Vertiv Holdings Co (VRT) financials

NYSE · Industrials · Electrical Equipment & Parts · 34,000 employees · CEO Giordano Albertazzi

Price: $232.50 -5.46%
Market cap: $89.5B
Enterprise value: $89.3B
Last report: Q3 '26 filed 2026-10-28
Next report: 2027-02-10 EPS est. $2.27

Revenue (TTM)$13.1B+35.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)20.3%+2.3 pp vs a year agoOperating income $2.66B

Net income (TTM)$2.1B+102.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.12B+128.3% vs a year agoCapex $523M

Diluted EPS (TTM)$5.35+101.9% vs a year agoSum of the last 4 quarters

Net cash$444M+134.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $89.5B
Revenue: $13.1B
Revenue growth: +43%
Profit margin: 16.0%
P/E: 42.5×
P/S: 6.8×
EV / EBITDA: 29.5×
Free cash flow: $3.12B
Net income: $2.1B
Revenue estimate: $14.6B
Earnings: 2027-02-10
Dividend: $0.23

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-28): revenue beat by 15.0%, EPS beat by 21.4%Revenue $4.31B vs $3.75B expected (+15.0%); EPS $2.21 vs $1.82 (+21.4%).
Revenue growth accelerating: 61.2% year on yearQ3 '26 revenue $4.31B, against an average of 26.5% over the four quarters before.
Operating margin 20.3% (TTM), +2.3 pp on a year agoOperating income grew 52.3% while revenue grew 35.3%.
Capex 4.0% of revenue (a year ago 2.0%)$523M invested in the last 4 quarters (+168.3% on a year earlier). Free cash flow $3.12B = 148.6% of net income.
Returned $95.8M to shareholders = 3.1% of free cash flowBuybacks $0 (a year earlier -$592M), dividends $95.8M, stock-based pay $57.7M (TTM).
Diluted share count up 0.6% in a year393M diluted shares in Q3 '26, 390M a year earlier.
Net cash $444MCash + short-term investments $3.71B, debt incl. leases $3.27B; a year ago net debt $1.27B.
Americas Segment: revenue +74.5%, margin 29.4% (was 29.3%)Fastest-growing reported segment in Q3 '26: operating income $877M on revenue $2.99B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$4.31B	$2.68B	+61.2%
Gross margin	38.1%	37.8%	+0.3 pp
Operating income	$984M	$548M	+79.4%
Operating margin	22.8%	20.5%	+2.3 pp
Net income	$765M	$399M	+91.8%
Diluted EPS	$1.95	$1.02	+91.2%
Operating cash flow	$794M	$509M	+56.1%
Capex	$139M	$46.7M	+197.9%
Free cash flow	$655M	$462M	+41.8%
R&D	$0	$0	–
Stock-based compensation	$19.7M	$14.2M	+38.7%

Reported vs consensus

2026-10-28

	Actual	Consensus	vs consensus
Revenue	$4.31B	$3.75B	+15.0%
EPS (as estimated)	$2.21	$1.82	+21.4%

From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Product	$3.64B	+64.2%	84.3%	$10.8B	+35.7%
Service	$676M	+46.4%	15.7%	$2.34B	+33.4%

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Americas Segment	$3B	+74.0%	62.1%	$8.79B	+51.0%
EMEA Segment	$824M	+38.4%	17.1%	$2.67B	+10.1%
Asia Pacific Segment	$1.01B	+68.7%	20.9%	$3.15B	+37.6%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Americas Segment	$2.99B	+74.5%	$877M	+74.8%	29.4%	29.3%	$2.51B
Asia Pacific Segment	$779M	+49.9%	$132M	+93.3%	17.0%	13.2%	$344M
EMEA Segment	$545M	+22.8%	$152M	+82.4%	28.0%	18.8%	$441M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $3.64B
Capex: -$523M
Buybacks: $0
Dividends: -$95.8M
Acquisitions: -$1.24B
Net debt issued: $6.8M
Stock-based compensation: $57.7M
Free cash flow: $3.12B
Returned to shareholders / FCF: 3.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	42.5×	61.4× 4 of 5 years	39.7× – 86.1×
EV / EBITDA	29.5×	25.1×	13.4× – 37.5×
EV / Sales	6.8×	3.7×	1.5× – 6.2×
Price / FCF	28.7×	41.1× 4 of 5 years	23.8× – 70.3×
Price / Book	16.3×	10.4×	3.6× – 17.6×
FCF yield	3.5%	1.2%	-5.1% – 4.2%
Return on invested capital	22.5%	10.5%	2.0% – 18.4%
Return on equity	45.5%	18.2%	5.3% – 33.8%

