Ranking 4 AI Power Stocks By Balance Sheet After the Sell-off: Vertiv, GE Vernova, Bloom Energy, and Plug Power.

Artificial intelligence (AI) is a fancy computer program, so it needs power to exist. With so much spending on AI right now, demand for power and other key products, like cooling systems, has been booming. But Wall Street tends to push investment themes to extremes, often bidding up good ideas to the point where they become highly risky investments.

When it comes to the AI trade, you are probably better off sticking with companies that have the financial strength to handle a rough patch. Which is why you’ll likely find GE Vernova (GEV +4.73%) more interesting than Vertiv (VRT +4.39%), Bloom Energy (BE +7.15%), and Plug Power (PLUG +2.19%). But the order of that list is actually important; here’s why.

Image source: Getty Images.

1. GE Vernova is built to survive

GE Vernova was recently spun out of the old General Electric. It makes power turbines that get used in things like natural gas power plants and wind turbines. Although it is a relatively young business as a stand-alone entity, it has a long history and is well respected. The demand for electricity is very strong, partly thanks to AI, and GE Vernova has a massive $176 billion backlog. It is well positioned for growth.

GEV – GE Vernova

$895.08+$40.46 (+4.73%)

NYSE · As of 4:00 PM ET 10/27/26

It also has a debt-to-equity ratio of roughly 0.25x, which would be very good for any business. A lot would have to go wrong before GE Vernova’s balance sheet turned into a problem. And, given the huge backlog, even a slowdown in AI spending probably wouldn’t be enough to put this business at risk.

2. Vertiv is better in some ways, and worse in others

Vertiv sells equipment that helps to power and cool data centers. Supplying parts for artificial intelligence data centers is just one aspect of the company’s business, but investors are clearly excited about its role in the AI build-out. In fact, demand was so strong in the first half of 2026 that the company raised its full-year revenue and earnings guidance.

VRT – Vertiv

$208.56+$8.78 (+4.39%)

NYSE · As of 4:00 PM ET 10/27/26

That said, Vertiv’s debt-to-equity ratio of 0.7x is higher than GE Vernova’s. However, it covers its trailing 12-month interest expenses by a very solid 27x. So it clearly has the leeway to take on the debt it has on its balance sheet. GE Vernova doesn’t break out its interest expenses, so there’s no comparison on that figure. But then Vertiv doesn’t report its backlog quarterly, so GE Vernova’s outlook is easier to quantify.

All in, both look financially strong enough to withstand a broader pullback in AI spending. However, GE Vernova’s massive backlog suggests it has a long runway for growth ahead.

3. Bloom Energy is turning a corner

Bloom Energy makes hydrogen fuel cells. Demand from AI has been strong because Bloom Energy’s fuel cells allow companies to bypass the power grid, potentially increasing the speed with which a data center can be brought online. Bloom Energy has been mired in red ink for years, but it looks like 2026 could be the year it turns a profit.

BE – Bloom Energy

$218.50+$14.58 (+7.15%)

NYSE · As of 4:00 PM ET 10/27/26

Bloom Energy’s debt-to-equity ratio is 1.4x, down dramatically from 4x just a year ago. It covered its trailing interest expenses by 15x, which is the best of this quartet. And while it only reports backlog once a year, at the start of 2026 its product backlog was $6 billion, up 140% year over year. Meanwhile, its services backlog stood at $14 billion. The company’s services revenue is annuity-like, with each fuel cell sale creating a new service contract. The problem is that the company’s business is really only just gaining traction, so, out of an abundance of caution, it sits at number three on this list. It isn’t clear how the business will fare in AI spending falls, since that sector is the main driver of its current success.

4. Plug Power is a risky proposition

Plug Power is another hydrogen stock. Its goal is to help build out the hydrogen economy. Its business spans from selling hydrogen to selling electrolyzers. What it hasn’t been able to do is turn a sustainable profit, even though it has been publicly traded for over 25 years. That makes it appropriate only for the most aggressive investors.

PLUG – Plug Power

$1.40+$0.03 (+2.19%)

NASDAQ · As of 4:00 PM ET 10/27/26

Plug Power’s debt-to-equity ratio is nearly 1.8x, which is the highest here. That figure is up from roughly 1x at the start of 2026. And, even more troubling, it doesn’t cover its interest expenses. Even if AI spending remains strong, Plug Power’s balance sheet is likely to pose a significant risk.

Boring is better when it comes to balance sheets

When it comes to financial strength, a rock-solid balance sheet is complemented by strong earnings and a strong earnings outlook. On that front, GE Vernova and Vertiv line up as number one and two, respectively. Bloom Energy looks good, but the business’s recent success is so closely tied to the AI build-out that it is hard to put it above GE Vernova or Vertiv, which have much more established businesses. And Plug Power’s lack of earnings and relatively weak balance sheet easily place it at the bottom of the list. If you are worried about the financial strength of the companies you buy, GE Vernova and Vertiv are the clear winners here.

Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.