GEV vs MHVIY: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. GEV and MHVIY share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined GEV and MHVIY exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

GE Vernova is the energy business spun off from the former General Electric conglomerate as an independent company focused on electric power. It operates across three main segments. Power makes gas turbines, nuclear, hydro, and steam equipment used in power plants, with gas turbines a major franchise. Wind designs and manufactures onshore and offshore wind turbines. Electrification provides grid equipment, including transformers, switchgear, and software that helps utilities transmit and manage electricity. GE Vernova makes money by selling this large power and grid equipment and, importantly, through long-term service agreements that generate recurring revenue from servicing the installed base (about 7,000 gas turbines) over decades. Headquartered in Cambridge, Massachusetts, GE Vernova sits at the center of two powerful trends: the energy transition toward cleaner generation and the surging electricity demand from data centers, electrification, and AI computing. It benefits from grid investment, gas turbine demand for reliable power, and the need to modernize aging electrical infrastructure worldwide.

Full GEV guide

Mitsubishi Heavy Industries, founded in 1884 and based in Tokyo, is Japan's largest heavy-industrial manufacturer. Energy Systems is the biggest segment, with ¥3.94 trillion of orders and ¥2.06 trillion of revenue in fiscal 2025 (the year to March 2026). It includes gas turbine combined cycle (GTCC) plants, where MHI competes with GE Vernova and Siemens Energy, plus nuclear, steam power and aero-engine parts. Aircraft, Defense and Space is Japan's main defense supplier, building fighters, missiles, warships and the H3 rocket, and is Japan's partner with the UK and Italy on the GCAP fighter. Plants and Infrastructure (metals machinery, engineering) and Industrial Solutions (turbochargers, engines, air conditioning, data-center cooling) round out the group. MHI earns money both on equipment and on long service contracts for the turbines and reactors it has installed.

Full MHVIY guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• GEV drivers: Electricity demand and data centers; Gas turbines and reliable power.
• MHVIY drivers: Gas turbines for AI-era power demand; Japanese defense spending.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: GE Vernova's Wind segment has faced losses, warranty issues, and project challenges, particularly in offshore wind, which has been pressured by costs and cancellations. For MHVIY, valuation is the most immediate risk.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick GEV if you believe its drivers more; MHVIY if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the GEV and MHVIY guides.

GEV. GE Vernova is valued as a key beneficiary of rising electricity demand and grid investment, at roughly 6x trailing sales and 37x forward earnings, a premium that leaves little room for execution slips. Trailing P/E looks lower only because of one-time gains. The October 28 Q3 report, where consensus sits near $4.02 EPS on $12 billion of revenue, and how much of the Venture Global capacity turns into firm orders are the next tests; the mean analyst target is about $1,224.

MHVIY. The ADR's 52-week range runs from about $10.65 (June 2026) to about $20 (May 2026), and the Tokyo shares from ¥3,404 to ¥5,208, so the stock sits near the low end even though June-quarter profit rose 65% and the order and cash-flow forecasts were raised. Consensus expects fiscal 2026 revenue near ¥5.59 trillion, slightly above guidance. The forward P/E of about 31 shows the market already prices much of that growth. Dollar figures here use roughly ¥157 per dollar, MHI's average June-quarter rate, and will move with the yen.

Headline figures (approximate, October 2026): GEV shows revenue (ttm) ~$41.4 billion; Q2 2026 ~$11.1 billion, up ~22% year over year, operating margin ~7.5%; gross margin ~21%, net income (ttm) ~$9.5 billion, inflated by one-time gains in Q4 2025 and Q1 2026, eps / p/e Q2 2026 EPS $2.47 vs $3.18 expected; ~28x trailing, ~37x forward; MHVIY shows market cap ~$81 billion (~¥12.8 trillion), p/e (trailing) ~33x ADR, ~31x Tokyo, revenue guidance (fy ending march 2027) ~¥5.4 trillion (~$34 billion), business profit guidance (fy ending march 2027) ~¥540 billion (~$3.4 billion).

GEV and MHVIY are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined GEV and MHVIY exposure against your real portfolio. It is not an investment adviser.