At a glance
Vertiv Holdings Co. is worth $86.35B, about 66 times its fiscal 2025 earnings. Revenue grew 27.7% to $10.23B in fiscal 2025, with 13.0% kept as profit; over 5 years it has grown 18.5% a year. It pays a 0.11% dividend yield, raised every year for at least 3 years, and returned $725.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +16.4% over the past year with dividends reinvested and +55.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.6% in the 2020 crash (S&P 500: 33.7%) and 66.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 12 months after the lows.
The business in plain English
Vertiv makes the equipment that keeps data centers powered and cool. Its products include uninterruptible power supplies (UPS, which are battery-backed systems that keep servers running if grid power fails), switchgear and busbar that distribute electricity, air and liquid cooling systems, racks, energy storage and monitoring software. It sells them under brands such as Liebert, Geist and Avocent. The company was spun off from Emerson Electric in 2016.
It serves three markets. The first is data centers. These include huge cloud sites like those run by Microsoft, Amazon Web Services and Google Cloud, colocation centers that rent space to other firms, cloud providers built for artificial intelligence (called neoclouds), and companies' own data centers. The other two markets are telecom networks and industrial sites such as factories and oil and gas facilities. Vertiv makes money by selling equipment and then servicing it. It has more than 300 service centers and about 5,000 service engineers who handle maintenance, monitoring and spare parts.
Vertiv reports three segments by region. Net sales were $10.23 billion in 2025. The Americas made up 62% (up from 56% in 2024), Asia Pacific 20%, and Europe, the Middle East and Africa 18%. The United States alone was about 59%. Orders have come in faster than Vertiv can fill them. Its backlog of orders not yet delivered more than doubled to $15.0 billion as of December 31, 2025, from $7.2 billion a year earlier.
Price history
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VRT +16.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Americas | $6.39B | 62.4% |
| Asia Pacific | $2.02B | 19.7% |
| Europe, Middle East, & Africa | $1.82B | 17.8% |
By geography
| United States | $6.01B | 58.8% |
| Asia Pacific | $2.02B | 19.7% |
| Europe | $1.47B | 14.4% |
| Latin America and Canada | $436.9M | 4.3% |
| Middle East/Africa | $284.5M | 2.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.31B, up 61.2% from a year earlier, and net income was $764.5M (+91.8%).
- For fiscal 2025, revenue was $10.23B (+27.7% year over year; +18.5% a year from FY2020 to FY2025) with a 13% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.5% good |
|---|---|
| Operating margin | 17.9% good |
| Free cash flow margin | 18.5% good |
| Return on equity (FY2025) | 33.8% good |
| Return on assets (FY2025) | 10.9% good |
| Net cash (cash minus debt) | $584.4M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.37B | $-327.3M | $164.5M |
| FY2021 | $5.00B | $119.6M | $137.5M |
| FY2022 | $5.69B | $76.6M | $-252.8M |
| FY2023 | $6.86B | $460.2M | $772.6M |
| FY2024 | $8.01B | $495.8M | $1.15B |
| FY2025 | $10.23B | $1.33B | $1.89B |
Valuation snapshot
| Market value | $86.35B |
|---|---|
| P/E ratio | 65.8 |
| Dividend yield | 0.11% |
Rank among 1514 US companies
Market value at each year end
Vertiv Holdings’s market value went from $6.13B at the end of 2020 to $86.35B on Nov 2, 2026, about 14.1 times as much; since the end of 2025 it is up 39%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $86.35B | +39.4% |
| 2025 | $61.94B | +45.3% |
| 2024 | $42.64B | +132.8% |
| 2023 | $18.32B | +255.5% |
| 2022 | $5.15B | -41.5% |
| 2021 | $8.80B | +43.6% |
| 2020 | $6.13B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VRT price data to Nov 2, 2026 | +38.5% | +16.4% | +77.9% | +55.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +38.5% |
| 2025 | +42.8% |
| 2024 | +136.9% |
| 2023 | +251.8% |
| 2022 | -45.3% |
| 2021 | +33.8% |
| 2020 | +69.3% |
| 2019 | +12.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.8% over that stretch · deepest drop along the way 58.6%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 55.3% over that stretch · deepest drop along the way 66.3%, back to its old high 12 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 8 sales ($3.9M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 1, 2026 | Edward L Monser Director | sell (plan) | $900K |
| Sep 1, 2026 | Edward L Monser Director | sell (plan) | $774K |
| Sep 1, 2026 | Edward L Monser Director | sell (plan) | $576K |
| Sep 1, 2026 | Edward L Monser Director | sell (plan) | $535K |
| Sep 1, 2026 | Edward L Monser Director | sell (plan) | $362K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
| BlackRock, Inc. | 6.8% | Sep 30, 2026 |
ETFs with the most weight in VRT
| PWRD TCW Transform Systems ETF | 8.72% |
| ARTY iShares Future AI & Tech ETF | 3.98% |
| DECO SPDR Galaxy Digital Asset Ecosystem ETF | 3.82% |
| HECO SPDR Galaxy Hedged Digital Asset Ecosystem ETF | 3.54% |
| TEKX SPDR Galaxy Transformative Tech Accelerators ETF | 3.06% |
| DARP Grizzle Growth ETF | 2.82% |
| FRTY Alger Mid Cap 40 ETF | 2.6% |
| AIFD TCW Artificial Intelligence ETF | 2.28% |
What could go wrong
- Heavy reliance on data center spending. A large share of sales depends on customers building data centers. A shift in artificial intelligence (AI) spending, too much capacity being built, permit delays or local opposition to new sites could cut demand.
