Aslan Research · Hardware & networking
Vertiv Holdings Co (VRT)
Data as of 2026-09-03 · 28 quarters · filed in USD
Revenue grew 19% per year while expenses grew 16%, giving the business a wider growth spread. The $11.5 billion trailing-year revenue base is also much larger than the $3.8 billion deferred-revenue balance.
Earned, collected early, and merely signed
Reports $2.9B of debt; has promised $3.0B
Committed money is close to reported debt at 1.0x. The difference is mainly $82 million of lease commitments beyond the $2.9 billion debt balance.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $3.2 billion due against $123 million of revenue promised for that period. That gap produces a 25.8x due-to-promised-revenue ratio.
The rates that matter
Expenses as filed vs after cited reconciliation
16 patterns worth a second look
The filings disclose bank guarantees and bonds tied to customer non-performance outside recorded debt balances. They also show the ABL facility commitment changing from $570.0 million to $800.0 million and the Term Loan maturity changing from March 2027 to August 2032. Recurring sales and purchases with affiliates of Platinum Equity Advisors and the Vertiv Stockholder are also disclosed.
off balance sheet · 1
The filings report material bank guarantees and bonds requiring payments to customers for non-performance outside recorded debt balances.
redefinition · 2
The ABL facility's stated commitment increased from $570.0 million to $800.0 million between the 2024 and 2025 year-end filings.
The Term Loan maturity changed from March 2027 to August 2032 in the 2025 third-quarter filing.
regulator challenge · 8
A reply to SEC staff was filed on 2020-01-09, answering a staff comment letter dated 2020-01-06; it quotes 12 staff comments.
A reply to SEC staff was filed on 2020-01-16, answering a staff comment letter dated 2020-01-15; it quotes 1 staff comment.
A reply to SEC staff was filed on 2020-02-12, answering a staff comment letter dated 2020-02-12; it quotes 1 staff comment.
+ 5 more
related party exposure · 1
The filings report substantial recurring sales and purchases with affiliates of Platinum Equity Advisors and the Vertiv Stockholder.
subsequent event · 1
The September 30, 2021 filing reports a $1.8 billion acquisition and $850.0 million notes offering completed after the reporting date.
value revision · 3
The FY2021 filing reports materially different 2019 income and cash-flow figures than the FY2019 filing.
The FY2021 filing revises 2019 nine-month and third-quarter results materially from the earlier quarterly filing.
The FY2021 filing revises 2020 quarterly and annual comparative results, including changes from profit to loss for several periods.