Vertiv
VRT · NYSEElectronic Components, NEC · Fiscal year ends Dec 31
Vertiv reported revenue of $10.2B in the fiscal year ended Dec 2025, up 27.7% from the year before. Operating income was $1.8B, an operating margin of 17.9%, and net income was $1.3B. Operating cash flow of $2.1B less capital expenditure of $220M left free cash flow of $1.9B. Net debt was $1.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5B | $5.7B | $6.9B | $8B | $10.2B |
| Cost of revenue | $3.5B | $4.1B | $4.5B | $5.1B | $6.5B |
| Gross profit | $1.5B | $1.6B | $2.4B | $2.9B | $3.7B |
| Research & development | $266M | $282M | $304M | $368M | $442M |
| Selling, general & admin | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B |
| Operating income | $260M | $223M | $872M | $1.4B | $1.8B |
| Interest expense | $91M | $147M | $180M | $150M | $86M |
| Pre-tax income | $166M | $167M | $534M | $765M | $1.7B |
| Income tax | $47M | $90M | $74M | $270M | $409M |
| Net income | $120M | $77M | $460M | $496M | $1.3B |
| Diluted EPS | 0.33 | −0.04 | 1.19 | 1.28 | 3.41 |
| Diluted shares | 360M | 378M | 386M | 386M | 391M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $439M | $261M | $780M | $1.2B | $1.7B |
| Receivables | $1.5B | $1.9B | $2.1B | $2.4B | $3.1B |
| Inventory | $616M | $822M | $884M | $1.2B | $1.5B |
| Current assets | $2.7B | $3.2B | $4B | $5.1B | $6.8B |
| Net PP&E | $489M | $489M | $560M | $625M | $922M |
| Goodwill | $1.3B | $1.3B | $1.3B | $1.3B | $2B |
| Total assets | $6.9B | $7.1B | $8B | $9.1B | $12.2B |
| Payables | $859M | $984M | $986M | $1.3B | $1.8B |
| Deferred revenue | $239M | $359M | $639M | $1.1B | $1.8B |
| Current liabilities | $1.9B | $1.9B | $2.3B | $3.1B | $4.4B |
| Short-term debt | $22M | $22M | $22M | $21M | $21M |
| Long-term debt | $3B | $3.2B | $2.9B | $2.9B | $2.9B |
| Total liabilities | $5.5B | $5.7B | $6B | $6.7B | $8.3B |
| Shareholders' equity | $1.4B | $1.4B | $2B | $2.4B | $3.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $211M | −$153M | $901M | $1.3B | $2.1B |
| Capital expenditure | $73M | $100M | $128M | $167M | $220M |
| Free cash flow | $138M | −$253M | $773M | $1.2B | $1.9B |
| Depreciation & amortisation | $227M | $302M | $271M | $277M | $309M |
| Stock-based compensation | $23M | $25M | $25M | $35M | $46M |
| Acquisitions | $1.2B | $5M | $29M | $18M | $1.2B |
| Share buybacks | – | $0 | $0 | $600M | $0 |
| Dividends paid | $4M | $4M | $10M | $42M | $67M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.9% | 20.6% | 16.7% | 27.7% |
| Operating income growth (YoY) | – | −14.0% | 290.4% | 56.8% | 33.8% |
| EPS growth (YoY) | – | −112.1% | – | 7.6% | 166.4% |
| Gross margin | 30.5% | 28.4% | 35.0% | 36.6% | 36.3% |
| Operating margin | 5.2% | 3.9% | 12.7% | 17.1% | 17.9% |
| Net margin | 2.4% | 1.3% | 6.7% | 6.2% | 13.0% |
| Return on equityBlank when equity is negative | 8.4% | 5.3% | 22.8% | 20.4% | 33.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.1% | 4.3% | 15.3% | 22.7% | 23.4% |
| Free cash flow margin | 2.8% | −4.4% | 11.3% | 14.4% | 18.5% |
| Cash conversion (CFO ÷ net income) | 1.76x | −1.99x | 1.96x | 2.66x | 1.59x |
| Receivable days | 112 | 121 | 113 | 108 | 111 |
| Inventory days | 65 | 74 | 72 | 89 | 82 |
| Payable days | 90 | 88 | 81 | 95 | 98 |
| Interest cover | 2.87x | 1.52x | 4.84x | 9.09x | 21.3x |
| Debt ÷ equity | 2.10x | 2.21x | 1.46x | 1.20x | 0.74x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.5B | $2.9B | $2.2B | $1.7B | $1.2B |
| Current ratio | 1.45x | 1.66x | 1.74x | 1.65x | 1.55x |
Recent filings
More in Electronic Components, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.