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NASDAQ · SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. · LARGE CAP

Vnet Group, Inc. VNET

17 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY -251.8M
▼ 237.5% YoY
CNY -5.7B

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

VNET Group, Inc. provides carrier-neutral and cloud-neutral data center services in China. It offers managed hosting services to host customers' servers and networking equipment and provides interconnectivity to improve the performance, availability and security of their internet infrastructure. As of December 31, 2025, the company had an aggregate capacity in service of 889MW from its wholesale IDC business and 49,863 cabinets in service from its retail IDC business. As of December 31, 2025, it had over 1,500 customers for its managed hosting services and over 7,000 enterprise customers in total. Beginning in the first quarter of 2024, the company refined its classification of IDC business by categorizing projects based on their nature and scale, distinguishing between wholesale IDC and retail IDC businesses. The company commenced its data center operations in 1999.

Written from the business description in VNET Group, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 16 April 2026. Every sentence was checked against that document before publication.

Growth

·
Revenue, FY2025 · full 17-year series below
Revenue CNY B Net income CNY B
FY2019 · Revenue 3.8 · Net income -0.2
1.5B3.0B-0.3B-0.6B
2009201220152018202120242025
Compound annual growth
+1.3%
+5.7%
+28.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +5.7% a year over the five years to FY2019.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

·
Operating margin Net margin
FY2019 · Operating 4.8% · Net -4.8%
5%-20%-40%
200920172025
ROE
FY2025 · ROE -4.0%
2%4%6%-20%-40%
200920172025
Three returns, three denominators.

Each CNY of equity lost 4 cents this year.

Cash & shareholders

CNY 17.2M
returned in FY2025 · dividends + net buybacks
Free cash flow CNY B
FY2025 · FCF -5.7
-2.5B-5.0B
200920172025
Net buybacks CNY B Dividends CNY B
FY2025 · Dividends · · Net buybacks 0.0
1B2B-1B-2B
2011201220132014201620172019202020212025

CNY 17.2M in buybacks went back to shareholders in a year without profit.

Total assetsCNY 44.6B
EquityCNY 6.2B
CashCNY 5.5B
Gross debtCNY 16.9B
Net debtCNY 11.3B
Current ratio0.92×

Net debt stands at 182% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
VNET, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue CNY B◌◌◌◌◌◌3.83.43.43.63.62.92.01.51.00.50.3
Operating income CNY B0.80.7−2.00.10.00.10.20.2−1.4−0.8−0.3−0.10.00.10.0−0.20.0
EBITDA CNY B2.92.3−0.21.71.31.11.00.9−0.7−0.40.10.20.20.20.1−0.20.0
Income tax CNY B0.60.20.10.10.10.10.00.0−0.1−0.00.00.00.00.00.00.0−0.0
Net income CNY B−0.30.2−2.6−0.80.5−2.7−0.2−0.2−0.8−0.6−0.4−0.3−0.00.10.0−0.3−0.0
Free cash flow CNY B−5.7−2.9−0.9−0.6−1.3−1.8−0.40.30.1−0.5−0.8−0.5−0.4−0.3−0.10.0−0.0
EPS, diluted CNY −0.160.02−2.93−0.87−0.36−4.47−0.27−0.30−1.36−1.37−0.85−0.89−0.130.160.06−3.57−0.03
Dividend / sh CNY ◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend—————————————————
ROE %−4.03.0−41.9−11.27.2−47.0−3.6−4.0−13.8−12.5−13.8−14.9−2.23.2——◌
Shares out B◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌0.10◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 1 failure · 3 divergences in 77 reconciliationsAUDITED

Reconciled in 13 of the 17 fiscal years we could check. 3 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency1 failure3 divergent
ActivityServices-Computer Programming, Data Processing, Etc.
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsnot stated in the filings
Data on record since2009

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