VRTVertiv Holdings Co

Electronic Components, NEC

Revenue: $10.2B; 28% YoY
Operating margin: 17.9%; 4.8% YoY
EBITDA: $2.1B; 30% YoY
Market cap: $89.5B
Employees: 34,000; $301K revenue each
Net debt / EBITDA: -0.6×; −$1.2B net debt
AI in 10-K: 4.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
159% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
3% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$301K · 33rd pct
Bottom quartile of its SIC industry
Quiet on AINo
4.8 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$89.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$128M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.0B	$5.7B	$6.9B	$8.0B	$10.2B	28%
Operating income	$260M	$223M	$872M	$1.4B	$1.8B	34%
Net income	$120M	$77M	$460M	$496M	$1.3B	169%
Operating cash flow	$211M	−$153M	$901M	$1.3B	$2.1B	60%
Capex	$73M	$100M	$128M	$167M	$220M	32%
Stock-based comp	$23M	$25M	$25M	$35M	$46M	33%
Buybacks	—	$0	$0	$600M	$0	100%
Dividends	$4M	$4M	$10M	$42M	$67M	58%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jan 17, 2020	DEFM14A	GS DC Sponsor I LLC	$10.00	50.95%
Dec 10, 2019	PREM14A	GS DC Sponsor I LLC	$10.37	50.95%

13D filers

Filed	Filer	Form	Stake	Intent
Aug 9, 2023	PLATINUM EQUITY, LLC	SC 13D/A	4.7%	Passive
May 26, 2023	Starboard Value LP	SC 13D/A	5.6%	Passive
Oct 20, 2022	Starboard Value LP	SC 13D	—	Passive
Nov 8, 2021	PLATINUM EQUITY LLC	SC 13D/A	10.8%	Passive
Mar 3, 2021	PLATINUM EQUITY LLC	SC 13D/A	17.0%	Passive
Nov 19, 2020	PLATINUM EQUITY LLC	SC 13D/A	23.5%	Passive
Aug 21, 2020	PLATINUM EQUITY LLC	SC 13D/A	29.0%	Passive
Feb 21, 2020	PLATINUM EQUITY LLC	SC 13D	36.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $128M · 73
Net: −$128M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$18M	$102M	871	189
FY2024	$12M	$104M	610	161
FY2023	$6M	$50M	258	129
FY2022	$8M	−$7M	73	102
FY2021	$5M	$14M	134	126