VNET Group, Inc. (VNET) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 14.49B | 11.46B | 10.96B | 10.18B | 11.16B | 6.82B | 6.94B | 7.05B | 6.84B | 9.81B | 7.93B | 7.53B | 8.07B | 6.95B | 7.65B | 7.45B | 7.43B | 5.32B | 7.44B | 8.04B |
| Cash & Short-Term Investments | 8.49B | 6.56B | 4.75B | 4.62B | 5.75B | 2.04B | 2.1B | 2.22B | 2.09B | 5.45B | 3.02B | 2.75B | 3.24B | 2.95B | 3.78B | 3.61B | 3.36B | 1.7B | 3.81B | 4.91B |
| Cash Only | 7.77B | 6.18B | 3.5B | 3.38B | 5.73B | 2.04B | 2.08B | 2.14B | 2.09B | 5.09B | 3.02B | 2.61B | 3.24B | 2.95B | 3.78B | 3.61B | 3.36B | 1.7B | 3.8B | 4.89B |
| Short-Term Investments | 718.21M | 379.44M | 1.25B | 1.24B | 21.52M | 0 | 15.87M | 87.88M | 0 | 356.41M | 0 | 144.09M | 0 | 0 | 0 | 0 | 0 | 0 | 12.95M | 12.93M |
| Accounts Receivable | 3.11B | 3.83B | 2.57B | 2.62B | 2.41B | 3.36B | 3.19B | 2.15B | 2.27B | 2.91B | 2.35B | 2.25B | 2.25B | 2.88B | 1.87B | 1.92B | 1.78B | 2.56B | 1.6B | 1.32B |
| Days Sales Outstanding | 116.09 | 111.17 | 93 | 94.06 | 115.72 | 134.08 | 118.3 | 100.75 | 124 | 127.37 | 112.08 | 112.4 | 127.81 | 116.1 | 96.14 | 97.65 | 118.54 | 109.89 | 85.91 | 74.4 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.89B | 1.07B | 3.64B | 2.94B | 2.99B | 150.14M | 128.39M | 2.67B | 2.48B | 114.22M | 2.55B | 2.53B | 2.57B | 155.48M | 2B | 1.92B | 2.28B | 122.73M | 2.03B | 1.82B |
| Total Non-Current Assets | 34.63B | 33.16B | 32.39B | 29.52B | 27.73B | 25.54B | 22.96B | 22.08B | 21.32B | 20.54B | 21.99B | 21.2B | 20.61B | 19.61B | 20.18B | 18.05B | 18.13B | 17.75B | 16.18B | 13.85B |
| Property, Plant & Equipment | 29.24B | 27.66B | 27.28B | 24.91B | 23.42B | 21.83B | 19.55B | 18.67B | 17.83B | 17.02B | 17.03B | 16.23B | 16.17B | 15.25B | 15.51B | 13.3B | 13.26B | 12.95B | 10.9B | 9.76B |
| Fixed Asset Turnover | 0.09x | 0.10x | 0.10x | 0.10x | 0.10x | 0.11x | 0.11x | 0.11x | 0.11x | 0.11x | 0.11x | 0.11x | 0.11x | 0.12x | 0.13x | 0.13x | 0.13x | 0.15x | 0.15x | 0.16x |
| Goodwill | 0 | 2.01B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.36B | 1.36B | 1.36B | 1.34B | 1.35B | 1.34B | 1.34B | 1.34B | 1.32B | 995.61M |
| Intangible Assets | 2.86B | 0 | 2.84B | 1.94B | 0 | 1.4B | 1.35B | 1.34B | 1.36B | 1.38B | 1.41B | 1.43B | 1.47B | 1.48B | 1.6B | 871.86M | 893.47M | 899.28M | 912.46M | 641.65M |
| Long-Term Investments | 1.03B | 1.1B | 807.77M | 846.92M | 849.04M | 844.25M | 798.86M | 817.38M | 761.7M | 757.96M | 767.71M | 754.3M | 242.98M | 239.21M | 38.8M | 35.04M | 93.52M | 106.34M | 227.24M | 247.2M |
| Other Non-Current Assets | 1.26B | 2.14B | 1.08B | 1.48B | 3.15B | 1.15B | 959.55M | 965.54M | 1.11B | 1.13B | 1.12B | 1.21B | 1.16B | 1.11B | 1.57B | 2.34B | 2.37B | 2.29B | 2.65B | 2.03B |
| Total Assets | 49.12B | 44.62B | 43.35B | 39.7B | 38.89B | 32.36B | 29.9B | 29.12B | 28.16B | 30.35B | 29.92B | 28.73B | 28.68B | 26.56B | 27.84B | 25.5B | 25.55B | 23.07B | 23.61B | 21.9B |
