Vertiv Holdings Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Vertiv Holdings Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		0	4,286	4,431	4,371	4,998	5,692	6,863	8,012	10,230
Cost of revenue			2,865	2,978	2,897	3,475	4,075	4,463	5,078	6,515
Gross profit			1,420	1,453	1,474	1,523	1,616	2,401	2,934	3,715
Research and development			198	229	229	266	282	304	368	442
Selling, general and administrative			1,224	1,101	1,008	1,109	1,178	1,312	1,374	1,618
General and administrative		0	1.04	7.74
Operating income				206	214	260	223	872	1,367	1,830
Interest expense			289	310	150	90.6	147	180	150	86.1
Pre-tax income		-0	-271	-104	-255	166	167	534	765	1,742
Income tax		0	49.9	36.5	72.7	46.6	90.4	73.5	270	409
Net income	-0.3	-0	-314	-141	-327	120	76.6	460	496	1,333
EBITDA				409	417	487	526	1,143	1,644	2,138
EPS, basic			-2.65	-1.19	-1.07	0.34	0.20	1.21	1.32	3.49
EPS, diluted			-2.65	-1.19	-1.07	0.33	-0.04	1.19	1.28	3.41
Shares, basic (weighted)			118	118	307	356	377	380	376	382
Shares, diluted (weighted)			118	118	307	360	378	386	386	391

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		398	215	224	535	439	261	780	1,228	1,728
Receivables				1,212	1,354	1,536	1,889	2,118	2,363	3,109
Inventory				401	447	616	822	884	1,244	1,457
Other current assets			0.34	181	183	107	187	219	267	426
Total current assets		0.03	1.18	2,017	2,519	2,699	3,159	4,002	5,102	6,820
Property, plant and equipment				428	428	489	489	560	625	922
Lease right-of-use assets				110	146	153	166	174	202	303
Goodwill			634	606	607	1,330	1,285	1,330	1,321	2,034
Intangible assets				1,442	1,303	2,138	1,816	1,673	1,487	1,895
Other non-current assets				155	197	82.6	134	100	92	60
Total assets		0.03	697	4,657	5,074	6,940	7,096	7,999	9,133	12,212
Accounts payable		0	0.64	637	731	859	984	986	1,316	1,756
Accrued liabilities				868	902	953	514	612	613	772
Deferred revenue				161	200	239	359	639	1,063	1,815
Short-term debt				0	22	21.8	21.8	21.8	21	20.9
Total current liabilities		0	1.28	1,520	1,742	1,855	1,898	2,305	3,097	4,407
Long-term debt				3,467	2,131	2,951	3,169	2,919	2,907	2,892
Lease liabilities				78.2	107	114	130	141	167	245
Other non-current liabilities				251	485	253	220	262	282	494
Total liabilities		0	25.4	5,362	4,562	5,522	5,654	5,984	6,698	8,271
Total debt				3,467	2,153	2,972	3,191	2,941	2,928	2,913
Paid-in capital		0.33	0.27	278	1,792	2,598	2,631	2,711	2,821	2,895
Retained earnings		-0.3	4.73	-1,001	-1,331	-1,215	-1,143	-692	-238	1,028
Treasury stock								0
Other comprehensive income				18.1	51.5	35.6	-46.2	-4.5	-149	18.2
Shareholders' equity	0.03	-130	-540	-705	512	1,418	1,442	2,015	2,434	3,941
Total equity	0.03	-130	-540	-705	512	1,418	1,442	2,015	2,434	3,941
Total liabilities and equity		0.03	697	4,657	5,074	6,940	7,096	7,999	9,133	12,212
Shares outstanding				118	342	376	377	382	381	383