Analysts

Consensus target $361.94 (+55.7%)
range $300.00 – $500.00 · rating Buy

Strong buy0

Buy21

Hold1

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$14.6B	+42.8%	$7.12	+108.7%	32.7×	13
FY2027	$19.4B	+32.6%	$9.80	+37.8%	23.7×	16
FY2028	$23.5B	+21.4%	$12.44	+26.9%	18.7×	10
FY2029	$26.2B	+11.4%	$14.40	+15.7%	16.1×	4
FY2030	$29.3B	+11.7%	$16.43	+14.1%	14.2×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 270 figures Vertiv Holdings Co tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$139M	$45.2M	+207.7%	–	–	–
Accounts Payable, Current	$3.24B	$1.72B	+88.8%	$1.76B	$1.32B	+33.4%
Accounts Receivable, after Allowance for Credit Loss, Current	$4.38B	$2.81B	+55.8%	$3.11B	$2.36B	+31.6%
Accounts Receivable, Allowance for Credit Loss, Current	$28M	$25.3M	+10.7%	$25.6M	$22.4M	+14.3%
Accrued Income Taxes, Current	$146M	$23.7M	+515.2%	$43.4M	$83.7M	-48.1%
Accrued Liabilities, Current	$1.2B	$681M	+75.6%	$772M	$613M	+26.0%
Accrued Liabilities, Fair Value Disclosure	–	–	–	$8.8M2024-12-31	$195M	-95.5%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$526M2025-12-31	$434M	+21.3%	$526M	$434M	+21.3%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$81.4M	$19.2M	-524.0%	$18.2M	-$149M	+112.2%
Additional Paid in Capital	$2.97B	$2.88B	+3.2%	$2.9B	$2.82B	+2.6%
Adjustments to Additional Paid in Capital, Warrant Issued	–	–	–	$644M2024-12-31	$21.6M	+2,882.4%
Advertising Expense	–	–	–	$16.8M	$19.4M	-13.4%
Amortization of Debt Issuance Costs and Discounts	$1.6M	$1M	+60.0%	$5.9M	$7M	-15.7%
Amortization of Intangible Assets	$68.1M	$50.9M	+33.8%	$212M	$195M	+8.2%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	–	–	–	$13M2020-12-31	–	–
Assets	$18.2B	$10.8B	+68.0%	$12.2B	$9.13B	+33.7%
Assets, Current	$12.1B	$6.55B	+85.1%	$6.82B	$5.1B	+33.7%
Assets, Fair Value Disclosure	$3.53B	$1.45B	+143.9%	$1.79B	$1.3B	+37.8%
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$34.1M	$0	–	–	–	–
Business Combination, Contingent Consideration, Liability	$29.1M	–	–	$144M2024-12-31	–	–
Cash and Cash Equivalents, at Carrying Value	$3.51B	$1.4B	+151.6%	$1.73B	$1.23B	+40.8%
Cash and Cash Equivalents, Fair Value Disclosure	$3.51B	$1.4B	+151.6%	$1.73B	$1.23B	+40.8%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	-$2.2M2025-09-30	-$10.2M	+78.4%	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$3.58B	$1.44B	+148.1%	$1.79B	$1.23B	+45.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$708M	-$212M	+434.1%	$558M	$444M	+25.7%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	700M	700M	0.0%	700M	700M	0.0%
Common Stock, Shares, Issued	385M	382M	+0.7%	383M	381M	+0.5%
Common Stock, Shares, Outstanding	385M	382M	+0.7%	383M	381M	+0.5%
Common Stock, Value, Issued	$0	$0	–	$0	$0	–
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$748M	$373M	+100.9%	$1.5B	$352M	+326.7%
Contract with Customer, Liability, Current	$4.12B	$1.13B	+264.0%	$1.81B	$1.06B	+70.7%
Contract with Customer, Liability, Noncurrent	$125M	$106M	+17.9%	$108M	$91.3M	+17.9%
Contract with Customer, Liability, Revenue Recognized	$619M	$172M	+259.7%	–	–	–
Cost of Goods and Services Sold	$2.67B	$1.67B	+60.3%	$6.51B	$5.08B	+28.3%
Current Federal Tax Expense (Benefit)	–	–	–	$160M	$66.7M	+140.2%
Current Foreign Tax Expense (Benefit)	–	–	–	$190M	$236M	-19.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$35.5M	$21.8M	+62.8%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$26.7M	$12.8M	+108.6%	$13.1M	$18.8M	-30.3%
DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLossCurrent	$199M	$545M	-63.5%	$99.5M	$0	–
DebtSecuritiesHeldToMaturityFairValueCurrent	$199M	$545M	-63.5%	$99.6M	$0	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$18M	-$6M	+400.0%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$1.3M	-$48M	+102.7%
Deferred Income Tax Assets, Net	$172M	$259M	-33.5%	$180M	$303M	-40.8%
Deferred Income Tax Liabilities, Net	$249M	$285M	-12.8%	$233M	$240M	-3.1%
Deferred Income Taxes and Tax Credits	$16.1M	$69.1M	-76.7%	$22.6M	-$54.5M	+141.5%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$3.8M	-$400K	+1,050.0%
Deferred Tax Asset, Interest Carryforward	$67.5M2025-12-31	$70.1M	-3.7%	$67.5M	$70.1M	-3.7%
Deferred Tax Assets, Goodwill and Intangible Assets	$103M2025-12-31	$99.4M	+3.6%	$103M	$99.4M	+3.6%
Deferred Tax Assets, Gross	$1.21B2025-12-31	$1.15B	+4.8%	$1.21B	$1.15B	+4.8%
Deferred Tax Assets, Inventory	$45.5M2025-12-31	$47.6M	-4.4%	$45.5M	$47.6M	-4.4%
Deferred Tax Assets, Net	–	–	–	$63M2024-12-31	$400K	+15,650.0%
Deferred Tax Assets, Net of Valuation Allowance	$453M2025-12-31	$443M	+2.3%	$453M	$443M	+2.3%
Deferred Tax Assets, Other	$2M2025-12-31	$5.4M	-63.0%	$2M	$5.4M	-63.0%
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	$25.1M2025-12-31	$26.2M	-4.2%	$25.1M	$26.2M	-4.2%
Deferred Tax Assets, Tax Credit Carryforwards, Research	$02025-12-31	$300K	-100.0%	$0	$300K	-100.0%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Other	$27.2M2025-12-31	$20.3M	+34.0%	$27.2M	$20.3M	+34.0%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions	$15.1M2025-12-31	$13.1M	+15.3%	$15.1M	$13.1M	+15.3%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	$71.6M2025-12-31	$49.2M	+45.5%	$71.6M	$49.2M	+45.5%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts	$9.3M2025-12-31	$8.1M	+14.8%	$9.3M	$8.1M	+14.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01