VNET GROUP INC Financials
This page shows VNET GROUP INC (VNET) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Debt-funded expansion defines the business: positive operating cash is repeatedly overwhelmed by capital spending that internal cash cannot cover.
From FY2023 to FY2025, operating income recovered from-$277.6M to$111.6M . Yet FY2025 operating cash flow of$274.4M was still far below capex of$1.09B , meaning the operating turnaround did not make growth self-funded.
Earnings quality looks different from cash generation here: FY2025 produced
Leverage has kept rising, with debt-to-equity moving from 3.0x in FY2022 to 5.8x in FY2025. Even with cash at
Financial Health Signals
VNET GROUP INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
VNET GROUP INC passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.
VNET GROUP INC reported a net loss of $36.0M while generating $274.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
VNET GROUP INC earns $1.30 in operating income for every $1 of interest expense ($111.6M vs $85.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
VNET GROUP INC's EBITDA was $415.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 33.8% from the prior year.
VNET GROUP INC reported -$36.0M in net income in fiscal year 2025. This represents a decrease of 243.5% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
VNET GROUP INC recorded an outflow of $820.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 105.2% from the prior year.
VNET GROUP INC held $789.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
VNET GROUP INC's ROE was -4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
VNET GROUP INC invested $37.3M in research and development in fiscal year 2025. This represents an increase of 10.5% from the prior year.
VNET GROUP INC spent $2.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
VNET GROUP INC invested $1.1B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 62.3% from the prior year.
VNET Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $544.3M+10.0% | $494.7M-5.1% | $521.4M-0.6% | $524.5M-6.5% | $561.0M+21.0% | $463.6M+42.7% | $324.9M+32.8% | $244.6M+50.8% | $162.2M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $409.3M+14.6% | $357.2M-11.8% | $404.9M-4.0% | $422.0M-1.7% | $429.3M+28.9% | $333.0M+39.1% | $239.5M+35.8% | $176.3M+49.1% | $118.3M |
| Gross Profit | $313.5M+24.9% | $251.0M+37.9% | $182.0M-7.6% | $196.9M-12.7% | $225.7M+36.8% | $164.9M+22.2% | $134.9M-1.8% | $137.4M+17.9% | $116.6M+13.6% | $102.6M-22.2% | $131.8M+0.9% | $130.6M+52.9% | $85.4M+25.0% | $68.3M+55.5% | $43.9M |
