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VRTVertiv

Industrials · Electronic Components · NYSE

Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments. 10-K, Item 1

VRT quote by TradingView
Employees
34,000
Headquarters
Westerville, OH
CEO
Giordano Albertazzi
Next results
around Feb 10, 2027
Compare with peers → Embed
All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)5.35Sales (ttm)13.1BNet income (ttm)2.1BSales growth+27.7%EPS growth+166%Sales Q/Q+61.2%
Free cash flow3.1BGross margin38.1%Oper. margin20.1%Net margin16.0%FCF margin24.0%ROE38.1%
ROA11.5%R&D / sales4.3%Dividend-Debt/Eq0.53Curr. ratio1.39Cash3.5B
Op. cash flow (ttm)3.7BEBITDA2.1BEBITDA margin20.9%Net debt-584.4MQuick ratio1.22Interest cover21.25
ROIC16.6%Tax rate23.5%Stock pay / sales0.4%Shares out.385.1MShares Y/Y+1.1%Book / share14.29
Cash / share9.12Sales / share34.06Asset turnover0.72Inventory turns4.47Days sales out.111Sales 3Y CAGR+21.6%
Sales 5Y CAGR+18.5%Employees34,000Sales / employee386K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 64%$1.2B → $1.9B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +27.7%+16.7% → +27.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

VRT against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
VRTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+27.7%5th of 82 · median +4.8%
Net margin
16.0%23rd of 82 · median 13.0%
Return on equity
38.1%17th of 77 · median 24.9%
Free cash flow margin
24.0%8th of 79 · median 13.0%
Debt / equity (less is better)
0.5321st of 72 · median 0.72
VRT and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
VRT Vertiv$13.1B +27.7%38.1%16.0%38.1%24.0%0.53
HII Huntington Ingalls Industries$13.5B +8.2%-5.4%13.3%2.4%0.49
JBHT J.B. Hunt$13.3B -0.7%-5.1%18.6%7.3%0.31
EXPD Expeditors International$13.2B +4.4%-7.9%44.5%7.0%-
NSC Norfolk Southern$13.0B +0.5%-20.7%16.0%12.7%0.99
FIX Comfort Systems USA$12.5B +29.5%25.6%13.0%48.9%19.5%0.01

From $5.0B of sales to $119.6M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.5BRevenue to Cost of revenue: $3.5BGross profit to Operating profit: $259.9MGross profit to Operating expenses: $1.3BOperating profit to Net profit: $119.6MOperating profit to Tax & other: $140.3MOperating expenses to R&D: $266.4MOperating expenses to Sales, admin & other: $996.4M Revenue: $5.0B Revenue$5.0B +14% Y/Y Gross profit: $1.5B · 30% margin Gross profit$1.5B30% margin Cost of revenue: $3.5B · 70% of revenue Cost of revenue$3.5B70% of revenue Operating profit: $259.9M · 5% margin Operating profit$259.9M5% margin +22% Y/Y Operating expenses: $1.3B · 25% of revenue Operating expenses$1.3B25% of revenue Net profit: $119.6M · 2% margin Net profit$119.6M2% margin Tax & other: $140.3M · 3% of revenue Tax & other$140.3M3% of revenue R&D: $266.4M · 5% of revenue R&D$266.4M5% of revenue Sales, admin & other: $996.4M · 20% of revenue Sales, admin & other$996.4M20% of revenue

Swipe sideways for the whole flow →

From $5.7B of sales to $76.6M of profit

FY2022, from the 10-K income statement and revenue by segment
Americas to Revenue: $2.7BAsia Pacific to Revenue: $1.6BEurope, Middle East, & Africa to Revenue: $1.4BRevenue to Gross profit: $1.6BRevenue to Cost of revenue: $4.1BGross profit to Operating profit: $223.4MGross profit to Operating expenses: $1.4BOperating profit to Net profit: $76.6MOperating profit to Tax & other: $146.8MOperating expenses to R&D: $282.0MOperating expenses to Sales, admin & other: $1.1B Americas: $2.7B · 48% Americas$2.7B48% Asia Pacific: $1.6B · 28% Asia Pacific$1.6B28% Europe, Middle East, & Africa: $1.4B · 24% Europe, Middle East, &…$1.4B24% Revenue: $5.7B Revenue$5.7B +14% Y/Y Gross profit: $1.6B · 28% margin Gross profit$1.6B28% margin Cost of revenue: $4.1B · 72% of revenue Cost of revenue$4.1B72% of revenue Operating profit: $223.4M · 4% margin Operating profit$223.4M4% margin −14% Y/Y Operating expenses: $1.4B · 24% of revenue Operating expenses$1.4B24% of revenue Net profit: $76.6M · 1% margin Net profit$76.6M1% margin −36% Y/Y Tax & other: $146.8M · 3% of revenue Tax & other$146.8M3% of revenue R&D: $282.0M · 5% of revenue R&D$282.0M5% of revenue Sales, admin & other: $1.1B · 20% of revenue Sales, admin & other$1.1B20% of revenue

