Recent News
Feb. 26 — Announced Vertiv OneCore deployment and a collaboration to accelerate modular, factory-integrated data-center builds for high-density AI workloads. Mar. 10 — Introduced the PowerUPS 6000 Industrial uninterruptible power supply aimed at demanding commercial and industrial environments. Mar. 25 — Agreed to acquire ThermoKey S.p.A. to expand advanced heat‑removal and microchannel heat‑exchanger capabilities, with closing expected in Q2 2026.
Technical Analysis
Directional indicators show mixed positioning: ADX at 21.87 signals an emerging trend rather than a dominant one. Both DI+ and DI- moved in patterns that suggest recent directional contestability; DI+ shows a peak-and-reversal while DI- shows a dip-and-reversal, which together imply recent loss of bullish directional advantage and potential shift in short-term directional bias.
MACD reads positive at 16.15 with the MACD line above the 13.96 signal line and an increasing MACD trend, indicating bullish momentum continuation and recent upward momentum confirmation that supports the price’s persistence above medium-term averages.
MRO sits at 31.58 with a peak-and-reversal characteristic, placing the current price above the model target and signaling elevated downside potential if momentum weakens; that tension tightens valuation risk given elevated multiples.
RSI at 62.58 and rising indicates sustained buying pressure without reaching extreme overbought readings; the level supports near-term continuation but leaves limited room before corrective risk increases toward the 70 threshold.
Price structure shows the close at $322.43 well above the 200‑day average of $188.15 and above short EMAs (12‑day EMA $307.10 increasing; 26‑day EMA $290.13), reinforcing that recent rallies maintain momentum. Bollinger bands place the price near the upper 1x band ($320.14), compressing volatility and implying heightened sensitivity to a momentum shift. Ichimoku components show price above Kijun‑sen ($281.00), consistent with bullish regime support.
Fundamental Analysis
Revenue totaled $2,649,500,000 for the period with reported revenue growth at -8.00% (general), quarter-over-quarter revenue change at -204.88% and year-over-year revenue change at -39.50%; those values indicate pronounced variability in top-line dynamics that contrasts with margin improvements. Gross profit reached $999,700,000 and gross margin measured 37.73%, up 11.91% year‑over‑year.
Operating income (EBIT) of $433,600,000 produced an operating margin of 16.37%, a YoY margin improvement of 14.62% and a QoQ contraction in EBIT margin of -18.72%; margin expansion on a year basis highlights operational leverage despite recent quarter compression.
EPS came in at $1.17 versus an estimate of $1.01, an EPS surprise of +15.84% and an absolute beat of $0.16, reflecting stronger per‑share profitability this period.
Cash and liquidity remain sound: cash and short‑term investments total $2,500,500,000, operating cash flow reached $766,800,000, and free cash flow totaled $652,800,000 with a cash conversion ratio near 1.00, supporting investment and balance‑sheet flexibility.
Leverage and coverage metrics diverge: total debt $3,264,900,000 produces net debt $771,600,000 and debt/EBITDA of 6.03, while interest coverage stands at a strong 25.96x—indicating manageable interest burden despite elevated leverage multiples.
