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VNET Group, Inc.

VNET Nasdaq Services-Computer Programming, Data Processing, Etc. Financials FY2016โ€“FY2025

Last close ยท Oct 23, 2026

$3.72

2.0%
Compare
Revenue Total sales reported in the income statement.
โ€”
vs prior year
Operating margin Operating income as a share of revenue.
โ€”
Net income Profit after all expenses, interest and tax.
โˆ’$35.0M
237.6%
Free cash flow Cash from operations minus capital spending.
โˆ’$798M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.5%
0.4ย pts
Market cap Last close times the latest diluted share count, so it is approximate.
$998M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.13 EPS (TTM)

What VNET Group, Inc. does

No business description yet.

Legal name
VNET Group, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
20-F ยท Apr 16, 2026
Accession ยท CIK
0001104659-26-044361
0001508475

Revenue and margins

VNET Group, Inc. had โ€” of revenue in fiscal 2025.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$798M in fiscal 2025, โ€” of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

VNET Group, Inc. returned $2.4M to shareholders in fiscal 2025. The diluted share count fell 7.5%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably VNET Group, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $216M$386M$366M$204M$843M
Debt incl. finance leases $275M$252M$1.0B$1.5B$2.2B
Net debt / EBITDA 0.3xโˆ’0.5xโ€”4.1x3.4x
Debt / equity 0.1x0.1x1.0x1.4x2.2x
Interest coverage 0.1x0.4xโˆ’6.3x1.7x1.3x
Current ratio 1.0x1.1x0.9x0.7x0.9x
Quick ratio 1.0x1.1x0.9x0.7x0.9x
Total assets $3.6B$3.9B$4.3B$4.4B$6.4B
Total liabilities $2.4B$2.9B$3.4B$3.5B$5.1B
Shareholders' equity $1.1B$958M$847M$872M$888M
Net debt (โˆ’ = net cash) $59.1Mโˆ’$134M$635M$1.3B$1.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ“ โœ• โœ• โœ“ โœ•
Cash from operations is positive โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“
Return on assets rose โ€” โœ• โœ“ โœ“ โœ• โœ“ โœ• โœ• โœ“ โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โœ“ โœ• โœ• โœ“ โœ• โœ• โœ• โœ• โœ•
Current ratio rose โ€” โœ“ โœ• โœ• โœ• โœ“ โœ“ โœ• โœ• โœ“
Share count didn't rise โ€” โœ• โœ• โœ“ โœ• โœ• โœ“ โœ• โœ• โœ“
Gross margin rose โ€” โœ“ โœ“ โœ• โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ“ โœ• โœ• โ€” โ€” โ€” โ€” โ€” โ€”
F-score โ€” / 36 / 94 / 94 / 93 / 75 / 74 / 72 / 74 / 74 / 7
Accruals ratio โˆ’5.8%โˆ’11.3%โˆ’8.7%โˆ’7.8%โˆ’19.8%โˆ’4.2%โˆ’12.7%โˆ’16.2%โˆ’5.8%โˆ’5.6%
Altman Z'' 0.340.681.410.09โˆ’0.65โˆ’0.53โˆ’0.46โˆ’1.70โˆ’1.20โˆ’0.66

