Vertiv (VRT) Stock Up 90% in 2026 – Still Buy at These Levels?

TLDR

• VRT is up 89.65% year-to-date, trading at $333.05 with a market cap of $121.99 billion.
• One widely followed fair value estimate puts VRT at $408.64, which implies an 18.5% discount to intrinsic value.
• Vertiv raises 2026 guidance, acquires ThermoKey and Strategic Thermal Labs
• The stock carries a P/E of 82.1 times, more than double the US electrical industry average of 39.7 times.
• Jim Cramer says he doesn’t think “it’s over” for VRT, pointing to strong influx of orders from Chairman Dave Cote

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Vertiv Holdings (VRT) has been one of the standout performers in 2026, rising nearly 90% year-to-date to $333.05. The question now is whether there is still room to run.

Vertiv Holdings, VRT

The widely followed fair value narrative pegs VRT at $408.64, putting today’s price at an 18.5% discount to that estimate. The bullish case is based on Vertiv’s $15 billion backlog, joint development work with NVIDIA, and the ongoing shift toward liquid cooling in AI data centers.

The company also raised its full-year 2026 guidance and completed two acquisitions – ThermoKey and Strategic Thermal Labs – both of which strengthen its position in thermal management of high-density computing environments.

Vertif The average analyst price target is around $380, roughly 13.6% above current levels. Even after the big rally, the stock is still trading below where the street thinks it should be.

Evaluation problem

It is difficult to ignore the bearish situation at these levels. VRT is trading at a P/E of 82.1x. This is more than double the US electrical industry average of 39.7 times and well above its peer average of 40 times.

The “fair” P/E ratio derived from the model is about 62.5 times, meaning the stock is already pricing in a lot of execution. Any stumble in margins or revenue growth could quickly reset expectations.

There is also a risk of customer concentration. Vertif Revenues are largely tied to a handful of high-volume clients. If AI capital spending slows or one of these customers declines, the impact on Vertiv will be significant.

Competition in the liquid cooling space is also heating up. As the market grows, more players enter, which may pressure prices and margins in the future.

What Jim Cramer said

On June 19, Jim Cramer commented on VRT during his show. He acknowledged that the stock has fallen recently, and attributed some of the selling to rotation SpaceX– Related plays.

“I don’t think it’s over,” Kramer said. “I think a lot of companies like Vertiv saw their stock fall as people sold Vertiv in order to get enough money to buy the data center king.”

Cramer also pointed to comments from Vertiv CEO Dave Cote, who he said told a “very positive story about a large number of orders” when he spoke publicly the week before.

VRT was up 4.87% on June 19 at the time of Cramer’s comments.

The stock’s $15 billion backlog and role in providing power and cooling infrastructure for AI data centers remains the core of the bull case heading into the second half of 2026.