Financial health
- Operating income covered interest expense 1.3× in the latest year, up from 0.3× 5 years ago.
- The company is unprofitable and has less than a year of cash runway at its current free-cash-flow burn.
VNET Financials VNET Group
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | -$36M | — | — | -4.0% | -0.6% | -$821M | — | $790M |
| 2024 | — | $25M | — | — | 2.9% | 0.6% | -$400M | — | $204M |
| 2023 | — | -$372M | — | — | -44.0% | -8.7% | -$127M | — | $316M |
| 2022 | — | -$113M | — | — | -11.7% | -2.9% | -$81M | $512M | $386M |
| 2021 | — | $78M | — | — | 6.9% | 2.2% | -$205M | $408M | $215M |
| 2020 | — | -$415M | — | — | -41.3% | -14.0% | -$270M | $169M | $415M |
| 2019 | $544M | -$26M | 24.8% | 4.8% | -3.7% | -1.3% | -$64M | $50M | $260M |
| 2018 | — | -$30M | — | — | -4.0% | -1.8% | $39M | $35M | $343M |
| 2017 | — | -$119M | — | — | -15.3% | -7.8% | — | $47M | $300M |
| 2016 | — | -$91M | — | — | -10.3% | -5.1% | — | $287M | $199M |
| 2015 | — | -$66M | — | — | -10.7% | -3.9% | — | $65M | $243M |
| 2014 | — | -$56M | — | — | -15.8% | -3.6% | — | $190M | $99M |
| 2013 | — | -$8M | — | — | -2.0% | -0.8% | — | $221M | $235M |
| 2012 | — | $9M | — | — | 3.0% | 1.9% | -$44M | $65M | $71M |
| 2011 | — | $3M | — | — | 1.1% | 0.8% | -$14M | — | $66M |
Valuation over time
How the market has priced VNET against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 304.5× (Dec '24) to 574.3× (Nov '25).
P/E
Frequently asked questions
Is VNET growing its revenue and profit?
See the revenue and net-income charts above for VNET Group's multi-year trend.
How much debt does VNET have?
As of FY2025, VNET Group reported — of total debt against $790M of cash; operating income covered interest expense 1.3×.
What is VNET's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is VNET's P/E ratio?
As of Sep '26, VNET Group traded at a price-to-earnings ratio of about 574.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.