Home Earnings Analysis Industrial  Summary Heading into the Q1 2026 print, I was bullish on Vertiv Holdings Co. I remain bullish, although my conviction is now lower due to the backlog opacity. Missing the Q1 backlog disclosure is the main near-term risk, especially with the May investor conference approaching and VRT investors still focused on demand visibility. That said, VRT management said the pipeline remains strong and expects orders to rise year over year in 2026, despite not giving a concrete backlog figure. Q1 2026 results were solid, but not spectacular. Revenue was $2.65B, roughly in line, while adjusted EPS of $1.17 beat the $1.00 consensus. At 48x forward earnings, I see VRT stock due for a digestion phase unless the May investor conference brings fresh guidance upgrades. MattGush/iStock via Getty Images Vertiv Holdings Co. ( VRT ) has been on a rollercoaster ride since the company reported decent Q1 earnings and upgraded its FY26 guidance . First, the stock was down after the print.…