GE Vernova (NYSE: GEV) stock has had an incredible run over the last few years and is up 48% over the last year alone. Still, that run is far from over, given the orders and earnings momentum displayed in the third quarter. There's no sign of a slowdown in its end markets, and if anything, they appear to be accelerating. The company's core power segment (mainly gas power turbine equipment and services) operates a razor/razorblade model, where gas turbine (razors) equipment sales lead to installed equipment and afterward a long stream of lucrative services revenue (razorblades), which are typically sold on long-term service agreements (LTSA) attached to turbine sales. As such, if you want to know where GE Vernova's earnings are headed, then you need to keep an eye on its orders and backlog growth, and in particular the heavy-duty gas turbine orders that drive higher services revenue. For reference, the company's largest gas turbine is its H-class HA turbine.
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