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Vertiv Holdings Co VRT

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Vertiv's deferred revenue doubled to $3.6B in six months, customers paying in advance for power and cooling gear they cannot get elsewhere fast enough, and the company just raised every number in its full-year guide.

The setup turns on duration: 39 times this year's adjusted earnings is a bet that the data-center buildout is an infrastructure decade, not a capex spike, and the price leaves little room for the second answer.

VRT · price with moving averages

Daily · 6MWeekly · 3Y
$-5$96$197$298$399 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Vertiv sells the physical layer of the AI boom: the power distribution, precision cooling, racks and service contracts that keep data centers running. Every megawatt of new AI compute needs roughly its own weight in Vertiv's categories, and liquid cooling for dense GPU racks is the newest attach. Customers are hyperscalers and colocation builders ordering years ahead. The moat is a mix of installed-base service, an engineer-heavy sales motion, and being one of very few vendors who can deliver integrated power-and-cooling at gigawatt scale on schedule, which in a shortage is the only spec that matters.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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