NYSE: VRT
Vertiv
Industrials · Electronic Components, NEC
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$92.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | $1.16B |
| FY2019, ended Dec 31, 2019 | $3.62B |
| FY2020, ended Dec 31, 2020 | $6.56B |
| FY2021, ended Dec 31, 2021 | $9.39B |
| FY2022, ended Dec 31, 2022 | $5.16B |
| FY2023, ended Dec 31, 2023 | $18.3B |
| FY2024, ended Dec 31, 2024 | $43.3B |
| FY2025, ended Dec 31, 2025 | $62.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $92.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$13.1B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | $0 |
| FY2018, ended Dec 31, 2018 | $4.29B |
| FY2019, ended Dec 31, 2019 | $4.43B |
| FY2020, ended Dec 31, 2020 | $4.37B |
| FY2021, ended Dec 31, 2021 | $5.00B |
| FY2022, ended Dec 31, 2022 | $5.69B |
| FY2023, ended Dec 31, 2023 | $6.86B |
| FY2024, ended Dec 31, 2024 | $8.01B |
| FY2025, ended Dec 31, 2025 | $10.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $13.1B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$303K | — |
| FY2017, ended Dec 31, 2017 | −$1.28K | — |
| FY2018, ended Dec 31, 2018 | −$314M | −$287M |
| FY2019, ended Dec 31, 2019 | −$141M | $9.90M |
| FY2020, ended Dec 31, 2020 | −$327M | $165M |
| FY2021, ended Dec 31, 2021 | $120M | $138M |
| FY2022, ended Dec 31, 2022 | $76.6M | −$253M |
| FY2023, ended Dec 31, 2023 | $460M | $773M |
| FY2024, ended Dec 31, 2024 | $496M | $1.15B |
| FY2025, ended Dec 31, 2025 | $1.33B | $1.89B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.10B | $3.15B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.51B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | $398M |
| FY2018, ended Dec 31, 2018 | $215M |
| FY2019, ended Dec 31, 2019 | $224M |
| FY2020, ended Dec 31, 2020 | $535M |
| FY2021, ended Dec 31, 2021 | $439M |
| FY2022, ended Dec 31, 2022 | $261M |
| FY2023, ended Dec 31, 2023 | $780M |
| FY2024, ended Dec 31, 2024 | $1.23B |
| FY2025, ended Dec 31, 2025 | $1.73B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.51B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.93B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | $3.47B |
| FY2020, ended Dec 31, 2020 | $2.15B |
| FY2021, ended Dec 31, 2021 | $2.97B |
| FY2022, ended Dec 31, 2022 | $3.19B |
| FY2023, ended Dec 31, 2023 | $2.94B |
| FY2024, ended Dec 31, 2024 | $2.93B |
| FY2025, ended Dec 31, 2025 | $2.91B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.93B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 226% since 2018.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.385M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | 118M |
| FY2019, ended Dec 31, 2019 | 328M |
| FY2020, ended Dec 31, 2020 | 351M |
| FY2021, ended Dec 31, 2021 | 376M |
| FY2022, ended Dec 31, 2022 | 378M |
| FY2023, ended Dec 31, 2023 | 382M |
| FY2024, ended Dec 31, 2024 | 381M |
| FY2025, ended Dec 31, 2025 | 383M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 385M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $57.7M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | — | $25.0K | — |
| FY2017, ended Dec 31, 2017 | — | — | — | — |
| FY2018, ended Dec 31, 2018 | — | $0 | $0 | — |
| FY2019, ended Dec 31, 2019 | — | $0 | $0 | — |
| FY2020, ended Dec 31, 2020 | — | $13.0M | $1.83B | $179M |
| FY2021, ended Dec 31, 2021 | — | $23.2M | $0 | $601M |
| FY2022, ended Dec 31, 2022 | $0 | $24.7M | $0 | — |
| FY2023, ended Dec 31, 2023 | $0 | $25.0M | — | — |
| FY2024, ended Dec 31, 2024 | $600M | $34.6M | — | — |
| FY2025, ended Dec 31, 2025 | $0 | $45.9M | — | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $57.7M | — | — |
Revenue (TTM)
$13.1B
+35.3% YoY
Net income (TTM)
$2.10B
+103% YoY
Cash
$3.51B
+152% YoY
Total debt
$2.93B
+0.3% YoY
Valuation
At current price- Market Cap
- $89.5B
- P/E
- 42.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.8×
- Price / Book
- 16.3×
- EV / EBITDA
- 29.1×
Growth
Trailing 12 months- Revenue (TTM)
- $13.1B
- Revenue Growth YoY
- 35.3%
- Revenue CAGR 3Y
- 21.6%
- Revenue CAGR 5Y
- 18.5%
- EPS Growth YoY
- 102%
- Net Income Growth YoY
- 103%
Profitability
Trailing 12 months- Gross Margin
- 38.1%
- Operating Margin
- 20.1%
- Net Margin
- 16.0%
- FCF Margin
- 24.0%
- Return on Equity
- 46.6%
Earnings
Trailing 12 months- Net Income
- $2.10B
- EPS (diluted)
- $5.35
- EBITDA
- $3.06B
- Operating Income
- $2.64B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $3.51B
- Total Debt
- $2.93B
- Net Cash
- $584M
- Total Assets
- $18.2B
- Total Liabilities
- $12.7B
- Shareholders' Equity
- $5.50B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.67B
- Capital Expenditure
- $518M
- Free Cash Flow
- $3.15B
Dividends and risk
Last 12 months- Dividend Yield
- 0.1%
- Dividend / Share
- $0.25
- Beta (5Y)
- 2.03
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 35.3% over the last year, to $13.1B.