| R&D Expenses | $37.3M+10.5% | $33.8M-25.6% | $45.4M+2.0% | $44.5M+50.4% | $29.6M+71.0% | $17.3M+35.7% | $12.8M-4.8% | $13.4M-41.6% | $22.9M+6.6% | $21.5M-2.5% | $22.1M+12.4% | $19.6M+52.5% | $12.9M+25.3% | $10.3M+86.4% | $5.5M |
| SG&A Expenses | $114.0M+26.2% | $90.3M+18.3% | $76.3M-18.1% | $93.2M-29.5% | $132.2M+61.2% | $82.0M+37.5% | $59.7M-11.3% | $67.3M-15.8% | $79.9M-13.3% | $92.1M-0.7% | $92.8M+16.7% | $79.5M+157.5% | $30.9M+25.3% | $24.6M+87.0% | $13.2M |
| Operating Income | $111.6M+21.7% | $91.7M+133.0% | -$277.6M-1680.4% | $17.6M+425.1% | $3.3M-81.3% | $17.9M-31.7% | $26.2M-24.2% | $34.5M+116.4% | -$210.3M-73.8% | -$121.0M-175.8% | -$43.9M-137.3% | -$18.5M-367.9% | $6.9M-46.9% | $13.0M+448.6% | $2.4M |
| Interest Expense | $85.6M+55.8% | $54.9M+24.9% | $44.0M+11.0% | $39.6M-24.6% | $52.6M-9.9% | $58.3M+17.4% | $49.7M+44.7% | $34.3M+20.5% | $28.5M-0.4% | $28.6M-32.4% | $42.3M+13.2% | $37.4M+65.5% | $22.6M+1137.3% | $1.8M+161.2% | $699K |
| Income Tax | $79.7M+148.4% | $32.1M+99.2% | $16.1M-16.7% | $19.4M+10.7% | $17.5M+4.3% | $16.8M+2045.5% | $781K-78.0% | $3.5M+125.6% | -$13.9M-762.4% | -$1.6M-121.8% | $7.4M+174.8% | $2.7M+57.6% | $1.7M-70.6% | $5.8M+167.1% | $2.2M |
| Net Income | -$36.0M-243.5% | $25.1M+106.7% | -$372.4M-231.0% | -$112.5M-243.4% | $78.5M+118.9% | -$415.2M-1485.9% | -$26.2M+12.2% | -$29.8M+74.9% | -$118.8M-30.1% | -$91.3M-38.1% | -$66.1M-17.7% | -$56.2M-605.2% | -$8.0M-188.1% | $9.0M+208.5% | $2.9M |
| EPS (Diluted) | -$0.02 | $0.00+100.0% | -$0.41-215.4% | -$0.13-116.7% | -$0.06+91.3% | -$0.69-1625.0% | -$0.040.0% | -$0.04+81.0% | -$0.21-5.0% | -$0.20-53.8% | -$0.13+7.1% | -$0.14-600.0% | -$0.02-166.7% | $0.03+200.0% | $0.01 |
VNET Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.4B+43.9% | $4.4B+3.6% | $4.3B+9.5% | $3.9B+7.8% | $3.6B+22.1% | $3.0B+44.8% | $2.1B+26.4% | $1.6B+6.5% | $1.5B-14.9% | $1.8B+6.7% | $1.7B+7.9% | $1.6B+53.4% | $1.0B+112.0% | $477.8M+25.2% | $381.8M |
| Current Assets | $1.6B+75.3% | $934.4M-32.5% | $1.4B+35.3% | $1.0B+22.4% | $835.5M-10.0% | $928.1M+23.6% | $751.0M+10.4% | $680.4M+4.3% | $652.5M-12.9% | $749.2M+39.4% | $537.5M+16.3% | $462.0M-22.4% | $595.4M+193.7% | $202.8M-17.7% | $246.5M |
| Cash & Equivalents | $789.9M+286.3% | $204.5M-35.3% | $316.0M-18.1% | $385.9M+79.2% | $215.4M-48.2% | $415.4M+59.9% | $259.8M-24.3% | $343.0M+14.5% | $299.7M+50.3% | $199.4M-17.8% | $242.7M+144.0% | $99.5M-57.7% | $235.1M+229.3% | $71.4M+8.4% | $65.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $267K+145.0% | $109K-82.9% | $638K-69.5% | $2.1M+28.9% | $1.6M | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $100.8M+114.1% | $47.1M+100.8% | $23.5M |
