VNET

MKT CAP:$2B

VNET Group, Inc.

Market Cap

$2B

Technology·Information Technology Services·🇨🇳 China·NASDAQ

Technology·IT Services·🇨🇳·NASDAQ

Stock Price

$8.84-$0.27 (-2.96%)

Apr 23, 2026

Company Details

VNET 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 ...

CEO

Sheng Chen

IPO Date

Apr 21, 2011

Website

ir.vnet.com

Key Metrics TTM

Revenue

$931M

— YoY

Net Income

-$143M

EPS (Diluted)

-$1.44

Free Cash Flow

-$41M

Revenue / Share

$3.17

Gross Margin

20.7%

Operating Margin

3.6%

Net Margin

-15.4%

FCF Margin

-4.4%

P/S

2.7x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$1.4BEPS -$0.13

Q4 2025

Mar 16, 2026

$387MEPS $0.14

Q3 2022

Nov 22, 2022

$265MEPS -$0.42

Q2 2020

Sep 3, 2020

$167MEPS -$2.19

Q4 2017

Apr 12, 2018

$112MEPS $1.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 17	$112M	$29M	$1M
Q2 20	$167M	$40M	$12M
Q3 22	$265M	$46M	$936.7K
Q4 25	$387M	$78M	$20M

Valuation

Quarter	P/S	P/E
Q4 17	—	—
Q2 20	—	—
Q3 22	—	—
Q4 25	2.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	$16M	$3M
Q2 20	$24M	-$49M
Q3 22	$89M	$4M

Capital Expenditures

Quarter	CapEx
Q4 17	$12M
Q2 20	$72M
Q3 22	$85M

CapEx

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$2M	1.8%
Q2 20	$2M	1.0%
Q3 22	$5M	1.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 17	$4M	$17M	$6M	—
Q2 20	$3M	$17M	$8M	—
Q3 22	$11M	$24M	$12M	—
Q4 25	$11M	—	—	$47M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$491M	$0	$491M
Q2 22	$528M	$0	$528M
Q3 22	$552M	$0	$552M
Q4 22	$430M	$0	$430M
Q1 23	$474M	$0	$474M
Q2 23	$381M	$21M	$402M
Q3 23	$442M	$0	$442M
Q4 23	$744M	$52M	$796M
Q1 24	$305M	$0	$305M
Q2 24	$312M	$13M	$325M
Q3 24	$304M	$2M	$306M
Q4 24	$298M	$0	$298M
Q1 25	$838M	$3M	$841M
Q2 25	$493M	$182M	$675M
Q3 25	$512M	$182M	$694M
Q4 25	$904M	$55M	$959M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 17	113M	—	—
Q2 20	110M	-2.2%	—
Q3 22	148M	+34.4%	—
Q4 25	294M	+98.4%	—

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 17	$49.4K	2K
Q2 20	$72.8K	2K
Q3 22	$82.3K	3K
Q4 25	$150.0K	3K

Revenue / Employee