Strength
Operating margin widened 2.5 pts in a year, to 20.1%.
Strength
Holds more cash than debt, with $584M in net cash.
Strength
Turns 24.0% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K75Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 13, 2026 · Read the filing on EDGAR
- Sales rose 27.7% to $10.23 billion and operating profit rose 33.8% to $1.83 billion; net income rose 169% as the 2024 warrant loss did not repeat.
- Order backlog roughly doubled to about $15.0 billion from $7.2 billion, driven by AI data center demand.
- The SEC closed its investigation without recommending action; the shareholder lawsuits are still pending.
- Vertiv spent about $1.18 billion on acquisitions, including Great Lakes and PurgeRite, and plans to roughly double capital spending in 2026.
Business momentum
Strong improvement
“Net sales were $10,229.9 in 2025, an increase of $2,218.1, or 27.7%, compared with $8,011.8 in 2024.”
Outlook
Positive
“We expect to have capital expenditures (including capitalized software) of $425 to $525 in 2026 in order to support capacity expansion across the business.”
Financial stress
Low
“At December 31, 2025, we had $1,728.4 in cash and cash equivalents and $99.5 in short-term investments”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Backlog roughly doubled
“Vertiv’s estimated combined order backlog was approximately $15.0 billion and $7.2 billion, respectively.”
Operating cash flow up 60%
“Net cash provided by operating activities was $2,113.8 in 2025, a $794.5 increase in cash generation compared to 2024.”
SEC closed its investigation
“the SEC’s Division of Enforcement informed the Company that it had concluded its investigation as to the Company and did not intend to recommend any enforcement action”
Concerns
Europe, Middle East & Africa profit fell
“Operating profit (loss) in 2025 was $377.4, a decrease of $62.0, or 14.1%, compared with 2024.”
Tariff costs held back gross margin
“Margin was relatively flat as benefits from higher sales volume and improved price realization were offset by cost inflation, particularly related to tariffs.”
Restructuring and corporate costs rose sharply
“Corporate and other costs increased $122.9 compared to 2024 primarily due to an increase in restructuring costs and an increase in certain employee related costs.”
New risks since the previous report
Local opposition or bans on building data centers
China could restrict exports of rare earth elements
“including potential control from China on rare earth elements, may increase our costs”
Big AI customers pushing more project risk onto Vertiv
“or that allocate a greater share of project and schedule risk to us”
Backlog from acquired companies may be easier for customers to cancel
“The contracts associated with our acquisitions may have differing terms, allowing customers to reduce firm orders or terminate contracts, with varying costs.”
Biggest risks named
- Dependence on continued data center and AI spending
- US tariffs and trade conflicts raising costs
- Large customers' bargaining power and backlog cancellations
- Keeping pace with cooling and power technology shifts
- Integrating acquisitions and scaling new manufacturing capacity
Artificial intelligence in this business: Core to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 75 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 13, 2026 | 75 | Strong improvement | None | |
| 10-K | Feb 18, 2025 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 23, 2024 | 71 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 27, 2023 | 40 | Mixed | 1 medium1 minor | |
| 10-K | Mar 1, 2022 | 69 | Strong improvement | 1 minor | |
| 10-K | Mar 1, 2021 | 27 | Sharp deterioration | 1 serious1 minor | |
| 10-K | Mar 12, 2020 | 44 | Weakening | None | |
| 10-K | Mar 13, 2019 | 58 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR