VNET Group, Inc. (VNET) 10-Year Financial Performance & Capital Metrics

VNET • • Industrial / General

TechnologyIT ServicesData Center & Cloud InfrastructureData Center Operators

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 $8.26B +11.4%
EBITDA $2.22B +1454.5%
Net Income $183M +106.9%
EPS (Diluted) 0.66 +103.8%
Gross Margin 22.18% +27.2%
EBITDA Margin 26.82% +1315.8%
Operating Margin 8.11% +130.5%
Net Margin 2.22% +106.2%
ROE 2.73% +106.9%
ROIC 2.38% +130.1%
Debt/Equity 2.67 -0.9%
Interest Coverage 1.67 +126.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 84 (top 16%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.9%
✓Trading at only 0.5x book value

✗Weaknesses

✗High debt to equity ratio of 2.7x
✗Negative free cash flow
✗Shares diluted 93.3% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.12%

5Y16.86%

3Y10.09%

TTM20.19%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-28.45%

TTM74.75%

EPS CAGR

10Y-

5Y-

3Y-41.52%

TTM86%

ROCE

10Y Avg-3.15%

5Y Avg-1.01%

3Y Avg-2.07%

Latest3.19%

Peer Comparison

Data Center Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSSITSS, Inc.	321.91M	11.16	46.50	172.33%	2.08%	7.69%	2.12%	4.58
VNETVNET Group, Inc.	3.03B	11.49	17.41	11.41%	-5.97%	-7.48%		2.67
SAIHWSAIHEAT Limited	17.98K	0.03	-0.01	-18.2%	-106.19%	-37.75%		0.19
SAIHSAIHEAT Limited	11.04M	8.71	-2.52	-18.2%	-106.19%	-37.75%		0.19
GDSGDS Holdings Limited	8.08B	43.40	-9.52	3.67%	50.05%	20.93%		1.88
APLDApplied Digital Corporation	9.85B	35.22	-30.36	57.74%	-43.49%	-6.23%		1.11

