VNET Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VNET Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	525	521	495	544
Cost of revenue	422	405	357	409
Gross profit	103	117	137	135	165	226	197	182	251	314
Research and development	21.5	22.9	13.4	12.8	17.3	29.6	44.5	45.4	33.8	37.3
Selling and marketing	50.8	39.5	25	29.6	36	40.1	45.2	37.5	36.1	39.9
General and administrative	92.1	79.9	67.3	59.7	82	132	93.2	76.3	90.3	114
Operating income	-121	-210	34.5	26.2	17.9	3.35	17.6	-278	91.7	112
Interest expense	28.6	28.5	34.3	49.7	58.3	52.6	39.6	44	54.9	85.6
Interest income	3.04	5.06	6.57
Pre-tax income	-136	-155	-23.6	-25.3	-394	98.3	-91.1	-350	65	59.7
Income tax	-1.61	-13.9	3.55	0.78	16.8	17.5	19.4	16.1	32.1	79.7
Net income to minority interests	-43	-22.3	2.67	0.15	4.46	2.35	2.02	6.57	8.94
Net income	-91.3	-119	-29.8	-26.2	-415	78.5	-113	-372	25.1	-36
EBITDA	-51.9	-130	117	137	169	202	249	-23	311	416
EPS, basic	-0.20	-0.21	-0.04	-0.04	-0.69	0.09	-0.13	-0.41	0.02	-0.02
EPS, diluted	-0.20	-0.21	-0.04	-0.04	-0.69	-0.06	-0.13	-0.41	0.00	-0.02
Shares, basic (weighted)	617	673	675	669	717	865	887	901	1,594	1,612
Shares, diluted (weighted)	617	673	675	669	717	912	887	901	1,742	1,612

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	199	300	343	260	415	215	386	316	204	790
Short-term investments	40	84.4	35.6	52.3	43.8			50.3		54.2
Receivables	94.4	70.1	76.3	94.4	130	221	256	242	227	318
Inventory	0.64	0.11	0.27
Other current assets	112	144	168	232	286	322	311	335	382	321
Total current assets	749	653	680	751	928	835	1,022	1,384	934	1,638
Property, plant and equipment	545	510	586	782	1,242	1,584	1,735	1,834	2,359	3,257
Lease right-of-use assets				175	203	450	508	565	633	697
Goodwill	270	144	142	152	156	194	198
Intangible assets	141	61.7	51.7	59	1,552	2,282	217	195	192	287
Long-term investments	43	78.5	79.2	24.4	20.8	15.4	35.1	107	109	152
Other non-current assets	21.2	12.5	25.2	39.9	230	307	80	75.1	52.2	182
Total assets	1,789	1,523	1,622	2,050	2,969	3,624	3,907	4,280	4,433	6,377
Accrued liabilities	35.8	30.3	32.6	25.7	31.4	45.3	62.8
Deferred revenue	46.1	8.57	97.5	8.28	9.69	8.74	13.8	13.4	12	19.8
Short-term debt	248	18.5	18.2	38.4	32.8	60.3	70.2
Total current liabilities	630	273	319	642	938	813	918	1,611	1,280	1,780
Lease liabilities				83.2	98.9	358	421	461	518	572
Total liabilities	802	723	842	1,299	1,912	2,431	2,895	3,362	3,485	5,152
Total debt				38.4	32.8	60.3	70.2
Paid-in capital	1,299	1,380	1,330	1,322	2,005	2,385	2,210	2,435	2,370	2,482
Retained earnings	-413	-558	-558	-580	-1,109	-1,191	-1,214	-1,552	-1,488	-1,591
Treasury stock	-29.5	-51.9	-49.1	-50.2	-53.6	-54.8	-50.7	-46.1	-22.2	-25.6
Other comprehensive income	17	-0.41	12.5	11.2	-8.51	-14.2	1.6	-2.02	-2.54	6.63
Shareholders' equity	882	776	741	711	1,006	1,136	958	847	872	889
Minority interests	3.72	23.3	39.1	40	51	56.3	54	70.4	76	90.7
Total equity	886	799	780	751	1,057	1,193	1,012	918	948	980
Total liabilities and equity	1,789	1,523	1,622	2,050	2,969	3,624	3,907	4,280	4,433	6,377

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-134	-141	-27.2	-26	-411	80.8	-110	-366	34	-19.1
Depreciation and amortization	69.2	80.5	82.4	111	152	199	231	255	219	304
Stock-based compensation	17.1	7.24	8.66	6.31	21	50.2	17.1	4.97	20.4	3.69
Deferred income tax	-9.5	-19.7	-2.88	-9.32	-3.45	0.05	2.59	-6.08	-1.77	8.81
Change in inventory	1.31	-0.17	-0.16
Cash from operations	12	61.8	103	115	109	218	354	291	275	274
Capital expenditures	-82.7	-60.9	-63.3	-179	-379	-422	-434	-418	-675	-1,095
Acquisitions			-1.89	-11.9	-200	-107	-5.22
Purchases of investments	-41.1	-116	-14.4	-62.7	-50.3	-10.1		-70.9	-22.9	-208
Cash from investing	-121	-107	-44.3	-232	-596	-592	-516	-550	-602	-1,146
Debt issued		298		289	91.1	256	159	255	413	712
Stock issued	367	0.14	0.06	0.08	411	-0.02		299
Share buybacks	-6.15	-20.5		-1.7	-20	-267				-2.46
Cash from financing	30.2	167	-2.9	66.3	638	152	333	555	-86	1,462
Exchange rate effect	23.1	-21.6	12.4	6.27	-35.1	1.44
Net change in cash	-55.8	100	67.7	-43.6	116	-221	186	297	-413	589
Free cash flow	-70.7	0.97	39.2	-64.1	-270	-205	-80.5	-127	-400	-821
Interest paid	22.4	14.9	23.4	31	43.6	40.8	32.2	35.4	59.5	81.6
Income taxes paid	7.25	8.47	8.35	5.99	15.7	13	23.2	20.5	29	60.4

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $6.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	133.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-4.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.7%	Net income / average total assets.
Return on invested capital (ROIC)	23.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Gross profit growth, 1y	24.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	85.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	44.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	33.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-243.5%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-0.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	43.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-7.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	22.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	17.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.92x	Current assets / current liabilities.
Quick ratio	0.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	80.8%	Total liabilities / total assets.
Interest coverage	1.30x	Operating income / interest expense.
Working capital	-$142.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$602.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Capex / operating cash flow	399.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.02	Net income per basic share, as reported (split-adjusted).
FCF per share	-$0.51	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.17	Cash from operations / diluted weighted shares.
Book value per share	$0.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.37	Tangible book value / shares outstanding.
Cash per share	$0.52	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.89B	Share price x shares outstanding.
Enterprise value	$1.05B	Market cap + total debt - cash - short-term investments.
P/B	2.13x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.14x	Market cap / tangible book value, when positive.
P/OCF	6.89x	Market cap / cash from operations, when positive.
EV/EBIT	9.38x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.52x	Enterprise value / EBITDA, when both are positive.
FCF yield	-43.4%	Free cash flow / market cap.
Earnings yield	-1.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

Was VNET Group, Inc. profitable in fiscal 2025?

No. It reported a net loss of $36.0M.

How much free cash flow did VNET Group, Inc. generate in fiscal 2025?

Cash from operations of $274.4M minus capital expenditures of $1.09B left free cash flow of -$820.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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