Vertiv

Vertiv makes power and cooling equipment for data centers, communication networks and commercial and industrial buildings. Its products include uninterruptible power supplies, switchgear, busbar, power distribution units, air and liquid cooling systems, racks and prefabricated modular units. It also sells services and spare parts for the equipment that it installs. In Q3 2026, products gave $3,594 million and services and spares $719 million of net sales of $4,313 million.

The Americas gave $2,989 million, Asia Pacific $779 million and Europe, Middle East and Africa $545 million. Most demand comes from data centers of cloud companies, colocation operators and other companies that build capacity for artificial intelligence (AI). On October 26, 2026, Vertiv bought UtilityInnovation Group, which designs microgrids and power systems on the customer side of the electricity meter. Vertiv had about 34,000 employees at December 31, 2025.

The head office is in Westerville, Ohio. Giordano Albertazzi is Chief Executive Officer, and Dave Cote is Executive Chairman.

Vertiv trades below its intrinsic value because investors are careful about how long the fast growth in AI data center spending can last, and about the price of its acquisitions. In Q3 2026, net sales rose 61% to $4,313 million, organic orders rose more than 100%, and adjusted diluted EPS rose 78% to $2.21. Vertiv raised its 2026 guidance to net sales of $14,450 million to $14,850 million and adjusted diluted EPS of $7.10 to $7.20.

For the gap to close, three things must be true. Data center customers must keep their large orders in 2027, so that the orders become sales. The adjusted operating margin, 25.2% in Q3 2026, must stay high while Vertiv adds factory capacity.

UtilityInnovation Group, bought for about $1.45 billion in cash and up to $1.15 billion more in earnout payments, must add to earnings as planned. The Q4 2026 report, expected in late January 2027, with the first guidance for 2027, is the next test. If orders and margins stay strong, the gap can close within one to two years.

1. Oct 28, 2026Passed

   Q3 2026 results: orders and marginsOrganic orders growth and an adjusted operating margin of 24% or more pass; a fall in orders fails.Outcome: Organic orders rose more than 100%, and the adjusted operating margin was 25.2%.
2. Jan 28, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 adjusted diluted EPS of $7.10 or more and 2027 guidance for more sales growth pass; guidance for lower sales fails.
3. Q4 2027 · est.Pending

   UtilityInnovation Group earnoutUtilityInnovation Group reaches its 12-month EBITDA target passes; a large shortfall or an impairment fails.

Every passed and failed checkpoint across all picks

• October 28, 2026Vertiv reported Q3 2026 results. Net sales rose 61% to $4,313 million, with organic growth of 55%, and organic orders rose more than 100%. Operating profit rose 90% to $984 million, and the adjusted operating margin was 25.2%. Diluted EPS was $1.95, and adjusted diluted EPS rose 78% to $2.21. Vertiv raised its 2026 guidance to net sales of $14,450 million to $14,850 million and adjusted diluted EPS of $7.10 to $7.20.
• October 26, 2026Vertiv completed the acquisition of UtilityInnovation Group for about $1.45 billion in cash. It can pay up to $1.15 billion more in cash if the business reaches EBITDA targets over 12 and 24 months. Vertiv said that the price is about 13 times the expected 2027 EBITDA of the business. On the same day, it completed the acquisition of King Environmental Services, a fluid management and load testing company in Ireland, for an amount that it did not disclose.
• September 2, 2026Vertiv signed the agreement to buy UtilityInnovation Group. The board also declared a quarterly dividend of $0.0625 per share, paid on September 24, 2026.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · vrt-20260930
• 8-KEarnings release and Investor disclosureFiled October 28, 2026 · vrt-20261028
• 8-KAcquisition or sale completed and Investor disclosureFiled October 27, 2026 · vrt-20261027
• 8-KInvestor disclosureFiled October 26, 2026 · vrt-20261026
• 8-KInvestor disclosureFiled September 24, 2026 · vrt-20260924
• 8-KNew material agreement and Investor disclosureFiled September 2, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 2, 2026 · vrt-20260902
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · vrt-20260630
• 8-KEarnings release and Investor disclosureFiled July 29, 2026 · vrt-20260729
• 8-KShareholder vote resultsFiled June 18, 2026 · vrt-20260617

Every filing on SEC EDGAR (CIK 1674101)

• Most demand comes from data centers for AI and cloud computing. If these customers spend less or delay projects, orders and sales can fall fast after a period of strong growth.
• Large cloud and colocation customers give a large part of the orders. They can ask for better contract terms, and a cancelled order lowers the sales that Vertiv expects from its backlog.
• Vertiv competes with large companies such as Schneider Electric, Eaton, Legrand and Huawei. New technology, such as higher rack power and liquid cooling, can change which products customers want.
• Vertiv grows partly through acquisitions. Changes in the value of contingent consideration cost $96 million in the first nine months of 2026, and an acquisition such as UtilityInnovation Group can earn less than planned.
• Tariffs and other trade rules can raise the cost of parts and of products that Vertiv makes in other countries.

Vertiv funds itself mainly with cash flow and senior notes. On March 3, 2026, it issued $2,100 million of senior unsecured notes: $600 million at 4.850% due 2036, $500 million at 5.650% due 2046, $500 million at 5.800% due 2056 and $500 million at 5.950% due 2066. Read more

Dividend yield

0.1% (last 12 months, at today’s price of $200.47)

Paid per share

$0.252 in the last 12 months (4 payments)

Current annual rate

$0.252 ($0.063 × 4 a year)

Payout ratio

5% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 14, 2026, $0.063 per share

Dividends per share by year

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.