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VNET

VNET Group, Inc.

VNET

VNET Group, Inc. • NASDAQ
$8.94 ▲ 0.34% (+0.03)
Market Cap $2.40 B
52w High $16.13
52w Low $3.52
Dividend Yield 0%
P/E -29.8
Volume 883.28K
Outstanding Shares 268.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.582B ▲ $333.285M ▼ $-307.066M ▼ -11.894% ▼ $-1.14 ▼ $343.376M ▼
Q2-2025 $2.434B ▲ $374.717M ▲ $-11.981M ▲ -0.492% ▲ $-0.044 ▲ $723.105M ▲
Q1-2025 $2.246B ▼ $316.81M ▲ $-237.558M ▼ -10.576% ▼ $-0.9 ▼ $675.971M ▲
Q4-2024 $2.246B ▲ $267.861M ▼ $-11.096M ▼ -0.494% ▼ $-0.042 ▼ $675.735M ▲
Q3-2024 $2.121B $300.273M $317.626M 14.977% $1.44 $516.527M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.749B ▲ $43.355B ▲ $35.765B ▲ $5.745B ▼
Q2-2025 $4.62B ▼ $39.699B ▲ $32.089B ▲ $6.168B ▼
Q1-2025 $5.755B ▲ $38.892B ▲ $31.011B ▲ $6.186B ▼
Q4-2024 $2.038B ▼ $32.355B ▲ $25.161B ▲ $6.366B ▲
Q3-2024 $2.095B $29.901B $22.78B $6.331B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 $809.817M ▲ $-2.289B ▼ $2.141B ▲ $661.152M ▲ $-1.412B ▼
Q2-2025 $0 $170.883M ▼ $-1.397B ▲ $-4.784B ▼ $-2.348B ▼ $102.202M ▲
Q1-2025 $0 ▲ $195.713M ▼ $-1.885B ▲ $5.367B ▲ $3.687B ▲ $-1.63B ▼
Q4-2024 $-83.727M ▼ $1.245B ▲ $-3.054B ▼ $-1.156B ▼ $-894K ▲ $-920.736M ▼
Q3-2024 $419.327M $355.162M $-309.412M $2.47B $-53.866M $-99.453M

Revenue by Products

Product Q1-2017Q1-2018Q1-2020
Hosting And Related Services
Hosting And Related Services
 $0 ▲$0 ▲$3.79Bn ▲
Hosting and Related Services Segment
Hosting and Related Services Segment
 $2.67Bn ▲$2.98Bn ▲$0 ▼
Managed Network Services Segment
Managed Network Services Segment
 $970.00M ▲$420.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement VNET’s revenue has grown steadily over the past five years, showing that demand for its data center services keeps rising. Profitability, however, has been bumpy. The company swung between profits and sizable losses, with one particularly weak year followed by a strong rebound into solid operating and net income in the most recent period. This suggests past restructuring, pricing, or mix changes are starting to work, but the history of volatility means earnings quality is not yet fully proven and may remain sensitive to utilization, pricing pressure from large customers, and cost control.

Balance Sheet

Balance Sheet The balance sheet shows a business that has expanded its asset base aggressively, building more data center capacity over time. That growth has been funded heavily with debt, which has climbed much faster than shareholder equity. As a result, leverage looks high and financial risk is elevated: the company must keep utilization strong and cash generation healthy to comfortably service its obligations. Cash on hand is meaningful but modest compared with total debt, so access to funding and refinancing terms remain important watch points.

Cash Flow

Cash Flow VNET generates reasonably strong cash flow from its core operations, which is a positive sign that the underlying business model is cash-generative. However, free cash flow has stayed negative for years because the company is investing heavily in new data center capacity and infrastructure. This pattern is typical for capital‑intensive growth businesses but means VNET depends on external funding to support its expansion. The key question going forward is whether future cash flows from these projects will comfortably cover ongoing investment needs and debt service.

Competitive Edge

Competitive Edge VNET operates in a structurally attractive space: China’s demand for data, cloud, and AI infrastructure is expanding quickly. The company’s neutral stance toward carriers and cloud providers, its locations in key economic hubs, and deep relationships with major cloud giants give it a solid commercial footing. Its ability to handle high-density, customized deployments also differentiates it from more basic colocation providers. On the other hand, bargaining power sits largely with its largest hyperscale customers, competition in China’s data center market is intense, and the regulatory and macro backdrop can be unpredictable, all of which can pressure margins and growth visibility.

Innovation and R&D

Innovation and R&D Innovation is a central part of VNET’s strategy. The Hyperscale 2.0 framework, modular construction methods, and the in‑house Smart Navigation Platform aim to deliver data centers faster, run them more efficiently, and manage them more intelligently. The company is also investing in advanced power systems and green energy solutions, with an explicit push toward carbon‑neutral operations and a notable external ESG rating. These efforts can strengthen its appeal to both hyperscale and enterprise customers and may support a long‑term moat, but they require continuous capital and flawless execution to stay ahead of competitors working on similar technologies.

Summary

VNET today looks like a high‑growth, capital‑intensive infrastructure player that is transitioning from a choppy past into a more stable, potentially profitable phase. Revenues are rising and recent profitability has improved, backed by solid operating cash flow, but a history of losses, heavy reliance on debt, and persistently negative free cash flow highlight meaningful financial and execution risk. Strategically, the company is well positioned at the intersection of China’s cloud, AI, and data growth, with strong partners, attractive locations, and a clear technology and sustainability roadmap. The long‑term story hinges on its ability to keep hyperscale customers engaged, deliver new capacity on time and on budget, and gradually turn today’s aggressive investment cycle into durable, less volatile returns.

NEWS

November 20, 2025 · 3:30 AM UTC

VNET Reports Unaudited Third Quarter 2025 Financial Results

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November 11, 2025 · 7:00 AM UTC

VNET to Announce Unaudited Third Quarter 2025 Financial Results on November 20, 2025

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November 4, 2025 · 7:30 AM UTC

VNET Issues First Holding-Type Real Estate Green Asset-Backed Security in China's IDC Sector under Private REIT Project

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September 11, 2025 · 6:00 AM UTC

VNET Wins 40MW Wholesale Order from Leading Internet Company for Its New Strategic IDC Campus

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September 4, 2025 · 8:15 AM UTC

SDHG H1 2025 Profit Soars 506 Percent, Riding Green Energy and Computing Boom

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