Swipe sideways for the whole flow →

From $6.9B of sales to $460.2M of profit

FY2023, from the 10-K income statement and revenue by segment
Americas to Revenue: $3.8BAsia Pacific to Revenue: $1.5BEurope, Middle East, & Africa to Revenue: $1.5BRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $4.5BGross profit to Operating profit: $872.2MGross profit to Operating expenses: $1.5BOperating profit to Net profit: $460.2MOperating profit to Tax & other: $412.0MOperating expenses to R&D: $303.5MOperating expenses to Sales, admin & other: $1.2B Americas: $3.8B · 56% Americas$3.8B56% Asia Pacific: $1.5B · 22% Asia Pacific$1.5B22% Europe, Middle East, & Africa: $1.5B · 22% Europe, Middle East, &…$1.5B22% Revenue: $6.9B Revenue$6.9B +21% Y/Y Gross profit: $2.4B · 35% margin Gross profit$2.4B35% margin Cost of revenue: $4.5B · 65% of revenue Cost of revenue$4.5B65% of revenue Operating profit: $872.2M · 13% margin Operating profit$872.2M13% margin +290% Y/Y Operating expenses: $1.5B · 22% of revenue Operating expenses$1.5B22% of revenue Net profit: $460.2M · 7% margin Net profit$460.2M7% margin +501% Y/Y Tax & other: $412.0M · 6% of revenue Tax & other$412.0M6% of revenue R&D: $303.5M · 4% of revenue R&D$303.5M4% of revenue Sales, admin & other: $1.2B · 18% of revenue Sales, admin & other$1.2B18% of revenue

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From $8.0B of sales to $495.8M of profit

FY2024, from the 10-K income statement and revenue by segment
Americas to Revenue: $4.5BAsia Pacific to Revenue: $1.7BEurope, Middle East, & Africa to Revenue: $1.8BRevenue to Gross profit: $2.9BRevenue to Cost of revenue: $5.1BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $1.6BOperating profit to Net profit: $495.8MOperating profit to Tax & other: $871.6MOperating expenses to R&D: $367.6MOperating expenses to Sales, admin & other: $1.2B Americas: $4.5B · 56% Americas$4.5B56% Asia Pacific: $1.7B · 21% Asia Pacific$1.7B21% Europe, Middle East, & Africa: $1.8B · 22% Europe, Middle East, &…$1.8B22% Revenue: $8.0B Revenue$8.0B +17% Y/Y Gross profit: $2.9B · 37% margin Gross profit$2.9B37% margin Cost of revenue: $5.1B · 63% of revenue Cost of revenue$5.1B63% of revenue Operating profit: $1.4B · 17% margin Operating profit$1.4B17% margin +57% Y/Y Operating expenses: $1.6B · 20% of revenue Operating expenses$1.6B20% of revenue Net profit: $495.8M · 6% margin Net profit$495.8M6% margin +8% Y/Y Tax & other: $871.6M · 11% of revenue Tax & other$871.6M11% of revenue R&D: $367.6M · 5% of revenue R&D$367.6M5% of revenue Sales, admin & other: $1.2B · 15% of revenue Sales, admin & other$1.2B15% of revenue

Swipe sideways for the whole flow →

From $10.2B of sales to $1.3B of profit

FY2025, from the 10-K income statement and revenue by segment
Americas to Revenue: $6.4BAsia Pacific to Revenue: $2.0BEurope, Middle East, & Africa to Revenue: $1.8BRevenue to Gross profit: $3.7BRevenue to Cost of revenue: $6.5BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $1.9BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $496.9MOperating expenses to R&D: $441.7MOperating expenses to Sales, admin & other: $1.4B Americas: $6.4B · 62% Americas$6.4B62% Asia Pacific: $2.0B · 20% Asia Pacific$2.0B20% Europe, Middle East, & Africa: $1.8B · 18% Europe, Middle East, &…$1.8B18% Revenue: $10.2B Revenue$10.2B +28% Y/Y Gross profit: $3.7B · 36% margin Gross profit$3.7B36% margin Cost of revenue: $6.5B · 64% of revenue Cost of revenue$6.5B64% of revenue Operating profit: $1.8B · 18% margin Operating profit$1.8B18% margin +34% Y/Y Operating expenses: $1.9B · 18% of revenue Operating expenses$1.9B18% of revenue Net profit: $1.3B · 13% margin Net profit$1.3B13% margin +169% Y/Y Tax & other: $496.9M · 5% of revenue Tax & other$496.9M5% of revenue R&D: $441.7M · 4% of revenue R&D$441.7M4% of revenue Sales, admin & other: $1.4B · 14% of revenue Sales, admin & other$1.4B14% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median16.0% vs 13.0%
  • ✓
    Return on equity above 15%38.1%
  • !
    A profit in 5 of 9 years
Net margin, FY2017 to FY2025: -7.3% → 13.0%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 21.3× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.53 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.39
  • ✓
    More cash than debtNet cash $584.4M
Debt / equity at each year end, FY2017 to FY2025: 4.20 → 0.74
What the debt is made of ↓

