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nVent Electric

No base rate yet — NVT has 1 graded print on the record, and the bar is 3.PowerWebsite
Ticker
NVT
Beat
energy
Size
Public Company
Revenue
$1.5B
as of Jun 2026
Cash
$256M
as of Jun 2026
Researched · Fresh
1 day ago

A boring enclosures-and-connectors company that bought and sold its way into the AI data-center build — now growing 50%+ with infrastructure orders up 100% organically; the re-rating to ~28x is largely earned, but the multiple now prices in the build continuing, and the legacy two-thirds of the business is still cyclical late-cycle industrials.

Orbit · who it trades with and competes with
1 on the rings · 1 trade · 0 rival
1 mentions across our dossiers
Focus · Energy
nVent Electric
NVT · public
No published house view
Trades with
Links · 1 company · 1 trade · 0 rival
“- Most dangerous competitor bulls still underestimate: Vertiv, and now the customer.”Vertiv Holdings · TRADE · from nVent Electric’s dossier
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Price

Weekly closes

NVT · weekly close
125.98 USD+0.5%
Friday 30 Oct 2026 · last 52 Fridays 100.55–177.02
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 4,904,865 sh · 2.23 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 94 days, Scheduled · 5 Feb 2027, scheduled
125.98USD+0.5%energy +1.0%NVT · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
4,904,865 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.23
see the whole series
Financials

The reported figures

Revenue · quarterly
$1.5B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$1.5B USD
as of 30 Jun 2026 · fiscal FY2026-Q2
Source: filings/10-q-2026-q2.md
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
nVent Electric, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueGross marginOperating marginFree cash flowCapexCashNet debtShares outstandingGradingSource
Q3 ’2330 Sept 2023$715M USD—17.7% share of revenue$133M USD$12.5M USD——165.9M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$691M USD—17.0% share of revenue$216M USD$20.8M USD$185M USD—165.1M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$732M USD—18.0% share of revenue$74.7M USD$15.3M USD——166.0M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$740M USD—19.6% share of revenue$114M USD$16.5M USD——166.2M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$782M USD—17.0% share of revenue$182M USD$15.7M USD——164.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$752M USD—15.6% share of revenue$198M USD$26.5M USD——165.0M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$809M USD38.8% share of revenue16.1% share of revenue$44.4M USD$21.1M USD$1.3B USD$420M USD167.3M sharesFiled · primaryfilings/10-q-2025-q1.md
Q2 ’2530 Jun 2025$963M USD38.6% share of revenue16.3% share of revenue$74.1M USD$16.9M USD$126M USD$1.6B USD163.6M sharesFiled · primaryfilings/10-q-2025-q2.md
Q3 ’2530 Sept 2025$1.1B USD37.5% share of revenue15.8% share of revenue$253M USD$18.6M USD$127M USD$1.5B USD163.6M sharesFiled · primaryfilings/10-q-2025-q3.md
Q4 ’2531 Dec 2025$1.1B USD36.5% share of revenue15.4% share of revenue$189M USD$36.7M USD$238M USD$1.3B USD164.0M sharesFiled · primaryfilings/10-k-2025-q4.md FY less filings/10-q-2025-q3.md 9M
Q1 ’2631 Mar 2026$1.2B USD35.9% share of revenue15.8% share of revenue$53.8M USD$36.1M USD$190M USD$1.4B USD164.0M sharesFiled · primaryfilings/10-q-2026-q1.md
Q2 ’2630 Jun 2026$1.5B USD37.9% share of revenue20.4% share of revenue$167M USD$21.5M USD$256M USD$1.2B USD164.1M sharesFiled · primaryfilings/10-q-2026-q2.md

nVent Electric’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$1.5B+53% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $715M, as of Sep 2023Revenue Q4 ’23: $691M, as of Dec 2023Revenue Q1 ’24: $732M, as of Mar 2024Revenue Q2 ’24: $740M, as of Jun 2024Revenue Q3 ’24: $782M, as of Sep 2024Revenue Q4 ’24: $752M, as of Dec 2024Revenue Q1 ’25: $809M, as of Mar 2025Revenue Q2 ’25: $963M, as of Jun 2025Revenue Q3 ’25: $1.1B, as of Sep 2025Revenue Q4 ’25: $1.1B, as of Dec 2025Revenue Q1 ’26: $1.2B, as of Mar 2026Revenue Q2 ’26: $1.5B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
20.4%+4.2 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 17.7%, as of Sep 2023Operating margin Q4 ’23: 17.0%, as of Dec 2023Operating margin Q1 ’24: 18.0%, as of Mar 2024Operating margin Q2 ’24: 19.6%, as of Jun 2024Operating margin Q3 ’24: 17.0%, as of Sep 2024Operating margin Q4 ’24: 15.6%, as of Dec 2024Operating margin Q1 ’25: 16.1%, as of Mar 2025Operating margin Q2 ’25: 16.3%, as of Jun 2025Operating margin Q3 ’25: 15.8%, as of Sep 2025Operating margin Q4 ’25: 15.4%, as of Dec 2025Operating margin Q1 ’26: 15.8%, as of Mar 2026Operating margin Q2 ’26: 20.4%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$167M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $133M, as of Sep 2023Free cash flow Q4 ’23: $216M, as of Dec 2023Free cash flow Q1 ’24: $74.7M, as of Mar 2024Free cash flow Q2 ’24: $114M, as of Jun 2024Free cash flow Q3 ’24: $182M, as of Sep 2024Free cash flow Q4 ’24: $198M, as of Dec 2024Free cash flow Q1 ’25: $44.4M, as of Mar 2025Free cash flow Q2 ’25: $74.1M, as of Jun 2025Free cash flow Q3 ’25: $253M, as of Sep 2025Free cash flow Q4 ’25: $189M, as of Dec 2025Free cash flow Q1 ’26: $53.8M, as of Mar 2026Free cash flow Q2 ’26: $167M, as of Jun 2026

