NASDAQ : VNET
VNET Group, Inc. — Financial statements
Technology · Information Technology Services · China
Last price 3.22 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 916.71M
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Financial statements
VNET Group, Inc. (VNET) reported revenue of 10.74B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 10.74B | 9.95B | 8.26B | 7.41B | 7.07B | 6.19B |
| Cost of Revenue | 8.54B | 7.76B | 6.43B | 6.12B | 5.71B | 4.75B |
| Gross Profit | 2.20B | 2.19B | 1.83B | 1.29B | 1.36B | 1.44B |
| Selling, General & Admin | 989.27M | 1.08B | 922.79M | 808.06M | 954.86M | 1.10B |
| Research & Development | 299.55M | 261.13M | 246.61M | 322.22M | 306.84M | 188.49M |
| Other Operating Expenses | -67.41M | -27.75M | -114.58M | -106.27M | -60.01M | |
| Operating Expenses | 1.37B | 1.41B | 1.16B | 1.39B | 1.24B | 1.30B |
| Operating Income | 834.93M | 780.30M | 669.44M | -100.02M | 121.16M | 133.39M |
| Interest Expense | -766.01M | -598.62M | -400.98M | -312.17M | -273.31M | -334.95M |
| Interest & Investment Income | 40.74M | 37.36M | 27.96M | 41.80M | 31.57M | 31.90M |
| Earnings From Equity Investments | -12.96M | 6.88M | 7.97M | 3.28M | 1.93M | -38.67M |
| Currency Exchange Gain (Loss) | 60.92M | 5.52M | -19.24M | -78.97M | -523.24M | 110.04M |
| Other Non Operating Income (Expenses) | -87.68M | -277.19M | -48.67M | -154.67M | 13.36M | 11.22M |
| EBT Excluding Unusual Items | 69.95M | -45.75M | 236.48M | -600.75M | -628.53M | -87.07M |
| Impairment of Goodwill | -1.36B | |||||
| Gain (Loss) on Sale of Investments | -11.17M | -6.30M | ||||
| Gain (Loss) on Sale of Assets | 469.84M | 469.84M | ||||
| Asset Writedown | -506.69M | -109.27M | ||||
| Other Unusual Items | 246.18M | 829.15M | ||||
| Pretax Income | 539.79M | 424.09M | 482.65M | -2.48B | -628.53M | 626.51M |
| Income Tax Expense | 954.40M | 557.51M | 234.23M | 114.37M | 133.46M | 111.41M |
| Earnings From Continuing Operations | -414.61M | -133.42M | 248.42M | -2.60B | -761.99M | 515.10M |
| Minority Interest in Earnings | -255.19M | -118.42M | -65.22M | -46.67M | -13.96M | -15.00M |
| Net Income | -669.81M | -251.84M | 183.20M | -2.64B | -775.95M | 500.10M |
| Preferred Dividends & Other Adjustments | 1.71B | 4.93M | 15.08M | 5.83M | ||
| Net Income to Common | -2.38B | -256.77M | 168.12M | -2.64B | -775.95M | 494.27M |
| Shares Outstanding (Basic) | 274.04M | 268.71M | 265.60M | 150.19M | 147.80M | 144.23M |
| Shares Outstanding (Diluted) | 274.04M | 268.71M | 290.39M | 150.19M | 147.80M | 151.93M |
| EPS (Basic) | -8.69 | -0.96 | 0.63 | -17.60 | -5.25 | 3.43 |
| EPS (Diluted) | -8.69 | -0.96 | 0.14 | -17.60 | -5.25 | -2.14 |