Valuation multiples place material premium on the equity: P/B at 22.72 sits well above the industry peer mean of 3.96, median of 4.24 and high of 4.68; P/E at 214.69 contrasts with industry peer mean and median that are negative. Enterprise multiple and price/sales ratios register elevated values consistent with a premium priced for growth and AI exposure. The current valuation, as determined by WMDST, classifies the stock as over‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-22 |
| NEXT REPORT DATE: | 2026-07-22 |
| CASH FLOW | Begin Period Cash Flow | $ 1.8 B |
| Operating Cash Flow | $ 766.8 M | |
| Capital Expenditures | $ -114.00 M | |
| Change In Working Capital | $ 227.8 M | |
| Dividends Paid | $ -23.90 M | |
| Cash Flow Delta | $ 401.4 M | |
| End Period Cash Flow | $ 2.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.6 B | |
| Forward Revenue | $ 1.4 B | |
| COSTS | ||
| Cost Of Revenue | $ 1.6 B | |
| Depreciation | $ 27.5 M | |
| Depreciation and Amortization | $ 107.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 2.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 999.7 M | |
| EBITDA | $ 541.3 M | |
| EBIT | $ 433.6 M | |
| Operating Income | $ 433.6 M | |
| Interest Income | $ 4.4 M | |
| Interest Expense | — | |
| Net Interest Income | $ 4.4 M | |
| Income Before Tax | $ 438.3 M | |
| Tax Provision | $ 48.2 M | |
| Tax Rate | 11.0 % | |
| Net Income | $ 390.1 M | |
| Net Income From Continuing Operations | $ 390.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.01 | |
| EPS Actual | $ 1.17 | |
| EPS Difference | $ 0.16 | |
| EPS Surprise | 15.842 % | |
| Forward EPS | $ 2.15 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 13.4 B | |
| Intangible Assets | $ 3.8 B | |
| Net Tangible Assets | $ 415.2 M | |
| Total Current Assets | $ 8.0 B | |
| Cash and Short-Term Investments | $ 2.5 B | |
| Cash | $ 2.2 B | |
| Net Receivables | $ 3.1 B | |
| Inventory | $ 1.8 B | |
| Long-Term Investments | $ 79.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 2.0 B | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 5.3 B | |
| Net Debt | $ 771.6 M | |
| Total Debt | $ 3.3 B | |
| Total Liabilities | $ 9.2 B | |
| EQUITY | ||
| Total Equity | $ 4.2 B | |
| Retained Earnings | $ 1.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 11.06 | |
| Shares Outstanding | 383.954 M | |
| Revenue Per-Share | $ 6.90 | |
| VALUATION | Market Capitalization | $ 96.4 B |
| Enterprise Value | $ 97.2 B | |
| Enterprise Multiple | 179.584 | |
| Enterprise Multiple QoQ | 74.625 % | |
| Enterprise Multiple YoY | 83.978 % | |
| Enterprise Multiple IPRWA | VRT: 179.584 high: -9.451 mean: -43.944 low: -46.664 median: -46.664 |
|
| EV/R | 36.69 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.157 | |
| Asset To Liability | 1.464 | |
| Debt To Capital | 0.435 | |
| Debt To Assets | 0.244 | |
| Debt To Assets QoQ | -7.817 % | |
| Debt To Assets YoY | -26.757 % | |
| Debt To Assets IPRWA | VRT: 0.244 high: 0.208 mean: 0.068 low: 0.056 median: 0.056 |
|
| Debt To Equity | 0.769 | |
| Debt To Equity QoQ | -6.088 % | |
| Debt To Equity YoY | -34.771 % | |
| Debt To Equity IPRWA | VRT: 0.769 high: 0.426 mean: 0.083 low: 0.062 median: 0.062 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 22.72 | |
| Price To Book QoQ | 33.021 % | |
| Price To Book YoY | 79.829 % | |
| Price To Book IPRWA | VRT: 22.72 high: 4.683 median: 4.243 mean: 3.959 low: 0.603 |
|
| Price To Earnings (P/E) | 214.69 | |
| Price To Earnings QoQ | 65.926 % | |
| Price To Earnings YoY | 55.397 % | |
| Price To Earnings IPRWA | VRT: 214.69 high: -7.255 mean: -44.503 low: -47.844 median: -47.844 |
|
| PE/G Ratio | -15.367 | |
| Price To Sales (P/S) | 36.401 | |
| Price To Sales QoQ | 55.732 % | |
| Price To Sales YoY | 119.996 % | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 112.133 | |
| Forward PE/G | -8.026 | |
| Forward P/S | 72.751 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.152 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.207 | |
