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Vertiv Holdings

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Analysis

Vertiv 10-K Analysis: $15B Backlog, Zero GAAP Verification

Vertiv Holdings generated $10.2 billion in FY2025 revenue with 21.2% ROIC and doubled its backlog to $15 billion. But the 10-K contains no remaining performance obligation disclosure — the word 'backlog' appears only in narrative sections. Meanwhile, Q4 organic growth was Americas +46.2% against EMEA -14.1% and APAC -9.3%, and a $1.14 billion acquisition allocating 91% to intangibles accelerates amortization by $74 million per year. At ~73x trailing P/E — double the ~35x for Schneider Electric and Eaton — the valuation prices a global compounder. The filing shows a US pure-play with an unverifiable backlog.

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15 min
Analysis

VRT 10-K Analysis: The Hidden Math Behind 168% Earnings Growth

Vertiv Holdings reported 168.8% net income growth in FY 2025, but our earnings quality decomposition reveals that $203.5 million — nearly one-quarter — came from a non-repeating tax rate correction. The remaining 76% is durable operating leverage on $10.2 billion in revenue, backed by a $15 billion backlog with SaaS-like deferred revenue visibility. But the filing also reveals asymmetric risks: no disclosed cancellation penalties on that backlog, a widening GAAP-to-adjusted earnings gap, and percentage-of-completion estimation risk that grows with project scale.

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15 min

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