| Free Cash Flow | -5.51B | -5.74B | -2.92B | -903.97M | -555.39M | -1.30B |
| Free Cash Flow Per Share | -20.11 | -21.35 | -10.05 | -6.02 | -3.76 | -8.58 |
| Gross Margin | 20.49% | 22.04% | 22.18% | 17.44% | 19.23% | 23.23% |
| Operating Margin | 7.78% | 7.84% | 8.11% | -1.35% | 1.71% | 2.15% |
| Profit Margin | -22.18% | -2.58% | 2.04% | -35.66% | -10.98% | 7.99% |
| Free Cash Flow Margin | -51.33% | -57.67% | -35.34% | -12.19% | -7.86% | -21.07% |
| EBITDA | 3.28B | 2.88B | 2.25B | 1.69B | 1.72B | 1.40B |
| EBITDA Margin | 30.55% | 28.97% | 27.25% | 22.81% | 24.30% | 22.63% |
| D&A For EBITDA | 2.45B | 2.10B | 1.58B | 1.79B | 1.60B | 1.27B |
| EBIT | 834.93M | 780.30M | 669.44M | -100.02M | 121.16M | 133.39M |
| EBIT Margin | 7.78% | 7.84% | 8.11% | -1.35% | 1.71% | 2.15% |
| Effective Tax Rate | 176.81% | 131.46% | 48.53% | 17.78% | ||
| Advertising Expenses | 9.77M | 9.36M | 9.83M | 6.83M | 7.27M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.72B | 5.52B | 1.49B | 2.24B | 2.66B | 1.37B |
| Short-Term Investments | 466.04M | 53.95M | 390.76M | 59.65M | 68.89M | |
| Cash & Short-Term Investments | 6.72B | 5.99B | 1.55B | 2.63B | 2.72B | 1.44B |
| Accounts Receivable | 3.15B | 2.22B | 1.66B | 1.72B | 1.77B | 1.42B |
| Other Receivables | 1.53B | 1.58B | 1.13B | 770.71M | 1.11B | |
| Receivables | 3.15B | 3.83B | 3.36B | 2.91B | 2.91B | 2.56B |
| Prepaid Expenses | 2.42B | 876.94M | 1.27B | 1.34B | 988.47M | 942.99M |
| Restricted Cash | 477.33M | 656.01M | 545.79M | 2.85B | 327.67M | 327.77M |
| Other Current Assets | 99.93M | 102.69M | 82.93M | 101.08M | 55.55M | |
| Total Current Assets | 12.76B | 11.45B | 6.82B | 9.82B | 7.05B | 5.32B |
| Property, Plant & Equipment | 30.62B | 27.65B | 21.83B | 17.04B | 15.47B | 12.96B |
| Long-Term Investments | 1.00B | 1.06B | 794.69M | 757.95M | 242.19M | 98.24M |
| Goodwill | 1.36B | 1.34B | ||||
| Other Intangible Assets | 3.17B | 2.87B | 2.17B | 1.99B | 2.07B | 1.24B |
| Long-Term Deferred Tax Assets | 251.33M | 251.57M | 306.62M | 247.64M | 196.10M | 168.00M |
| Other Long-Term Assets | 1.70B | 1.31B | 430.74M | 534.20M | 552.07M | 1.97B |
| Total Assets | 49.51B | 44.59B | 32.36B | 30.39B | 26.95B | 23.10B |
| Accounts Payable | 749.95M | 741.88M | 709.26M | 696.18M | 720.03M | 500.94M |
| Accrued Expenses | 5.06B | 1.19B | 903.40M | 971.41M | 767.76M | 489.01M |
| Short-Term Debt | 2.13B | 2.79B | 944.56M | 386.07M | ||
| Current Portion of Long-Term Debt | 2.41B | 2.06B | 1.42B | 4.93B | 1.02B | 384.16M |
| Current Portion of Leases | 1.31B | 1.32B | 1.11B | 895.97M | 880.55M | 852.03M |
