VNET Group, Inc. ADR (VNET) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.38	-$0.49	-28.9%	—	$2.8B	—
Q4 25	$0.18	$1.05	+483.3%	—	$2.7B	—
Q3 25	$0.09	-$1.13	-1355.6%	—	$2.6B	—
Q2 25	$0.11	-$0.04	-136.4%	—	$2.4B	—
Q1 25	$0.09	-$0.14	-255.6%	—	$2.2B	—
Q4 24	$0.35	-$0.04	-111.4%	—	$2.2B	—
Q3 24	$0.23	$1.12	+387.0%	—	$298.4M	—
Q2 24	-$0.05	$0.18	+460.0%	—	$278M	—
Q1 24	$0.09	-$0.28	-411.1%	—	$1.9B	—
Q4 23	-$0.02	-$1.78	-8800.0%	—	$1.9B	—
Q3 23	-$0.52	-$2.88	-453.8%	—	$1.9B	—
Q2 23	-$0.39	-$1.56	-300.0%	—	$1.8B	—
Q1 23	-$0.64	$0.42	+165.6%	—	$1.8B	—
Q4 22	-$3.07	-$0.42	+86.3%	—	$1.9B	—
Q3 22	-$0.58	-$2.88	-396.6%	—	$1.8B	—
Q2 22	-$0.36	-$2.58	-616.7%	—	$1.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.96	—	—	$9.9B	—
FY24	—	$0.66	—	—	$8.3B	—
FY23	—	-$17.6	—	—	$7.4B	—
FY22	—	-$5.22	—	—	$7.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.6B	$3.4B	$3.4B	$3.8B	$4.8B	$6.2B	$7.1B	$7.4B	$8.3B	$9.9B
YoY change	+0.2%	-6.84%	+0.25%	+11.4%	+27.4%	+28.2%	+14.1%	+4.92%	+11.4%	+20.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.6B	3.4B	3.4B	3.8B	4.8B	6.2B	7.1B	7.4B	8.3B	9.9B
Cost of revenue	2.9B	2.6B	2.5B	2.8B	3.8B	4.8B	5.7B	6.1B	6.4B	7.8B
Gross profit	712.1M	758.4M	944.9M	939.4M	1.1B	1.4B	1.4B	1.3B	1.8B	2.2B
Gross margin	19.6%	22.4%	27.8%	24.8%	22.3%	23.2%	19.2%	17.4%	22.2%	22%
Research & development	149.3M	149.1M	92.1M	88.8M	112.9M	188.5M	306.8M	322.2M	246.6M	261.1M
Selling, general & administrative	992.6M	776.6M	634.8M	621.6M	770.1M	1.1B	954.9M	808.1M	922.8M	1B
Operating expenses	1.1B	920.3M	721.9M	703.5M	875.4M	1.3B	1.2B	1B	1.1B	1.3B
Operating income	-540.6M	-199.4M	223.6M	234.4M	198.2M	133.4M	121.2M	-100M	669.4M	780.3M
Operating margin	-14.8%	-5.88%	6.57%	6.19%	4.1%	2.15%	1.71%	-1.35%	8.11%	7.84%
Non-operating income, net	-260.7M	-709.9M	-8.4M	-68.3M	-2.4B	834.8M	-509.9M	-2.1B	178.3M	198.2M
Pretax income	-978.7M	-1.1B	24.3M	-125.3M	-2.6B	665.2M	-630.5M	-2.5B	474.7M	417.2M
Income tax	-11.2M	-90.2M	24.4M	5.4M	109.3M	111.4M	133.5M	114.4M	234.2M	557.5M
Net income	-931.9M	-917.6M	-186.7M	-181.2M	-2.7B	515.1M	-762M	-2.6B	248.4M	-133.4M
Net margin	-25.6%	-27%	-5.49%	-4.78%	-55.5%	8.32%	-10.8%	-35%	3.01%	-1.34%
EBITDA	157.1M	500.4M	957.3M	1.1B	1.2B	2.3B	1.8B	1.6B	2.3B	3B
EPS	-8.22	-8.16	-1.8	-1.62	-26.8	3.42	-5.22	-17.6	0.66	-0.96
Diluted EPS	-8.22	-8.16	-1.8	-1.62	-26.8	-2.16	-5.22	-17.6	0.12	-0.96

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.9B	1.9B	1.9B	278M	298.4M	2.2B	2.2B	2.4B	2.6B	2.7B	2.7B	2.8B
Cost of revenue	1.6B	1.6B	1.5B	218.7M	229.2M	1.7B	1.7B	1.9B	2B	2.1B	2.1B	2.3B
Gross profit	306.5M	290.9M	410.7M	59.2M	69.2M	504.9M	565.3M	547.7M	539M	540.4M	615.9M	505.2M
Gross margin	16.2%	15.3%	21.6%	21.3%	23.2%	22.5%	25.2%	22.5%	20.9%	20.1%	22.9%	18.2%