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.63B	3.64B	3.39B	3.4B	3.79B	4.83B	6.19B	7.07B	7.41B	8.26B
Revenue Growth %	0.26%	0%	-0.07%	0%	0.11%	0.27%	0.28%	0.14%	0.05%	0.11%
Cost of Goods Sold+	2.78B	2.93B	2.63B	2.46B	2.85B	3.75B	4.75B	5.71B	6.12B	6.43B
COGS % of Revenue	0.77%	0.8%	0.78%	0.72%	0.75%	0.78%	0.77%	0.81%	0.83%	0.78%
Gross Profit+	853.76M	712.14M	758.41M	944.87M	939.45M	1.08B	1.44B	1.36B	1.29B	1.83B
Gross Margin %	0.23%	0.2%	0.22%	0.28%	0.25%	0.22%	0.23%	0.19%	0.17%	0.22%
Gross Profit Growth %	0.05%	-0.17%	0.06%	0.25%	-0.01%	0.15%	0.34%	-0.06%	-0.05%	0.42%
Operating Expenses+	1.14B	1.55B	2.13B	707.39M	757.22M	959.41M	1.42B	1.24B	3.26B	1.16B
OpEx % of Revenue	0.31%	0.43%	0.63%	0.21%	0.2%	0.2%	0.23%	0.18%	0.44%	0.14%
Selling, General & Admin	928.2M	992.57M	776.63M	634.81M	621.59M	770.12M	1.1B	954.86M	808.06M	922.79M
SG&A % of Revenue	0.26%	0.27%	0.23%	0.19%	0.16%	0.16%	0.18%	0.14%	0.11%	0.11%
Research & Development	142.84M	149.34M	149.14M	92.11M	88.79M	112.89M	188.49M	306.84M	322.22M	246.61M
R&D % of Revenue	0.04%	0.04%	0.04%	0.03%	0.02%	0.02%	0.03%	0.04%	0.04%	0.03%
Other Operating Expenses	66.95M	410.42M	1.2B	-19.53M	46.84M	76.39M	130.47M	-24.6M	2.13B	-6.69M
Operating Income+	-284.23M	-840.2M	-1.37B	237.48M	182.23M	116.6M	21.31M	121.16M	-1.97B	669.44M
Operating Margin %	-0.08%	-0.23%	-0.4%	0.07%	0.05%	0.02%	0%	0.02%	-0.27%	0.08%
Operating Income Growth %	-1.48%	-1.96%	-0.63%	1.17%	-0.23%	-0.36%	-0.82%	4.68%	-17.27%	1.34%
EBITDA+	301.95M	-176.13M	-701.44M	872.09M	954.44M	1.11B	1.29B	1.72B	-163.56M	2.22B
EBITDA Margin %	0.08%	-0.05%	-0.21%	0.26%	0.25%	0.23%	0.21%	0.24%	-0.02%	0.27%
EBITDA Growth %	0.03%	-1.58%	-2.98%	2.24%	0.09%	0.16%	0.17%	0.33%	-1.1%	14.55%
D&A (Non-Cash Add-back)	586.18M	664.07M	667.1M	634.61M	772.21M	988.98M	1.27B	1.6B	1.81B	1.55B
EBIT	-131.62M	-780.14M	-876.28M	260.38M	234.38M	-2.2B	1B	-357.15M	-2.17B	669.44M
Net Interest Income+	-220.69M	-177.51M	-152.39M	-190.88M	-291.35M	-348.9M	-303.05M	-241.73M	-270.37M	-373.02M
Interest Income	53.49M	21.08M	32.92M	45.19M	54.61M	31.71M	31.9M	31.57M	41.8M	27.96M
Interest Expense	274.18M	198.59M	185.31M	236.07M	345.95M	380.61M	334.95M	273.31M	312.17M	400.98M
Other Income/Expense	-69.21M	-102.89M	360.72M	0	-358.04M	-2.7B	605.19M	-751.61M	-511.89M	-186.79M
Pretax Income+	-353.44M	-943.08M	-1.01B	-162.32M	-175.81M	-2.58B	626.51M	-630.46M	-2.48B	482.65M
Pretax Margin %	-0.1%	-0.26%	-0.3%	-0.05%	-0.05%	-0.53%	0.1%	-0.09%	-0.33%	0.06%
Income Tax+	47.83M	-11.16M	-90.17M	24.41M	5.44M	109.34M	111.41M	133.46M	114.37M	234.23M
Effective Tax Rate %	1.21%	0.67%	0.77%	1.26%	1.04%	1.05%	0.8%	1.23%	1.06%	0.38%
Net Income+	-428.1M	-633.6M	-772.73M	-205.06M	-182.29M	-2.71B	500.1M	-775.95M	-2.64B	183.2M
Net Margin %	-0.12%	-0.17%	-0.23%	-0.06%	-0.05%	-0.56%	0.08%	-0.11%	-0.36%	0.02%
Net Income Growth %	-0.23%	-0.48%	-0.22%	0.73%	0.11%	-13.86%	1.18%	-2.55%	-2.41%	1.07%
Net Income (Continuing)	-401.27M	-931.92M	-917.64M	-186.74M	-181.25M	-2.68B	515.1M	-761.99M	-2.6B	248.42M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	808.93M	725.78M	153.24M	269.35M	275.58M	331.82M	358.35M	366.9M	499.39M	554.88M
EPS (Diluted)+	-5.22	-7.92	-6.90	-1.80	-1.20	-26.82	3.30	-5.16	-17.58	0.66
EPS Growth %	0%	-0.52%	0.13%	0.74%	0.33%	-21.35%	1.12%	-2.56%	-2.41%	1.04%
EPS (Basic)	-5.22	-7.92	-6.90	-1.80	-1.20	-22.56	3.42	-5.16	-17.58	0.66
Diluted Shares Outstanding	82.01M	102.86M	112.14M	112.45M	111.47M	119.48M	151.93M	147.8M	150.19M	290.39M
Basic Shares Outstanding	82.01M	102.86M	112.09M	112.45M	111.47M	119.42M	144.23M	147.8M	150.19M	265.6M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.48B	5.2B	4.3B	4.68B	5.17B	6.04B	5.32B	6.95B	9.81B	6.82B
Cash & Short-Term Investments	1.98B	3.54B	2.77B	2.87B	2.62B	3.26B	1.7B	2.95B	5.45B	2.04B
Cash Only	1.88B	3.26B	2.22B	2.63B	2.26B	2.97B	1.7B	2.95B	5.09B	2.04B
Short-Term Investments	104.81M	277.94M	555.32M	245.35M	359.96M	285.24M	0	0	356.41M	0
Accounts Receivable	1.28B	1.41B	1.14B	1.2B	1.66B	1.82B	2.56B	2.88B	2.91B	3.36B
Days Sales Outstanding	129.04	141.29	122.82	129.16	160.24	137.53	150.66	148.54	143.1	148.56
Inventory	13.53M	4.43M	718.31K	1.84M	0	0	0	0	0	0
Days Inventory Outstanding	1.78	0.55	0.1	0.27	-	-	-	-	-	-
Other Current Assets	70.06M	85.38M	31.03M	40.03M	17.2M	81.05M	122.73M	155.48M	114.22M	150.14M
Total Non-Current Assets+	7.38B	7.22B	5.73B	6.48B	8.95B	13.29B	17.75B	19.61B	20.54B	25.54B
Property, Plant & Equipment	3.65B	3.78B	3.36B	4.04B	6.59B	9.41B	12.95B	15.25B	17.02B	21.83B
Fixed Asset Turnover	1.00x	0.96x	1.01x	0.84x	0.57x	0.51x	0.48x	0.46x	0.44x	0.38x
Goodwill	1.75B	1.76B	1B	990.89M	978.95M	992.81M	1.34B	1.34B	0	0
Intangible Assets	1.27B	977.31M	405.81M	355.8M	406.2M	656.75M	899.28M	1.48B	1.38B	1.4B
Long-Term Investments	397.07M	332.4M	520.29M	616.84M	257.35M	291.08M	106.34M	239.21M	757.96M	844.25M
Other Non-Current Assets	254.45M	314.94M	268.57M	321.52M	505.26M	1.75B	2.29B	1.11B	1.13B	1.15B
Total Assets+	10.85B	12.42B	10.02B	11.17B	14.12B	19.33B	23.07B	26.56B	30.35B	32.36B
Asset Turnover	0.33x	0.29x	0.34x	0.30x	0.27x	0.25x	0.27x	0.27x	0.24x	0.26x
Asset Growth %	0.14%	0.14%	-0.19%	0.11%	0.26%	0.37%	0.19%	0.15%	0.14%	0.07%
Total Current Liabilities+	2.82B	4.37B	1.8B	2.19B	4.42B	6.11B	5.17B	6.24B	11.42B	9.34B
Accounts Payable	482.2M	529.55M	255.85M	390.04M	299.89M	288.75M	492.93M	703.39M	695.38M	709.22M
