Stock price when the opinion was issued
Is up 200% since spinning off from GE last April. Nuclear power is a small part of their business and it will take years to pay off. But they have a strong backlog of orders a record $13.2 billion worth; revenues are up a solid 5% YOY, but EPS fell far short. Free cash flow as a little light. Their business is 50/50 equipment and services; they sell equipment which they then service for years, which is a great setup. The equipment backlog is up 50% in the past two years, largely from price increases and customs have no choice but to pay off. So headline numbers in their recent earnings were disappointing, but their backlog numbers are phenomenal. If they can maintain their pricing power, then shares will continue to rise.
Wind and solar power aren't enough to power the energy-hungry data centres that gen AI needs. Rather, natural gas is the baseload--nat gas will power gen AI. GEV has huge cash flow. They just announced a $6 billion buyback and a 25-cent dividend. GEV is the best of the GE spin-offs of years ago.