| Asset Turnover | 0.06x | 0.06x | 0.06x | 0.06x | 0.06x | 0.07x | 0.07x | 0.07x | 0.06x | 0.06x | 0.06x | 0.06x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x | 0.07x |
| Asset Growth % | 26.29% | 37.92% | 45% | 36.33% | 38.12% | 6.6% | -0.06% | 1.35% | -1.81% | 14.27% | 7.48% | 12.67% | 12.23% | 15.15% | 17.87% | 16.45% | 7.36% | 19.33% | 25.57% | 22.58% |
| Total Current Liabilities | 14.66B | 12.46B | 12.17B | 10.44B | 10.13B | 9.34B | 8.36B | 8.14B | 8.09B | 11.42B | 11.22B | 11.17B | 10.8B | 6.24B | 6.07B | 5.3B | 5.32B | 5.17B | 6.78B | 5.89B |
| Accounts Payable | 832.79M | 742.35M | 750.81M | 754.2M | 814.58M | 709.22M | 727.76M | 726.89M | 774.12M | 695.38M | 765.4M | 741.51M | 710.49M | 703.39M | 652.34M | 695.67M | 619.86M | 492.93M | 489.32M | 432.53M |
| Days Payables Outstanding | 34.16 | 32.44 | 34.07 | 37.84 | 40.79 | 37.96 | 42 | 43.53 | 44.95 | 41.8 | 43.86 | 44.67 | 43.78 | 40.17 | 41.4 | 43.78 | 38.8 | 33.23 | 35.78 | 33.25 |
| Short-Term Debt | 5.18B | 4.55B | 3B | 3.92B | 3.75B | 3.47B | 3.2B | 2.63B | 2.24B | 6.21B | 5.78B | 5.83B | 5.99B | 1.88B | 1.33B | 1.22B | 1.29B | 1.45B | 3.19B | 2.93B |
| Deferred Revenue (Current) | 1.32B | 1.07B | 1.83B | 1.37B | 1.41B | 1.47B | 1.84B | 1.62B | 1.7B | 1.7B | 1.69B | 1.53B | 1.68B | 1.24B | 1.31B | 1.31B | 1.22B | 1.1B | 1.06B | 1.04B |
| Other Current Liabilities | 0 | 5.93B | 0 | 3.16B | 4.1B | 3.15B | 2.09B | 3.11B | 3.32B | 2.31B | 2.94B | 3.03B | 2.39B | 1.96B | 2.72B | 2.02B | 2.13B | 1.8B | 2B | 1.45B |
| Current Ratio | 0.99x | 0.92x | 0.90x | 0.97x | 1.10x | 0.73x | 0.83x | 0.87x | 0.85x | 0.86x | 0.71x | 0.67x | 0.75x | 1.11x | 1.26x | 1.41x | 1.40x | 1.03x | 1.10x | 1.37x |
| Quick Ratio | 0.99x | 0.92x | 0.90x | 0.97x | 1.10x | 0.73x | 0.83x | 0.87x | 0.85x | 0.86x | 0.71x | 0.67x | 0.75x | 1.11x | 1.26x | 1.41x | 1.40x | 1.03x | 1.10x | 1.37x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 24.47B | 23.34B | 23.59B | 21.42B | 20.88B | 15.82B | 14.42B | 14.17B | 13.46B | 12.28B | 11.73B | 10.58B | 10.59B | 13.44B | 14.67B | 12.78B | 12.52B | 10.3B | 9.41B | 8.72B |
| Long-Term Debt | 17.77B | 16.73B | 16.48B | 14.65B | 14.23B | 9.66B | 8.87B | 8.45B | 8.04B | 6.88B | 6.36B | 5.46B | 5.35B | 8.78B | 9.57B | 8.96B | 8.69B | 6.47B | 6.48B | 6.33B |
| Capital Lease Obligations | 5.5B | 5.65B | 5.88B | 5.76B | 5.67B | 5.31B | 4.75B | 4.74B | 4.44B | 4.43B | 4.52B | 4.34B | 4.47B | 3.9B | 4.39B | 3.38B | 3.39B | 3.4B | 2.5B | 2.02B |
| Deferred Tax Liabilities | 832.98M | 959.73M | 903.64M | 1.01B | 984.41M | 734.36M | 801.18M | 796.69M | 792.63M | 687.57M | 845.29M | 690.09M | 689.32M | 672.79M | 623.36M | 441.9M | 443.56M | 347.99M | 432.72M | 365.7M |
| Other Non-Current Liabilities | 118.73M | 0 | 107.85M | 0 | 0 | 107.84M | 0 | 185.31M | 185.25M | 286.83M | 0 | 86.92M | 87.2M | 85.92M | 86.87M | 0 | 0 | 77.48M | 0 | 0 |
| Total Liabilities | 39.12B | 35.79B | 35.76B | 32.09B | 31.01B | 25.16B | 22.78B | 22.32B | 21.55B | 23.7B | 22.95B | 21.74B | 21.4B | 19.68B | 20.74B | 18.08B | 17.84B | 15.47B | 16.19B | 14.61B |