| Current Income Taxes Payable | 229.69M | 154.34M | 69.57M | 35.20M | 42.02M | 43.77M |
| Current Unearned Revenue | 198.89M | 189.73M | 94.56M | 103.54M | 98.72M | 57.77M |
| Other Current Liabilities | 1.03B | 4.01B | 4.09B | 3.42B | 2.80B | 2.85B |
| Total Current Liabilities | 13.11B | 12.45B | 9.34B | 11.44B | 6.33B | 5.18B |
| Long-Term Debt | 19.24B | 16.72B | 9.67B | 6.88B | 8.91B | 6.48B |
| Long-Term Leases | 5.90B | 5.64B | 5.31B | 4.43B | 3.95B | 3.40B |
| Long-Term Unearned Revenue | 242.12M | 260.27M | 273.82M | 145.11M | 2.67M | 2.29M |
| Long-Term Deferred Tax Liabilities | 876.41M | 840.39M | 734.40M | 688.36M | 682.58M | 348.40M |
| Other Long-Term Liabilities | 118.73M | 118.73M | 107.85M | 287.16M | 87.17M | 77.57M |
| Total Liabilities | 39.49B | 36.03B | 25.44B | 23.87B | 19.97B | 15.49B |
| Common Stock | 118.00K | 112.00K | 112.00K | 107.00K | 60.00K | 60.00K |
| Additional Paid-In Capital | 17.61B | 17.36B | 17.30B | 17.29B | 15.24B | 15.20B |
| Retained Earnings | -13.38B | -11.01B | -10.75B | -10.94B | -8.29B | -7.52B |
| Treasury Stock | -179.09M | -179.09M | -161.89M | -326.95M | -349.52M | -349.52M |
| Comprehensive Income & Other | 30.29M | 46.38M | -18.50M | -14.34M | 11.02M | -90.44M |
| Total Common Equity | 4.08B | 6.22B | 6.37B | 6.01B | 6.61B | 7.24B |
| Minority Interest | 5.94B | 2.35B | 554.92M | 499.97M | 372.24M | 358.77M |
| Shareholders' Equity | 10.02B | 8.56B | 6.92B | 6.51B | 6.98B | 7.60B |
| Total Liabilities & Equity | 49.51B | 44.59B | 32.36B | 30.39B | 26.95B | 23.10B |
| Total Debt | 30.98B | 28.53B | 18.45B | 17.53B | 14.76B | 11.12B |
| Net Cash (Debt) | -24.26B | -22.54B | -16.90B | -14.89B | -12.04B | -9.68B |
| Net Cash Per Share | -88.54 | -83.88 | -58.21 | -99.16 | -81.48 | -63.72 |
| Filing Date Shares Outstanding | 283.67M | 284.69M | 269.03M | 263.21M | 148.45M | 148.02M |
| Total Common Shares Outstanding | 283.67M | 270.49M | 268.93M | 257.40M | 148.45M | 148.02M |
| Working Capital | -350.60M | -995.35M | -2.52B | -1.61B | 720.19M | 144.13M |
| Book Value Per Share | 14.37 | 22.99 | 23.67 | 23.37 | 44.52 | 48.93 |
| Tangible Book Value | 908.28M | 3.35B | 4.20B | 4.03B | 3.17B | 4.67B |
| Tangible Book Value Per Share | 3.20 | 12.37 | 15.60 | 15.65 | 21.37 | 31.52 |
| Machinery | 14.94B | 9.58B | 7.89B | 6.70B | 5.14B | |
| Construction In Progress | 2.25B | 4.53B | 3.44B | 2.77B | 3.24B | |
| Leasehold Improvements | 7.02B | 6.04B | 5.82B | 4.82B | 3.30B |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -669.81M | -251.84M | 183.20M | -2.64B | -775.95M | 500.10M |
| Depreciation & Amortization | 2.45B | 2.10B | 1.58B | 1.79B | 1.60B | 1.27B |
| Other Amortization | 23.70M | 23.70M | 17.49M | 16.37M | ||
