Asia PacificThin moat

Vertiv Holdings (VRT) — moat facet

The fastest-growing region in the June quarter, and still the one with the thinnest margin.

Asia Pacific is Vertiv's lowest-margin region. The segment had net sales of $2,019.2 million in 2025, from $1,717.8 million in 2024 and $1,527.8 million in 2023 1, 20% of the company 2.

Asia Pacific operating margin (%)9.6%202310.2%202411.0%202510.6%Q2 2025 adj.13.3%Q2 2026 adj.Vertiv Form 10-K FY2025 segment note and Q2 2026 release (adjusted)
The thinnest margin in the company, now rising.

It sells the same products as the Americas, into a market with more local competitors and more price competition, including China. The cost shows: cost of sales, excluding engineering, was 72.6% of the segment's 2025 net sales against 60.1% in the Americas 3.

The history is flatter than the company's. Asia Pacific net sales were $1,368.4 million in 2020 and $1,609.0 million in 2021 4, about $1,601 million in 2022 and $1,527.8 million in 2023 5, the one segment that shrank in 2023, a year in which its operating profit also fell on lower volume and currency 6. It grew 12.4% in 2024 and 17.5% in 2025 7.

The margin is low and slowly improving. On the current basis, operating profit was $147.4 million in 2023, $175.2 million in 2024 and $222.1 million in 2025 8, margins of 9.6%, 10.2% and 11.0% 9. The segment also supplied $255.5 million of intersegment sales in 2025 10.

The latest quarter was the region's best. Asia Pacific net sales were $719.9 million in the three months to June 2026, up 28.5%, or 25.7% organically, with no acquisitions; product sales rose 32.6% and services 15.6% 11. Adjusted operating profit was $95.6 million, up 61.5% 12, a margin of 13.3% against 10.6% 13.

The outlook depends on whether AI data-centre building spreads through Asia outside China. The measure to watch is the segment margin: holding above 13% for a full year would mean scale is finally paying in the region; back near 10% would mean the June quarter's growth was bought on price.

Moat trajectory: Widening

Sales up 28.5% and adjusted operating profit up 61.5% in the June 2026 quarter.

The number that tests this moat
Moat Explorer calc
Asia Pacific adjusted operating margin, latest quarter
13.3% in Q2 2026 ($95.6M on $719.9M), from 10.6%

A full year above 13% would mean scale is finally paying in the region.

How it's calculated: Adjusted operating profit / net sales, Asia Pacific, Q2 2026 and Q2 2025
Source: Vertiv Q2 2026 results release ↗
References
  1. ReportedThe segment had net sales of $2,019.2 million in 2025, from $1,717.8 million in 2024 and $1,527.8 million in 2023 , 20% of the company .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcThe segment had net sales of $2,019.2 million in 2025, from $1,717.8 million in 2024 and $1,527.8 million in 2023 , 20% of the company .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. Moat Explorer calcThe cost shows: cost of sales, excluding engineering, was 72.6% of the segment's 2025 net sales against 60.1% in the Americas .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  4. ReportedAsia Pacific net sales were $1,368.4 million in 2020 and $1,609.0 million in 2021 , about $1,601 million in 2022 and $1,527.8 million in 2023 , the one segment that shrank in 2023, a year in which its operating profit also fell on lower volume and currency .
    Vertiv Form 10-K FY2021 - segment net sales for 2020-2021 — FY2020-FY2021 · publ. February 2022 · source ↗
  5. Moat Explorer calcAsia Pacific net sales were $1,368.4 million in 2020 and $1,609.0 million in 2021 , about $1,601 million in 2022 and $1,527.8 million in 2023 , the one segment that shrank in 2023, a year in which its operating profit also fell on lower volume and currency .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  6. ReportedAsia Pacific net sales were $1,368.4 million in 2020 and $1,609.0 million in 2021 , about $1,601 million in 2022 and $1,527.8 million in 2023 , the one segment that shrank in 2023, a year in which its operating profit also fell on lower volume and currency .
    Vertiv Form 10-K FY2023 - segment net sales and results for 2022-2023 — FY2022-FY2023 · publ. February 2024 · source ↗
  7. Moat Explorer calcIt grew 12.4% in 2024 and 17.5% in 2025 .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  8. ReportedOn the current basis, operating profit was $147.4 million in 2023, $175.2 million in 2024 and $222.1 million in 2025 , margins of 9.6%, 10.2% and 11.0% .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  9. Moat Explorer calcOn the current basis, operating profit was $147.4 million in 2023, $175.2 million in 2024 and $222.1 million in 2025 , margins of 9.6%, 10.2% and 11.0% .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  10. ReportedThe segment also supplied $255.5 million of intersegment sales in 2025 .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  11. ReportedAsia Pacific net sales were $719.9 million in the three months to June 2026, up 28.5%, or 25.7% organically, with no acquisitions; product sales rose 32.6% and services 15.6% .
    Vertiv second quarter 2026 results release (8-K exhibit 99.1) - net sales, organic growth and adjusted operating profit by region and offering, quarter and six months — Q2 2026 · publ. 29 July 2026 · source ↗
  12. ReportedAdjusted operating profit was $95.6 million, up 61.5% , a margin of 13.3% against 10.6% .
    Vertiv second quarter 2026 results release (8-K exhibit 99.1) - net sales, organic growth and adjusted operating profit by region and offering, quarter and six months — Q2 2026 · publ. 29 July 2026 · source ↗
  13. Moat Explorer calcAdjusted operating profit was $95.6 million, up 61.5% , a margin of 13.3% against 10.6% .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026