcapacity Concerns Eased
Recent industry assessments and company commentary indicate that fears of a surplus in gas power capacity will not materialize in the near- to intermediate-term, supporting sustained growth prospects.