| Loss (Gain) From Sale of Assets | -507.21M | -507.21M | -126.60M | 2.70M | 14.20M | -10.81M |
| Asset Writedown & Restructuring Costs | 1.87B | 109.27M | ||||
| Loss (Gain) From Sale of Investments | 11.17M | 3.50M | ||||
| Loss (Gain) on Equity Investments | -6.88M | -6.88M | -7.97M | -3.28M | 13.31M | 38.67M |
| Stock-Based Compensation | 25.78M | 25.78M | 148.56M | 35.30M | 118.17M | 320.01M |
| Provision & Write-off of Bad Debts | 102.75M | 102.75M | 107.90M | 368.50M | 50.41M | 18.40M |
| Other Operating Activities | 1.07B | 1.17B | 411.31M | 681.53M | 1.04B | -899.32M |
| Change in Accounts Receivable | -663.66M | -663.66M | -62.05M | -5.77M | -381.19M | |
| Change in Accounts Payable | 32.61M | 32.61M | 20.04M | -24.43M | 220.13M | 195.73M |
| Change in Unearned Revenue | 140.33M | 140.33M | 135.29M | 155.73M | 44.38M | -7.46M |
| Change in Income Taxes | 95.66M | 95.66M | 43.77M | 4.46M | 7.85M | 23.62M |
| Change in Other Net Operating Assets | -343.62M | -343.62M | -446.31M | -196.82M | 491.70M | -174.16M |
| Operating Cash Flow | 1.75B | 1.92B | 2.01B | 2.06B | 2.44B | 1.39B |
| Capital Expenditures | -7.26B | -7.66B | -4.92B | -2.97B | -3.00B | -2.69B |
| Sale of Property, Plant & Equipment | 63.15M | 63.15M | 276.82M | 31.70M | 6.13M | 10.22M |
| Cash Acquisitions | -279.36M | -279.36M | 2.00K | -38.99M | -1.19B | |
| Divestitures | 755.96M | 755.96M | 12.70M | 300.00K | ||
| Sale (Purchase) of Intangibles | -219.76M | -210.56M | -204.70M | -93.18M | -105.00M | -134.03M |
| Investment in Securities | 1.00B | -617.78M | 335.53M | -876.04M | -213.00M | 278.04M |
| Other Investing Activities | -137.88M | -106.93M | 164.42M | -105.25M | -500.00K | -45.87M |
| Investing Cash Flow | -6.04B | -8.01B | -4.39B | -3.91B | -3.56B | -3.77B |
| Short-Term Debt Issued | 2.78B | 818.02M | 380.00M | |||
| Long-Term Debt Issued | 9.31B | 4.86B | 2.83B | 2.97B | 5.64B | |
| Total Debt Issued | 14.84B | 12.09B | 5.68B | 3.21B | 2.97B | 5.64B |
| Short-Term Debt Repaid | -743.40M | -259.02M | -78.00M | -2.05B | ||
| Long-Term Debt Repaid | -2.35B | -5.95B | -1.30B | -676.44M | -934.24M | |
| Total Debt Repaid | -8.24B | -3.09B | -6.21B | -1.38B | -676.44M | -2.98B |
| Net Debt Issued (Repaid) | 6.61B | 9.00B | -535.19M | 1.84B | 2.30B | 2.66B |
| Issuance of Common Stock | 951.39M | 2.12B | 472.00K | |||
| Repurchase of Common Stock | -17.20M | -17.20M | -1.70B | |||
| Other Financing Activities | 593.25M | 1.24B | -92.46M | -16.10M | 10.82M | |
| Financing Cash Flow | 8.13B | 10.22B | -627.65M | 3.94B | 2.30B | 967.58M |
| Foreign Exchange Rate Adjustments | -50.64M | -7.22M | -4.95M | 9.99M | 101.98M | 9.15M |
