MoatScopeGE VernovaGEV
Spin-off from GE Aerospace (General Electric) (GE) · Apr 2, 2024 · NYSE
one share of GE Vernova for every four shares of GE
Documents
Both companies today
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
GE Vernova is GE's former energy business — power (gas, nuclear, hydro and steam), wind, and electrification equipment and services — serving utilities and industrial customers worldwide.
Stated rationaleGE said splitting into three focused, investment-grade public companies — GE Aerospace, GE HealthCare and GE Vernova — would let each pursue its own strategy and capital allocation.
The four questions
Indiscriminate selling
PartialManagement incentives
PartialThe hidden jewel
StrongLeverage
AbsentThe write-up
GE completed its three-way separation on April 2, 2024 by distributing GE Vernova, one share for every four GE shares, leaving GE Aerospace as the parent. GE Vernova is the electric-power business — Power, Wind and Electrification — built around a gas-turbine installed base that generated $13.2 billion of Gas Power revenue in 2023 and a remaining performance obligation of $116 billion at the end of that year, $75 billion of it services under long-term contracts. It launched with net cash. On MoatScope's framework it now carries a Narrow moat and a quality score of 45 at a $256 billion market value, trading at $941.95 against a base-case fair value estimate of $845.62 — 1.04×. GE Aerospace carries a Wide moat and a quality score of 62 at $358 billion, 1.96× fair value.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.