Operating cash flow minus capital spending.

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
164.1M-1.1% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 165.9M, as of Sep 2023Shares outstanding Q4 ’23: 165.1M, as of Dec 2023Shares outstanding Q1 ’24: 166.0M, as of Mar 2024Shares outstanding Q2 ’24: 166.2M, as of Jun 2024Shares outstanding Q3 ’24: 164.8M, as of Sep 2024Shares outstanding Q4 ’24: 165.0M, as of Dec 2024Shares outstanding Q1 ’25: 167.3M, as of Mar 2025Shares outstanding Q2 ’25: 163.6M, as of Jun 2025Shares outstanding Q3 ’25: 163.6M, as of Sep 2025Shares outstanding Q4 ’25: 164.0M, as of Dec 2025Shares outstanding Q1 ’26: 164.0M, as of Mar 2026Shares outstanding Q2 ’26: 164.1M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

The record

What happened

What happened
DateTypeWhat happenedSource
2026-11-02editorial noteRevenue figure revised: 19% → $550MRevenue moved from 19% (deep-dive-2026-08-10.md) to $550M (deep-dive-2026-11-02.md).dossier
2026-10-30filing10-Q: quarter ended 30 Sep 2026; Maverick Power acquisitionNet sales $1,514.9m vs $1,054.0m; net income $202.4m; diluted EPS $1.23. Subsequent event: Maverick Power acquired 1 Oct 2026 for about $1.75bn cash.agent:company-events · SEC EDGAR 10-Q
2026-10-30guidance8-K: Q3 2026 results, sales $1.5bn, up 44%Q3 2026 net sales $1,514.9m (up 44%); diluted EPS $1.23; adjusted EPS $1.52; FY2026 sales growth guidance 48-49%, adjusted EPS $5.36-$5.39.agent:company-events · SEC EDGAR 8-K
2026-09-29filing8-K Item 2.03: nVent issues $800.0m 6.150% senior notes due 2036Completed offering of $800.0m 6.150% Senior Notes due 15 Sep 2036; proceeds with term loan, revolver and cash to fund the Maverick Power acquisition (about $1.75bn); special mandatory redemption at 101% if not closed by 20 Nov 2026.agent:company-events · SEC EDGAR 8-K
2026-09-17filing8-K Item 2.03: nVent enters $600.0m term loan facilityOn 17 Sep 2026 nVent entered a $600.0m senior unsecured term loan agreement and an amendment adding a $250.0m conditional revolver sublimit, to fund the $1.75bn Maverick Power acquisition; no loans outstanding at signing.agent:company-events · SEC EDGAR 8-K
2026-09-16funding round424B5: nVent/Hoffman Schroff $800M 6.150% senior notes due 2036Prospectus supplement dated 15 Sep 2026: $800,000,000 6.150% Senior Notes due 15 Sep 2036 at 99.915%; underwriting discount $5,200,000; proceeds before expenses $794,120,000; settlement about 29 Sep 2026.agent:company-events · SEC EDGAR 424B5
2026-09-16filing8-K Item 8.01: nVent underwriting agreement for $800.0m 6.150% notesOn 15 Sep 2026 entered an underwriting agreement with BofA Securities, Citigroup and J.P. Morgan for $800.0m of 6.150% Senior Notes due 2036; closing expected 29 Sep 2026.agent:company-events · SEC EDGAR 8-K
2026-08-10editorial noteVerdict changed: A boring enclosures-and-connectors company that bought and sold its way into the AI data-center build — now growing 50%+ with infrastructure orders up 100% organically; the re-rating…Before (deep-dive-2026-06-20.md): A boring enclosures-and-connectors company that bought and sold its way into the AI data-center build — now growing 50%+ with infrastructure orders up 100% organically; the re-rating to ~28x is largely earned, but the multiple now prices in the build continuing, and the legacy two-thirds of the business is still cyclical late-cycle industrials. After (deep-dive-2026-08-10.md): The order line decelerated and the backlog shrank — and guidance still jumped 12% while the stock went nowhere. nVent shipped its backlog instead of hoarding it, forward earnings power rose ~17%, and the multiple came down to meet it; the entry is materially better at $165 in August than it was at $167 in June, but the "booked, not hoped" leg of the bull case is now unproven rather than proven.dossier
dossier age
1 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 18 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-08-10), 445 words, 18 filing mentions
  2. The dossier: What held, 76 words, no filing mention
Research

The nVent Electric dossier

The verdict

The order line decelerated and the backlog shrank — and guidance still jumped 12% while the stock went nowhere. nVent shipped its backlog instead of hoarding it, forward earnings power rose ~17%, and the multiple came down to meet it; the entry is materially better at $165 in August than it was at $167 in June, but the "booked, not hoped" leg of the bull case is now unproven rather than proven.

