VRT (Vertiv Holdings, LLC): Themes, ETFs, and Basket Ideas
VRT is the ticker for Vertiv Holdings, LLC. This page covers what the company does, where it's heading, its approximate earnings and valuation, key competitors, the themes it belongs to, the ETFs that hold it, and similar stocks worth looking at.
What does Vertiv Holdings, LLC do?
Vertiv Holdings designs and manufactures the power and cooling infrastructure inside data centers. The company's products include uninterruptible power supplies (UPS), power distribution units (PDUs), busways and rack power, computer room air conditioning (CRAC) units, liquid cooling systems, and increasingly the integrated thermal management solutions required to cool AI training racks at high density.
The AI buildout has dramatically accelerated demand for Vertiv's products because GPU-dense AI racks consume far more power and generate far more heat than traditional CPU servers. Liquid cooling has gone from a specialty product to a mainstream necessity for AI training, and Vertiv is one of the leading liquid cooling suppliers. Spun off from Emerson Electric in 2016 and acquired by Platinum Equity, taken public via SPAC in 2020. Headquartered in Westerville, Ohio. Giordano Albertazzi has been CEO since 2023.
Where is Vertiv Holdings, LLC heading?
1. AI rack power and cooling.
AI training racks consume 50-100kW each (compared to 5-10kW for traditional racks) and require advanced cooling, often liquid cooling. Vertiv's product portfolio is well-positioned for this transition; backlog has grown materially with hyperscaler AI commitments.
2. Liquid cooling adoption.
Direct liquid cooling and immersion cooling have become standard for AI training infrastructure. Vertiv is one of the leading suppliers and has invested in capacity expansion.
3. Backlog and orders visibility.
Vertiv's order backlog provides multi-quarter revenue visibility, longer than typical for industrial equipment. The visibility is supported by hyperscaler AI capex commitments.
4. Margin expansion.
Operating leverage as revenue scales, combined with mix shift toward higher-value cooling solutions, has driven margin expansion. The company has executed well on operational improvements since the SPAC IPO.
Risks worth tracking: Hyperscaler AI capex concentration is the primary risk. A pause or reduction in AI data center buildouts would directly impact Vertiv's order book. Competition from larger industrial players (Schneider, Eaton) intensifies as AI cooling becomes mainstream.
Earnings and valuation (approximate, early 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Vertiv Holdings, LLC's investor relations page or your broker.
- Revenue (TTM): ~$9 billion
- Operating margin: ~18% (improving)
- Net income (TTM): ~$1 billion
- EPS (TTM): ~$2.50
- P/E (TTM): ~45x
- Price to sales: ~5x
- Dividend yield: ~0.1%
- Free cash flow: ~$1 billion annually
- Order backlog: Multi-quarter visibility on AI-related orders
Vertiv trades at a premium reflecting the AI buildout tailwind, the demonstrated operating leverage, and the visibility from order backlog. The multiple is sensitive to AI capex cycle expectations; would compress on any hyperscaler pause.
Themes VRT belongs to
These are the investment theses VRT naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.
VRT's competitors
Data center power and cooling
Schneider Electric is the largest direct competitor across data center power and cooling globally. Eaton is a significant competitor in power management. Both are larger industrial conglomerates with broader product portfolios; Vertiv competes through specialization and execution.
Liquid cooling specifically
CoolIT Systems, Asetek, and various specialty cooling vendors compete in liquid cooling. As liquid cooling becomes mainstream, larger players are entering. Vertiv has been one of the first to scale liquid cooling production.
Similar stocks
Other names that show up alongside VRT in the same themes. Worth a look if you're thinking about diversification within a single thesis rather than concentration on one ticker.
Also fits Data center power and cooling. Largest specialty electrical infrastructure contractor in North America. Transmission and substation work for AI-driven utility load growth.
Also fits Data center power and cooling. Mechanical, electrical, and plumbing contracting with specialty data center expertise; backlog from hyperscaler customers has grown materially.
Also fits Data center power and cooling. Large MEP contractor winning hyperscaler data center buildouts alongside Comfort Systems.
Also fits Data center power and cooling. E-Infrastructure Solutions specializes in data center site development (earthwork, foundations, utilities) for hyperscalers.
Using VRT in a Walnut basket
The most useful question to ask about a single stock is rarely “will it go up?”. It's “does this fit a thesis I actually believe in, and how do I size it alongside other stocks that fit the same thesis?” That's what Walnut is built for.
