VRT.US: Q2'26 — AI rack power & liquid cooling

Snapshot

Price

USD 130

Mkt cap

USD 48.0B

Revenue

USD 13.1B

FY26 adj EPS guide

6.7

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Vertiv Q2 2026 net sales $3.274B (+24% YoY), adj EPS $1.52 (+60%). FY26 guide raised: sales $13.8–14.2B, adj EPS $6.65–6.75. AI rack power + liquid cooling + PurgeRite integration.

Business

Model: datacenter power, thermal, rack infra. Flagships: AI rack power; liquid cooling. Edge: synergy with CLS chain. Strategy: PurgeRite integration.

Value chain

AI DC infra downstream. Demand anchor: NVDA GPU clusters. Risks: project delays, rates.

Valuation

Volatility after Q2 revenue timing soft; backlog is key tracker.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
P/E（TTM 约）	约 38x	行情示意；以最新 EPS 为准
P/B	约 12x	净资产口径随季报更新
盈利收益率	约 2.6%	1/PE 近似
现价读法	约 130 USD	截至 2026-08-26 包内 KPI

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return):

Valuation & return · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

OCF and leverage per latest filings.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Q2 adj OM 22.6% (+410bps); adj FCF guide $2.4–2.6B.

Key financial points

Key financial points

Item	Value	YoY	Note
Q2 净销售	$3.274B	+24% YoY	时序略软
稀释 EPS	$1.27	+53%	adj $1.52
FY26 销售指引	$13.8–14.2B	上修	AI rack 需求
FY26 adj EPS	$6.65–6.75	指引	PurgeRite

Competition

Market share vs peers (illustrative):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
Vertiv (self)	AI rack power/cooling	Adj OM ~23%	Thermal + power stack	Project timing volatility
Celestica	CDU / rack cooling parts	Mfg OM ~8%	ODM attach	Lower margin pool
Eaton	Electrical / PDU	Mid-30s	Electrical scale	Less liquid-cooling focus
Super Micro	Server + DLC integrate	~15%	Rack speed	Not facility infra

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
CEO	Giordano Albertazzi	2023-01	No change (CEO since Jan 2023)
CFO	David Fallon	2020	No change
Exec Chair / board	Rob Johnson (prior) / board	—	CEO transition completed >24m ago; ops stable

Stability: Giorgio Bruno CEO stable; M&A integration ongoing.

Outlook

Supply recovery, liquid cooling share, AI backlog, rates/project delays.

Scenarios

Risks

Tracking list

Verify on next earnings:

1. FY26 sales $13.8–14.2B / adj EPS $6.65–6.75
2. Q2 revenue timing & supply recovery
3. PurgeRite integration & liquid cooling share
4. AI rack power backlog & CLS chain
5. Rates / project delays on orders

References

1. VRT IR / latest 10-Q — SEC EDGAR
2. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=VRT
3. Cross-links in body [[article:]] refs

Not investment advice; defer to latest company filings.