Vertiv Holdings -- How the Business Works
Vertiv is the only pure-play public company focused on data center infrastructure at scale.
The company designs, manufactures, and services mission-critical power management, thermal
management, and IT infrastructure for data centers worldwide. Products account for ~80% of
revenue ($8.2B) and services/spares ~20% ($2.0B). The Americas segment (63% of revenue) is
the dominant growth driver at +41% YoY, fueled by hyperscaler AI infrastructure buildout.
FY2025 revenue reached $10.2B (+28% organic), with a $15B backlog providing 1.5x revenue
coverage and 12-18 months of forward visibility.
FY2025 Revenue
$10.2B
+28% organic | +27.7% reported
Products Revenue
$8.2B
80% of total | Power + Thermal + IT Infra
Services Revenue
$2.0B
20% of total | Recurring, installed base
Backlog
$15.0B
+109% YoY | 2.9x book-to-bill in Q4
Revenue by region -- Americas is the growth engine
Revenue by region from Vertiv earnings reports via Daloopa (company_id: 11460).
Revenue by segment -- Products and Services
| Segment | Revenue ($M) | % of Total | YoY Growth |
|---|---|---|---|
| Americas (Products) | $5,270M | 51.5% | +47% |
| Americas (Services) | $1,116M | 10.9% | +21% |
| APAC (Products) | $1,511M | 14.8% | +21% |
| APAC (Services) | $508M | 5.0% | +8% |
| EMEA (Products) | $1,426M | 13.9% | +1% |
| EMEA (Services) | $398M | 3.9% | +6% |
| Total | $10,230M | 100% | +28% organic |
Product portfolio -- four categories powering the data center
Product Categories and Market Position
Power Management
~40-45% Rev
#2 DC UPS (~15-18% share)
UPS, switchgear, busbar, PDU. Mission-critical
for every data center. AI rack density driving
MW per facility higher. $35B DC power TAM growing
to $51B by 2030. Content per MW trending up as
power becomes the #1 DC buildout constraint.
Thermal Management
~25-30% Rev
#1 DC Liquid Cooling (11.3% share)
Air cooling, liquid cooling, CDUs. GPU density
driving 30-40kW/rack makes liquid cooling mandatory
for AI. CoolTera IP + PerchRight fluid management.
$6.7B liquid cooling TAM growing to $29.5B by 2033
(+20% CAGR). NVIDIA co-developed reference architectures
for GB200 NVL72.
IT Infrastructure
~10-15% Rev
Top-3 (racks/enclosures)
Racks, enclosures, monitoring, modular/prefab
solutions. Density increases driving larger and
more complex enclosure requirements. ~$10-12B TAM
growing 8-10% CAGR. Schneider, Vertiv, Eaton
identified as the top 3 leaders.
Services and Spares
~20% Rev
~5,000 field engineers
Lifecycle services, maintenance, parts. Recurring
revenue flywheel growing with installed base.
Liquid-cooled AI DCs are more complex to service,
increasing value-add. PerchRight acquisition adds
fluid management. Orders grew >25% YoY.
Business model mechanics -- from components to converged solutions
Vertiv is evolving from a component vendor to a solution provider. The key
strategic shift is system-level selling through OneCore (full DC in 12.5MW blocks) and
SmartRun (white-space fit-out). These converged solutions increase content per data center,
deepen switching costs, and lock in customers through integrated design. Competitors do not
offer comparable converged solutions at scale. The $15B backlog is increasingly composed of
these larger, stickier system-level orders with advance payments.
Value Chain Progression
Component Sales
UPS, cooling units, racks
→
System Integration
Power + thermal + IT together
→
Converged Solutions
OneCore (12.5MW blocks)
→
Lifecycle Services
5,000 engineers, recurring
Competitive moats
1. Only pure-play DC infrastructure company at scale. Schneider, Eaton, and
ABB are diversified industrials where data center is a minority of revenue. Vertiv is 100%
focused on the data center opportunity.
2. NVIDIA partnership. Co-developed reference architectures for GB200 NVL72 with deep silicon roadmap visibility 2-3 years out. This is a significant competitive moat for next-generation AI infrastructure.
3. System-level selling. OneCore (full DC in 12.5MW blocks) and SmartRun (white-space fit-out) -- competitors do not offer comparable converged solutions.
4. Service network. ~5,000 field engineers dedicated to DC. PerchRight acquisition adds fluid management for liquid-cooled AI DCs. Largest DC-focused service organization.
5. $15B backlog. >1.4x 2025 revenue, mostly binding POs with advance payments. 12-18 month visibility provides extraordinary forward revenue certainty.
2. NVIDIA partnership. Co-developed reference architectures for GB200 NVL72 with deep silicon roadmap visibility 2-3 years out. This is a significant competitive moat for next-generation AI infrastructure.
3. System-level selling. OneCore (full DC in 12.5MW blocks) and SmartRun (white-space fit-out) -- competitors do not offer comparable converged solutions.
4. Service network. ~5,000 field engineers dedicated to DC. PerchRight acquisition adds fluid management for liquid-cooled AI DCs. Largest DC-focused service organization.
5. $15B backlog. >1.4x 2025 revenue, mostly binding POs with advance payments. 12-18 month visibility provides extraordinary forward revenue certainty.
Customer mix -- hyperscalers drive growth
Hyperscalers are Vertiv's largest and fastest-growing customers. The top
cloud/AI companies (MSFT, AMZN, GOOG, META, ORCL) are spending >$500B in aggregate capex
in 2026, with ~75% on AI infrastructure. Power and cooling are the binding constraints for
DC buildout, and Vertiv is on the procurement shortlist for all major hyperscalers. The order
book also includes colocation providers and enterprise customers, but the growth acceleration
is driven by hyperscaler AI data center construction at unprecedented scale.
Data sourced from Daloopa (company_id: 11460), earnings transcripts, and industry sources.