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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%
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 (below 1: weak)
Debt/Equity 5.22 (above 2: weak)
P/E ratio 0.00
Fwd P/E (1,069.00) (negative: loss-making)
P/S ratio 0.71
P/B ratio 1.57
Past 5Y EPS Growth —
This Y EPS Growth 58.83% (at or above 15%: strong)
Next Y EPS Growth 244.21% (at or above 15%: strong)
Next Y revenue growth 22.87% (at or above 10%: strong)
Next 5Y EPS Growth 116.12% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 2.1×; over the ten years it ranged from 0.9× in 2023 to 6.8× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

VNET Group, Inc. - Unsponsored ADR vs peers in Information Technology Services (Q) = latest quarter vs a year earlier

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.

VNET Group, Inc. - Unsponsored ADR (VNET) Latest News

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stockrow.com/VNET · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com