10 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $548M $502M $514M $548M โ€” โ€” โ€” โ€” โ€” โ€”
Provision for credit losses โ€” $10.3M $0.0M $0.1M $0.3M $2.3M $2.2M โ€” โ€” โ€”
Gross profit $107M $112M $143M $136M $156M $223M $202M $182M $255M $305M
Research and development $22.5M $22.1M $13.9M $12.8M $16.4M $29.2M $45.6M $45.5M $34.3M $36.3M
Operating income โˆ’$126M โˆ’$202M $35.9M $26.4M $16.9M $3.3M $18.0M โˆ’$278M $93.0M $109M
Interest expense $29.9M $27.4M $35.7M $50.1M $55.1M $51.9M $40.6M $44.1M $55.7M $83.3M
Pretax income โˆ’$142M โˆ’$149M โˆ’$24.5M โˆ’$25.4M โˆ’$372M $97.1M โˆ’$93.4M โˆ’$351M $67.1M $59.0M
Income tax โˆ’$1.7M โˆ’$13.3M $3.7M $0.8M $15.8M $17.3M $19.8M $16.1M $32.5M $77.6M
Net income โˆ’$95.4M โˆ’$114M โˆ’$31.0M โˆ’$26.4M โˆ’$393M $77.5M โˆ’$115M โˆ’$373M $25.5M โˆ’$35.0M
Net income to common โ€” โ€” โ€” โ€” โ€” โ€” โˆ’$115M โˆ’$373M $23.4M โˆ’$35.7M
Diluted EPS โˆ’$1.24 โˆ’$1.21 โˆ’$0.27 โˆ’$0.23 โˆ’$3.89 โˆ’$0.33 โˆ’$0.78 โˆ’$2.48 $0.02 โˆ’$0.13
Diluted shares 0.10B 0.11B 0.11B 0.11B 0.12B 0.15B 0.15B 0.15B 0.29B 0.27B
Cash flow
Cash from operations $8.7M $72.1M $107M $116M $103M $215M $362M $291M $279M $267M
Capital expenditure $86.5M $58.6M $65.8M $181M $358M $417M $445M $419M $684M $1.1B
Free cash flow โˆ’$77.8M $13.5M $40.8M โˆ’$64.5M โˆ’$255M โˆ’$202M โˆ’$82.5M โˆ’$128M โˆ’$406M โˆ’$798M
Depreciation and amortization $72.3M $98.7M $95.9M $112M $143M $197M $237M $255M $222M $296M
Stock-based compensation $17.9M $7.0M $9.0M $6.4M $19.8M $49.6M $17.6M $5.0M $20.6M $3.6M
Share buybacks $6.4M $19.7M โ€” $1.7M $18.9M $264M โ€” โ€” โ€” $2.4M
Dividends and buybacks $6.4M $19.7M โ€” $1.7M $18.9M $264M โ€” โ€” โ€” $2.4M
Balance sheet
Cash and short-term investments $227M $384M $379M $312M $458M $216M $386M $366M $204M $843M
Total debt $242M $7.7M $25.5M $72.0M $38.0M $60.5M $70.2M $822M $1.3B $1.9B
Finance lease liabilities โ€” โ€” โ€” $243M $251M $215M $182M $180M $238M $286M
Current assets $743M $652M $680M $751M $926M $838M $1.0B $1.4B $934M $1.6B
Current liabilities $630M $271M $319M $642M $936M $815M $918M $1.6B $1.3B $1.8B
Inventory $0.6M $0.1M $0.3M โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Property and equipment, net $545M $510M $586M $782M $1.2B $1.6B $1.7B $1.8B $2.4B $3.3B
Goodwill $253M $152M $144M $142M $152M $211M $198M $0.0M $0.0M โ€”
Intangible assets $141M $61.6M $51.7M $176M $237M $142M $217M $195M $192M $286M
Total assets $1.8B $1.5B $1.6B $2.1B $3.0B $3.6B $3.9B $4.3B $4.4B $6.4B
