1.Sales and profit
See section β- VNET Group, Inc. lost $35.0M in fiscal 2025.
VNET Group, Inc.
VNET Nasdaq Services-Computer Programming, Data Processing, Etc. Financials FY2016βFY2025
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3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$3.72
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Hi! I read VNET Group, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
4 to watch
2.Cash and shareholders
See section β- Free cash flow was β$798M in fiscal 2025, β of revenue.
- VNET Group, Inc. returned $2.4M to shareholders in fiscal 2025. The diluted share count fell 7.5%.
- No open-market insider trades in the last 12 months.
3.Financial health
See section β- VNET Group, Inc. owes $1.4B more than it holds in cash, about 3.4 years of operating profit.
- Its return on capital was 3.5%: every 100 invested in the business earned about 4 in a year.
- VNET Group, Inc. passes 4 of 7 financial health tests (Piotroski F-score).
VNET Group, Inc. in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$35.0M
No. It lost money last year.
Weak
Is debt under control?
3.4x
Heavy. Repaying its debt would take 3.4 years of operating profit.
So-so
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
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.
β
On β$0.13 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days VNET Group, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 19, 2026
Thursday Β· in 25 days
- Time
- Time not announced
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- β$0.02
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 16, 2026 | Period ended Dec 31, 2025 | After the market closes | 20-F β |
| Apr 25, 2025 | Q4 '24 | Before the market opens | 20-F β |
| Apr 26, 2024 | Q4 '23 | Before the market opens | 20-F β |
| Apr 26, 2023 | Period ended Dec 31, 2022 | After the market closes | 20-F β |
| Apr 26, 2022 | Period ended Dec 31, 2021 | After the market closes | 20-F β |
| Apr 28, 2021 | Period ended Dec 31, 2020 | After the market closes | 20-F β |
| Apr 2, 2020 | Period ended Dec 31, 2019 | After the market closes | 20-F β |
| Mar 27, 2019 | Period ended Dec 31, 2018 | After the market closes | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY16
Revenue $548M
FY17
Revenue $502M
FY18
Revenue $514M
FY19
Revenue $548M
FY20
Revenue β
FY21
Revenue β
FY22
Revenue β
FY23
Revenue β
FY24
Revenue β
FY25
Revenue β
Margins, % of revenue
FY16
Gross 19.6%
Operating β23.1%
Net β17.4%
FCF β14.2%
FY17
Gross 22.4%
Operating β40.3%
Net β22.8%
FCF 2.7%
FY18
Gross 27.8%
Operating 7.0%
Net β6.0%
FCF 7.9%
FY19
Gross 24.8%
Operating 4.8%
Net β4.8%
FCF β11.8%
FY20
Gross β
Operating β
Net β
FCF β
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· VNET Group, Inc. lost $35.0M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY16
Net income β$95.4M
FY17
Net income β$114M
FY18
Net income β$31.0M
FY19
Net income β$26.4M
FY20
Net income β$393M
FY21
Net income $77.5M
FY22
Net income β$115M
FY23
Net income β$373M
FY24
Net income $25.5M
FY25
Net income β$35.0M
Net income
Q4 '23
Net income β$338M
Q4 '24
Net income β$1.5M
Diluted EPS
FY16
Diluted EPS β$1.24
FY17
Diluted EPS β$1.21
FY18
Diluted EPS β$0.27
FY19
Diluted EPS β$0.23
FY20
Diluted EPS β$3.89
FY21
Diluted EPS β$0.33
FY22
Diluted EPS β$0.78
FY23
Diluted EPS β$2.48
FY24
Diluted EPS $0.02
FY25
Diluted EPS β$0.13
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$798M in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY16
Free cash flow β$77.8M
FY17
Free cash flow $13.5M
FY18
Free cash flow $40.8M
FY19
Free cash flow β$64.5M
FY20
Free cash flow β$255M
FY21
Free cash flow β$202M
FY22
Free cash flow β$82.5M
FY23
Free cash flow β$128M
FY24
Free cash flow β$406M
FY25
Free cash flow β$798M