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 6 of 8 years$1.9B last year
  • !
    Share count up over 5 years+27.2%
  • ✓
    Cash from operations above net income$2.1B vs $1.3B
Free cash flow, FY2017 to FY2025: -286.5M → 1.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $2.9B Debt$2.9B Long-term debt: $2.9B · 100% Long-term debt$2.9B · 100% Due within a year: $3.4M · 0% Due within a year$3.4M · 0% Next 12 months: $20.9M · 1% Next 12 months$20.9M · 1% Year 2: $20.9M · 1% Year 2$20.9M · 1% Year 3: $870.9M · 30% Year 3$870.9M · 30% Year 4: $20.9M · 1% Year 4$20.9M · 1% Year 5: $20.9M · 1% Year 5$20.9M · 1%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
Senior Secured Notes due 2028 at 4.125% at both December 31, 2025 and 2024, respectivelySecured–not stated$850.0M

From the debt note in the 10-K's XBRL (0001674101-26-000008), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2025

Revenue 10.2B Net income 1.3B
FY2017 revenue 0 · Revenues, 0001104659-20-032055 FY2017 net income -1K · NetIncomeLoss, 0001104659-20-032055 0 FY2017 FY2018 revenue 4.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-21-008318 FY2018 net income -314.0M · NetIncomeLoss, 0001628280-21-008318 4.3B FY2018 FY2019 revenue 4.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-22-004533 FY2019 net income -140.8M · NetIncomeLoss, 0001628280-22-004533 4.4B FY2019 FY2020 revenue 4.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-23-005248 FY2020 net income -327.3M · NetIncomeLoss, 0001628280-23-005248 4.4B FY2020 FY2021 revenue 5.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-24-006498 FY2021 net income 119.6M · NetIncomeLoss, 0001628280-24-006498 5.0B FY2021 FY2022 revenue 5.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-25-005905 FY2022 net income 76.6M · NetIncomeLoss, 0001628280-25-005905 5.7B FY2022 FY2023 revenue 6.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001674101-26-000008 FY2023 net income 460.2M · NetIncomeLoss, 0001674101-26-000008 6.9B FY2023 FY2024 revenue 8.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001674101-26-000008 FY2024 net income 495.8M · NetIncomeLoss, 0001674101-26-000008 8.0B FY2024 FY2025 revenue 10.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001674101-26-000008 FY2025 net income 1.3B · NetIncomeLoss, 0001674101-26-000008 10.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

VRT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue10.2B
FY2016: -FY2017: 0FY2018: 4.3BFY2019: 4.4BFY2020: 4.4BFY2021: 5.0BFY2022: 5.7BFY2023: 6.9BFY2024: 8.0BFY2025: 10.2B FY2017FY2019FY2021FY2023FY2025
Net income1.3B
FY2016: -303KFY2017: -1KFY2018: -314.0MFY2019: -140.8MFY2020: -327.3MFY2021: 119.6MFY2022: 76.6MFY2023: 460.2MFY2024: 495.8MFY2025: 1.3B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.9B
FY2016: -FY2017: -FY2018: -286.5MFY2019: 9.9MFY2020: 164.5MFY2021: 137.5MFY2022: -252.8MFY2023: 772.6MFY2024: 1.2BFY2025: 1.9B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)3.41
FY2016: -FY2017: -FY2018: -2.65FY2019: -1.19FY2020: -1.07FY2021: 0.33FY2022: -0.04FY2023: 1.19FY2024: 1.28FY2025: 3.41 FY2017FY2019FY2021FY2023FY2025
Diluted shares390.7M
FY2016: -FY2017: -FY2018: 118.3MFY2019: 118.3MFY2020: 307.1MFY2021: 360.1MFY2022: 378.2MFY2023: 386.2MFY2024: 386.3MFY2025: 390.7M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Americas 6.4B62.4% +41.9%
Asia Pacific 2.0B19.7% +17.5%
Europe, Middle East, & Africa 1.8B17.8% +1.7%

10-K 0001674101-26-000008, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Products 8.2B80.2% +31.4%
Services & spares 2.0B19.8% +14.5%