Total liabilities $802M $723M $841M $1.3B $1.9B $2.4B $2.9B $3.4B $3.5B $5.1B
Preferred stock โ€” โ€” โ€” โ€” $160M โ€” โ€” โ€” โ€” โ€”
Shareholders' equity $882M $776M $741M $711M $1.0B $1.1B $958M $847M $872M $888M
Margins
Gross margin 19.6% 22.4% 27.8% 24.8% โ€” โ€” โ€” โ€” โ€” โ€”
Operating margin โˆ’23.1% โˆ’40.3% 7.0% 4.8% โ€” โ€” โ€” โ€” โ€” โ€”
EBITDA margin โˆ’9.9% โˆ’20.7% 25.6% 25.2% โ€” โ€” โ€” โ€” โ€” โ€”
Net margin โˆ’17.4% โˆ’22.8% โˆ’6.0% โˆ’4.8% โ€” โ€” โ€” โ€” โ€” โ€”
FCF margin โˆ’14.2% 2.7% 7.9% โˆ’11.8% โ€” โ€” โ€” โ€” โ€” โ€”
Returns
Return on capital โˆ’11.1% โˆ’40.0% 7.3% 4.4% 2.3% 0.3% 2.2% โˆ’16.9% 3.1% 3.5%
Return on capital employed โˆ’10.9% โˆ’16.2% 2.8% 1.9% 0.8% 0.1% 0.6% โˆ’10.4% 3.0% 2.4%
Return on equity โˆ’10.8% โˆ’13.8% โˆ’4.1% โˆ’3.6% โˆ’45.8% 7.2% โˆ’11.0% โˆ’41.4% 3.0% โˆ’4.0%
Return on assets โˆ’5.3% โˆ’6.9% โˆ’2.0% โˆ’1.4% โˆ’15.7% 2.4% โˆ’3.1% โˆ’9.1% 0.6% โˆ’0.6%
Return on tangible equity โˆ’19.5% โˆ’20.3% โˆ’5.7% โˆ’6.7% โˆ’63.9% 9.8% โˆ’21.2% โˆ’57.3% 3.4% โˆ’5.9%
Growth
Revenue growth โ€” โˆ’8.4% 2.4% 6.7% โ€” โ€” โ€” โ€” โ€” โ€”
Net income growth โ€” โ€” โ€” โ€” โ€” โ€” โˆ’248.6% โ€” โ€” โˆ’237.6%
EPS growth โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โˆ’896.4%
FCF growth โ€” โ€” 202.1% โˆ’258.3% โ€” โ€” โ€” โ€” โ€” โ€”
Share count change โ€” 9.0% 0.3% โˆ’0.9% 7.2% 27.2% โˆ’2.7% 1.6% 93.3% โˆ’7.5%
Financial health
Net debt / EBITDA โ€” โ€” โˆ’2.7x 0.0x โˆ’1.1x 0.3x โˆ’0.5x โ€” 4.1x 3.4x
Debt / equity 0.3x 0.0x 0.0x 0.1x 0.0x 0.1x 0.1x 1.0x 1.4x 2.2x
Interest coverage โˆ’4.2x โˆ’7.4x 1.0x 0.5x 0.3x 0.1x 0.4x โˆ’6.3x 1.7x 1.3x
Current ratio 1.2x 2.4x 2.1x 1.2x 1.0x 1.0x 1.1x 0.9x 0.7x 0.9x
Quick ratio 1.2x 2.4x 2.1x 1.2x 1.0x 1.0x 1.1x 0.9x 0.7x 0.9x
Capital allocation
Capex / revenue 15.8% 11.7% 12.8% 33.0% โ€” โ€” โ€” โ€” โ€” โ€”
Stock comp / revenue 3.3% 1.4% 1.8% 1.2% โ€” โ€” โ€” โ€” โ€” โ€”
Payouts / FCF โ€” 145.9% โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Quality scores
Piotroski F-score โ€” 6.0 4.0 4.0 3.0 5.0 4.0 2.0 4.0 4.0
Altman Z'' 0.3 0.7 1.4 0.1 โˆ’0.6 โˆ’0.5 โˆ’0.5 โˆ’1.7 โˆ’1.2 โˆ’0.7
Accruals ratio โˆ’5.8% โˆ’11.3% โˆ’8.7% โˆ’7.8% โˆ’19.8% โˆ’4.2% โˆ’12.7% โˆ’16.2% โˆ’5.8% โˆ’5.6%

Source: SEC EDGAR XBRL filings (CIK 0001508475). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 6 ordinary shares). For information only โ€” not investment advice. Check the original filings before relying on any figure.

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