Days Payables Outstanding	63.3	65.98	35.45	57.96	38.41	28.08	37.86	44.99	41.47	40.28
Short-Term Debt	718.91M	2.39B	404.97M	350.43M	1.83B	3.01B	1.45B	1.88B	6.21B	3.47B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.03B	666.03M	457.97M	487.25M	956.82M	1.48B	1.8B	1.96B	2.31B	3.15B
Current Ratio	1.23x	1.19x	2.39x	2.13x	1.17x	0.99x	1.03x	1.11x	0.86x	0.73x
Quick Ratio	1.23x	1.19x	2.39x	2.13x	1.17x	0.99x	1.03x	1.11x	0.86x	0.73x
Cash Conversion Cycle	67.52	75.86	87.47	71.47	-	-	-	-	-	-
Total Non-Current Liabilities+	3.18B	1.17B	2.95B	3.59B	4.52B	6.34B	10.3B	13.44B	12.28B	15.82B
Long-Term Debt	2.2B	268.21M	2.13B	2.15B	2.12B	3.89B	6.47B	8.78B	6.88B	9.66B
Capital Lease Obligations	578.56M	536.61M	607.92M	767.04M	1.46B	1.33B	3.4B	3.9B	4.43B	5.31B
Deferred Tax Liabilities	292.96M	274.69M	193.11M	157.94M	200.41M	298.44M	347.99M	672.79M	687.57M	734.36M
Other Non-Current Liabilities	41.84M	28.69M	16.7M	511.86M	740.34M	814.65M	77.48M	85.92M	286.83M	107.84M
Total Liabilities	6B	5.54B	4.74B	5.78B	8.94B	12.44B	15.47B	19.68B	23.7B	25.16B
Total Debt+	3.5B	3.19B	3.14B	3.27B	5.4B	8.23B	11.32B	14.55B	17.51B	18.45B
Net Debt	1.62B	-70.11M	925.46M	642.89M	3.14B	5.26B	9.62B	11.61B	12.42B	16.41B
Debt / Equity	0.73x	0.47x	0.60x	0.61x	1.04x	1.20x	1.49x	2.11x	2.69x	2.67x
Debt / EBITDA	11.59x	-	-	3.75x	5.66x	7.44x	8.79x	8.48x	-	8.33x
Net Debt / EBITDA	5.37x	-	-	0.74x	3.29x	4.75x	7.47x	6.76x	-	7.41x
Interest Coverage	-1.04x	-4.23x	-7.39x	1.01x	0.53x	0.31x	0.06x	0.44x	-6.31x	1.67x
Total Equity+	4.82B	6.85B	5.26B	5.37B	5.18B	6.88B	7.59B	6.88B	6.51B	6.92B
Equity Growth %	0.63%	0.42%	-0.23%	0.02%	-0.04%	0.33%	0.1%	-0.09%	-0.05%	0.06%
Book Value per Share	58.78	66.60	46.92	47.76	46.43	57.60	49.97	46.56	43.32	23.83
Total Shareholders' Equity	4.01B	6.13B	5.11B	5.1B	4.9B	6.55B	7.23B	6.51B	6.01B	6.37B
Common Stock	33.97K	45K	46.54K	46.06K	45.51K	1.05B	59.93K	59.14K	106.87K	111.99K
Retained Earnings	-2.23B	-2.87B	-3.67B	-3.84B	-4B	-7.22B	-7.58B	-8.25B	-11B	-10.86B
Treasury Stock	-192.97M	-204.55M	0	0	0	0	0	-344.51M	-326.58M	-161.88M
Accumulated OCI	38.9M	182.91M	-305.15M	-209.59M	-208.89M	-329.87M	-365.07M	87.74M	66.2M	88.87M
Minority Interest	808.93M	725.78M	153.24M	269.35M	275.58M	331.82M	358.35M	366.9M	499.39M	554.88M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	216.83M	83.62M	402.31M	704.97M	707.36M	714.24M	1.39B	2.6B	2.06B	2.01B
Operating CF Margin %	0.06%	0.02%	0.12%	0.21%	0.19%	0.15%	0.22%	0.37%	0.28%	0.24%
Operating CF Growth %	-0.33%	-0.61%	3.81%	0.75%	0%	0.01%	0.94%	0.87%	-0.21%	-0.03%
Net Income	-401.27M	-931.92M	-917.64M	-186.74M	-181.25M	-2.68B	515.1M	-761.99M	-2.6B	248.42M
Depreciation & Amortization	586.18M	664.07M	667.1M	634.61M	772.21M	988.98M	1.27B	1.6B	1.81B	1.6B
Stock-Based Compensation	190.03M	118.73M	47.13M	59.54M	43.92M	136.8M	320.01M	118.17M	35.3M	148.56M
Deferred Taxes	-20.26M	-65.93M	-128.03M	-19.78M	-64.89M	-22.51M	325K	17.89M	-43.15M	0
Other Non-Cash Items	-48.52M	361.99M	688.1M	202.46M	148.22M	2.8B	-208.05M	1.04B	3.06B	319.41M
Working Capital Changes	-89.32M	-63.32M	45.65M	14.88M	-10.86M	-509.65M	-507.04M	594.05M	-196.82M	-309.25M
Change in Receivables	15.09M	-40.99M	18.28M	-68.81M	-156.13M	-171.61M	-533.32M	-381.19M	2.63M	-77.74M
Change in Inventory	-3.48M	9.11M	-1.13M	-1.12M	-247.81M	-289.68M	378.18M	0	0	0
Change in Payables	96.55M	46.95M	42.47M	41.38M	-93.25M	-13.74M	195.73M	220.13M	-24.43M	20.04M
Cash from Investing+	-370.13M	-841.02M	-699.34M	-304.85M	-1.61B	-3.89B	-3.77B	-3.56B	-3.91B	-4.39B
Capital Expenditures	-1.1B	-612.5M	-414.95M	-453.09M	-1.28B	-2.5B	-2.73B	-3.05B	-2.97B	-4.92B
CapEx % of Revenue	0.3%	0.17%	0.12%	0.13%	0.34%	0.52%	0.44%	0.43%	0.4%	0.6%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-25.96M	43.33M	238.37M	16.25M	111.92M	1.33B	-156.86M	-254.66M	-61.63M	-2.52M
Cash from Financing+	1.12B	209.47M	-612.65M	-19.9M	461.56M	4.16B	967.58M	2.3B	3.94B	-627.65M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	146.19M	-1.79B	-1.48B	196.72M	8.96M	27.93M	11.29M	0	-23.41M	-92.46M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-882.95M	-528.88M	-12.64M	251.87M	-567.99M	-1.79B	-1.35B	-450.61M	-997.15M	-3.12B
FCF Margin %	-0.24%	-0.15%	-0%	0.07%	-0.15%	-0.37%	-0.22%	-0.06%	-0.13%	-0.38%
FCF Growth %	-0.66%	0.4%	0.98%	20.92%	-3.26%	-2.15%	0.25%	0.67%	-1.21%	-2.13%
FCF per Share	-10.77	-5.14	-0.11	2.24	-5.10	-14.97	-8.86	-3.05	-6.64	-10.75
FCF Conversion (FCF/Net Income)	-0.51x	-0.13x	-0.52x	-3.44x	-3.88x	-0.26x	2.78x	-3.35x	-0.78x	10.95x
Interest Paid	242.71M	155.68M	96.85M	160.98M	215.89M	284.27M	259.76M	222.41M	251.07M	434.19M
Taxes Paid	62.81M	50.35M	55.08M	57.41M	41.68M	102.33M	83M	159.78M	145.6M	211.9M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-11.01%	-10.86%	-12.76%	-3.86%	-3.46%	-44.94%	6.91%	-10.72%	-39.49%	2.73%
Return on Invested Capital (ROIC)	-3.37%	-9.53%	-15.83%	2.92%	1.91%	0.86%	0.11%	0.51%	-7.9%	2.38%
Gross Margin	23.49%	19.55%	22.35%	27.78%	24.79%	22.28%	23.23%	19.22%	17.44%	22.18%
Net Margin	-11.78%	-17.4%	-22.78%	-6.03%	-4.81%	-56.11%	8.08%	-10.98%	-35.67%	2.22%
Debt / Equity	0.73x	0.47x	0.60x	0.61x	1.04x	1.20x	1.49x	2.11x	2.69x	2.67x
Interest Coverage	-1.04x	-4.23x	-7.39x	1.01x	0.53x	0.31x	0.06x	0.44x	-6.31x	1.67x
FCF Conversion	-0.51x	-0.13x	-0.52x	-3.44x	-3.88x	-0.26x	2.78x	-3.35x	-0.78x	10.95x
Revenue Growth	26.35%	0.2%	-6.84%	0.25%	11.41%	27.45%	28.18%	14.14%	4.92%	11.41%