Free cash flow
Q4 '23
Free cash flow β$39.7M
Q4 '24
Free cash flow β$128M
Cash from operations vs capital spending
FY16
Cash from operations $8.7M
Capital spending $86.5M
FY17
Cash from operations $72.1M
Capital spending $58.6M
FY18
Cash from operations $107M
Capital spending $65.8M
FY19
Cash from operations $116M
Capital spending $181M
FY20
Cash from operations $103M
Capital spending $358M
FY21
Cash from operations $215M
Capital spending $417M
FY22
Cash from operations $362M
Capital spending $445M
FY23
Cash from operations $291M
Capital spending $419M
FY24
Cash from operations $279M
Capital spending $684M
FY25
Cash from operations $267M
Capital spending $1.1B
Cash from operations
Capital spending
Cash from operations vs capital spending
Q4 '23
Cash from operations $101M
Capital spending $141M
Q4 '24
Cash from operations $79.6M
Capital spending $208M
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· VNET Group, Inc. returned $2.4M to shareholders in fiscal 2025. The diluted share count fell 7.5%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY16
Dividends β
Buybacks $6.4M
FY17
Dividends β
Buybacks $19.7M
FY18
Dividends β
Buybacks β
FY19
Dividends β
Buybacks $1.7M
FY20
Dividends β
Buybacks $18.9M
FY21
Dividends β
Buybacks $264M
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks $2.4M
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 0.10B
FY17
Diluted shares 0.11B
FY18
Diluted shares 0.11B
FY19
Diluted shares 0.11B
FY20
Diluted shares 0.12B
FY21
Diluted shares 0.15B
FY22
Diluted shares 0.15B
FY23
Diluted shares 0.15B
FY24
Diluted shares 0.29B
FY25
Diluted shares 0.27B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· VNET Group, Inc. owes $1.4B more than it holds in cash, about 3.4 years of operating profit.
Cash, debt and the ratios that show how comfortably VNET Group, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY16
Cash $227M
Debt $242M
FY17
Cash $384M
Debt $7.7M
FY18
Cash $379M
Debt $25.5M
FY19
Cash $312M
Debt $315M
FY20
Cash $458M
Debt $289M
FY21
Cash $216M
Debt $275M
FY22
Cash $386M
Debt $252M
FY23
Cash $366M
Debt $1.0B
FY24
Cash $204M
Debt $1.5B
FY25
Cash $843M
Debt $2.2B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | 0.3x | β0.5x | β | 4.1x | 3.4x |
| Debt / equity | 0.1x | 0.1x | 1.0x | 1.4x | 2.2x |
| Interest coverage | 0.1x | 0.4x | β6.3x | 1.7x | 1.3x |
| Current ratio | 1.0x | 1.1x | 0.9x | 0.7x | 0.9x |
| Quick ratio | 1.0x | 1.1x | 0.9x | 0.7x | 0.9x |
| 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 (β = net cash) | $59.1M | β$134M | $635M | $1.3B | $1.4B |
Returns on capital
KIRA Β· Its return on capital was 3.5%: every 100 invested in the business earned about 4 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY16
Return on capital β11.1%
Return on equity β10.8%
Return on assets β5.3%
FY17
Return on capital β40.0%
Return on equity β13.8%
Return on assets β6.9%
FY18
Return on capital 7.3%
Return on equity β4.1%
Return on assets β2.0%
FY19
Return on capital 4.4%
Return on equity β3.6%
Return on assets β1.4%
FY20
Return on capital 2.3%
Return on equity β45.8%
Return on assets β15.7%
FY21
Return on capital 0.3%
Return on equity 7.2%
Return on assets 2.4%
FY22
Return on capital 2.2%
Return on equity β11.0%
Return on assets β3.1%
FY23
Return on capital β16.9%
Return on equity β41.4%
Return on assets β9.1%
FY24
Return on capital 3.1%
Return on equity 3.0%
Return on assets 0.6%
FY25
Return on capital 3.5%
Return on equity β4.0%
Return on assets β0.6%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· VNET Group, Inc. passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 6 / 9 | 4 / 9 | 4 / 9 | 3 / 7 | 5 / 7 | 4 / 7 | 2 / 7 | 4 / 7 | 4 / 7 |
| Accruals ratio | β5.8% | β11.3% | β8.7% | β7.8% | β19.8% | β4.2% | β12.7% | β16.2% | β5.8% | β5.6% |