| Goodwill | N/A | N/A | N/A | $197.8M+1.8% | $194.2M+24.4% | $156.1M+3.0% | $151.7M+6.7% | $142.1M-1.2% | $143.9M-46.7% | $269.9M+6.7% | $252.9M-6.7% | $271.1M+309.7% | $66.2M+38.9% | $47.6M+37.8% | $34.5M |
| Total Liabilities | $5.2B+47.8% | $3.5B+3.6% | $3.4B+16.1% | $2.9B+19.1% | $2.4B+27.2% | $1.9B+47.2% | $1.3B+54.3% | $841.8M+16.3% | $723.5M-9.8% | $802.3M-13.9% | $932.3M-12.9% | $1.1B+77.2% | $604.0M+246.0% | $174.6M+49.9% | $116.5M |
| Current Liabilities | $1.8B+39.1% | $1.3B-20.5% | $1.6B+75.5% | $918.1M+12.9% | $812.9M-13.4% | $938.2M+46.2% | $641.9M+101.4% | $318.7M+16.8% | $272.9M-56.7% | $630.0M+44.6% | $435.6M-9.6% | $481.8M+174.8% | $175.3M+34.8% | $130.0M+77.0% | $73.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $10.1M | N/A |
| Total Equity | $889.2M+2.0% | $872.1M+3.0% | $847.1M-11.6% | $958.3M-15.7% | $1.1B+13.0% | $1.0B+41.4% | $711.5M-4.0% | $740.9M-4.5% | $776.1M-12.0% | $882.2M+42.3% | $619.8M+74.6% | $355.0M-12.6% | $406.2M+35.3% | $300.3M+14.4% | $262.6M |
| Retained Earnings | -$1.6B-6.9% | -$1.5B+4.1% | -$1.6B-27.9% | -$1.2B-1.9% | -$1.2B-7.4% | -$1.1B-91.2% | -$580.1M-3.9% | -$558.2M-0.1% | -$557.8M-35.0% | -$413.2M-19.8% | -$344.9M-19.2% | -$289.3M-22.5% | -$236.1M-7.2% | -$220.2M+2.3% | -$225.3M |
VNET Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $274.4M-0.1% | $274.7M-5.5% | $290.6M-17.9% | $353.8M+62.4% | $217.8M+99.0% | $109.5M-5.1% | $115.3M+12.5% | $102.5M+65.8% | $61.8M+413.3% | $12.0M-64.0% | $33.5M-36.2% | $52.4M+391.9% | $10.7M-61.8% | $27.9M+5.8% | $26.4M |
| Capital Expenditures | $1.1B+62.3% | $674.5M+61.4% | $418.0M-3.8% | $434.3M+2.8% | $422.4M+11.4% | $379.1M+111.3% | $179.4M+183.4% | $63.3M+4.0% | $60.9M-26.4% | $82.7M-49.1% | $162.4M+25.9% | $129.0M+86.3% | $69.2M-3.4% | $71.7M+76.5% | $40.6M |
| Free Cash Flow | -$820.5M-105.2% | -$399.8M-214.0% | -$127.3M-58.1% | -$80.5M+60.6% | -$204.6M+24.1% | -$269.6M-320.9% | -$64.1M-263.3% | $39.2M+3940.6% | $971K+101.4% | -$70.7M+45.2% | -$129.0M-68.4% | -$76.6M-30.7% | -$58.6M-33.8% | -$43.8M-207.5% | -$14.2M |
| Investing Cash Flow | -$1.1B-90.5% | -$601.5M-9.4% | -$550.0M-6.6% | -$516.0M+12.8% | -$592.0M+0.7% | -$596.0M-157.4% | -$231.6M-422.3% | -$44.3M | N/A | N/A | N/A | N/A | N/A | -$28.2M+86.0% | -$201.5M |
| Financing Cash Flow | $1.5B+1799.7% | -$86.0M-115.5% | $555.1M+66.6% | $333.2M+119.4% | $151.8M-76.2% | $638.0M+862.3% | $66.3M+2389.4% | -$2.9M | N/A | N/A | N/A | N/A | N/A | $3.8M-98.3% | $229.4M |
| Share Buybacks | $2.5M | N/A | N/A | N/A | $267.1M+1235.5% | $20.0M+1075.5% | $1.7M | N/A | $20.5M+233.0% | $6.1M+106.1% | $3.0M-91.3% | $34.4M+248.5% | $9.9M | N/A | $30.2M |
Not reported in any period shown, so not listed: Dividends Paid.
