Saturday 17 October 2026 Export VNET’s income statement to Excel — free account

VNET Group, Inc. - Unsponsored ADR

VNET Technology Information Technology Services

VNET Group, Inc. - Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 25.7% from fiscal 2024. In the quarter to June 2026, revenue grew 20.5%, EPS fell 500.0%, free cash flow grew 17.5% and total debt rose 39.3%, each against the same quarter a year earlier. Revenue growth for five consecutive years.

3.91 0.49 −11.14%

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Market cap: $1.2B
P/E: 0.0×
Fwd P/E: −1,069×
Dividend yield: —
F-score: 4/9
Altman Z: 0.16
Beneish M: −2.43
Dividend safety: 0/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.24

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	1	—	1	1	—	—	—	—

Insider Ownership 5.07%

Capital & Financial Ratios $m

Market Cap 1,230.00

Revenue 1,573.05

Net Income (19.08)

Free Cash Flow (1,406.52)

Net Debt 2,626.39

Current Ratio 0.97

Debt/Equity 5.22

P/E ratio 0.00

Fwd P/E (1,069.00)

P/S ratio 0.71

P/B ratio 1.57

Past 5Y EPS Growth —

This Y EPS Growth 58.83%

Next Y EPS Growth 244.21%

Next Y revenue growth 22.87%

Next 5Y EPS Growth 116.12%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 16.14%

10-year low 10-year high

P/B against its own 10 years 62.59%

10-year low 10-year high

EV/Sales against its own 10 years 60.19%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	0.06	0.04 0.02
2018	0.06	0.04 0.02
2017	0.06	0.04 0.02
2016	0.06	0.04 0.02

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	768	279	938	1,061
Receivables	281	273	379	464
Inventory	—	—	—	—
Other	—	—	—	—
	1,384	934	1,638	1,881

	2023	2024	2025	Q'26
Payables	98	97	106	111
ST’ Debt	106	275	462	616
Other	226	189	134	152
	1,611	1,280	1,780	1,933

Compound Annual Growth %

	10y	5y	3y
Sales	9.75%	13.96%	11.57%
Cash Flow	23.41%	20.17%	(8.13%)
Earnings	0.00%	0.00%	0.00%
Book Value	4.64%	(1.50%)	(1.08%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	390	410	—	—	—
’25	310	340	363	411	1,423
’24	263	274	302	292	1,131
’23	263	251	259	271	1,044
’22	260	258	255	252	1,024
’21	212	232	242	286	971
’20	154	316	183	86	740

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	25	—	—	—	—
’25	27	—	—	274	274
’24	37	—	204	71	275
’23	66	(5)	128	291	291
’22	76	144	89	354	354
’21	42	49	21	218	218
’20	8	23	32	46	109