| Altman Z'' | 0.34 | 0.68 | 1.41 | 0.09 | β0.65 | β0.53 | β0.46 | β1.70 | β1.20 | β0.66 |
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $548M | $502M | $514M | $548M | β | β | β | β | β | β |
| Provision for credit losses | β | $10.3M | $0.0M | $0.1M | $0.3M | $2.3M | $2.2M | β | β | β |
| 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 | β$126M | β$202M | $35.9M | $26.4M | $16.9M | $3.3M | $18.0M | β$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 | β$142M | β$149M | β$24.5M | β$25.4M | β$372M | $97.1M | β$93.4M | β$351M | $67.1M | $59.0M |
| Income tax | β$1.7M | β$13.3M | $3.7M | $0.8M | $15.8M | $17.3M | $19.8M | $16.1M | $32.5M | $77.6M |
| Net income | β$95.4M | β$114M | β$31.0M | β$26.4M | β$393M | $77.5M | β$115M | β$373M | $25.5M | β$35.0M |
| Net income to common | β | β | β | β | β | β | β$115M | β$373M | $23.4M | β$35.7M |
| Diluted EPS | β$1.24 | β$1.21 | β$0.27 | β$0.23 | β$3.89 | β$0.33 | β$0.78 | β$2.48 | $0.02 | β$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 | β$77.8M | $13.5M | $40.8M | β$64.5M | β$255M | β$202M | β$82.5M | β$128M | β$406M | β$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 | β | $1.7M | $18.9M | $264M | β | β | β | $2.4M |
| Dividends and buybacks | $6.4M | $19.7M | β | $1.7M | $18.9M | $264M | β | β | β | $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 | β | β | β | $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 | β | β | β | β | β | β | β |
| 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 | β |
| 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 | β | β | β | β | $160M | β | β | β | β | β |
| 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% | β | β | β | β | β | β |
| Operating margin | β23.1% | β40.3% | 7.0% | 4.8% | β | β | β | β | β | β |
| EBITDA margin | β9.9% | β20.7% | 25.6% | 25.2% | β | β | β | β | β | β |
| Net margin | β17.4% | β22.8% | β6.0% | β4.8% | β | β | β | β | β | β |
| FCF margin | β14.2% | 2.7% | 7.9% | β11.8% | β | β | β | β | β | β |
| Returns | ||||||||||
| Return on capital | β11.1% | β40.0% | 7.3% | 4.4% | 2.3% | 0.3% | 2.2% | β16.9% | 3.1% | 3.5% |
| Return on capital employed | β10.9% | β16.2% | 2.8% | 1.9% | 0.8% | 0.1% | 0.6% | β10.4% | 3.0% | 2.4% |
| Return on equity | β10.8% | β13.8% | β4.1% | β3.6% | β45.8% | 7.2% | β11.0% | β41.4% | 3.0% | β4.0% |
| Return on assets | β5.3% | β6.9% | β2.0% | β1.4% | β15.7% | 2.4% | β3.1% | β9.1% | 0.6% | β0.6% |
| Return on tangible equity | β19.5% | β20.3% | β5.7% | β6.7% | β63.9% | 9.8% | β21.2% | β57.3% | 3.4% | β5.9% |
| Growth | ||||||||||
| Revenue growth | β | β8.4% | 2.4% | 6.7% | β | β | β | β | β | β |
| Net income growth | β | β | β | β | β | β | β248.6% | β | β | β237.6% |
| EPS growth | β | β | β | β | β | β | β | β | β | β896.4% |
| FCF growth | β | β | 202.1% | β258.3% | β | β | β | β | β | β |
| Share count change | β | 9.0% | 0.3% | β0.9% | 7.2% | 27.2% | β2.7% | 1.6% | 93.3% | β7.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β2.7x | 0.0x | β1.1x | 0.3x | β0.5x | β | 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 | β4.2x | β7.4x | 1.0x | 0.5x | 0.3x | 0.1x | 0.4x | β6.3x | 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% | β | β | β | β | β | β |
| Stock comp / revenue | 3.3% | 1.4% | 1.8% | 1.2% | β | β | β | β | β | β |
| Payouts / FCF | β | 145.9% | β | β | β | β | β | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 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 | β0.6 | β0.5 | β0.5 | β1.7 | β1.2 | β0.7 |
| Accruals ratio | β5.8% | β11.3% | β8.7% | β7.8% | β19.8% | β4.2% | β12.7% | β16.2% | β5.8% | β5.6% |
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 β not investment advice. Check the original filings before relying on any figure.