VNETNasdaqServices-Computer Programming, Data Processing, Etc.
VNET Group, Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 16, 2026
$3.88−0.04 (-1.02%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
–
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Gross profit | +19.7% | +17.3% | +15.3% | +9.9% | |
| Operating income | +16.6% | +86.1% | +46.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -12.5% | -47.0% | -4.0% | |
| Return on assets | -5.4% | -16.1% | -0.7% | |
| Current ratio | 1.18 | 0.99 | 0.92 | |
| Interest coverage | -4.2× | 0.3× | 1.3× | |
| Inventory turnover | 326.1× | – | – | |
| Capex to revenue | 15.8% | – | – | |
| Diluted shares | 617M | 717M | 1.61B |
Where the cash went
Fiscal 2021 to 2025, five years combined
VNET generated CN¥9.82B from operations and spent CN¥22.95B on capital expenditure, dividends and share buybacks. 93% of that went back into the business.
Generated
CN¥9.82B
Used
CN¥22.95B
Capital expenditureCN¥21.24B93%DividendsCN¥00%Share buybacksCN¥1.72B7%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-4.8%
×Asset turnover0.30×
×Equity multiplier2.53×
=Return on equity, FY2019-3.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2019 | -4.8% | 0.30× | 2.53× | -3.6% |
| FY2018 | -6.0% | 0.32× | 2.08× | -4.0% |
| FY2017 | -22.8% | 0.30× | 2.00× | -13.8% |
| FY2016 | -17.4% | 0.31× | 2.29× | -12.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥251.84M
- Cash generatingOperating cash flow above zeroCN¥1.92B
- Return on assets improvedROA up on the prior year0.6% → -0.8%
- Earnings backed by cashOperating cash flow above net incomeCN¥1.92B vs -CN¥251.84M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.73 → 0.92
- No dilutionShare count did not rise1.74B → 1.61B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose– → –