VNET Group, Inc. (VNET) Financial Ratios
17 years of historical data (2009–2025) · Technology · Information Technology Services
EV/EBITDA
↓
13.70
↑+69% vs avg
5yr avg: 8.13
30Y Low1.9·High14.7
P/FCF
N/A
—
5yr avg: N/A
30Y Low3.9·High3.9
P/B Ratio
↑
1.86
↑+1016% vs avg
5yr avg: 0.17
30Y Low0.1·High0.6
ROE
↓
-3.2%
↓+63% vs avg
5yr avg: -8.8%
30Y Low-45%·High7%
Debt/EBITDA
↑
9.97
+11% vs avg
5yr avg: 8.94
30Y Low0.2·High13.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VNET Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
VNET Group, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $2.3B | $1.4B | $431M | $838M | $1.4B | $4.1B | $808M | $972M | $895M | $721M |
| Enterprise Value | $5.5B | $23.0B | $17.8B | $12.8B | $12.4B | $11.0B | $9.4B | $3.9B | $1.6B | $1.8B | $651M |
| P/E Ratio → | -65.89 | — | 7.18 | — | — | 2.74 | — | — | — | — | — |
| P/S Ratio | 1.68 | 0.23 | 0.17 | 0.06 | 0.12 | 0.22 | 0.86 | 0.21 | 0.29 | 0.26 | 0.20 |
| P/B Ratio | 1.86 | 0.27 | 0.20 | 0.07 | 0.12 | 0.18 | 0.60 | 0.16 | 0.18 | 0.17 | 0.11 |
| P/FCF | — | — | — | — | — | — | — | — | 3.86 | — | — |
| P/OCF | 8.47 | 1.18 | 0.69 | 0.21 | 0.32 | 0.99 | 5.80 | 1.14 | 1.38 | 2.22 | 8.62 |
P/E links to full P/E history page with 30-year chart
VNET EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
VNET Group, Inc.'s enterprise value stands at 13.7x EBITDA, 69% above its 5-year average of 8.1x. The Technology sector median is 16.7x, placing the stock at a 18% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.38 | 2.15 | 1.73 | 1.73 | 1.78 | 1.95 | 1.04 | 0.47 | 0.54 | 0.18 |
| EV / EBITDA | 13.70 | 8.52 | 8.03 | — | 7.43 | 8.53 | 8.50 | 4.14 | 1.85 | — | — |
| EV / EBIT | 50.55 | 31.45 | 26.57 | — | 200.02 | 11.00 | — | 16.85 | 6.20 | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | 6.41 | — | — |
VNET Profitability
Margins and return-on-capital ratios measuring operating efficiency
VNET Group, Inc. earns an operating margin of 7.6%. Operating margins have expanded from -26.6% to 7.6% over the past 3 years, signaling improving operational efficiency. A negative ROE of -3.2% indicates the company is currently destroying shareholder equity. ROIC of 2.1% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.0% | 22.0% | 22.2% | 17.4% | 18.2% | 23.2% | 22.3% | 24.8% | 27.8% | 22.4% | 19.6% |
| Operating Margin | 7.6% | 7.6% | 8.1% | -26.6% | 0.9% | 0.3% | 2.4% | 4.8% | 7.0% | -40.3% | -23.1% |
| Net Profit Margin | -2.6% | -2.6% | 2.2% | -35.7% | -11.0% | 8.1% | -56.1% | -4.8% | -6.0% | -22.8% | -17.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -3.2% | 2.7% | -39.5% | -10.9% | 6.9% | -44.9% | -3.5% | -3.9% | -12.8% | -10.9% |
| ROA | -0.6% | -0.6% | 0.6% | -9.3% | -3.2% | 2.4% | -16.2% | -1.4% | -1.9% | -6.9% | -5.4% |
| ROIC | 2.1% | 2.1% | 2.4% | -7.9% | 0.3% | 0.1% | 0.9% | 1.9% | 2.9% | -15.8% | -9.5% |
| ROCE | 2.7% | 2.7% | 3.2% | -10.0% | 0.3% | 0.1% | 1.0% | 2.0% | 2.8% | -16.8% | -10.4% |
VNET Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
VNET Group, Inc. carries a Debt/EBITDA ratio of 10.0x, which is highly leveraged (239% above the sector average of 2.9x). Net debt stands at $20.7B ($26.9B total debt minus $6.2B cash). Interest coverage of just 1.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.14 | 3.14 | 2.67 | 2.69 | 2.11 | 1.49 | 1.20 | 1.04 | 0.61 | 0.60 | 0.47 |
| Debt / EBITDA | 9.97 | 9.97 | 8.33 | — | 8.69 | 8.79 | 7.44 | 5.66 | 3.75 | — | — |
| Net Debt / Equity | — | 2.42 | 2.37 | 1.91 | 1.69 | 1.27 | 0.76 | 0.61 | 0.12 | 0.18 | -0.01 |