Revenue by Segment

	2016	2017	2018	2019	2024
Hosting and Related Services	-	-	-	-	70.91M
Hosting and Related Services Growth	-	-	-	-	-
Cloud Services	-	-	-	-	13.72M
Cloud Services Growth	-	-	-	-	-
Hosting And Related Services	-	-	-	3.79B	-
Hosting And Related Services Growth	-	-	-	-	-
Grant	-	-	500K	-	-
Grant Growth	-	-	-	-	-
Hosting and Related Services	2.67B	2.98B	-	-	-
Hosting and Related Services Growth	-	11.49%	-	-	-
Managed Network Services	973.12M	417.53M	-	-	-
Managed Network Services Growth	-	-57.09%	-	-	-

Frequently Asked Questions

Valuation & Price

VNET Group, Inc. (VNET) has a price-to-earnings (P/E) ratio of 17.4x. This is roughly in line with market averages.

Growth & Financials

VNET Group, Inc. (VNET) reported $9.51B in revenue for fiscal year 2024. This represents a 831% increase from $1.02B in 2011.

VNET Group, Inc. (VNET) grew revenue by 11.4% over the past year. This is steady growth.

VNET Group, Inc. (VNET) reported a net loss of $567.7M for fiscal year 2024.

Dividend & Returns

VNET Group, Inc. (VNET) has a return on equity (ROE) of 2.7%. This is below average, suggesting room for improvement.