- Backlog may not all become sales. Orders waiting to be filled reached $15.0 billion as of December 31, 2025. Customers can sometimes cut or delay firm orders, and price changes take longer to show up in results.
- Big orders make results lumpy. Large projects involve long design and approval processes. Customers can place or cancel big orders with little notice. That can make revenue and profits swing sharply from quarter to quarter.
- Big customers can push prices down. Large buyers often demand terms that favor them. If customers' industries consolidate, the remaining buyers gain more bargaining power. That could push down the prices Vertiv can charge.
- Fixed-price contracts can bring cost overruns. Some long-term projects are sold at a fixed price, including turnkey jobs where Vertiv delivers a finished system. If it misjudges costs or risks, it may pay the extra costs plus penalties.
- Fast-changing technology and big global rivals. If Vertiv misses technology shifts or is slow with new products, global rivals such as Schneider Electric, Eaton and Huawei could take sales and push prices down.
Recent events
- Quarterly results released; Investor presentation or announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Other company announcement
For income and retirement investors
Vertiv pays a dividend, but it is tiny. The yield was about 0.1% as of October 28, 2026. Dividends per share have risen three years in a row, reaching about 17 cents in 2025, up from about 1 cent in 2020. That payout used only about 5% of earnings and 3.5% of free cash flow (the cash left after running and investing in the business). Vertiv bought back $599.9 million of stock in 2024 and none in 2025. Even so, its share count rose 9.2% between October 2021 and October 2026. Income seekers would get very little cash from this stock. Returns depend mainly on the share price.
The share price has also swung hard. It fell 58.6% in the 2020 COVID crash and recovered in about 2.5 months. It fell 66.3% in the 2022 bear market and took about a year to recover. In the year to October 28, 2026, its deepest drop was 48.3%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Vertiv make money?
Vertiv sells and services the power and cooling equipment that keeps data centers, telecom networks and industrial sites running. Products include backup power systems, switchgear, air and liquid cooling, racks and monitoring software. It also sells services such as maintenance, remote monitoring and spare parts, through more than 300 service centers and about 5,000 service engineers. Net sales were $10.23 billion in 2025, up 27.7% from the year before. The Americas brought in 62% of that.
Does Vertiv pay a dividend?
Yes, but it is very small. Vertiv paid about 17 cents per share in 2025, and the yield was about 0.1% as of October 28, 2026. Dividends per share have risen three years in a row, up from about 1 cent in 2022. The 2025 dividend used only about 5% of earnings and 3.5% of free cash flow. Profits cover it many times over, but an income investor would get little cash from it.
Who are Vertiv's competitors?
Vertiv competes with both large global firms and specialists. Its annual report names Schneider Electric, Eaton, Legrand and Huawei as large global rivals. It names Delta Electronics, Stulz, Johnson Controls and Socomec as niche players. Most competitors focus on one product type or one region. Customers choose mainly on reliability, quality, price, service and relationships. Vertiv says its broad product range, global reach and service network set it apart.
How much does Vertiv depend on AI data centers?
A great deal. Vertiv's annual report says a large share of its business depends on growth in data centers and communication networks. It lists shifts in artificial intelligence (AI) spending and too much capacity being built as risks. Demand has been strong. The order backlog reached $15.0 billion as of December 31, 2025, up from $7.2 billion a year earlier. Revenue for the quarter ended September 30, 2026 rose 61.2% from a year earlier to $4.31 billion. A slowdown in data center building could hurt results.
Is Vertiv stock expensive?
Measured by earnings, the shares are priced for strong growth. As of October 28, 2026, Vertiv traded at 71.2 times its 2025 earnings per share of $3.41, and the company was worth about $93.5 billion. A price-to-earnings (P/E) ratio that high means investors expect profits to keep rising fast, so any disappointment can hit the price hard. The stock also swings a lot. Its beta over the prior year was 3, which means it tended to move about three times as much as the overall market.