Primary sources

SEC filings

Earnings calls

Source documents — open to read in full

Refresh delta (since 2026-08-10)

  1. Q3 2026 (actuals): net sales $1,515M against $1,054M, +44% reported and +44% organic; GAAP operating income $282M (ROS 18.6%, +280bps); adjusted operating income $335M (ROS 22.1%, +190bps); GAAP EPS $1.23 (+68%); adjusted EPS $1.52 (+67%) [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3]. Q3 adjusted EPS beat the company's own $1.35–$1.38 guide from July (prior dossier, Lens 5).
  2. Segments (actuals): Systems Protection sales $1,098M (+53%, organic +54%), adjusted ROS 23.0% (+260bps); Electrical Connections $417M (+23% organic), adjusted ROS 28.2% (−180bps) [8-K Q3]. Systems Protection was 72.5% of sales. The company says new products added about 30 points of growth [8-K Q3].
  3. Orders: "record sales and orders," no number given. The release headline and CEO quote say record orders [8-K Q3]. No orders growth rate or backlog figure appears in the release or the Form 10-QThe quarterly version of the annual report. Lighter, and not audited. text read. The prior seed's falsifier needs both numbers; the filings read do not give them.
  4. Guidance raised a fourth time (guidance): FY2026 adjusted EPS $5.36–$5.39 (was $5.00–$5.10); GAAP EPS $4.54–$4.57 (was $4.29–$4.39); reported sales growth 48–49% (was 37–39%); organic 38–39% (was 32–34%). Q4 adjusted EPS $1.30–$1.33, Q4 organic growth 26–29%, reported 45–48% [8-K Q3]. The prior dossier computed an implied Q4 of ~$1.145; the new Q4 guide is above it.
  5. Maverick Power bought for ~$1.75B, closed 2026-10-01. Agreement signed 2026-08-21; Maverick Power (McKinney, Texas, ~900 employees) makes engineered power distribution for data centers, with about $527M of revenue in the twelve months to 2026-06-30; up to $550M more is payable in cash on 2027–2028 performance metrics [8-K Sep15; 10-Q Q3]. Price is about 3.3x trailing sales.
  6. Funding: $800M of 6.150% senior notes due 2036 issued 2026-09-29 [8-K Sep29]; a $600M senior unsecured term loan agreed in September [8-K Sep17]; $250M drawn on the revolver on 2026-10-01 [10-Q Q3]. A $1.5B bridge commitment was in place, expected to be reduced by these [8-K Sep15].
  7. Balance sheet at 2026-09-30 (before the close): cash $1,121.8M (holding note proceeds); total debt recorded $2,196.6M against $1,568.2M at 2025-12-31; total assets $8,102.7M; goodwill $2,676.1M and intangibles $1,757.1M [10-Q Q3]. After close, debt adds the $600M term loan and $250M revolver draw if the term loan funded as described; the 10-Q text read does not state post-close net debt or leverage.
  8. Cash flow (actuals): Q3 operating cash flow $303M (+12%), Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $268M (+6%) [8-K Q3]. Nine-month buybacks $100.2M (0.8M shares); $500M remains under the 2026 authorisation, which was unused through 2026-09-30 [10-Q Q3].
  9. IEEPA: nine-month IEEPA tariff reimbursements of $22.2M, with a $3.6M reversal in Q3, are excluded from segment income [10-Q Q3].
  10. Officer change reversed: the Chief Accounting Officer, who had announced retirement for 2026-09-01, decided to stay [8-K Aug18].

What held

  • The growth regime held: +44% organic, margin up, a fourth raise (facts 1, 4).
  • The non-AI floor held: Electrical Connections grew 23% organic, though its margin fell 180bps (fact 2).
  • Cash conversion held, though FCF grew slower than sales (fact 8).
  • What changed in kind: the balance sheet. A $1.75B debt-funded acquisition (plus up to $550M earn-out) ends the prior dossier's "leverage 1.2x" description (facts 5–7). Goodwill and intangibles will rise further.

How our view changed

3 dossiers

Every dossier we have written on nVent Electric, newest first.

  1. current

    The order line decelerated and the backlog shrank

  2. The order line decelerated and the backlog shrank

  3. A boring enclosures-and-connectors company that bought and sold its way into the AI data-center build

Research trail

The research around nVent Electric

Covered in the Knowledge Base

Energy & Power

Company details

IndustryEnergy
SizePublic Company
WebsiteVisit nVent Electric

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5 names

Where nVent Electric sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.