| Asset Turnover Ratio QoQ | -17.284 % | |
| Asset Turnover Ratio YoY | -5.581 % | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | 0.847 | |
| Receivables Turnover Ratio QoQ | -12.972 % | |
| Receivables Turnover Ratio YoY | -2.817 % | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | 1.003 | |
| Inventory Turnover Ratio QoQ | -17.518 % | |
| Inventory Turnover Ratio YoY | -2.384 % | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 107.759 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 96.94 | |
| Cash Conversion Cycle Days QoQ | 24.537 % | |
| Cash Conversion Cycle Days YoY | -4.743 % | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.003 | |
| CapEx To Revenue | -0.043 | |
| CapEx To Depreciation | -4.145 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 7.2 B | |
| Net Invested Capital | $ 7.2 B | |
| Invested Capital | $ 7.2 B | |
| Net Tangible Assets | $ 415.2 M | |
| Net Working Capital | $ 2.6 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.468 | |
| Current Ratio | 1.494 | |
| Current Ratio QoQ | -3.43 % | |
| Current Ratio YoY | -12.884 % | |
| Current Ratio IPRWA | high: 20.926 median: 20.926 mean: 19.529 VRT: 1.494 low: 1.072 |
|
| Quick Ratio | 1.151 | |
| Quick Ratio QoQ | -5.418 % | |
| Quick Ratio YoY | -10.137 % | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.032 | |
| Cost Of Debt | 0.458 % | |
| Interest Coverage Ratio | 25.964 | |
| Interest Coverage Ratio QoQ | -25.228 % | |
| Interest Coverage Ratio YoY | 125.969 % | |
| Interest Coverage Ratio IPRWA | VRT: 25.964 high: -8.446 mean: -190.193 low: -209.862 median: -209.862 |
|
| Operating Cash Flow Ratio | 0.052 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 96.203 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 16.322 | |
| Dividend Payout Ratio | 0.061 | |
| Dividend Rate | $ 0.06 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 9.725 % | |
| Revenue Growth | -8.003 % | |
| Revenue Growth QoQ | -204.875 % | |
| Revenue Growth YoY | -39.504 % | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | -13.971 % | |
| Earnings Growth QoQ | -244.373 % | |
| Earnings Growth YoY | -60.483 % | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 37.732 % | |
| Gross Margin QoQ | -3.097 % | |
| Gross Margin YoY | 11.905 % | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 16.365 % | |
| EBIT Margin QoQ | -18.724 % | |
| EBIT Margin YoY | 14.617 % | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | 16.365 % | |
| Return On Sales QoQ | -22.341 % | |
| Return On Sales YoY | 14.617 % | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 652.8 M | |
| Free Cash Flow Yield | 0.677 % | |
| Free Cash Flow Yield QoQ | -48.439 % | |
| Free Cash Flow Yield YoY | -13.758 % | |
| Free Cash Flow Yield IPRWA | VRT: 0.677 % high: -1.476 % median: -1.476 % mean: -2.169 % low: -8.817 % |
|
| Free Cash Growth | -26.145 % | |
| Free Cash Growth QoQ | -128.63 % | |
| Free Cash Growth YoY | -2.781 % | |
| Free Cash Growth IPRWA | high: 53.998 % mean: 5.508 % median: 1.556 % low: -12.492 % VRT: -26.145 % |
|
| Free Cash To Net Income | 1.673 | |
| Cash Flow Margin | 10.391 % | |
| Cash Flow To Earnings | 0.706 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.046 % | |
| Return On Assets QoQ | -21.292 % | |
| Return On Assets YoY | 72.09 % | |
| Return On Assets IPRWA | VRT: 3.046 % high: -2.393 % mean: -7.867 % median: -7.946 % low: -28.254 % |
|
| Return On Capital Employed (ROCE) | 5.382 % | |
| Return On Equity (ROE) | 0.092 | |
| Return On Equity QoQ | -18.716 % | |
| Return On Equity YoY | 48.971 % | |
| Return On Equity IPRWA | VRT: 0.092 high: -0.033 median: -0.091 mean: -0.095 low: -0.566 |
|
| DuPont ROE | 9.531 % | |
| Return On Invested Capital (ROIC) | 5.384 % | |
| Return On Invested Capital QoQ | -19.57 % | |
| Return On Invested Capital YoY | 67.049 % | |
| Return On Invested Capital IPRWA | — | |