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VNET Group, Inc.

VNET Clue Score41
China CIK 0001508475
$5.53 +6.96% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $5.53 −67.20% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue3.64Operating income−0.84Net income−0.63EPS, diluted−1.37Fiscal year 2017Revenue3.39 −6.8%Operating income−1.37Net income−0.77EPS, diluted−1.36Fiscal year 2018Revenue3.40 +0.2%Operating income0.24Net income−0.21EPS, diluted−0.30Fiscal year 2019Revenue3.79 +11.4%Operating income0.18Net income−0.18EPS, diluted−0.27Fiscal year 2020Operating income0.12Net income−2.71EPS, diluted−4.47Fiscal year 2021Operating income0.02Net income0.50EPS, diluted−0.36Fiscal year 2022Operating income0.12Net income−0.78 −255.2%EPS, diluted−0.87Fiscal year 2023Operating income−1.97Net income−2.64EPS, diluted−2.93Fiscal year 2024Operating income0.67Net income0.18EPS, diluted0.02Fiscal year 2025Operating income0.78Net income−0.25 −237.5%EPS, diluted−0.16
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.64 3.39 3.40 3.79 n/a n/a n/a n/a n/a n/a
Growth −6.8% +0.2% +11.4%
Operating income −0.84 −1.37 0.24 0.18 0.12 0.02 0.12 −1.97 0.67 0.78
Net income −0.63 −0.77 −0.21 −0.18 −2.71 0.50 −0.78 −2.64 0.18 −0.25
Growth −255.2% −237.5%
EPS, diluted −1.37 −1.36 −0.30 −0.27 −4.47 −0.36 −0.87 −2.93 0.02 −0.16

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin19.6%Operating margin−23.1%Net margin−17.4%Free cash flow margin−14.2%Fiscal year 2017Gross margin22.4%Operating margin−40.3%Net margin−22.8%Free cash flow margin2.7%Fiscal year 2018Gross margin27.8%Operating margin7.0%Net margin−6.0%Free cash flow margin7.9%Fiscal year 2019Gross margin24.8%Operating margin4.8%Net margin−4.8%Free cash flow margin−11.8%Fiscal year 2020Fiscal year 2021Fiscal year 2022Fiscal year 2023Fiscal year 2024Fiscal year 2025
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 19.6% 22.4% 27.8% 24.8% n/a n/a n/a n/a n/a n/a
Operating margin −23.1% −40.3% 7.0% 4.8% n/a n/a n/a n/a n/a n/a
Net margin −17.4% −22.8% −6.0% −4.8% n/a n/a n/a n/a n/a n/a
Free cash flow margin −14.2% 2.7% 7.9% −11.8% n/a n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.06Capital expenditure−0.57Free cash flow−0.52Buybacks−0.04Fiscal year 2017Operating cash flow0.49Capital expenditure−0.40Free cash flow0.09Buybacks−0.13Fiscal year 2018Operating cash flow0.70Capital expenditure−0.44Free cash flow0.27 +195.8%Fiscal year 2019Operating cash flow0.80Capital expenditure−1.25Free cash flow−0.45 −265.3%Buybacks−0.01Fiscal year 2020Operating cash flow0.71Capital expenditure−2.47Free cash flow−1.76Buybacks−0.13Fiscal year 2021Operating cash flow1.39Capital expenditure−2.69Free cash flow−1.30Buybacks−1.70Fiscal year 2022Operating cash flow2.44Capital expenditure−3.00Free cash flow−0.56Fiscal year 2023Operating cash flow2.06Capital expenditure−2.97Free cash flow−0.90Fiscal year 2024Operating cash flow2.01Capital expenditure−4.92Free cash flow−2.92Fiscal year 2025Operating cash flow1.92Capital expenditure−7.66Free cash flow−5.74Buybacks−0.02
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.06 0.49 0.70 0.80 0.71 1.39 2.44 2.06 2.01 1.92
Capital expenditure −0.57 −0.40 −0.44 −1.25 −2.47 −2.69 −3.00 −2.97 −4.92 −7.66
Free cash flow −0.52 0.09 0.27 −0.45 −1.76 −1.30 −0.56 −0.90 −2.92 −5.74
Growth +195.8% −265.3%
Buybacks −0.04 −0.13 n/a −0.01 −0.13 −1.70 n/a n/a n/a −0.02