10-K 0001674101-26-000008, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 6.0B58.8% +47.2%
Asia Pacific 2.0B19.7% +18.7%
Europe 1.5B14.4% -3.2%
Latin America and Canada 436.9M4.3% +2.3%
Middle East/Africa 284.5M2.8% +3.8%

10-K 0001674101-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue-04.3B4.4B4.4B5.0B5.7B6.9B8.0B10.2B
Cost of revenue--2.9B3.0B2.9B3.5B4.1B4.5B5.1B6.5B
R&D--198.3M229.4M228.6M266.4M282.0M303.5M367.6M441.7M
SG&A-1K1.2B1.1B1.0B1.1B1.2B1.3B1.4B1.6B
Operating income---206.1M213.5M259.9M223.4M872.2M1.4B1.8B
Interest expense--288.8M310.4M150.4M90.6M147.3M180.1M150.4M86.1M
Pretax income--1K-271.0M-104.3M-254.6M166.2M167.0M533.7M765.4M1.7B
Income tax-049.9M36.5M72.7M46.6M90.4M73.5M269.6M409.1M
Net income-303K-1K-314.0M-140.8M-327.3M119.6M76.6M460.2M495.8M1.3B
EPS (diluted)---2.65-1.19-1.070.33-0.041.191.283.41
Diluted shares--118.3M118.3M307.1M360.1M378.2M386.2M386.3M390.7M
Depreciation & amortization--217.0M202.9M203.1M227.0M302.4M271.0M277.0M308.6M
EBITDA---409.0M416.6M486.9M525.8M1.1B1.6B2.1B
Operating margin---4.7%4.9%5.2%3.9%12.7%17.1%17.9%
Net margin---7.3%-3.2%-7.5%2.4%1.3%6.7%6.2%13.0%
Revenue growth---+3.4%-1.4%+14.4%+13.9%+20.6%+16.7%+27.7%
EPS growth-------112%-+7.6%+166%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash-398.2M215.1M223.5M534.6M439.1M260.6M780.4M1.2B1.7B
Receivables---1.2B1.4B1.5B1.9B2.1B2.4B3.1B
Inventory---401.0M446.6M616.3M822.0M884.3M1.2B1.5B
Current assets-25K1.2M2.0B2.5B2.7B3.2B4.0B5.1B6.8B
Property & equipment---428.2M427.6M489.3M489.4M560.1M625.1M921.8M
Goodwill--634.0M605.8M607.2M1.3B1.3B1.3B1.3B2.0B
Total assets-25K697.3M4.7B5.1B6.9B7.1B8.0B9.1B12.2B
Accounts payable-1K644K636.8M730.5M858.5M984.0M986.4M1.3B1.8B
Current liabilities-1K1.3M1.5B1.7B1.9B1.9B2.3B3.1B4.4B
Total debt---3.5B2.2B3.0B3.2B2.9B2.9B2.9B
Total liabilities-1K25.4M5.4B4.6B5.5B5.7B6.0B6.7B8.3B
Shareholders' equity25K-129.6M-540.3M-704.8M512.1M1.4B1.4B2.0B2.4B3.9B
Retained earnings--305K4.7M-1.0B-1.3B-1.2B-1.1B-691.9M-238.3M1.0B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow-25K--221.9M57.5M208.9M210.9M-152.8M900.5M1.3B2.1B
Capital spending--64.6M47.6M44.4M73.4M100.0M127.9M167.0M220.0M
Free cash flow---286.5M9.9M164.5M137.5M-252.8M772.6M1.2B1.9B
Stock-based pay (added back)--0013.0M23.2M24.7M25.0M34.6M45.9M
Dividends paid--003.3M3.8M3.8M9.5M42.2M66.6M
Buybacks------00599.9M0
Acquisitions--124.3M001.2B5.0M28.8M17.6M1.2B
Debt raised--002.2B-----
Debt repaid---03.5B21.8M16.4M27.1M21.1M20.9M
Investing cash flow---207.7M-65.3M-45.7M-1.2B-112.1M-139.1M-201.7M-1.5B
Financing cash flow25K-245.1M14.8M140.7M914.9M100.2M-247.5M-652.1M-72.3M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)--0013.0M23.2M24.7M25.0M34.6M45.9M
Stock-based pay / revenue--0.0%0.0%0.3%0.5%0.4%0.4%0.4%0.4%
Operating lease cost---49.7M53.3M56.3M58.7M63.7M67.1M83.7M
Operating lease cash paid---51.7M53.3M55.6M57.9M62.7M66.4M83.4M
Right-of-use assets---110.4M145.8M152.9M166.4M173.5M202.1M303.0M
Operating lease liabilities---113.2M149.6M155.7M175.6M183.9M212.4M314.5M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on VRT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/VRT/export.csv") into a cell.