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GEV · Forward model · Intersegment eliminations · 30 GW by 2030 case

What has to happen in Intersegment eliminations

Model as of

This page changes Intersegment eliminations inside the complete GEV model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

GEV forward model
Horizon
Consolidated fair value $857.83 all other verticals held in this portfolio case
Final-quarter revenue −$44M -0% of company revenue
Explicit segment contribution $0 EBITDA less segment capex, before corporate items

The CEO's stated production case run to its end: gas turbine output reaching the full 30 GW a year by 2030 rather than the 7.3 GW a quarter the base case compounds to, with Power holding the disclosed 22% segment margin, and a 20x exit. This is the claim under test, modelled as management states it. It gets to $857.83 - still 4.5% BELOW the traded price. That is the honest result and worth saying plainly: delivering the full stated production ramp, on the stated margin, does not on its own justify $898.53. The market is also paying for a multiple this case does not assume.

Intersegment eliminations

Basis quarter−$36M
Final quarter−$44M
Final revenue mix-0%

A negative reconciling line rather than a business. GE Vernova reports segment revenue INCLUDING intersegment sales, so the three segments over-sum consolidated revenue; this line carries the difference so the model's total equals reported revenue exactly in all nine quarters.

Last four quarters
2025 Q3 −$117M Estimated
2025 Q4 −$121M Estimated
2026 Q1 −$23M Estimated
2026 Q2 −$36M Estimated
Intersegment eliminationsUnallocated corporate revenue
Sequential growth +1.0%/qtr decaying toward +1.0% Holds the reconciler near its recent magnitude; it has shrunk from about $120m to under $40m.
Intersegment eliminations

Latest: −$44M (2031Q2E)

Period Value
2024Q2 −$103M
2024Q3 −$112M
2024Q4 −$162M
2025Q1 −$120M
2025Q2 −$93M
2025Q3 −$117M
2025Q4 −$121M
2026Q1 −$23M
2026Q2 −$36M
2026Q3E −$36M
2026Q4E −$37M
2027Q1E −$37M
2027Q2E −$37M
2027Q3E −$38M
2027Q4E −$38M
2028Q1E −$39M
2028Q2E −$39M
2028Q3E −$39M
2028Q4E −$40M
2029Q1E −$40M
2029Q2E −$41M
2029Q3E −$41M
2029Q4E −$41M
2030Q1E −$42M
2030Q2E −$42M
2030Q3E −$43M
2030Q4E −$43M
2031Q1E −$43M
2031Q2E −$44M

Assumptions & reasoning

  • Every point on this line is DERIVED, not reported, and is marked estimated for that reason: it is reported consolidated revenue minus the sum of the three reported segments. GE Vernova discloses the input directly - intersegment sales were $44m in the basis quarter against $92m a year earlier - which is what this line is made of.
  • The line ranged from $(23)m to $(162)m across the nine standalone quarters, under 1.5% of revenue in every one of them and under 0.4% in the last two. It carries no margin and no capex because corporate cost is handled once, in the corporate overhead assumption, and double-counting it here would understate EBITDA.
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