Research & development	80.7M	80.7M	75.4M	8.6M	7.5M	56.1M	43.6M	67.6M	71.3M	78.7M	74.4M	75.2M
Selling, general & administrative	202M	221.7M	298M	23.1M	27.2M	266M	244.1M	282.4M	257.1M	240.2M	216.1M	223.7M
Operating expenses	256M	270.1M	369.5M	31.7M	33M	223.3M	286.3M	351.1M	315.6M	304.2M	290.4M	259M
Operating income	32.2M	-340.7M	46.4M	27.1M	26.9M	237M	248.5M	173M	205.7M	153M	246.9M	229.3M
Operating margin	1.71%	-17.9%	2.45%	9.76%	9.03%	10.6%	11.1%	7.11%	7.97%	5.69%	9.18%	8.25%
Non-operating income, net	10.3M	-2B	-21.1M	2.8M	36.7M	-81.2M	-326M	79.4M	-319.2M	764M	2.4M	-4.1M
Pretax income	-36.4M	-2.4B	-100.2M	17.8M	51M	84.8M	-171.4M	111.8M	-255.8M	732.6M	38.6M	37.3M
Income tax	6.3M	50.6M	61.4M	8.2M	4.4M	82.5M	52.1M	95M	21.5M	388.9M	486.2M	57.8M
Net income	-39.9M	-2.4B	-159M	10M	46.7M	3.5M	-220.2M	16.8M	-275.3M	345.3M	-444.9M	-39.7M
Net margin	-2.11%	-127.6%	-8.38%	3.6%	15.7%	0.15%	-9.8%	0.69%	-10.7%	12.9%	-16.5%	-1.43%
EBITDA	503.5M	833.8M	442.9M	85.4M	28.5M	1.4B	254.7M	189.6M	216.3M	194.2M	255.7M	250.8M
EPS	-0.36	-15.9	-0.72	0.24	1.2	-0.06	-0.9	-0.06	-1.14	1.02	-8.16	-0.54
Diluted EPS	-0.36	-15.9	-0.72	0.24	0.3	-0.06	-0.9	-0.06	-1.14	0	-8.16	-0.54

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	6.5B	7B	5.9B	30.1B	—	6.1B	3.1B	—	2.3B	1.7B
Enterprise value	—	7B	7.7B	9.1B	35.3B	—	18.2B	17.7B	—	24.5B	4.8B
Shares outstanding	745.8M	813M	815.3M	808.2M	866.3M	1B	1.1B	1.1B	265.6M	268.7M	268.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	—	269.5
P/S	—	1.91	2.07	1.55	6.22	—	0.86	0.42	—	0.23	0.16
P/B	—	1.25	1.31	1.12	4.36	—	0.87	0.48	—	0.27	2.85
EV/EBITDA	—	14	8.05	8.38	29.5	—	10.3	11.1	—	8.23	9.78
EV/Sales	—	2.07	2.26	2.41	7.31	—	2.57	2.39	—	2.47	2.99
Earnings yield	—	—	—	—	—	—	—	—	—	—	0.37%
FCF yield	—	1.11%	3.58%	-8.48%	-5.95%	—	-10.9%	-31.8%	—	-261.7%	-33.4%
PEG	—	—	—	—	—	—	—	—	—	—	0.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	19.6%	22.4%	27.8%	24.8%	22.3%	23.2%	19.2%	17.4%	22.2%	22%	18.2%
Operating margin	-14.8%	-5.88%	6.57%	6.19%	4.1%	2.15%	1.71%	-1.35%	8.11%	7.84%	8.25%
Net margin	-25.6%	-27%	-5.49%	-4.78%	-55.5%	8.32%	-10.8%	-35%	3.01%	-1.34%	-6.24%
ROE	-15.2%	-17.6%	-3.48%	-3.46%	-38.9%	6.78%	-10.9%	-39.9%	3.59%	-1.56%	-4.7%
ROA	-7.5%	-9.26%	-1.67%	-1.27%	-13.8%	2.23%	-2.83%	-8.55%	0.77%	-0.3%	1.17%
ROIC	-6.96%	-3.47%	0%	2.75%	1.63%	0.64%	0.63%	-0.47%	1.44%	0%	0%
Return on tangible assets	-14.1%	-13.5%	-2.29%	-1.65%	-17.2%	2.87%	-3.8%	-9.83%	0.89%	-0.34%	-0.89%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.18	2.41	2.13	1.17	0.99	1.03	1.11	0.86	0.73	0.92	0.97
Quick ratio	1.18	2.41	2.13	1.17	0.99	1.03	1.11	0.86	0.73	0.92	0.97
Debt / equity	0.52	0.58	0.61	1.04	1.2	1.46	2.11	2.64	2.61	3.29	3.09
Debt / assets	0.26	0.31	0.29	0.38	0.43	0.48	0.55	0.57	0.56	0.63	0.62