VNET Group, Inc. (VNET) had negative free cash flow of $3.86B in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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VNET Group, Inc. (VNET) 10-Year Financial Performance & Capital Metrics

VNET • • Industrial / General

TechnologyIT ServicesData Center & Cloud InfrastructureData Center Operators

Revenue $8.26B +11.4%
EBITDA $2.22B +1454.5%
Net Income $183M +106.9%
EPS (Diluted) 0.66 +103.8%
Gross Margin 22.18% +27.2%
EBITDA Margin 26.82% +1315.8%
Operating Margin 8.11% +130.5%
Net Margin 2.22% +106.2%
ROE 2.73% +106.9%
ROIC 2.38% +130.1%
Debt/Equity 2.67 -0.9%
Interest Coverage 1.67 +126.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 84 (top 16%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.9%
✓Trading at only 0.5x book value

✗Weaknesses

✗High debt to equity ratio of 2.7x
✗Negative free cash flow
✗Shares diluted 93.3% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.12%

5Y16.86%

3Y10.09%

TTM20.19%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-28.45%

TTM74.75%

EPS CAGR

10Y-

5Y-

3Y-41.52%

TTM86%

ROCE

10Y Avg-3.15%

5Y Avg-1.01%

3Y Avg-2.07%

Latest3.19%

Peer Comparison

Data Center Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSSITSS, Inc.	321.91M	11.16	46.50	172.33%	2.08%	7.69%	2.12%	4.58
VNETVNET Group, Inc.	3.03B	11.49	17.41	11.41%	-5.97%	-7.48%		2.67
SAIHWSAIHEAT Limited	17.98K	0.03	-0.01	-18.2%	-106.19%	-37.75%		0.19
SAIHSAIHEAT Limited	11.04M	8.71	-2.52	-18.2%	-106.19%	-37.75%		0.19
GDSGDS Holdings Limited	8.08B	43.40	-9.52	3.67%	50.05%	20.93%		1.88
APLDApplied Digital Corporation	9.85B	35.22	-30.36	57.74%	-43.49%	-6.23%		1.11

