Major ClientsNarrow moat
Vertiv Holdings (VRT) — moat facet
No customer reaches 10% of revenue, and the risk factors still say the customers write the terms — both are true, which is the whole story.
Vertiv's fiscal 2025 10-K contains no customer-concentration table. No buyer reaches the 10% of revenue that would require disclosure, which on the face of it puts Vertiv in the comfortable position Apple occupies — many customers, none able to dictate terms.
The risk factors say the opposite. Large customers, the filing states, "comprise a material portion of our customer base and generally have greater purchasing power than smaller customers," with "enhanced leverage that allow them to require more favorable terms and conditions," substantial penalties for delivery or product failures, and demands for stringent performance guarantees — with "less leverage with large customer contract terms" listed among the company's principal risks1. Both things are true at once: no single customer is 10% of revenue, and the customers still set the terms.
The filing does classify who they are, and the taxonomy is more useful than a percentage. Vertiv sells into data centers — split into cloud/hyperscale (Microsoft, AWS, Google Cloud), colocation (Digital Realty, Equinix, Compass, QTS), neocloud (CoreWeave, Nebius) and enterprise — plus communication networks and commercial and industrial applications2. Those four data-center classes have very different balance sheets, which is the subject of the second page here.
Two numbers frame the rest. Backlog reached $15.0 billion at the end of 2025, roughly double the $7.2 billion a year earlier3 — and customers can in some circumstances reduce or defer it. And the Americas went from 56% to 62% of net sales in a single year4: this customer base is concentrating by geography even as it stays diffuse by name. The cyclical and valuation consequences of all this have their own root threat; these pages are about who the buyers are and what power they hold.
The customer base is becoming less diversified in every dimension except the one that gets disclosed. No buyer crosses 10% of revenue, so the concentration table stays empty — while the Americas went from 56% to 62% of sales in a year, the fastest-growing customer class is the least creditworthy, and the largest buyers hold contractual leverage the filing describes at length. Diffuse by name, concentrating by geography, by sector and by counterparty quality.
No customer reaches 10% of sales, but the large cloud buyers are concentrated in this region. Growth that depends ever more on the Americas makes Vertiv more exposed to those few buyers' plans.
Source: Vertiv Q2 2026 results ↗- ReportedVertiv's FY2025 10-K carries no customer-concentration table; risk factors describe large-customer purchasing power and leverage over contract terms.Vertiv Form 10-K, FY2025 — no customer-concentration table (no customer at 10% of net sales); customers classified across data centers (cloud/hyperscale: Microsoft, AWS, Google Cloud; colocation: Digital Realty, Equinix, Compass, QTS; neocloud: CoreWeave and Nebius; enterprise), communication networks, and commercial and industrial; risk factors state that large communication network, cloud/hyperscale, neocloud and colocation providers 'comprise a material portion of our customer base and generally have greater purchasing power than smaller customers' with 'enhanced leverage that allow them to require more favorable terms and conditions', may impose substantial penalties for product or service failures and may seek more stringent performance guarantees; 'less leverage with large customer contract terms' is listed among principal risks; net sales $10,229.9M of which 62% Americas, 20% Asia Pacific, 18% EMEA (from 56%/22%/22% in 2024); accounts receivable $3,109.0M against $2,362.7M — FY2025 (ended December 31, 2025) · publ. February 13, 2026 · source ↗
- ReportedCustomers are classified as cloud/hyperscale, colocation, neocloud and enterprise, plus communication networks and commercial/industrial.Vertiv Form 10-K, FY2025 — no customer-concentration table (no customer at 10% of net sales); customers classified across data centers (cloud/hyperscale: Microsoft, AWS, Google Cloud; colocation: Digital Realty, Equinix, Compass, QTS; neocloud: CoreWeave and Nebius; enterprise), communication networks, and commercial and industrial; risk factors state that large communication network, cloud/hyperscale, neocloud and colocation providers 'comprise a material portion of our customer base and generally have greater purchasing power than smaller customers' with 'enhanced leverage that allow them to require more favorable terms and conditions', may impose substantial penalties for product or service failures and may seek more stringent performance guarantees; 'less leverage with large customer contract terms' is listed among principal risks; net sales $10,229.9M of which 62% Americas, 20% Asia Pacific, 18% EMEA (from 56%/22%/22% in 2024); accounts receivable $3,109.0M against $2,362.7M — FY2025 (ended December 31, 2025) · publ. February 13, 2026 · source ↗
- ReportedBacklog reached $15.0B at end-2025 against $7.2B a year earlier, and customers may in some circumstances reduce or defer it.Vertiv Form 10-K, FY2025 — estimated combined order backlog of approximately $15.0 billion at December 31, 2025 against $7.2 billion at December 31, 2024, as strong demand contributed to orders being placed in advance of the ability to fulfil them; the majority is considered firm and expected to be delivered within 12 to 18 months; customers have the right in some circumstances, usually with penalties or other termination consequences, to reduce or defer firm orders in backlog; failure to realise sales expected from backlog is listed among principal risks — FY2025 · publ. February 13, 2026 · source ↗
- ReportedThe Americas rose from 56% to 62% of net sales in a single year.Vertiv Form 10-K, FY2025 — no customer-concentration table (no customer at 10% of net sales); customers classified across data centers (cloud/hyperscale: Microsoft, AWS, Google Cloud; colocation: Digital Realty, Equinix, Compass, QTS; neocloud: CoreWeave and Nebius; enterprise), communication networks, and commercial and industrial; risk factors state that large communication network, cloud/hyperscale, neocloud and colocation providers 'comprise a material portion of our customer base and generally have greater purchasing power than smaller customers' with 'enhanced leverage that allow them to require more favorable terms and conditions', may impose substantial penalties for product or service failures and may seek more stringent performance guarantees; 'less leverage with large customer contract terms' is listed among principal risks; net sales $10,229.9M of which 62% Americas, 20% Asia Pacific, 18% EMEA (from 56%/22%/22% in 2024); accounts receivable $3,109.0M against $2,362.7M — FY2025 (ended December 31, 2025) · publ. February 13, 2026 · source ↗