Aslan Research · Hardware & networking
Vertiv Holdings Co (VRT)
Data as of 2026-08-21 · 28 quarters · filed in USD
Revenue reached $11.5 billion over the trailing year, while expenses were $9.2 billion. Revenue grew 19% per year against 16% expense growth, with committed obligations declining 3% per year.
Earned, collected early, and merely signed
Reports $2.9B of debt; has promised $3.0B
Leases add $82 million to the $2.9 billion reported debt balance, bringing total committed money to $3.0 billion. That is 1.0x reported debt, so leases add little to the headline obligation.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The main pressure sits in the next five years: $5.7 billion of debt and lease payments are due against $27 million of future revenue promised for that period. The filing also shows $82 million due after year five, without matching future revenue in that band.
The rates that matter
Expenses as filed vs after cited reconciliation
13 patterns worth a second look
The sharpest flags concern affiliate ties and obligations outside ordinary debt. Filings report sales, purchases, receivables, and payables with Platinum Equity affiliates, plus bank guarantees and bonds tied to customer payments for non-performance. They also show five of 28 quarters changed by reconciliation, alongside revised results and changing maturity disclosures.
circular financing · 1
The filings report sales to Platinum Equity affiliates alongside significant purchases from and receivables with the same affiliate group.
off balance sheet · 1
The filings report significant bank guarantees and bonds requiring payments to customers for non-performance outside ordinary debt balances.
one time dressing · 1
Business-combination and related advisory charges were presented alongside ordinary operating expenses in the 2020 filings.
redefinition · 3
Lease maturity disclosures changed from a 2020 year-one presentation to a later-year schedule with materially different amounts.
The ABL facility expanded from $570.0 million to $800.0 million between the FY2023 and FY2024 filings.
The Term Loan maturity changed from 2027 to 2032 in the 2025 third-quarter filing.
related party exposure · 2
The filings report substantial recurring purchases, sales, receivables, and payables with affiliates of Platinum Equity Advisors.
The Tax Receivable Agreement created a large related-party payment obligation to VPE Holdings and was later replaced with a fixed $100.0 million cash obligation.
subsequent event · 2
The March 2021 filing reports a post-period offering of $850.0 million of Senior Secured Notes due 2028.
The FY2022 filing reports that the Energy Labs dispute was settled for $21.5 million after earlier filings described a possible $34.5 million earn-out claim.
value revision · 3
The FY2020/A filing reports materially different 2019 net income, tax expense, and operating cash flow than the FY2019 filing.
The FY2020/A filing reports materially different 2019 nine-month and third-quarter results than the earlier filing.
The FY2020/A filing revises 2020 quarterly and full-year net income and diluted share data.