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.