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.63B	3.64B	3.39B	3.4B	3.79B	4.83B	6.19B	7.07B	7.41B	8.26B
Revenue Growth %	0.26%	0%	-0.07%	0%	0.11%	0.27%	0.28%	0.14%	0.05%	0.11%
Cost of Goods Sold+	2.78B	2.93B	2.63B	2.46B	2.85B	3.75B	4.75B	5.71B	6.12B	6.43B
COGS % of Revenue	0.77%	0.8%	0.78%	0.72%	0.75%	0.78%	0.77%	0.81%	0.83%	0.78%
Gross Profit+	853.76M	712.14M	758.41M	944.87M	939.45M	1.08B	1.44B	1.36B	1.29B	1.83B
Gross Margin %	0.23%	0.2%	0.22%	0.28%	0.25%	0.22%	0.23%	0.19%	0.17%	0.22%
Gross Profit Growth %	0.05%	-0.17%	0.06%	0.25%	-0.01%	0.15%	0.34%	-0.06%	-0.05%	0.42%
Operating Expenses+	1.14B	1.55B	2.13B	707.39M	757.22M	959.41M	1.42B	1.24B	3.26B	1.16B
OpEx % of Revenue	0.31%	0.43%	0.63%	0.21%	0.2%	0.2%	0.23%	0.18%	0.44%	0.14%
Selling, General & Admin	928.2M	992.57M	776.63M	634.81M	621.59M	770.12M	1.1B	954.86M	808.06M	922.79M
SG&A % of Revenue	0.26%	0.27%	0.23%	0.19%	0.16%	0.16%	0.18%	0.14%	0.11%	0.11%
Research & Development	142.84M	149.34M	149.14M	92.11M	88.79M	112.89M	188.49M	306.84M	322.22M	246.61M
R&D % of Revenue	0.04%	0.04%	0.04%	0.03%	0.02%	0.02%	0.03%	0.04%	0.04%	0.03%
Other Operating Expenses	66.95M	410.42M	1.2B	-19.53M	46.84M	76.39M	130.47M	-24.6M	2.13B	-6.69M
Operating Income+	-284.23M	-840.2M	-1.37B	237.48M	182.23M	116.6M	21.31M	121.16M	-1.97B	669.44M
Operating Margin %	-0.08%	-0.23%	-0.4%	0.07%	0.05%	0.02%	0%	0.02%	-0.27%	0.08%
Operating Income Growth %	-1.48%	-1.96%	-0.63%	1.17%	-0.23%	-0.36%	-0.82%	4.68%	-17.27%	1.34%
EBITDA+	301.95M	-176.13M	-701.44M	872.09M	954.44M	1.11B	1.29B	1.72B	-163.56M	2.22B
EBITDA Margin %	0.08%	-0.05%	-0.21%	0.26%	0.25%	0.23%	0.21%	0.24%	-0.02%	0.27%
EBITDA Growth %	0.03%	-1.58%	-2.98%	2.24%	0.09%	0.16%	0.17%	0.33%	-1.1%	14.55%
D&A (Non-Cash Add-back)	586.18M	664.07M	667.1M	634.61M	772.21M	988.98M	1.27B	1.6B	1.81B	1.55B
EBIT	-131.62M	-780.14M	-876.28M	260.38M	234.38M	-2.2B	1B	-357.15M	-2.17B	669.44M
Net Interest Income+	-220.69M	-177.51M	-152.39M	-190.88M	-291.35M	-348.9M	-303.05M	-241.73M	-270.37M	-373.02M
Interest Income	53.49M	21.08M	32.92M	45.19M	54.61M	31.71M	31.9M	31.57M	41.8M	27.96M
Interest Expense	274.18M	198.59M	185.31M	236.07M	345.95M	380.61M	334.95M	273.31M	312.17M	400.98M
Other Income/Expense	-69.21M	-102.89M	360.72M	0	-358.04M	-2.7B	605.19M	-751.61M	-511.89M	-186.79M
Pretax Income+	-353.44M	-943.08M	-1.01B	-162.32M	-175.81M	-2.58B	626.51M	-630.46M	-2.48B	482.65M
Pretax Margin %	-0.1%	-0.26%	-0.3%	-0.05%	-0.05%	-0.53%	0.1%	-0.09%	-0.33%	0.06%
Income Tax+	47.83M	-11.16M	-90.17M	24.41M	5.44M	109.34M	111.41M	133.46M	114.37M	234.23M
Effective Tax Rate %	1.21%	0.67%	0.77%	1.26%	1.04%	1.05%	0.8%	1.23%	1.06%	0.38%
Net Income+	-428.1M	-633.6M	-772.73M	-205.06M	-182.29M	-2.71B	500.1M	-775.95M	-2.64B	183.2M
Net Margin %	-0.12%	-0.17%	-0.23%	-0.06%	-0.05%	-0.56%	0.08%	-0.11%	-0.36%	0.02%
Net Income Growth %	-0.23%	-0.48%	-0.22%	0.73%	0.11%	-13.86%	1.18%	-2.55%	-2.41%	1.07%
Net Income (Continuing)	-401.27M	-931.92M	-917.64M	-186.74M	-181.25M	-2.68B	515.1M	-761.99M	-2.6B	248.42M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	808.93M	725.78M	153.24M	269.35M	275.58M	331.82M	358.35M	366.9M	499.39M	554.88M
EPS (Diluted)+	-5.22	-7.92	-6.90	-1.80	-1.20	-26.82	3.30	-5.16	-17.58	0.66
EPS Growth %	0%	-0.52%	0.13%	0.74%	0.33%	-21.35%	1.12%	-2.56%	-2.41%	1.04%
EPS (Basic)	-5.22	-7.92	-6.90	-1.80	-1.20	-22.56	3.42	-5.16	-17.58	0.66
Diluted Shares Outstanding	82.01M	102.86M	112.14M	112.45M	111.47M	119.48M	151.93M	147.8M	150.19M	290.39M
Basic Shares Outstanding	82.01M	102.86M	112.09M	112.45M	111.47M	119.42M	144.23M	147.8M	150.19M	265.6M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.48B	5.2B	4.3B	4.68B	5.17B	6.04B	5.32B	6.95B	9.81B	6.82B
Cash & Short-Term Investments	1.98B	3.54B	2.77B	2.87B	2.62B	3.26B	1.7B	2.95B	5.45B	2.04B
Cash Only	1.88B	3.26B	2.22B	2.63B	2.26B	2.97B	1.7B	2.95B	5.09B	2.04B
Short-Term Investments	104.81M	277.94M	555.32M	245.35M	359.96M	285.24M	0	0	356.41M	0
Accounts Receivable	1.28B	1.41B	1.14B	1.2B	1.66B	1.82B	2.56B	2.88B	2.91B	3.36B
Days Sales Outstanding	129.04	141.29	122.82	129.16	160.24	137.53	150.66	148.54	143.1	148.56
Inventory	13.53M	4.43M	718.31K	1.84M	0	0	0	0	0	0
Days Inventory Outstanding	1.78	0.55	0.1	0.27	-	-	-	-	-	-
Other Current Assets	70.06M	85.38M	31.03M	40.03M	17.2M	81.05M	122.73M	155.48M	114.22M	150.14M
Total Non-Current Assets+	7.38B	7.22B	5.73B	6.48B	8.95B	13.29B	17.75B	19.61B	20.54B	25.54B
Property, Plant & Equipment	3.65B	3.78B	3.36B	4.04B	6.59B	9.41B	12.95B	15.25B	17.02B	21.83B
Fixed Asset Turnover	1.00x	0.96x	1.01x	0.84x	0.57x	0.51x	0.48x	0.46x	0.44x	0.38x
Goodwill	1.75B	1.76B	1B	990.89M	978.95M	992.81M	1.34B	1.34B	0	0
Intangible Assets	1.27B	977.31M	405.81M	355.8M	406.2M	656.75M	899.28M	1.48B	1.38B	1.4B
Long-Term Investments	397.07M	332.4M	520.29M	616.84M	257.35M	291.08M	106.34M	239.21M	757.96M	844.25M
Other Non-Current Assets	254.45M	314.94M	268.57M	321.52M	505.26M	1.75B	2.29B	1.11B	1.13B	1.15B
Total Assets+	10.85B	12.42B	10.02B	11.17B	14.12B	19.33B	23.07B	26.56B	30.35B	32.36B
Asset Turnover	0.33x	0.29x	0.34x	0.30x	0.27x	0.25x	0.27x	0.27x	0.24x	0.26x
Asset Growth %	0.14%	0.14%	-0.19%	0.11%	0.26%	0.37%	0.19%	0.15%	0.14%	0.07%
Total Current Liabilities+	2.82B	4.37B	1.8B	2.19B	4.42B	6.11B	5.17B	6.24B	11.42B	9.34B
Accounts Payable	482.2M	529.55M	255.85M	390.04M	299.89M	288.75M	492.93M	703.39M	695.38M	709.22M
