GE Vernova (NYSE: GEV), the maker of gas turbines and grid equipment, saw its shares tumble approximately 11% on October 22 in a single brutal trading session.

The stock was trading near $825 per share at the time of writing, placing it roughly 30% below its record closing price of $1,174.86 reached on June 30.

Despite the sharp sell-off, the underlying business continues to demonstrate robust momentum, with its backlog expanding steadily throughout 2026.

GE Vernova closed the second quarter of 2026 with a total backlog of $176 billion, nearly four times the revenue management expects the company to generate this year.

That backlog figure has risen quickly, climbing from $150 billion at the end of 2025 to $163 billion after the first quarter before reaching $176 billion by the end of the second quarter.

In December 2025, management projected the backlog would reach approximately $200 billion by the end of 2028, but CEO Scott Strazik said on the second-quarter earnings call that the company was on pace to hit that milestone a full year early, in 2027.

Gas turbines have been a primary engine of backlog growth, with gas equipment backlog and slot reservation agreements reaching 116 gigawatts in the second quarter, up sharply from 83 gigawatts at the end of 2025.

The company’s profitability is also expanding at a notable pace, with adjusted EBITDA growing 62% year over year in the second quarter and the adjusted EBITDA margin rising to 11.3% during that period.

For the full year, management is guiding for an adjusted EBITDA margin of between 12% and 14%, compared to the 8.4% margin the company posted in 2025.

Management’s multi-year outlook targets $56 billion in revenue and a 20% adjusted EBITDA margin by 2028, a combination that projects 2030 adjusted EBITDA at approximately $13.6 billion.

Applying a valuation multiple of around 19 times adjusted EBITDA to that figure would place the company’s total worth at roughly $263 billion by late 2030.

With GE Vernova also actively reducing its share count, that enterprise value could translate to a stock price of approximately $1,100 per share by 2030, representing meaningful upside from current levels but still below the June record close.

Investors weighing the stock must balance a compelling long-term growth story against near-term price volatility and execution risk tied to margin expansion targets.