| Total Debt | 29.77B | 26.93B | 26.66B | 24.33B | 23.65B | 18.45B | 16.83B | 15.82B | 14.73B | 17.51B | 16.66B | 15.63B | 15.81B | 14.55B | 15.29B | 13.56B | 13.37B | 11.32B | 12.17B | 11.28B |
| Net Debt | 22B | 20.75B | 23.16B | 20.96B | 17.92B | 16.41B | 14.75B | 13.68B | 12.64B | 12.42B | 13.64B | 13.02B | 12.56B | 11.61B | 11.51B | 9.95B | 10.01B | 9.62B | 8.37B | 6.39B |
| Debt / Equity | 2.98x | 3.14x | 3.51x | 3.19x | 3.11x | 2.67x | 2.45x | 2.42x | 2.28x | 2.69x | 2.42x | 2.27x | 2.20x | 2.11x | 2.16x | 1.83x | 1.73x | 1.49x | 1.64x | 1.55x |
| Debt / EBITDA | 114.64x | 37.15x | 36.06x | 33.65x | 34.99x | 27.30x | 32.54x | 27.12x | 34.77x | - | 33.75x | 29.69x | 28.90x | 33.68x | 36.62x | 32.14x | 32.94x | 59.14x | 28.24x | 28.36x |
| Net Debt / EBITDA | 84.71x | 28.62x | 31.32x | 28.98x | 26.50x | 24.29x | 28.51x | 23.46x | 29.84x | - | 27.63x | 24.74x | 22.97x | 26.86x | 27.57x | 23.58x | 24.66x | 50.27x | 19.42x | 16.06x |
| Interest Coverage | 1.17x | 0.73x | 1.27x | 1.10x | 2.47x | 3.07x | 1.87x | 2.39x | 0.27x | -29.08x | 0.35x | 1.30x | 3.13x | 0.23x | -3.67x | -4.01x | 1.06x | -2.12x | 3.29x | 6.90x |
| Total Equity | 9.99B | 8.57B | 7.59B | 7.62B | 7.61B | 6.92B | 6.86B | 6.55B | 6.47B | 6.51B | 6.88B | 6.89B | 7.2B | 6.88B | 7.09B | 7.42B | 7.71B | 7.59B | 7.42B | 7.29B |
| Equity Growth % | 31.25% | 23.84% | 10.72% | 16.39% | 17.76% | 6.35% | -0.33% | -4.97% | -10.17% | -5.45% | -2.97% | -7.17% | -6.63% | -9.36% | -4.46% | 1.81% | -8.45% | 10.31% | 11.74% | 109.24% |
| Book Value per Share | 36.45 | 29.17 | 28.22 | 28.38 | 28.67 | 25.82 | 23.63 | 25.04 | 24.74 | 42.30 | 46.42 | 46.50 | 40.86 | 46.48 | 47.87 | 50.23 | 49.30 | 50.51 | 49.59 | 48.29 |
| Total Shareholders' Equity | 4.23B | 6.22B | 5.75B | 6.17B | 6.19B | 6.37B | 6.33B | 6.01B | 5.94B | 6.01B | 6.39B | 6.41B | 6.73B | 6.51B | 6.72B | 7.05B | 7.35B | 7.23B | 7.06B | 6.94B |
| Common Stock | 118K | 112.07K | 112K | 111.97K | 112.17K | 111.99K | 108.91K | 109.01K | 109.03K | 106.87K | 60K | 59.82K | 60.02K | 59.14K | 60.42K | 60.05K | 60.09K | 59.93K | 58.91K | 59.04K |
| Retained Earnings | -13.36B | -11.13B | -11.43B | -11.11B | -11.11B | -10.86B | -10.83B | -11.14B | -11.21B | -11B | -8.76B | -8.5B | -8.29B | -8.25B | -8.36B | -7.89B | -7.51B | -7.58B | -7.55B | -7.73B |
| Treasury Stock | -179.09M | -179.2M | -179.09M | -161.86M | -162.14M | -161.88M | -162.94M | -173.44M | -325.54M | -326.58M | -161.88M | -348.5M | -349.64M | -344.51M | 0 | -349.52M | -349.52M | 0 | -349.52M | -349.52M |
| Accumulated OCI | 163.51M | 162.79M | 115.56M | 97.45M | 95.83M | 88.87M | 78.12M | 60.54M | 60.01M | 66.2M | 87.53M | 81.56M | 78.45M | 87.74M | 68.89M | 46.2M | -26.59M | -365.07M | 13.38M | 11.21M |
| Minority Interest | 5.76B | 2.35B | 1.84B | 1.45B | 1.43B | 554.88M | 523.94M | 536.17M | 528.13M | 499.39M | 485.9M | 473.97M | 468.78M | 366.9M | 368.02M | 365M | 361.49M | 358.35M | 355.5M | 348.24M |