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VNETVNET Group, Inc.
$7.71$2.1B
Overview & Verdict
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VNET logoVNET Group, Inc.(VNET)Earnings, Financials & Key Ratios

VNET•NASDAQ
$7.71
Price updated Jul 7, 2026
SectorTechnologyIndustryIT ServicesSub-IndustryData Centers and Cloud Infrastructure
AboutVNET Group, Inc., an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; server administration services; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; VPN Services that extend customers' private networks by setting up connections through the public internet. The company also provides operating system support and assistance with updates, server monitoring, server backup and restoration, server security evaluation, firewall services, and disaster recovery services; site selection, planning, design, and construction services for wholesale and retail data centers. It serves information technology and cloud services, communications and social networking, gaming and entertainment, e-commerce, automobile, financial services, and blue-chip and small-to-mid-sized enterprises; government agencies; individuals; and telecommunication carriers. As of December 31, 2021, it operated 40 self-built data centers and 64 partnered data centers with 78,540 cabinets under management. The company was formerly known as 21Vianet Group, Inc. and changed its name to VNET Group, Inc. in October 2021. VNET Group, Inc. was founded in 1999 and is headquartered in Beijing, the People's Republic of China.Show more
  • Revenue$9.68B+17.2%
  • EBITDA$2.7B+21.9%
  • Net Income-$250M-236.3%
  • EPS (Diluted)-0.90-236.4%
  • Gross Margin22.04%-0.7%
  • EBITDA Margin27.91%+4.1%
  • Operating Margin7.56%-6.7%
  • Net Margin-2.58%-216.3%
  • ROE-3.22%-218.2%

VNET Price & Volume

VNET Group, Inc. (VNET) stock price & volume — 10-year historical chart

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Aggressive Infrastructure Expansion Masks Structural Solvency Risks

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Accelerating
Profitability:Strained
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:High Debt Refinancing Risk

Key Thesis Takeaways

  • VNET Group is currently navigating a high-growth phase characterized by a 19.8% year-over-year revenue expansion, yet this top-line momentum is severely undermined by persistent negative free cash flow and a massive $13.4 billion retained earnings deficit.
  • While the company successfully captures demand in Tier-1 data center markets, the reliance on heavy capital expenditure—often exceeding 65% of revenue—creates a precarious reliance on external financing.
  • Investors should monitor the company's ability to stabilize operating margins, which currently sit at a thin 9.2%, against the backdrop of a 2.98 debt-to-equity ratio that threatens long-term financial flexibility.

Verdict Logic

the company's inability to generate positive free cash flow, coupled with a 2.98 debt-to-equity ratio, suggests significant solvency risks that outweigh the current 19.8% revenue growth trajectory.

VNET Growth Metrics

VNET Group, Inc. (VNET) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years10.29%
5 Years14.92%
3 Years10.42%
TTM20.83%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-1892.62%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-2318.7%

Return on Capital

10 Years-2.53%
5 Years-0.75%
3 Years-1.4%
Last Year2.65%

VNET Recent Earnings

VNET Group, Inc. (VNET) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 26, 2026
Metric
Actual
Est
EPS
$1.20-3382.3%
$0.03
Rev
$390M+0.4%
$388M
Q2 2026
Mar 16, 2026
Metric
Actual
Est
EPS
$0.00-103.6%
$0.04
Rev
$384M+2.6%
$375M
Q4 2025
Nov 20, 2025
Metric
Actual
Est
EPS
$0.02+0.0%
$0.02
Rev
$363M-1.6%
$369M
Q3 2025
Aug 21, 2025
Metric
Actual
Est
EPS
$0.01-150.0%
$0.02
Rev
$339M+2.9%
$330M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 26, 2026
$1.20vs $0.03-3382.3%
$390Mvs $388M+0.4%
Q2 2026Mar 16, 2026
$0.00vs $0.04-103.6%
$384Mvs $375M+2.6%
Q4 2025Nov 20, 2025
$0.02vs $0.02+0.0%
$363Mvs $369M-1.6%
Q3 2025Aug 21, 2025
$0.01vs $0.02-150.0%
$339Mvs $330M+2.9%
Based on last 12 quarters of dataView full earnings history →

Latest VNET News

Recent stock market news and headlines for VNET Group, Inc. (VNET)

Business Wire·Jun 25, 2026
VNET Fiber Invests in Secure Agentic AI With Calix One To Extend an 87 NPS Advantage and Expand into MDU

SAN JOSE, Calif.--(BUSINESS WIRE)---- $CALX #calix--Calix, Inc. (NYSE: CALX) announced today that Velocity Network (VNET Fiber) is investing in Calix Agent Workforce™ Cloud on the AI-native Calix One™ platform to accelerate revenue growth while lowering operational expense (OPEX). Building on their legacy of winning residential and business markets through the strength of differentiated subscriber experiences, the provider is now also deploying SmartMDU™ to further advance their growth. This strategy builds on.

Peers Comparison

Key metrics vs top competitors for VNET Group, Inc. (VNET)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
VNET logoVNETVNET Group, Inc.Current
$7.71$2.11B-58.2017.18%-2.58%-3.22%—
GDS logoGDSGDS Holdings Limited
$30.41$5.91B48.737.74%23.52%10.05%—
DLR logoDLRDigital Realty Trust, Inc.
$174.90$61.46B48.8510.04%21.47%5.51%—
EQIX logoEQIXEquinix, Inc.
$1022.93$100.89B74.345.85%15.03%10.02%—
IRM logoIRMIron Mountain Incorporated
$115.75$34.43B236.2212.22%3.76%——
CYD logoCYDChina Yuchai International Limited
$46.79$1.76B22.8425.38%1.59%3.7%—

Compare VNET vs Peers

VNET Group, Inc. (VNET) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GDS

Most directly comparable listed peer for VNET.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare VNET against a more recognizable public peer.

Peer Set

Compare Top 5

vs GDS, DLR, EQIX, IRM

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VNET Frequently Asked Questions

VNET Group, Inc. (VNET) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is VNET Group, Inc.'s revenue?

VNET Group, Inc. (VNET) reported $10.34B in revenue for fiscal year 2025. This represents a 3198% increase from $313.6M in 2009.

How fast is VNET Group, Inc. growing?

VNET Group, Inc. (VNET) grew revenue by 17.2% over the past year. This is strong growth.

Is VNET profitable?

VNET Group, Inc. (VNET) reported a net loss of $2.25B for fiscal year 2025.

Dividend & Returns
What is VNET's return on equity?

VNET Group, Inc. (VNET) has a return on equity (ROE) of -3.2%. Negative ROE indicates the company is unprofitable.

What is VNET Group, Inc.'s free cash flow?

VNET Group, Inc. (VNET) had negative free cash flow of $5.94B in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in VNET back in 2009?

Total return calculator · dividends reinvested · 17+ years of data

See returns →