Days Payables Outstanding	63.3	65.98	35.45	57.96	38.41	28.08	37.86	44.99	41.47	40.28
Short-Term Debt	718.91M	2.39B	404.97M	350.43M	1.83B	3.01B	1.45B	1.88B	6.21B	3.47B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.03B	666.03M	457.97M	487.25M	956.82M	1.48B	1.8B	1.96B	2.31B	3.15B
Current Ratio	1.23x	1.19x	2.39x	2.13x	1.17x	0.99x	1.03x	1.11x	0.86x	0.73x
Quick Ratio	1.23x	1.19x	2.39x	2.13x	1.17x	0.99x	1.03x	1.11x	0.86x	0.73x
Cash Conversion Cycle	67.52	75.86	87.47	71.47	-	-	-	-	-	-
Total Non-Current Liabilities+	3.18B	1.17B	2.95B	3.59B	4.52B	6.34B	10.3B	13.44B	12.28B	15.82B
Long-Term Debt	2.2B	268.21M	2.13B	2.15B	2.12B	3.89B	6.47B	8.78B	6.88B	9.66B
Capital Lease Obligations	578.56M	536.61M	607.92M	767.04M	1.46B	1.33B	3.4B	3.9B	4.43B	5.31B
Deferred Tax Liabilities	292.96M	274.69M	193.11M	157.94M	200.41M	298.44M	347.99M	672.79M	687.57M	734.36M
Other Non-Current Liabilities	41.84M	28.69M	16.7M	511.86M	740.34M	814.65M	77.48M	85.92M	286.83M	107.84M
Total Liabilities	6B	5.54B	4.74B	5.78B	8.94B	12.44B	15.47B	19.68B	23.7B	25.16B
Total Debt+	3.5B	3.19B	3.14B	3.27B	5.4B	8.23B	11.32B	14.55B	17.51B	18.45B
Net Debt	1.62B	-70.11M	925.46M	642.89M	3.14B	5.26B	9.62B	11.61B	12.42B	16.41B
Debt / Equity	0.73x	0.47x	0.60x	0.61x	1.04x	1.20x	1.49x	2.11x	2.69x	2.67x
Debt / EBITDA	11.59x	-	-	3.75x	5.66x	7.44x	8.79x	8.48x	-	8.33x
Net Debt / EBITDA	5.37x	-	-	0.74x	3.29x	4.75x	7.47x	6.76x	-	7.41x
Interest Coverage	-1.04x	-4.23x	-7.39x	1.01x	0.53x	0.31x	0.06x	0.44x	-6.31x	1.67x
Total Equity+	4.82B	6.85B	5.26B	5.37B	5.18B	6.88B	7.59B	6.88B	6.51B	6.92B
Equity Growth %	0.63%	0.42%	-0.23%	0.02%	-0.04%	0.33%	0.1%	-0.09%	-0.05%	0.06%
Book Value per Share	58.78	66.60	46.92	47.76	46.43	57.60	49.97	46.56	43.32	23.83
Total Shareholders' Equity	4.01B	6.13B	5.11B	5.1B	4.9B	6.55B	7.23B	6.51B	6.01B	6.37B
Common Stock	33.97K	45K	46.54K	46.06K	45.51K	1.05B	59.93K	59.14K	106.87K	111.99K
Retained Earnings	-2.23B	-2.87B	-3.67B	-3.84B	-4B	-7.22B	-7.58B	-8.25B	-11B	-10.86B
Treasury Stock	-192.97M	-204.55M	0	0	0	0	0	-344.51M	-326.58M	-161.88M
Accumulated OCI	38.9M	182.91M	-305.15M	-209.59M	-208.89M	-329.87M	-365.07M	87.74M	66.2M	88.87M
Minority Interest	808.93M	725.78M	153.24M	269.35M	275.58M	331.82M	358.35M	366.9M	499.39M	554.88M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	216.83M	83.62M	402.31M	704.97M	707.36M	714.24M	1.39B	2.6B	2.06B	2.01B
Operating CF Margin %	0.06%	0.02%	0.12%	0.21%	0.19%	0.15%	0.22%	0.37%	0.28%	0.24%
Operating CF Growth %	-0.33%	-0.61%	3.81%	0.75%	0%	0.01%	0.94%	0.87%	-0.21%	-0.03%
Net Income	-401.27M	-931.92M	-917.64M	-186.74M	-181.25M	-2.68B	515.1M	-761.99M	-2.6B	248.42M
Depreciation & Amortization	586.18M	664.07M	667.1M	634.61M	772.21M	988.98M	1.27B	1.6B	1.81B	1.6B
Stock-Based Compensation	190.03M	118.73M	47.13M	59.54M	43.92M	136.8M	320.01M	118.17M	35.3M	148.56M
Deferred Taxes	-20.26M	-65.93M	-128.03M	-19.78M	-64.89M	-22.51M	325K	17.89M	-43.15M	0
Other Non-Cash Items	-48.52M	361.99M	688.1M	202.46M	148.22M	2.8B	-208.05M	1.04B	3.06B	319.41M
Working Capital Changes	-89.32M	-63.32M	45.65M	14.88M	-10.86M	-509.65M	-507.04M	594.05M	-196.82M	-309.25M
Change in Receivables	15.09M	-40.99M	18.28M	-68.81M	-156.13M	-171.61M	-533.32M	-381.19M	2.63M	-77.74M
Change in Inventory	-3.48M	9.11M	-1.13M	-1.12M	-247.81M	-289.68M	378.18M	0	0	0
Change in Payables	96.55M	46.95M	42.47M	41.38M	-93.25M	-13.74M	195.73M	220.13M	-24.43M	20.04M
Cash from Investing+	-370.13M	-841.02M	-699.34M	-304.85M	-1.61B	-3.89B	-3.77B	-3.56B	-3.91B	-4.39B
Capital Expenditures	-1.1B	-612.5M	-414.95M	-453.09M	-1.28B	-2.5B	-2.73B	-3.05B	-2.97B	-4.92B
CapEx % of Revenue	0.3%	0.17%	0.12%	0.13%	0.34%	0.52%	0.44%	0.43%	0.4%	0.6%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-25.96M	43.33M	238.37M	16.25M	111.92M	1.33B	-156.86M	-254.66M	-61.63M	-2.52M
Cash from Financing+	1.12B	209.47M	-612.65M	-19.9M	461.56M	4.16B	967.58M	2.3B	3.94B	-627.65M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	146.19M	-1.79B	-1.48B	196.72M	8.96M	27.93M	11.29M	0	-23.41M	-92.46M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-882.95M	-528.88M	-12.64M	251.87M	-567.99M	-1.79B	-1.35B	-450.61M	-997.15M	-3.12B
FCF Margin %	-0.24%	-0.15%	-0%	0.07%	-0.15%	-0.37%	-0.22%	-0.06%	-0.13%	-0.38%
FCF Growth %	-0.66%	0.4%	0.98%	20.92%	-3.26%	-2.15%	0.25%	0.67%	-1.21%	-2.13%
FCF per Share	-10.77	-5.14	-0.11	2.24	-5.10	-14.97	-8.86	-3.05	-6.64	-10.75
FCF Conversion (FCF/Net Income)	-0.51x	-0.13x	-0.52x	-3.44x	-3.88x	-0.26x	2.78x	-3.35x	-0.78x	10.95x
Interest Paid	242.71M	155.68M	96.85M	160.98M	215.89M	284.27M	259.76M	222.41M	251.07M	434.19M
Taxes Paid	62.81M	50.35M	55.08M	57.41M	41.68M	102.33M	83M	159.78M	145.6M	211.9M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-11.01%	-10.86%	-12.76%	-3.86%	-3.46%	-44.94%	6.91%	-10.72%	-39.49%	2.73%
Return on Invested Capital (ROIC)	-3.37%	-9.53%	-15.83%	2.92%	1.91%	0.86%	0.11%	0.51%	-7.9%	2.38%
Gross Margin	23.49%	19.55%	22.35%	27.78%	24.79%	22.28%	23.23%	19.22%	17.44%	22.18%
Net Margin	-11.78%	-17.4%	-22.78%	-6.03%	-4.81%	-56.11%	8.08%	-10.98%	-35.67%	2.22%
Debt / Equity	0.73x	0.47x	0.60x	0.61x	1.04x	1.20x	1.49x	2.11x	2.69x	2.67x
Interest Coverage	-1.04x	-4.23x	-7.39x	1.01x	0.53x	0.31x	0.06x	0.44x	-6.31x	1.67x
FCF Conversion	-0.51x	-0.13x	-0.52x	-3.44x	-3.88x	-0.26x	2.78x	-3.35x	-0.78x	10.95x
Revenue Growth	26.35%	0.2%	-6.84%	0.25%	11.41%	27.45%	28.18%	14.14%	4.92%	11.41%

