VNET Group, Inc. VNET
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Market cap
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.02
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $544.3M | $494.7M | $521.4M | $524.5M |
| Cost of revenue | — | — | — | — | — | — | $409.3M | $357.2M | $404.9M | $422.0M |
| Gross profit | $313.5M | $251.0M | $182.0M | $196.9M | $225.7M | $164.9M | $134.9M | $137.4M | $116.6M | $102.6M |
| R&D | $37.3M | $33.8M | $45.4M | $44.5M | $29.6M | $17.3M | $12.8M | $13.4M | $22.9M | $21.5M |
| SG&A | $114.0M | $90.3M | $76.3M | $93.2M | $132.2M | $82.0M | $59.7M | $67.3M | $79.9M | $92.1M |
| Operating income | $111.6M | $91.7M | -$277.6M | $17.6M | $3.3M | $17.9M | $26.2M | $34.5M | -$210.3M | -$121.0M |
| Interest expense | $85.6M | $54.9M | $44.0M | $39.6M | $52.6M | $58.3M | $49.7M | $34.3M | $28.5M | $28.6M |
| Pre-tax income | $59.7M | $65.0M | -$350.2M | -$91.1M | $98.3M | -$394.0M | -$25.3M | -$23.6M | -$154.9M | -$135.8M |
| Income tax | $79.7M | $32.1M | $16.1M | $19.4M | $17.5M | $16.8M | $781.0K | $3.5M | $13.9M | $1.6M |
| Net income | -$36.0M | $25.1M | -$372.4M | -$112.5M | $78.5M | -$415.2M | -$26.2M | -$29.8M | -$118.8M | -$91.3M |
| EPS, basic | -0.02 | 0.02 | -0.41 | -0.13 | 0.09 | -0.69 | -0.04 | -0.04 | -0.21 | -0.20 |
| EPS, diluted | -0.02 | 0.00 | -0.41 | -0.13 | -0.06 | -0.69 | -0.04 | -0.04 | -0.21 | -0.20 |
| Shares, diluted (wtd. avg.) | $1.61B | $1.74B | $901.1M | $886.8M | $911.6M | $716.9M | $668.8M | $674.7M | $672.8M | $617.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $789.9M | $297.6M | $698.6M | $421.1M | $247.7M | $489.0M | $361.3M | $382.2M | $319.3M | $199.4M |
| Short-term investments | $54.2M | — | $50.3M | — | — | $43.8M | $52.3M | $35.6M | $84.4M | $40.0M |
| Inventory | — | — | — | — | — | — | — | $267.0K | $109.0K | $638.0K |
| Total current assets | $1.64B | $934.4M | $1.38B | $1.02B | $835.5M | $928.1M | $751.0M | $680.4M | $652.5M | $749.2M |
| Property, plant and equipment | $3.26B | $2.36B | $1.83B | $1.73B | $1.58B | $1.24B | $781.9M | $586.3M | $510.2M | $544.7M |
| Goodwill | — | — | — | $197.8M | $194.2M | $156.1M | $151.7M | $142.1M | $143.9M | $269.9M |
| Other intangibles | $286.7M | $192.3M | $194.8M | $217.1M | $2.28B | $1.55B | $59.0M | $51.7M | $61.6M | $140.8M |
| Total assets | $6.38B | $4.43B | $4.28B | $3.91B | $3.62B | $2.97B | $2.05B | $1.62B | $1.52B | $1.79B |
| Short-term debt | — | — | — | $70.2M | $60.3M | $32.8M | $38.4M | $18.2M | $18.5M | $248.2M |
| Total current liabilities | $1.78B | $1.28B | $1.61B | $918.1M | $812.9M | $938.2M | $641.9M | $318.7M | $272.9M | $630.0M |
| Total liabilities | $5.15B | $3.48B | $3.36B | $2.89B | $2.43B | $1.91B | $1.30B | $841.8M | $723.5M | $802.3M |
| Retained earnings | -$1.59B | -$1.49B | -$1.55B | -$1.21B | -$1.19B | -$1.11B | -$580.1M | -$558.2M | -$557.8M | -$413.2M |
| Total equity | $889.2M | $872.1M | $847.1M | $958.3M | $1.14B | $1.01B | $711.5M | $740.9M | $776.1M | $882.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $274.4M | $274.7M | $290.6M | $353.8M | $217.8M | $109.5M | $115.3M | $102.5M | $61.8M | $12.0M |
| Depreciation and amortisation | $304.0M | $219.0M | $254.6M | $231.4M | $198.9M | $151.6M | $110.9M | $82.4M | $80.5M | $69.2M |
| Stock-based compensation | $3.7M | $20.4M | $5.0M | $17.1M | $50.2M | $21.0M | $6.3M | $8.7M | $7.2M | $17.1M |
| Capital expenditure | $1.09B | $674.5M | $418.0M | $434.3M | $422.4M | $379.1M | $179.4M | $63.3M | $60.9M | $82.7M |
| Investing cash flow | -$1.15B | -$601.5M | -$550.0M | -$516.0M | -$592.0M | -$596.0M | -$231.6M | -$44.3M | -$107.5M | -$121.1M |
| Financing cash flow | $1.46B | -$86.0M | $555.1M | $333.2M | $151.8M | $638.0M | $66.3M | -$2.9M | $167.5M | $30.2M |
| Buybacks | $2.5M | — | — | — | $267.1M | $20.0M | $1.7M | — | $20.5M | $6.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-044361.
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