Vertiv Holdings
Pure-play AI data center power and cooling infrastructure. Q1 2026 BEAT (April 22) — revenue $2.65B (+30% YoY), EPS $1.17 beat $1.01 by 16%, op margin 20.8% (+430bps), Americas +44% organic, FY26 guide raised to +29-31% organic growth. Q4 2025 orders +252% YoY, $15B backlog (+109%), 2.9× book-to-bill. NVIDIA reference partner for liquid cooling (DGX SuperPOD, GB200 NVL72). Sells to every hyperscaler — Microsoft, Google, Amazon, Meta, Oracle.
Scenarios
AI rack power densities rising from 30kW to 150kW+ require liquid cooling and advanced power distribution — Vertiv is the established incumbent with NVIDIA partnership. Backlog $15B (+109% YoY) gives multi-year revenue visibility. Pure-play on hyperscaler AI capex acceleration.
Cyclical capex exposure — if hyperscaler AI training capex peaks 2026-2027, Vertiv orders decelerate sharply. Competition from Schneider Electric, Eaton, Johnson Controls intensifying. Premium valuation prices in execution.
Key Factors to Watch
- ●Q1 2026 BEAT — revenue +30% YoY, FY26 guide raised to +29-31%, op margin +430bps
- ●Q4 2025 orders +252% YoY, $15B backlog (+109%), 2.9× book-to-bill
- ●NVIDIA liquid cooling reference partner — embedded in DGX/Blackwell reference designs
- ●Sells to every hyperscaler — Microsoft, Google, Amazon, Meta, Oracle
Manufacturing Peers
Last researched: 2026-05-08
This is research and analysis, not financial advice. Scores reflect AI impact potential, not investment recommendations.