Net debt / EBITDA	10.3	1.08	0.69	3.01	4.38	4.29	6.87	9.14	7.15	7.47	26.1
Interest coverage	-3.93	-4.73	1.1	0.64	-5.78	2.99	-1.31	-6.96	2.18	1.7	1.72
Effective tax rate	0%	0%	100%	0%	0%	16.7%	0%	0%	49.3%	100%	100%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.88	4.17	4.17	4.69	5.57	5.92	6.59	6.77	31.1	37	39.2
EPS (basic)	-8.22	-8.16	-1.8	-1.62	-26.8	3.42	-5.22	-17.6	0.66	-0.96	-0.96
EPS (diluted)	-8.22	-8.16	-1.8	-1.62	-26.8	-2.16	-5.22	-17.6	0.12	-0.96	-1.27
Book value per share	8.25	6.4	6.58	6.47	7.96	7.27	6.52	5.95	26.1	31.9	2.13
FCF per share	-0.74	0.09	0.31	-0.61	-2.07	-1.38	-0.62	-0.91	-11.8	-22.1	-26
Cash per share	2.11	3.07	3.19	2.69	3.46	1.31	2.48	2.38	5.62	22	23.7
Capex per share	0.77	0.48	0.51	1.54	2.85	2.56	2.79	2.68	17.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	15.8%	11.5%	12.3%	32.9%	51.2%	43.3%	42.3%	39.6%	56.3%	—	—
Capex / operating cash flow	-190.9%	-273.1%	63.7%	138.5%	279.8%	152.9%	294.4%	-1.1K%	335.7%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.9B	$1.9B	$1.9B	$278M	$298.4M	$2.2B	$2.2B	$2.4B	$2.6B	$2.7B	$2.7B	$2.8B
YoY change	+4.01%	+0.95%	+5.11%	-84.7%	-84.2%	+18.3%	+18.3%	+775.7%	+765.2%	+19.6%	+19.8%	+14.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.6B	2.5B	2.6B	2.2B	3B	1.4B	2.7B	2.6B	1.5B	5.9B
Receivables	735.2M	526.7M	592.7M	722.8M	913.9M	1.5B	1.9B	1.9B	1.8B	2.5B
Inventory	4.4M	710K	1.8M	—	—	—	—	—	—	—
Total current assets	5.2B	4.2B	4.7B	5.2B	6.1B	5.3B	7.1B	9.8B	6.8B	11.5B
Property, plant & equipment	4B	3.5B	4.2B	6.9B	9.4B	13B	15.5B	17B	21.8B	27.6B
Goodwill & intangibles	5.8B	3.1B	3B	3.3B	3.8B	5.2B	6.9B	4B	4.3B	5.7B
Total assets	12.4B	9.9B	11.2B	14.3B	19.4B	23.1B	26.9B	30.4B	32.4B	44.6B
Accounts payable	529.6M	252.9M	389.5M	303.1M	289.4M	493.5M	713.6M	696.2M	709.3M	741.9M
Short-term debt	2.4B	321.6M	345M	1.8B	3B	1.2B	1.9B	5.9B	3.1B	5.8B
Total current liabilities	4.4B	1.8B	2.2B	4.5B	6.1B	5.2B	6.3B	11.4B	9.3B	12.4B
Long-term debt	804.8M	2.7B	2.9B	3.6B	5.2B	9.9B	12.9B	11.3B	15B	22.4B
Total liabilities	6.3B	4.7B	5.8B	9B	12.5B	15.5B	20B	23.9B	25.4B	36B
Shareholders' equity	6.2B	5.2B	5.4B	5.2B	6.9B	7.6B	7B	6.5B	6.9B	8.6B
Total debt	3.2B	3B	3.3B	5.5B	8.2B	11.1B	14.8B	17.2B	18.1B	28.2B
Net debt	1.9B	1.1B	902.3M	3.7B	5.5B	9.7B	12.1B	14.9B	16.6B	22.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.7B	2.6B	1.8B	262.7M	216.8M	1.5B	4B	4.2B	4.7B	5.9B	8.5B	6.7B
Receivables	2.1B	1.9B	1.9B	251.3M	262M	1.8B	2B	2.2B	2.2B	2.5B	2.7B	2.6B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	7.9B	9.8B	6.8B	982.2M	976.8M	6.8B	11.1B	10.2B	11B	11.5B	14.5B	12.8B
Property, plant & equipment	17B	17B	17.8B	2.6B	2.8B	21.8B	23.4B	24.9B	27.3B	27.6B	29.2B	30.6B
Goodwill & intangibles	6.8B	4B	3.9B	539.3M	545M	4.3B	5.5B	5.7B	5.7B	5.7B	5.7B	3.2B
