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Vertiv Holdings Co

VRT

Vertiv Holdings Co • NYSE
$180.44 ▲ 4.89% (+8.42)
Market Cap $68.99 B
52w High $202.45
52w Low $53.60
Dividend Yield 0.21%
P/E 68.09
Volume 3.99M
Outstanding Shares 382.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.676B ▲ $494M ▲ $398.5M ▲ 14.893% ▲ $1.04 ▲ $590.4M ▲
Q2-2025 $2.638B ▲ $395.6M ▲ $324.2M ▲ 12.289% ▲ $0.85 ▲ $515.7M ▲
Q1-2025 $2.036B ▼ $346.3M ▼ $164.5M ▲ 8.08% ▲ $0.43 ▲ $362.3M ▲
Q4-2024 $2.346B ▲ $361.6M ▲ $147M ▼ 6.265% ▼ $0.39 ▼ $346.9M ▼
Q3-2024 $2.074B $334.6M $176.6M 8.517% $0.47 $373.3M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.989B ▲ $10.816B ▲ $7.308B ▲ $3.509B ▲
Q2-2025 $1.754B ▲ $10.406B ▲ $7.281B ▲ $3.125B ▲
Q1-2025 $1.476B ▲ $9.451B ▲ $6.785B ▲ $2.666B ▲
Q4-2024 $1.232B ▲ $9.133B ▲ $6.698B ▼ $2.434B ▲
Q3-2024 $917.4M $8.891B $7.078B $1.814B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $398.5M ▲ $508.7M ▲ $-709.9M ▼ $-11.4M ▼ $-211.8M ▼ $466.7M ▲
Q2-2025 $324.2M ▲ $322.9M ▲ $-144M ▼ $-8M ▲ $179.9M ▼ $277M ▲
Q1-2025 $164.5M ▲ $303.3M ▼ $-38.8M ▲ $-24.9M ▼ $243.9M ▼ $264.5M ▼
Q4-2024 $147M ▼ $425.2M ▲ $-81M ▼ $-11.7M ▲ $314.8M ▼ $361.8M ▲
Q3-2024 $176.6M $375.1M $-39.2M $-13.7M $329.7M $335.9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $1.91Bn ▲$1.65Bn ▼$2.17Bn ▲$2.21Bn ▲
Service
Service
 $430.00M ▲$390.00M ▼$470.00M ▲$460.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Vertiv’s income statement shows a clear story of scale and improving profitability. Revenue has climbed steadily over the past five years, roughly doubling, which signals strong demand for its data center and power solutions. Profitability has improved even faster than sales: gross margins have inched higher, and operating margins have expanded from single digits into the mid‑teens range. The company moved from losses earlier in the period to solid, consistent profits in the last couple of years. One soft spot was a weaker year in the middle of the period, when profits briefly dipped, which highlights that Vertiv’s earnings can still be sensitive to costs, supply chain issues, or project execution. Overall, though, the trend is toward a larger, more profitable business with better cost control and pricing power.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully. Total assets have grown as the company has invested in its capabilities and scale. Shareholders’ equity has risen several‑fold, moving Vertiv from a thin equity base after its SPAC period toward a more solid capital foundation. Debt remains sizable, but it has stopped growing and now represents a smaller share of the capital structure than before, as equity and cash have increased. Cash balances are much healthier than a few years ago, giving the company a better liquidity cushion. Even so, Vertiv is not a low‑debt company, so interest costs and refinancing conditions remain important to monitor. The direction of travel is positive: stronger equity, better liquidity, and gradually more balanced leverage, but still with meaningful financial obligations.

Cash Flow

Cash Flow Cash flow has improved from being a weak point to a clear strength. A few years ago, operating cash flow was modest and even turned negative in one year, reflecting working capital swings and operational pressures. Since then, cash generation from the core business has become robust and consistently positive. Because Vertiv’s capital spending needs are relatively modest compared with its cash inflows, free cash flow has grown strongly and turned into a solid surplus. This gives management flexibility to reduce debt, invest in innovation, and pursue selective acquisitions without relying heavily on external financing. The main risk is that large project timing and inventory needs can still cause year‑to‑year volatility, but the recent pattern suggests a business that is now self‑funding and increasingly cash generative.

Competitive Edge

Competitive Edge Vertiv holds a focused and differentiated position in the data center and critical infrastructure market. Unlike larger, more diversified rivals that serve many end markets, Vertiv is largely a pure‑play on digital infrastructure, especially for high‑density computing and AI workloads. Its strength lies in integrating power, cooling, and monitoring systems into complete solutions, paired with a global service network that supports customers across regions and over the full life of the equipment. High switching costs work in its favor: once a data center standardizes on Vertiv’s designs and service model, changing vendors is risky, complex, and expensive. Deep relationships with large cloud providers and colocation operators, as well as with major chipmakers, reinforce this position. However, Vertiv still competes against well‑capitalized, established industrial giants, so it needs to keep executing flawlessly to maintain and expand its niche advantage.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Vertiv’s strategy, especially around AI‑driven data centers. The company is pushing advanced liquid cooling technologies, including direct‑to‑chip systems, rear‑door heat exchangers, and immersion concepts, all designed to handle the intense heat and power density of modern AI hardware. Its 360AI platform and upcoming high‑voltage direct‑current power architecture aim to provide end‑to‑end solutions aligned with the roadmaps of leading chipmakers. Vertiv is also building out software capabilities, such as its Unify management platform, to offer smarter monitoring and control of power and thermal systems. On top of internal R&D, it uses targeted acquisitions to fill gaps and deepen capabilities in areas like modular power and liquid cooling services. The upside is strong exposure to fast‑growing AI infrastructure needs; the risk is that technology cycles are rapid, competitors are investing heavily too, and Vertiv must keep spending and executing on R&D and integration to stay ahead.

Summary

Vertiv has evolved from a more leveraged, unevenly profitable industrial player into a faster‑growing, more profitable, and stronger cash‑generating company tied closely to the data center and AI build‑out. Revenue growth has been robust, margins have expanded, and free cash flow has improved significantly, while the balance sheet has gradually strengthened, even though debt is still notable. Strategically, Vertiv’s focused role in power and thermal management for high‑density computing, supported by global service capabilities and high switching costs, gives it a defensible niche against larger diversified competitors. Its innovation pipeline in liquid cooling, advanced power systems, and infrastructure software positions it well for the next wave of AI data center investment. Key things to watch include the cyclicality of data center spending, continued execution on large projects, management of leverage, and Vertiv’s ability to sustain its technology edge in a rapidly evolving market.

NEWS

November 18, 2025 · 6:51 AM UTC

Vertiv and Caterpillar Announce Energy Optimization Collaboration to Expand End-to-End Power and Cooling Offerings for AI Data Centers

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November 14, 2025 · 6:30 AM UTC

Vertiv Declares Quarterly Dividend

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November 3, 2025 · 6:30 AM UTC

Vertiv Announces Intent to Acquire PurgeRite, a Leading Provider of Specialized Fluid Management Services, to Expand Liquid Cooling Services Portfolio

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October 28, 2025 · 1:59 PM UTC

Delivering Flexibility at Gigawatt-Scale: Vertiv Announces Rapidly Deployed, System-Level Reference Architectures for the NVIDIA Omniverse DSX Blueprint

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October 22, 2025 · 5:55 AM UTC

Vertiv Reports Strong Third Quarter Results including Organic Orders +60%, Diluted EPS +122% (Adjusted EPS +63%); Raises 2025 Guidance

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