VERTIV HOLDINGS CO.

Red flags

• Backlog realization is not guaranteed: customers may reduce or defer firm orders, and large orders can be canceled or delayed, making the $15.0 billion backlog less valuable than its headline suggests.
• Large communication, cloud/hyperscale, neocloud, and colocation customers have significant purchasing leverage and may demand lower prices, penalties, stricter service levels, and greater delivery risk transfer.
• Long-term fixed-price and turnkey contracts expose Vertiv to component shortages, labor and construction cost inflation, supplier failures, delays, and penalties if projects miss contracted performance or timing.
• Tariffs and retaliatory tariffs could materially raise costs across the global manufacturing footprint; mitigation depends on regional sourcing, domestic production, and the ability to pass costs into pricing.
• Debt totaled $2.9 billion net of issuance costs at year-end 2025, including $850 million of 4.125% senior secured notes due 2028 and approximately $2.08 billion of term debt due 2032.