TakeoverPE & activists

VRTVertiv Holdings Co

Electronic Components, NEC · $89.5B market cap · 34,000 employees

0.1×

Less likely than average to be taken private

Top 57% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • 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
  • 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
  • Buyout-sizedNo
    $89.5B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Jan 17, 2020DEFM14AGS DC Sponsor I LLC$10.0050.95%
Dec 10, 2019PREM14AGS DC Sponsor I LLC$10.3750.95%

Key numbers

Revenue
$10.2BFY2021: $5.0BFY2022: $5.7BFY2023: $6.9BFY2024: $8.0BFY2025: $10.2B
28% YoY
Operating margin
17.9%FY2021: 5.2%FY2022: 3.9%FY2023: 12.7%FY2024: 17.1%FY2025: 17.9%
4.8% YoY
EBITDA
$2.1BFY2021: $487MFY2022: $526MFY2023: $1.1BFY2024: $1.6BFY2025: $2.1B
30% YoY
Net debt / EBITDA
-0.6×
−$1.2B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$5.0B$5.7B$6.9B$8.0B$10.2B 28% FY2021: $5.0BFY2022: $5.7BFY2023: $6.9BFY2024: $8.0BFY2025: $10.2B
Operating income$260M$223M$872M$1.4B$1.8B 34% FY2021: $260MFY2022: $223MFY2023: $872MFY2024: $1.4BFY2025: $1.8B
Net income$120M$77M$460M$496M$1.3B 169% FY2021: $120MFY2022: $77MFY2023: $460MFY2024: $496MFY2025: $1.3B
Operating cash flow$211M−$153M$901M$1.3B$2.1B 60% FY2021: $211MFY2022: −$153MFY2023: $901MFY2024: $1.3BFY2025: $2.1B
Capex$73M$100M$128M$167M$220M 32% FY2021: $73MFY2022: $100MFY2023: $128MFY2024: $167MFY2025: $220M
Stock-based comp$23M$25M$25M$35M$46M 33% FY2021: $23MFY2022: $25MFY2023: $25MFY2024: $35MFY2025: $46M
Buybacks—$0$0$600M$0 100% FY2022: $0FY2023: $0FY2024: $600MFY2025: $0
Dividends$4M$4M$10M$42M$67M 58% FY2021: $4MFY2022: $4MFY2023: $10MFY2024: $42MFY2025: $67M

13D filers

FiledFilerFormStakeIntent
Aug 9, 2023PLATINUM EQUITY, LLCSC 13D/A4.7%Passive
May 26, 2023Starboard Value LPSC 13D/A5.6%Passive
Oct 20, 2022Starboard Value LPSC 13D—Passive
Nov 8, 2021PLATINUM EQUITY LLCSC 13D/A10.8%Passive
Mar 3, 2021PLATINUM EQUITY LLCSC 13D/A17.0%Passive
Nov 19, 2020PLATINUM EQUITY LLCSC 13D/A23.5%Passive
Aug 21, 2020PLATINUM EQUITY LLCSC 13D/A29.0%Passive
Feb 21, 2020PLATINUM EQUITY LLCSC 13D36.0%Passive

Insider trading

−$128Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $128M · 73 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$18M$102M871189
FY2024$12M$104M610161
FY2023$6M$50M258129
FY2022$8M−$7M73102
FY2021$5M$14M134126