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(235)	—	—	—	—
’25	(225)	—	—	(842)	(842)
’24	37	—	(285)	(105)	(390)
’23	(23)	(5)	128	(136)	(136)
’22	(84)	144	89	(95)	(95)
’21	(62)	(29)	21	(224)	(224)
’20	(53)	(56)	(102)	(118)	(329)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(1.20)	(0.06)	—	—	—
’25	(0.12)	(0.01)	(0.16)	0.18	(0.12)
’24	(0.12)	0.04	0.16	(0.01)	0.02
’23	0.06	(0.24)	(0.04)	(2.22)	(2.46)
’22	0.09	(0.36)	(0.42)	(0.06)	(0.78)
’21	(0.09)	0.47	0.17	(0.03)	0.53
’20	(0.18)	(2.70)	0.11	(1.20)	(4.14)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	6.77	4.17	5.01	6.31	7.26	7.28	3.51	2.53	1.39	4.61	Analyst estimates 2026–2028 Powerpack
	High	21.12	8.23	11.98	11.00	35.50	44.45	10.29	6.83	5.08	16.13
People
People	Employees	3,162	2,267	2,220	2,295	2,599	3,221	3,293	3,038	2,581	2,784
	Revenue/emp, $m	0.17	0.23	0.22	0.24	0.28	0.30	0.31	0.34	0.44	0.51
Income, $m
Income, $m	Revenue	525	521	495	544	740	971	1,024	1,044	1,131	1,423
	Gross margin, %	19.55	22.35	27.78	24.79	22.28	23.23	19.22	17.44	22.18	22.04
	EBT	(141)	(163)	4	(18)	(396)	104	(91)	(350)	65	60
	EBT margin, %	(26.87)	(31.29)	0.71	(3.31)	(53.46)	10.75	(8.92)	(33.54)	5.75	4.19
	Net income	(134)	(141)	(27)	(26)	(411)	81	(110)	(366)	34	(19)
	Depreciation	96	103	92	111	152	199	231	255	219	304
Per share, $
Per share, $	Revenue	5.10	4.65	4.40	4.88	6.19	6.73	6.93	6.95	4.26	5.29
	Earnings	(1.18)	(1.26)	(0.24)	(0.24)	(4.14)	0.54	(0.78)	(2.46)	0.12	(0.12)
	Cash flow	0.12	0.55	0.91	1.03	0.92	1.51	2.39	1.94	1.03	1.02
	Capex	(0.94)	(0.60)	0.00	(1.86)	(3.67)	(3.06)	(3.04)	(2.84)	(2.50)	(4.15)
	Free cash flow	(0.82)	(0.04)	0.91	(0.83)	(2.76)	(1.55)	(0.64)	(0.91)	(1.47)	(3.13)
	Book value	8.61	7.13	6.94	6.74	8.85	8.27	6.85	6.11	3.57	3.65
	Shares, m	103	112	112	111	119	144	148	150	266	269
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	16.25	0.00	0.00	54.36	0.00
	P/S	1.39	1.81	1.96	1.48	5.60	1.34	0.85	0.39	1.11	1.60
	P/B	0.82	1.18	1.25	1.08	4.62	1.09	0.86	0.44	1.33	2.32
	EV/Sales	1.23	1.84	2.01	1.90	6.32	2.36	1.91	1.12	2.46	3.11
	EV/FCF	(2.82)	(9.35)	12.23	(14.40)	(14.21)	(4.99)	(4.18)	(1.82)	(4.70)	(3.01)
Cash, $m
Cash, $m	Operating cash flow	12	62	103	115	109	218	354	291	275	274
	Capex	(96)	(67)	(68)	(208)	(439)	(442)	(449)	(427)	(665)	(1,116)
	Free cash flow	(84)	(5)	103	(92)	(329)	(224)	(95)	(136)	(390)	(842)
Balance, $m
Balance, $m	Working capital	119	380	362	109	(10)	23	104	(227)	(346)	(142)
	Total debt	424	436	442	605	1,034	1,253	1,514	1,536	1,809	3,088
	Net debt	(85)	15	25	225	533	986	1,080	768	1,530	2,150
	Shareholders’ equity	886	799	780	751	1,057	1,193	1,012	918	948	980
Returns, %
Returns, %	ROA	(5.27)	(7.17)	(1.90)	(1.43)	(16.54)	2.38	(2.99)	(9.10)	0.58	(0.68)
	ROIC	(9.45)	(16.14)	2.68	1.68	0.70	0.10	0.52	(10.29)	2.31	2.23
	ROE	(12.10)	(14.09)	(3.78)	(3.42)	(50.39)	7.51	(10.20)	(38.59)	2.69	(3.81)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
EFOR Everforth Inc.	$1.6B	19.7×	14.3×	−1.33% (below 0%: shrinking)	−47.76% (below 0%: shrinking)	−60.02% (below 0%: shrinking)	28.26%	4.08%	Compare
KEEL Keel Infrastructure Corp	$1.6B	— (loss-making)	— (loss-making)	−50.04% (below 0%: shrinking)	n/m	−772.56% (below 0%: shrinking)	(285.09%)	(462.62%)	Compare
MGRT Mega Fortune Company Limited	$1.4B	—	—	—	—	—	—	—	Compare
VNET VNET Group, Inc. - Unsponsored ADR	$1.2B	— (loss-making)	— (loss-making)	+20.52% (above 0%: growing)	n/m	+17.45% (above 0%: growing)	18.18%	8.25%
BBAI BigBear.ai Holdings, Inc.	$1.1B	— (loss-making)	— (loss-making)	+13.17% (above 0%: growing)	n/m	−347.60% (below 0%: shrinking)	32.79%	(77.71%)	Compare
CLVT Clarivate PLC	$1.1B	— (loss-making)	— (loss-making)	−5.49% (below 0%: shrinking)	n/m	−12.52% (below 0%: shrinking)	68.41%	(34.09%)	Compare
SHAZ SharonAI Holdings Inc.	$1.1B	— (loss-making)	— (loss-making)	+494.09% (above 0%: growing)	n/m	−64,884.87% (below 0%: shrinking)	60.56%	(1,283.22%)	Compare
VYX NCR Voyix Corporation	$1.0B	18.4×	346×	−20.76% (below 0%: shrinking)	n/m	+91.55% (above 0%: growing)	29.83%	2.68%	Compare
TDTH Trident Digital Tech Holdings Ltd	$940.0M	—	—	—	—	—	—	—	Compare
Median of peers	$1.1B	—	—	−3.41%	—	−203.81%	31.31%	(55.90%)

All 73 Information Technology Services stocks →

VNET Group, Inc. - Unsponsored ADR (VNET) key facts

Strength: VNET Group, Inc. - Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 25.7% from fiscal 2024.
VNET Group, Inc. - Unsponsored ADR (VNET) is an Information Technology Services company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, VNET traded at $3.91, a market capitalization of $1.2 billion.
Return on equity was −3.81% and debt-to-equity 5.22.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 0.16 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.