VNET Group Inc ADR Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $2.7B+19.8% YoYTTM through 31 Dec 2025
Net Income -$36M-243.5% YoYTTM through 31 Dec 2025
Free Cash Flow -$820.5MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Gross Margin | 22.9% |
| EBITDA Margin | 15.4% |
| Operating Margin | 4.1% |
| Net Margin | -1.3% |
Returns
-4.0%ROE
-0.6%ROA
Balance Sheet Health
Current Ratio0.92x
Net Debt$14.2B
Cash & Equivalents$789.9M
Quality Metrics
Altman Z-Score0.34
Piotroski F-Score4 / 9
FCF Margin-30.5%
Earnings-Beat Rate25.0%
Multi-Year Trend
RevenueFY2019: $3.8B
Diluted EPS-$0.02TTMFY2025: $-0.16
Dividend
No dividend
Capital Allocation
R&D Spend$37.3M
Capex Intensity40.7%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Wholesale IDC | $1.1B | View detailsWholesale IDC continues to be the primary growth engine driven by rapid expansion and rising AI-related demand. | |
| Retail IDC | View detailsRetail IDC shows stable, moderate growth across multiple retail data centers. | ||
| Non-IDC | View detailsNon-IDC business remains stable with marginal year-over-year growth. |
Financials converted at 6.9961 from RMB.
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