FirmAtlas
Company handbook · VRT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
VRT · CIK 1674101 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
Vertiv Holdings Co
$206.42
−8.33 (−3.88%)
Close, Oct 16, 2026 · 52-week $148–380
Vertiv makes power and cooling equipment for data centers and telecom networks — backup power (UPS), power distribution, cooling systems including liquid cooling for AI servers, and racks — and services them.
Business
- ProductsProduct Excluding Spares 80% · Services And Spares 20% (FY25)
- RegionsUS 59% · Asia 20% · Europe 14% · Latin America and Canada 4% · Middle East and Africa 3% (FY25)
- CustomersCloud and AI companies, data center owners and builders, telecom companies and businesses; sold by its own sales force and through partners, resellers and distributors
- Cash useFY24–FY25: acquisitions $1.2B · buybacks $600M · capex $387M · dividends $109M
Reinvested 46% of operating cash flow · returned 23% of free cash flow
Last fiscal year
Vertiv Holdings Co reported revenue of $10.2B for the year ended Dec 31, 2025 (FY25), up 27.7% from FY24. Net income was $1.3B, operating cash flow $2.1B and free cash flow $1.9B. Source: 10-K filed Feb 13, 2026.
Market cap
$79.0B
P/E
45.6
EV/EBITDA
37.5x
P/B
16.6
Div yield
0.12%
ROIC
30.3%
Revenue 1Y
27.7%/yr
EPS 1Y
166.4%/yr
Shares 1Y
+0.5%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGiordano Albertazzi
HQWesterville, OH
AuditorErnst & Young LLP
Employees34,000
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
55.2%
71.9%
16.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.3B deployed
Capex
$387M
16.8%
Acquisitions
$1.2B
52.3%
Dividends
$109M
4.7%
Buybacks
$600M
26.1%
Operating cash flow over the period: $3.4B. Total debt changed by −$15M. R&D of $809M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (3-for-1 split after FY19).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
8,012
10,230+27.7%
11,480
YoY
+27.7%
Gross profit
2,934
3,715+26.6%
4,367
Gross margin
36.6%
36.3%−0.3 pp
—
Operating income
1,367
1,830+33.8%
2,175
Operating margin
17.1%
17.9%+0.8 pp
—
EBITDA
1,644
2,138+30.0%
—
EBITDA margin
20.5%
20.9%+0.4 pp
—
Interest expense
150
86−42.8%
—
Interest coverage
10.93x
24.84x+13.90x
—
Net income
496
1,333+168.8%
1,732
YoY
+168.8%
Net margin
6.2%
13.0%+6.8 pp
—
EPS (diluted, $)
1.28
3.41+166.4%
4.44
YoY
+166.4%
Balance sheet
Total assets
9,132
12,212+33.7%
15,901
Cash & short-term investments
1,232
1,790+45.3%
—
Accounts receivable
2,363
3,109+31.6%
—
Inventory
1,244
1,456+17.0%
—
Net PP&E
625
922+47.5%
—
Other assets
3,668
4,935+34.5%
—
Total liabilities
6,698
8,271+23.5%
11,143
Accounts payable
1,316
1,756+33.4%
—
Total debt
2,949
2,934−0.5%
2,940
Other liabilities
2,433
3,581+47.2%
—
Shareholders’ equity
2,434
3,941+61.9%
4,758
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,319
2,114+60.2%
3,354
Net income
496
1,333+168.8%
—
Depreciation & amortization
277
309+11.4%
—
Stock-based compensation
35
46+32.7%
—
Working capital & other
512
427−16.7%
—
Cash from investing
(202)
(1,501)n/m
—
Capex
(167)
(220)n/m
—
PP&E sold
0
0n/m
—
Acquisitions
(18)
(1,185)n/m
—
Other investing
(17)
(96)n/m
—
Cash from financing
(652)
(72)n/m
—
Debt repaid
(21)
(21)n/m
—
Dividends
(42)
(67)n/m
—
Buybacks
(600)
0n/m
—
Shares issued
33
26−20.0%
—
Other financing
(22)
(11)n/m
—
Net change in cash
444
558+25.7%
—
Free cash flow (OCF − capex)
1,152
1,894+64.3%
2,930
Where the cash went
Operating cash flow
1,319
2,114+60.2%
3,354
Reinvested in the business
185
1,405+661.0%
—
% of operating cash flow
14.0%
66.5%
Capex
167
220+31.7%
424
Acquisitions
18
1,185+6631.8%
—
R&D (memo, already in costs)
368
442+20.2%
—
Free cash flow
1,152
1,894+64.3%
2,930
YoY
+64.3%
Returned to shareholders
642
67−89.6%
—
% of free cash flow
55.7%
3.5%
Dividends
42
67+57.8%
—
Buybacks
600
0−100.0%
—
Change in total debt
—
(15)
—
Cash left over
—
627
—
FCF conversion (FCF ÷ net income)
232.4%
142.1%−90.3 pp
—
Owner earnings
—
903
—
Owner earnings margin
—
8.8%
—
Buyback yield
1.4%
—
—
Returns & ratios
ROIC (all capital)
21.3%
30.3%+9.0 pp
—
ROIC (operating)
30.4%
42.1%+11.7 pp
—
Net debt / EBITDA
1.04x
0.54x−0.51x
—
Debt / equity
1.21x
0.74x−0.47x
—
Cash conversion cycle (days)
102
94−8 d
—
ROE
20.4%
33.8%+13.4 pp
—
ROA
5.4%
10.9%+5.5 pp
—
ROCE
22.7%
23.4%+0.8 pp
—
NOPAT
886
1,400+58.1%
—
Invested capital (operating)
2,916
3,731+28.0%
—
Invested capital (all)
4,151
5,085+22.5%
—
Reinvestment rate
—
58.2%
—
Debtor days
108
111+3 d
—
Inventory days
89
82−8 d
—
Days payable
95
98+4 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,676
2,880
2,650
3,274
vs year-ago quarter
Gross profit
1,011
1,121
1,000
1,235
Gross margin
37.8%
38.9%
37.7%
37.7%
Operating income
517
580
440
638
Net income
398
446
390
498
vs year-ago quarter
Net margin
14.9%
15.5%
14.7%
15.2%
EPS (diluted, $)
1.02
1.16
0.99
1.27
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
10,816
12,212
13,400
15,901
Cash & equivalents
1,444
1,790
2,191
2,876
Total debt
2,939
2,934
2,922
2,940
Shareholders’ equity
3,509
3,941
4,245
4,758
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
509
979
767
1,100
Capex
45
93
113
173
Free cash flow
464
886
654
926
vs year-ago quarter