Revenue by Segment

	2016	2017	2018	2019	2024
Hosting and Related Services	-	-	-	-	70.91M
Hosting and Related Services Growth	-	-	-	-	-
Cloud Services	-	-	-	-	13.72M
Cloud Services Growth	-	-	-	-	-
Hosting And Related Services	-	-	-	3.79B	-
Hosting And Related Services Growth	-	-	-	-	-
Grant	-	-	500K	-	-
Grant Growth	-	-	-	-	-
Hosting and Related Services	2.67B	2.98B	-	-	-
Hosting and Related Services Growth	-	11.49%	-	-	-
Managed Network Services	973.12M	417.53M	-	-	-
Managed Network Services Growth	-	-57.09%	-	-	-

Frequently Asked Questions

Valuation & Price

VNET Group, Inc. (VNET) has a price-to-earnings (P/E) ratio of 17.4x. This is roughly in line with market averages.

Growth & Financials

VNET Group, Inc. (VNET) reported $9.51B in revenue for fiscal year 2024. This represents a 831% increase from $1.02B in 2011.

VNET Group, Inc. (VNET) grew revenue by 11.4% over the past year. This is steady growth.

VNET Group, Inc. (VNET) reported a net loss of $567.7M for fiscal year 2024.

Dividend & Returns

VNET Group, Inc. (VNET) has a return on equity (ROE) of 2.7%. This is below average, suggesting room for improvement.

VNET Group, Inc. (VNET) had negative free cash flow of $3.86B in fiscal year 2024, likely due to heavy capital investments.