| Net Cash Flow | 3.79B | 4.12B | -3.02B | 2.11B | 1.28B | -1.41B |
| Free Cash Flow | -5.51B | -5.74B | -2.92B | -903.97M | -555.39M | -1.30B |
| Free Cash Flow Margin | -51.33% | -57.67% | -35.34% | -12.19% | -7.86% | -21.07% |
| Free Cash Flow Per Share | -20.11 | -21.35 | -10.05 | -6.02 | -3.76 | -8.58 |
| Levered Free Cash Flow | -3.81B | -5.38B | -651.12M | -3.54B | -1.44B | -1.67B |
| Unlevered Free Cash Flow | -3.34B | -5.01B | -400.52M | -3.34B | -1.27B | -1.46B |
| Cash Interest Paid | 570.73M | 570.73M | 434.19M | 251.07M | 222.41M | 251.07M |
| Cash Income Tax Paid | 422.30M | 422.30M | 211.90M | 145.60M | 159.78M | 145.60M |
| Change in Working Capital | -738.69M | -738.69M | -309.25M | -66.82M | 382.86M | 37.73M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 916.71M | 2.28B | 1.27B | 738.64M | 839.29M | 1.32B |
| Enterprise Value | 4.49B | 5.70B | 3.52B | 2.72B | 2.53B | 2.72B |
| Last Close Price | 3.22 | 8.46 | 4.74 | 2.87 | 5.67 | 9.03 |
| PE Ratio | 54.94 | 16.91 | ||||
| Forward PE | 235.00 | 44.60 | 184.90 | 124.55 | 124.55 | |
| PS Ratio | 0.58 | 1.60 | 1.12 | 0.71 | 0.82 | 1.35 |
| PB Ratio | 1.52 | 1.86 | 1.33 | 0.80 | 0.83 | 1.10 |
| P/TBV Ratio | 6.86 | 4.76 | 2.20 | 1.30 | 1.82 | 1.79 |
| P/OCF Ratio | 3.49 | 8.30 | 4.61 | 2.54 | 2.37 | 6.02 |
| PEG Ratio | 5.30 | 5.30 | 5.30 | 5.30 | 5.30 | |
| EV/Sales Ratio | 2.84 | 4.01 | 3.11 | 2.60 | 2.47 | 2.79 |
| EV/EBITDA Ratio | 9.29 | 13.83 | 11.42 | 11.40 | 10.15 | 12.33 |
| EV/EBIT Ratio | 36.52 | 51.09 | 38.39 | 143.91 | 129.52 | |
| Debt / Equity Ratio | 3.09 | 3.33 | 2.67 | 2.69 | 2.12 | 1.46 |
| Debt / EBITDA Ratio | 7.15 | 7.36 | 5.91 | 7.18 | 6.13 | 5.65 |
| Net Debt / Equity Ratio | 2.42 | 2.63 | 2.44 | 2.29 | 1.73 | 1.27 |
| Net Debt / EBITDA Ratio | 7.39 | 7.82 | 7.51 | 8.81 | 7.01 | 6.91 |
| Net Debt / FCF Ratio | -4.40 | -3.93 | -5.79 | -16.48 | -21.68 | -7.42 |
| Asset Turnover | 0.24 | 0.26 | 0.26 | 0.26 | 0.28 | 0.29 |
| Quick Ratio | 0.75 | 0.78 | 0.51 | 0.48 | 0.83 | 0.77 |
| Current Ratio | 0.97 | 0.92 | 0.73 | 0.86 | 1.11 | 1.03 |
| Return on Equity (ROE) | -4.70% | -1.72% | 3.70% | -38.49% | -10.45% | 7.11% |
| Return on Assets (ROA) | 1.17% | 1.27% | 1.33% | -0.22% | 0.30% | 0.39% |
| Return on Invested Capital (ROIC) | -1.94% | -0.89% | 1.52% | -0.50% | 0.67% | 0.75% |
| Return on Capital Employed (ROCE) | 2.30% | 2.40% | 2.90% | -0.50% | 0.60% | 0.70% |
| Earnings Yield | -39.73% | -1.58% | 1.98% | -50.48% | -13.40% | 5.99% |
| FCF Yield | -90.39% | -36.05% | -31.60% | -17.26% | -9.59% | -15.60% |
| Buyback Yield / Dilution | 6.39% | 7.46% | -93.35% | -1.62% | 2.72% | -27.16% |