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.30Shareholders’ equity6.13Fiscal year 2017Cash1.95Shareholders’ equity5.05Fiscal year 2018Cash2.36Total debt0.13Net cash (debt)2.23Shareholders’ equity5.09Debt to equity0.02Fiscal year 2019Cash1.81Total debt0.27Net cash (debt)1.54Shareholders’ equity4.95Debt to equity0.05Fiscal year 2020Cash2.71Total debt0.21Net cash (debt)2.50Shareholders’ equity6.56Debt to equity0.03Fiscal year 2021Cash1.37Total debt0.38Net cash (debt)0.99Shareholders’ equity7.24Debt to equity0.05Fiscal year 2022Cash2.66Total debt0.48Net cash (debt)2.18Shareholders’ equity6.61Debt to equity0.07Fiscal year 2023Cash2.24Total debt6.59Net cash (debt)−4.35Shareholders’ equity6.01Debt to equity1.10Fiscal year 2024Cash1.49Total debt11.20Net cash (debt)−9.70Shareholders’ equity6.37Debt to equity1.76Fiscal year 2025Cash5.52Total debt16.87Net cash (debt)−11.35Shareholders’ equity6.22Debt to equity2.71
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.30 1.95 2.36 1.81 2.71 1.37 2.66 2.24 1.49 5.52
Total debt n/a n/a 0.13 0.27 0.21 0.38 0.48 6.59 11.20 16.87
Net cash (debt) n/a n/a 2.23 1.54 2.50 0.99 2.18 −4.35 −9.70 −11.35
Shareholders’ equity 6.13 5.05 5.09 4.95 6.56 7.24 6.61 6.01 6.37 6.22
Debt to equity n/a n/a 0.02 0.05 0.03 0.05 0.07 1.10 1.76 2.71

In billions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
1.30 1.95 2.36 1.81 2.71 1.37 2.66 2.24 1.49 5.52
0.00 0.00 0.00 n/a n/a n/a n/a n/a n/a n/a
3.78 3.32 4.03 5.44 8.11 10.09 11.96 13.02 17.22 22.78
1.76 0.99 0.99 0.99 0.99 1.34 1.36 0.00 0.00 n/a
12.42 9.91 11.15 14.27 19.37 23.10 26.95 30.39 32.36 44.59
Growth −20.2% +12.5% +28.0% +35.7% +19.2% +16.7% +12.8% +6.5% +37.8%
Liabilities
n/a n/a 0.13 0.27 0.21 0.38 0.48 0.75 2.01 3.23
n/a n/a n/a n/a n/a n/a n/a 5.84 9.19 13.64
calc n/a n/a 0.13 0.27 0.21 0.38 0.48 6.59 11.20 16.87
5.57 4.71 5.79 9.04 12.48 15.49 19.97 23.87 25.44 36.03
Equity
−2.87 −3.63 −3.84 −4.04 −7.24 −7.59 −8.37 −11.02 −10.86 −11.13
6.13 5.05 5.09 4.95 6.56 7.24 6.61 6.01 6.37 6.22
Growth −17.6% +0.9% −2.8% +32.5% +10.3% −8.7% −9.0% +5.8% −2.3%
Per share and net cash
calc n/a n/a 2.23 1.54 2.50 0.99 2.18 −4.35 −9.70 −11.35

Lines marked calc are worked out here from filed figures; point at one for how. Shown in CNY as filed; the screener converts to dollars.