VNET Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | 24.8%-3.0pp | 27.8%+5.4pp | 22.4%+2.8pp | 19.6%-3.9pp | 23.5%-4.7pp | 28.2%+1.9pp | 26.3%-1.7pp | 27.9%+0.8pp | 27.1% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | 4.8%-2.2pp | 7.0%+47.3pp | -40.3%-17.3pp | -23.1%-15.2pp | -7.8%-3.8pp | -4.0%-6.1pp | 2.1%-3.2pp | 5.3%+3.9pp | 1.5% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | -4.8%+1.2pp | -6.0%+16.8pp | -22.8%-5.4pp | -17.4%-5.6pp | -11.8%+0.3pp | -12.1%-9.7pp | -2.5%-6.1pp | 3.7%+1.9pp | 1.8% |
| Return on Equity | -4.0%-6.9pp | 2.9%+46.8pp | -44.0%-32.2pp | -11.7%-18.6pp | 6.9%+48.2pp | -41.3%-37.6pp | -3.7%+0.4pp | -4.0%+11.3pp | -15.3%-5.0pp | -10.3%+0.3pp | -10.7%+5.2pp | -15.8%-13.9pp | -2.0%-5.0pp | 3.0%+1.9pp | 1.1% |
| Return on Assets | -0.6%-1.1pp | 0.6%+9.3pp | -8.7%-5.8pp | -2.9%-5.1pp | 2.2%+16.2pp | -14.0%-12.7pp | -1.3%+0.6pp | -1.8%+6.0pp | -7.8%-2.7pp | -5.1%-1.2pp | -3.9%-0.3pp | -3.6%-2.8pp | -0.8%-2.7pp | 1.9%+1.1pp | 0.8% |
| Current Ratio | 0.92+0.2x | 0.73-0.1x | 0.86-0.3x | 1.11+0.1x | 1.030.0x | 0.99-0.2x | 1.17-1.0x | 2.13-0.3x | 2.39+1.2x | 1.190.0x | 1.23+0.3x | 0.96-2.4x | 3.40+1.8x | 1.56-1.8x | 3.35 |
| Debt-to-Equity | 5.79+1.8x | 4.000.0x | 3.97+0.9x | 3.02+0.9x | 2.14+0.2x | 1.90+0.1x | 1.83+0.7x | 1.14+0.2x | 0.930.0x | 0.91-0.6x | 1.50-1.5x | 3.01+1.5x | 1.49+1.5x | 0.03-0.4x | 0.44 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | -11.8%-19.7pp | 7.9%+7.7pp | 0.2%+13.7pp | -13.5%+9.5pp | -23.0%-6.5pp | -16.5%+1.5pp | -18.0%-0.1pp | -17.9%-9.1pp | -8.8% |
Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where VNET GROUP INC Ranks
Frequently Asked Questions
Is VNET GROUP INC profitable?
No, VNET GROUP INC (VNET) reported a net income of -$36.0M in fiscal year 2025.
What is VNET GROUP INC's EBITDA?
VNET GROUP INC (VNET) had EBITDA of $415.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is VNET GROUP INC's return on equity (ROE)?
VNET GROUP INC (VNET) has a return on equity of -4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is VNET GROUP INC's free cash flow?
VNET GROUP INC (VNET) recorded an outflow of $820.5M in free cash flow during fiscal year 2025. This represents a -105.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is VNET GROUP INC's operating cash flow?
VNET GROUP INC (VNET) generated $274.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are VNET GROUP INC's total assets?
VNET GROUP INC (VNET) had $6.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are VNET GROUP INC's capital expenditures?
VNET GROUP INC (VNET) invested $1.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does VNET GROUP INC spend on research and development?
VNET GROUP INC (VNET) invested $37.3M in research and development during fiscal year 2025.
What is VNET GROUP INC's current ratio?
VNET GROUP INC (VNET) had a current ratio of 0.92 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is VNET GROUP INC's debt-to-equity ratio?
VNET GROUP INC (VNET) had a debt-to-equity ratio of 5.79 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is VNET GROUP INC's return on assets (ROA)?
VNET GROUP INC (VNET) had a return on assets of -0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is VNET GROUP INC's Piotroski F-Score?
VNET GROUP INC (VNET) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are VNET GROUP INC's earnings high quality?
VNET GROUP INC (VNET) reported a net loss of $36.0M while generating $274.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can VNET GROUP INC cover its interest payments?
VNET GROUP INC (VNET) has an interest coverage ratio of 1.30x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.