Vertiv key statistics and ratios

In fiscal 2025, Vertiv had return on equity of 41.8%, an operating margin of 17.9%, debt equal to 73.9% of equity and a current ratio of 1.55. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Vertiv: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	33.1%	32.8%	33.7%	30.5%	28.4%	35.0%	36.6%	36.3%	38.1%
Operating margin	—	—	4.7%	4.9%	5.2%	3.9%	12.7%	17.1%	17.9%	20.1%
Net margin	—	−7.3%	−3.2%	−7.5%	2.4%	1.3%	6.7%	6.2%	13.0%	16.0%
Free-cash-flow margin	—	−6.7%	0.2%	3.8%	2.8%	−4.4%	11.3%	14.4%	18.5%	24.0%
Return on equity	—	—	—	—	12.4%	5.4%	26.6%	22.3%	41.8%	44.4%
Return on assets	−5.1%	−90.1%	−5.3%	−6.7%	2.0%	1.1%	6.1%	5.8%	12.5%	13.8%
Asset turnover	—	12.29	1.66	0.90	0.83	0.81	0.91	0.94	0.96	0.86
Current ratio	19.59	0.92	1.33	1.45	1.45	1.66	1.74	1.65	1.55	1.39
Debt to equity	—	—	—	420.3%	212.4%	223.6%	147.3%	121.1%	73.9%	53.2%
Interest cover (operating income ÷ interest)	—	—	0.7x	1.4x	2.9x	1.5x	4.8x	9.1x	21.3x	73.2x
Effective tax rate	—	—	—	—	28.0%	54.1%	13.8%	35.2%	23.5%	19.8%
R&D as % of revenue	—	4.6%	5.2%	5.2%	5.3%	5.0%	4.4%	4.6%	4.3%	—
SG&A as % of revenue	—	28.6%	24.8%	23.1%	22.2%	20.7%	19.1%	17.1%	15.8%	15.0%
Capital spending as % of revenue	—	1.5%	1.1%	1.0%	1.5%	1.8%	1.9%	2.1%	2.2%	4.0%
Free cash flow ÷ net income	—	—	—	—	115.0%	−330.0%	167.9%	232.4%	142.1%	150.0%
Dividends ÷ net income	—	—	—	—	3.2%	5.0%	2.1%	8.5%	5.0%	4.6%
Dividends and buybacks ÷ free cash flow	—	—	0.0%	2.0%	2.8%	—	1.2%	55.7%	3.5%	3.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Vertiv: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	37.1%	33.7%	34.0%	37.8%	38.9%	37.7%	37.7%	38.1%
Operating margin	19.5%	14.3%	16.8%	19.3%	20.1%	16.6%	19.5%	22.8%
Net margin	6.3%	8.1%	12.3%	14.9%	15.5%	14.7%	15.2%	17.7%
Free-cash-flow margin	15.5%	13.1%	10.5%	16.4%	31.7%	24.7%	28.3%	15.2%
Current ratio	1.65	1.72	1.74	1.83	1.55	1.49	1.38	1.39
Debt to equity	120.3%	109.7%	93.5%	83.2%	73.9%	68.8%	61.8%	53.2%
SG&A as % of revenue	15.4%	17.0%	15.0%	15.5%	16.0%	17.2%	15.1%	12.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 7 checks passed · September 30, 2026

What it owns · $18.2bn

Short-term assets $12.1bnLonger-term assets $6.1bn

What it owes, and who funded it · $18.2bn

Short-term liabilities $8.7bnLonger-term liabilities $4.0bnShareholders' equity $5.5bn

Short-term assets cover short-term liabilities $12.1bn of assets due within a year against $8.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities $12.1bn short-term assets against $4.0bn of longer-dated liabilities.
More cash than debt $3.5bn of cash against $2.9bn of debt.
Debt below 40% of shareholders' equity Debt is 53% of equity.
Debt burden no higher than five years ago Debt to equity moved from 203% to 53% over five years.
A year's operating cash flow covers at least 20% of debt $3.7bn of operating cash flow against $2.9bn of debt.
Operating profit covers interest at least five times over Operating income of $2.6bn against $36m of interest.

From Vertiv's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

58 /100

Moderate moat

How hard Vertiv's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 17 / 20

Cash operating profit has been a median 13.2% of total assets over 6 years.
Pricing power 11 / 20

Gross margin has been a median 33.8%, moving by 3.3 percentage points (standard deviation) across 7 years.
Durability 5 / 20

Operating margin has been a median 13.6%; its worst year was 1.0%.
Cash conversion 13 / 20

Free cash flow was positive in 6 of 7 years, at a median 9.0% of revenue.
Discipline 13 / 20

The diluted share count rose 11.6% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Vertiv's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vertiv.