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.3	-0	5.03	4.39	-327	120	76.6	460	496	1,333
Depreciation and amortization			217	203	203	227	302	271	277	309
Stock-based compensation			0	0	13	23.2	24.7	25	34.6	45.9
Deferred income tax			-40.3	-13.8	-1.4	-69.8	-8.6	-132	-54.5	22.6
Change in receivables			-140	39.8	-115	-117	-368	-277	-280	-548
Change in inventory			-73.7	85.5	-38.5	-126	-211	-54	-369	-165
Change in payables		0	102	-141	78.2	105	133	-17.7	343	381
Cash from operations	-0.03		-222	57.5	209	211	-153	901	1,319	2,114
Capital expenditures			-64.6	-47.6	-44.4	-73.4	-100	-128	-167	-220
Acquisitions			-124	0	0	-1,164	-5	-28.8	-17.6	-1,185
Cash from investing			-208	-65.3	-45.7	-1,217	-112	-139	-202	-1,501
Debt issued			0	0	2,189
Debt repaid				0	-3,457	-21.8	-16.4	-27.1	-21.1	-20.9
Stock issued	0.03		0	0	1,833	0	0	27.4	33	26.4
Share buybacks							0	0	-600	0
Dividends paid			0	0	-3.3	-3.8	-3.8	-9.5	-42.2	-66.6
Cash from financing	0.03		245	14.8	141	915	100	-248	-652	-72.3
Exchange rate effect			11.6	1.4	5	-4.5	-9.2	1.5	-21.9	16.9
Net change in cash			-173	8.4	309	-95.5	-174	515	444	558
Free cash flow			-287	9.9	165	138	-253	773	1,152	1,894
Interest paid			260	272	167	75.1	133	177	156	127
Income taxes paid			58	48.7	64.7	97.3	105	153	273	428

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $253.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.0%	Gross profit / revenue.
Operating margin	18.9%	Operating income / revenue.
EBITDA margin	22.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.4%	Pre-tax income / revenue.
Net margin	15.1%	Net income / revenue.
FCF margin	25.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.2%	Cash from operations / revenue.
Effective tax rate	18.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	36.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.9%	Net income / average total assets.
Return on invested capital (ROIC)	36.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	15.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	21.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	26.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	32.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	33.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	101.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	53.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	30.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	59.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	38.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	168.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	159.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	166.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	60.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	58.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	64.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	63.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	61.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	39.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	50.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	33.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.38x	Current assets / current liabilities.
Quick ratio	0.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.62x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.5%	Total debt / total assets.
Liabilities / assets	70.1%	Total liabilities / total assets.
Net debt	$129.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	41.4x	Operating income / interest expense.
Working capital	$2.74B	Current assets - current liabilities.
Goodwill and intangibles / assets	25.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$673.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	9.69x	Revenue / average property, plant and equipment.
Inventory turnover	2.82x	Cost of revenue / average inventory.
Days inventory	129 days	365 x average inventory / cost of revenue.
Receivables turnover	3.06x	Revenue / average receivables.
Days sales outstanding	119 days	365 x average receivables / revenue.
Days payables	127 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	122 days	Days inventory + days sales outstanding - days payables.
FCF conversion	169.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.41	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.23	Revenue / diluted weighted shares.
FCF per share	$7.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.54	Cash from operations / diluted weighted shares.
Book value per share	$12.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.75	Tangible book value / shares outstanding.
Cash per share	$7.30	(Cash + short-term investments) / shares outstanding.
Payout ratio	5.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	2.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$97.51B	Share price x shares outstanding.
Enterprise value	$97.64B	Market cap + total debt - cash - short-term investments.
P/E	56.3x	Market cap / net income. Only when net income is positive.
P/S	8.49x	Market cap / revenue.
P/B	20.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	145x	Market cap / tangible book value, when positive.
P/FCF	33.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.1x	Market cap / cash from operations, when positive.
EV/Sales	8.51x	Enterprise value / revenue.
EV/EBIT	44.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	38.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.0%	Free cash flow / market cap.
Earnings yield	1.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was Vertiv Holdings Co's revenue in fiscal 2025?

Vertiv Holdings Co reported revenue of $10.23B for fiscal 2025, 27.7% higher than the year before.

Was Vertiv Holdings Co profitable in fiscal 2025?

Yes. Net income was $1.33B, a net margin of 13%.

How much free cash flow did Vertiv Holdings Co generate in fiscal 2025?

Cash from operations of $2.11B minus capital expenditures of $220.0M left free cash flow of $1.89B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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