GENERAL ELECTRIC CO GE → GE Vernova Inc. GEV
| Parent | GENERAL ELECTRIC CO GE |
|---|---|
| Spinco | GE Vernova Inc. GEV |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 GE Vernova share for every 4 GE shares |
| Checked against EDGAR | 2026-08-22 |
Data trap
Two things that look like traps and are not, plus one that is. GE now operates as GE Aerospace, but it never legally renamed: the registrant is still General Electric Company and the ticker is still GE, so a parent price series is continuous across the separation and does not need re-keying. The real trap is timing — this distribution took effect at 12:10 a.m. Eastern, before the open, so April 2 is itself the first regular-way session rather than a when-issued one. That is the opposite of the GE HealthCare separation fifteen months earlier.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2021-11-09Separation announced
- 2024-02-15Form 10 filed
- 2024-03-05Form 10 last amended
- 2024-03-08Form 10 effective
- 2024-03-19Record date
- —When-issued trading opens
- 2024-04-02Distribution
- 2024-04-25First standalone earnings
- —Index inclusion announced
Performance since separation
| GE Vernova Inc. since separation | +583.46% |
|---|---|
| GENERAL ELECTRIC CO over the same window | +155.27% |
| S&P 500 (SPY) over the same window | +47.58% |
| Russell 2000 (IWM) over the same window | +46.69% |
| Excess over the S&P 500 | +535.88% |
| Excess over the Russell 2000 | +536.77% |
Measured from the first regular-way close on or after the distribution — 2024-04-02 at 140.00 — to 2026-08-21 at 956.85. Window: 2.4 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | +101.93% |
|---|---|
| Combined (GENERAL ELECTRIC CO + GE Vernova Inc.), pre-distribution to now | +320.12% |
| Combined excess over the S&P 500 | +273.48% |
| Combined excess over the Russell 2000 | +276.13% |
Combined treats a pre-spin holding as 1 GE Vernova share for every 4 GE shares valued at the parent's last close before regular post-spin trading resumed — 2024-04-01 at 139.86 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2024-02-15 · 0001193125-24-037526Initial Form 10 registration statement
- 10-12B/Afiled 2024-03-05 · 0001193125-24-059354Final Form 10 amendment
- 8-Kfiled 2024-03-08 · 0001193125-24-063739Form 10 declared effective; definitive information statement with the 1-for-4 ratio, the March 19 record date and the 12:10 a.m. April 2 distribution
- 8-Kfiled 2024-04-02 · 0001193125-24-084048Completion: GE distributed all GE Vernova shares on April 2, 2024; trading began at that day's open
- 8-Kfiled 2024-04-02 · 0001193125-24-084038Parent-side completion; registrant remains General Electric Company trading as GE
- 10-Qfiled 2024-04-30 · 0001996810-24-000008First periodic report; 274,085,523 shares outstanding on the distribution date
Notes
The second leg of GE's three-way split, separating power and energy equipment and leaving GE as an aerospace company. Left unclassified: EDGAR gives parent and spinco the same generic electrical-equipment code, so the Desai and Jain two-digit test scores this as non-focus-increasing, while the businesses — jet engines against turbines and grid equipment — plainly are not the same industry. The code and the substance disagree, and this site does not resolve that by guessing. Classified focus_increasing: GE Vernova is described as a power/renewables company (7,000 gas turbines, ~55,000 wind turbines, ~30% of world electricity generated) while GE Aerospace keeps jet and defense engines — plainly different industries despite both entities sharing SIC 3600 on EDGAR, the exact code-versus-substance mismatch this site's methodology exists to catch. Unlike most deals in this dataset, GE Vernova was not levered up to fund a dividend to the parent — it received roughly a $2.0 billion cash contribution FROM GE, leaving it debt-light (~$129 million total debt, essentially unchanged pro forma) rather than debt-funded.