Open the AI assistant on Walnut and describe a thesis (for example: “the AI infrastructure buildout”, “dividend growth large-caps”, “global semiconductors”) where VRT would naturally fit. The AI proposes 5 to 6 constituents with target weights, you review, and you can fund the basket through your broker once you're ready.
Build a basket around VRT with Walnut
Use Vertiv Holdings, LLC as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is Vertiv's ticker symbol?
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VRT, listed on NYSE. Officially Vertiv Holdings Co. Spun off from Emerson Electric in 2016, taken public via SPAC in 2020. Headquartered in Westerville, Ohio.
Who are Vertiv's competitors?
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Schneider Electric is the largest direct competitor across data center power and cooling globally. Eaton is significant in power management. In liquid cooling specifically, CoolIT Systems, Asetek, and various specialty vendors compete. Larger industrial conglomerates are increasing focus on AI data center infrastructure.
Is Vertiv an AI stock?
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Yes. AI training racks consume 5-10x more power and generate 5-10x more heat than traditional server racks, which has dramatically accelerated demand for Vertiv's power and cooling products. Liquid cooling has gone from a specialty product to a mainstream necessity. Hyperscaler AI capex is the largest single driver of Vertiv's revenue growth.
What is Vertiv's P/E ratio?
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Approximately 45x trailing twelve months as of early 2026. Premium reflecting the AI infrastructure tailwind and demonstrated operating leverage. Higher than the S&P 500 average (~22x) and sensitive to AI capex expectations.
What does Vertiv do?
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Vertiv designs and manufactures the power and cooling infrastructure inside data centers: UPS systems, PDUs, computer room air conditioning, liquid cooling systems, and integrated thermal management for AI training racks. The product portfolio has shifted toward AI-specific solutions as data center density has increased.
Who owns the most Vertiv stock?
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Major institutional holders include Vanguard (~8%), BlackRock (~6%), and various AI-infrastructure-focused funds. Platinum Equity (the private equity firm that took Vertiv public via SPAC) has gradually reduced its stake over time. Insider ownership is relatively low.
Which ETFs have the most Vertiv exposure?
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XLI (Industrial Select Sector SPDR) holds VRT as part of the broader industrials sector. AI-themed and data center infrastructure ETFs hold VRT at higher concentrations but those funds have smaller AUM. VOO and SPY hold VRT at modest weight given S&P 500 inclusion. Specialty data center ETFs like DTCR hold VRT at meaningful weights.
Which thematic baskets typically include Vertiv?
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Two themes on Walnut. Data center power and cooling (the most concentrated pure-play in the theme) and AI infrastructure (power and cooling are essential to AI buildouts even though VRT isn't a semiconductor name). VRT is often included in AI infrastructure baskets as the physical infrastructure complement to NVDA accelerators and ANET networking.
Is Vertiv in the S&P 500?
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Yes. VRT was added to the S&P 500 in 2024 after meaningful market cap growth driven by AI infrastructure backlog. The inclusion broadened passive ownership materially.
What is Vertiv's market cap?
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Approximately $50 billion as of early 2026. Market cap has grown several multiples since 2022 on AI data center capex thesis. VRT is now one of the larger US industrials by market cap specifically tied to AI infrastructure.
Does Vertiv pay a dividend?
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Yes, a small one. VRT yields approximately 0.1% as of early 2026, paid quarterly. The dividend is minimal as a percentage of share price; the company is reinvesting cash flow into capacity expansion to meet hyperscaler AI demand. Buybacks have also been limited during the growth investment cycle.
Why are AI data centers driving Vertiv?
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Three reasons. First, AI racks consume 5-10x more power than traditional racks (a single H100 server pulls 10kW; an NVL72 GB200 rack is 100kW+). Second, liquid cooling is essential at AI rack densities; air cooling can't dissipate the heat. Third, AI campus deployments are 1-5 GW scale, requiring entirely new electrical and cooling infrastructure. Vertiv's product mix is uniquely tilted toward exactly what AI deployments need.
What are Vertiv's biggest customers?
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Hyperscalers and large AI data center operators. Microsoft, Meta, Amazon, Google, Oracle are the largest customers either directly or through their colocation partners. Customer concentration in the top 5-10 customers is meaningful; any hyperscaler capex revision shows up quickly in Vertiv backlog updates.
Should I own Vertiv directly or through XLI?
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Different exposures. Direct VRT ownership gives concentrated AI data center power and cooling exposure with full leverage to hyperscaler capex. XLI gives diversified industrials exposure at moderate VRT weight. Many Walnut users hold VRT directly in AI infrastructure baskets as the most concentrated pure-play in the data center power theme.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Vertiv Holdings, LLC's investor relations page or your broker before making investment decisions.