| Net Debt / EBITDA | 7.68 | 7.68 | 7.41 | — | 6.93 | 7.47 | 4.75 | 3.29 | 0.74 | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | 2.55 | — | — |
| Interest Coverage | 1.26 | 1.26 | 1.67 | -6.96 | 0.23 | 2.99 | -5.78 | 0.68 | 1.10 | -4.73 | -3.93 |
VNET Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.92x is below 1.0, meaning current liabilities exceed current assets — though the company's $6.2B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.86x to 0.92x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.92 | 0.92 | 0.73 | 0.86 | 1.11 | 1.03 | 0.99 | 1.17 | 2.13 | 2.39 | 1.19 |
| Quick Ratio | 0.92 | 0.92 | 0.73 | 0.86 | 1.11 | 1.03 | 0.99 | 1.17 | 2.13 | 2.39 | 1.19 |
| Cash Ratio | 0.53 | 0.53 | 0.22 | 0.48 | 0.47 | 0.33 | 0.53 | 0.59 | 1.31 | 1.54 | 0.81 |
| Asset Turnover | — | 0.22 | 0.26 | 0.24 | 0.27 | 0.27 | 0.25 | 0.27 | 0.30 | 0.34 | 0.29 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 1337.41 | 3667.36 | 661.19 |
| Days Sales Outstanding | — | 144.42 | 148.56 | 143.10 | 145.97 | 150.66 | 137.53 | 160.24 | 129.16 | 122.82 | 141.29 |
VNET Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
VNET Group, Inc. returns 0.1% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 13.9% | — | — | 36.5% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | 25.9% | — | — |
| Buyback Yield | 0.1% | 0.8% | 0.0% | 0.0% | 0.0% | 100.0% | 3.1% | 2.7% | 0.0% | 15.3% | 11.3% |
| Total Shareholder Yield | 0.1% | 0.8% | 0.0% | 0.0% | 0.0% | 100.0% | 3.1% | 2.7% | 0.0% | 15.3% | 11.3% |
| Shares Outstanding | — | $269M | $290M | $150M | $148M | $152M | $119M | $111M | $112M | $112M | $103M |
Peer Comparison
Compare VNET with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VNETYou | $2B | -65.9 | 13.7 | — | 22.0% | 7.6% | -3.2% | 2.1% | 10.0 |
 GDS | $6B | 50.3 | 15.5 | — | 20.5% | 13.2% | 3.6% | 1.8% | 9.8 |
 DLR | $65B | 52.6 | 33.4 | 26.8 | 55.4% | 10.8% | 5.5% | 1.2% | 9.5 |
 EQIX | $108B | 79.4 | 32.9 | — | 51.3% | 20.0% | 9.7% | 4.3% | 5.8 |
 IRM | $38B | 260.9 | 23.4 | — | 25.7% | 20.4% | — | 6.2% | 7.8 |
 CYD | $2B | 40.2 | 6.9 | 52.9 | 14.7% | 3.1% | 2.6% | 5.0% | 2.0 |
 UNIT | $3B | 2.4 | 11.1 | — | 36.9% | 21.2% | 343.0% | 5.2% | 8.8 |
 BABA | $250B | 16.5 | 16.7 | — | 39.8% | 5.8% | 9.4% | 3.8% | 2.4 |
 BIDU | $38B | 64.4 | 39.3 | — | 43.9% | -4.5% | 1.9% | -1.2% | 11.6 |
 JD | $38B | 14.5 | 18.6 | 53.3 | 9.3% | 0.2% | 6.5% | 0.8% | 9.3 |
 TCOM | $28B | 6.6 | 11.0 | 14.2 | 80.6% | 25.3% | 20.5% | 7.9% | 1.9 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 17 years · Updated daily
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VNET — Frequently Asked Questions
Quick answers to the most common questions about buying VNET stock.
What is VNET Group, Inc.'s P/E ratio?
VNET Group, Inc.'s current P/E ratio is -65.9x. The historical average is 11.3x.
What is VNET Group, Inc.'s EV/EBITDA?
VNET Group, Inc.'s current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.4x.
What is VNET Group, Inc.'s ROE?
VNET Group, Inc.'s return on equity (ROE) is -3.2%. The historical average is -11.4%.
Is VNET stock overvalued?
Based on historical data, VNET Group, Inc. is trading at a P/E of -65.9x. Compare with industry peers and growth rates for a complete picture.
What are VNET Group, Inc.'s profit margins?
VNET Group, Inc. has 22.0% gross margin and 7.6% operating margin.
How much debt does VNET Group, Inc. have?
VNET Group, Inc.'s Debt/EBITDA ratio is 10.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.