Total assets	29.9B	30.4B	28.1B	4.1B	4.2B	32.4B	38.8B	39.7B	43.4B	44.6B	49.1B	49.5B
Accounts payable	765.4M	696.2M	773.8M	101.3M	102.5M	709.3M	813.3M	754.4M	750.8M	741.9M	832.8M	750M
Short-term debt	5.8B	5.9B	2.2B	366.5M	401.4M	3.1B	3.7B	3.9B	4.3B	5.8B	6.5B	5.5B
Total current liabilities	11.2B	11.4B	8.1B	1.1B	1.2B	9.3B	10.1B	10.4B	12.2B	12.4B	14.7B	13.1B
Long-term debt	10.9B	11.3B	12.5B	1.8B	1.9B	15B	19.9B	20.4B	22.4B	22.4B	23.3B	25.1B
Total liabilities	23B	23.9B	21.7B	3.1B	3.2B	25.4B	31.2B	32.1B	35.8B	36B	39.1B	39.5B
Shareholders' equity	6.9B	6.5B	6.5B	912.5M	965.4M	6.9B	7.6B	7.6B	7.6B	8.6B	10B	10B
Total debt	16.7B	17.2B	14.7B	2.2B	2.3B	18.1B	23.6B	24.3B	26.7B	28.2B	29.8B	30.6B
Net debt	14B	14.9B	12.9B	2B	2.1B	16.6B	19.7B	21.4B	23.2B	22.6B	22B	23.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-931.9M	-917.6M	-186.7M	-181.2M	-2.7B	515.1M	-762M	-2.6B	248.4M	-133.4M
Depreciation & amortization	664.1M	667.1M	634.6M	772.2M	989M	1.3B	1.6B	1.8B	1.6B	2.1B
Stock-based compensation	118.7M	47.1M	59.5M	43.9M	136.8M	320M	118.2M	35.3M	148.6M	25.8M
Change in working capital	7.4M	187.6M	185.7M	124.4M	-459.1M	-907.4M	-463.3M	99.6M	-597.9M	-1.5B
Operating cash flow	-301M	-142.9M	658.9M	900.2M	883.3M	1.8B	1B	-265M	1.4B	1.9B
Capital expenditure	-574.5M	-390.3M	-419.8M	-1.2B	-2.5B	-2.7B	-3B	-2.9B	-4.6B	—
Investing cash flow	-803M	-816.2M	-287.4M	-1.6B	-3.9B	-3.6B	-3.5B	-3.8B	-4.2B	-207.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-81.7M	-136.9M	0	-21.6M	-139.8M	-1.7B	0	0	—	-17.2M
Financing cash flow	1.6B	-2.3B	-90.3M	411.1M	3.9B	933.1M	2.3B	3.9B	-886.7M	9.5B
Net change in cash	482.4M	-3.2B	281.2M	-249.7M	940.5M	-952M	-140.6M	-135.8M	-3.7B	11.2B
Free cash flow	-554.9M	72.2M	251.9M	-496.9M	-1.8B	-1.4B	-660.4M	-997.1M	-3.1B	-5.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-39.9M	-2.6B	-159M	10M	59M	-83.7M	—	—	—	—	—	—
Depreciation & amortization	461.6M	1.3B	377.1M	54.2M	-52.4M	1.2B	—	—	—	—	—	—
Stock-based compensation	9.5M	25.8M	113.9M	-2.1M	-12.9M	141.6M	—	—	—	—	—	—
Change in working capital	-26.3M	632M	-291.3M	6.5M	26.8M	-114M	—	—	—	—	—	—
Operating cash flow	535.5M	-251.3M	177.9M	82.8M	-28.3M	1.1B	—	170.9M	809.8M	742.1M	173.7M	218.1M
Capital expenditure	-946.4M	-2B	-1B	-139.2M	-60.3M	-3.2B	-1.8B	—	—	—	—	—
Investing cash flow	-876.4M	-2.1B	-1B	-142.1M	-72.3M	-3.3B	-1.8B	-133.9M	-62.7M	158M	-115.9M	-123.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	637.5M	-2B	-2.6B	18.3M	-26.8M	-6.1B	5.4B	-4.8B	1.9B	-1.7B	3.9B	-86.9M
Net change in cash	296.6M	-4.3B	-3.4B	-41.1M	-127.4M	-8.3B	3.5B	-4.7B	2.7B	-802.5M	4B	7.5M
Free cash flow	-510.4M	-486.8M	-743.7M	-83.8M	-14M	-2.4B	-1.6B	102.2M	-1.4B	-3B	-1.6B	-1.3B

VNET Group, Inc. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement