GEVGE VernovaFY2025财报解读

Strong Revenue Growth Across the Business

GEV grew total revenue by 9.0% year-over-year to $38.1B in FY2025, up from $34.9B in the prior year, demonstrating sustained demand for its products and services across its portfolio.

来源: Source: 10-K Income Statement

Dramatic Margin Expansion

Gross margin improved 2.4 percentage points to 19.8%, while operating margin expanded 2.3 percentage points to 3.6%, and net margin reached 12.8% — reflecting improved cost efficiency and operating leverage as cost of revenue grew only 5.8% against 9.0% revenue growth.

来源: Source: 10-K Income Statement & Key Ratios

Explosive Profit Growth

Operating income surged 194.7% to $1.4B and net income jumped 214.7% to $4.9B, with diluted EPS rising 217.0% to $17.69, indicating that profitability improvements significantly outpaced top-line growth.

来源: Source: 10-K Income Statement

Operating Cash Flow Nearly Doubled

Operating cash flow grew 93.1% to approximately $5.0B in FY2025 from $2.6B in the prior year, demonstrating strong cash generation capability and improved working capital management.

来源: Source: 10-K Cash Flow Statement

Significant Capital Returns to Shareholders

GEV returned capital aggressively in FY2025, repurchasing $3.3B in shares (up from $43M in the prior year) and initiating dividend payments of $275M, signaling management confidence in the company's financial position.

来源: Source: 10-K Cash Flow Statement

GEV's current ratio stands at 0.98, meaning current liabilities of $41.0B slightly exceed current assets of $40.2B. This indicates the company may face short-term liquidity pressure if cash flows deteriorate or if unexpected obligations arise. Current liabilities grew 29.3% year-over-year, outpacing current asset growth of 17.8%.

来源: Source: 10-K Balance Sheet & Key Ratios

GEV carries a debt-to-equity ratio of 4.54, reflecting significant financial leverage with total liabilities of $50.7B against stockholders' equity of $11.2B. While the company generates strong cash flows, elevated leverage increases vulnerability to interest rate changes and economic downturns. Total liabilities grew 24.0% year-over-year.

来源: Source: 10-K Balance Sheet & Key Ratios

SG&A expenses of $4.9B represent a substantial cost burden relative to operating income of $1.4B, and grew 6.8% year-over-year. The high SG&A load limits operating margin expansion and means any revenue shortfall could quickly erode profitability. R&D expenses also rose 21.9% to $1.2B, adding further cost pressure.

来源: Source: 10-K Income Statement

GEV spent $3.3B on share repurchases in FY2025, a 7,611.6% increase from the prior year's $43M, funded largely through operating cash flows of $5.0B. While this signals confidence, it significantly reduces the cash available for debt reduction, acquisitions, or buffer against downturns. Combined with $275M in dividends, total capital returns consumed the majority of free cash flow.

来源: Source: 10-K Cash Flow Statement

Total assets grew 22.4% to $63.0B while total liabilities grew 24.0% to $50.7B, meaning liabilities are growing faster than assets. This trend, if sustained, could compress equity and worsen leverage ratios over time, potentially affecting credit ratings and borrowing costs.

来源: Source: 10-K Balance Sheet