Last 48 quarters of trend data · Technology · Information Technology Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has expanded 214.8% YoY to 23.4x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -65.77 | — | 2.20 | — | — | — | — | 0.94 | 2.19 | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 1.68 | 0.21 | 0.23 | 0.27 | 0.19 | 0.24 | 0.14 | 0.14 | 0.07 | 0.05 | 0.06 | 0.06 | 0.06 |
| — | -11.9% | +65.8% | +89.6% | +176.4% | +354.3% | +143.2% | +132.2% | +16.8% | -32.5% | -47.9% | -45.2% | -54.4% | |
| P/B Ratio | 1.86 | 0.23 | 0.29 | 0.37 | 0.24 | 0.29 | 0.18 | 0.17 | 0.08 | 0.06 | 0.07 | 0.07 | 0.06 |
| — | -19.5% | +58.0% | +112.0% | +189.9% | +356.5% | +170.6% | +156.0% | +34.5% | -21.0% | -44.4% | -41.3% | -48.1% | |
| P/FCF | — | — | — | — | 4.53 | — | — | — | — | — | — | — | 5.81 |
| — | — | — | — | — | — | — | — | — | — | — | — | +947.5% | |
| EV / EBITDA | 13.69 | 23.39 | 8.01 | 8.77 | 7.89 | 7.43 | 6.54 | 7.70 | 6.10 | 7.70 | — | 7.14 | 6.39 |
| — | +214.8% | +22.5% | +13.9% | +29.3% | -3.5% | — | +7.8% | -4.5% | +28.2% | — | -3.2% | -0.5% | |
| EV / EBIT | 50.51 | 23.39 | 42.58 | 33.78 | 32.96 | 20.21 | 18.65 | 22.67 | 16.18 | 87.09 | — | 109.56 | 36.05 |
| — | +15.7% | +128.3% | +49.0% | +103.7% | -76.8% | — | -79.3% | -55.1% | +479.3% | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
VNET Group, Inc.'s operating margin was 9.2% in Q1 2026, up 4.0 pp QoQ and down 1.9 pp YoY. The trailing four-quarter average of 7.2% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 9.1% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.0% | 22.9% | 20.1% | 20.9% | 22.5% | 25.2% | 22.5% | 23.2% | 21.3% | 21.6% | 15.3% | 16.2% | 18.8% |
| — | -9.1% | -10.5% | -9.9% | +5.6% | +16.3% | +46.7% | +42.7% | +13.3% | +10.9% | -12.2% | -6.9% | -9.3% | |
| Operating Margin | 7.6% | 9.2% | 5.1% | 7.5% | 7.1% | 11.1% | 10.5% | 8.5% | 9.8% | 2.4% | -116.5% | 1.7% | 5.1% |
| — | -17.1% | -51.2% | -11.8% | -27.2% | +352.5% | +109.1% | +396.6% | +90.7% | -61.7% | -12511.5% | +382.7% | +144.9% | |
| Net Margin | -2.6% | -82.8% | 11.2% | -12.0% | -0.5% | -10.6% | -0.5% | 15.0% | 3.2% | -9.9% | -128.7% | -2.7% | -12.8% |
| — | -683.3% | +2359.2% | -179.8% | -115.4% | -7.3% | +99.6% | +660.0% | +125.0% | -316.2% | -3666.7% | +88.5% | +41.5% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -24.0% | 3.7% | -4.0% | -0.2% | -3.3% | -0.2% | 4.6% | 1.0% | -2.9% | -36.5% | -0.7% | -3.3% |
| — | -634.8% | +2371.7% | -187.1% | -116.1% | -13.4% | +99.6% | +732.4% | +129.6% | -346.6% | -3868.8% | +87.4% | +33.7% | |
| ROA | -0.6% | -4.8% | 0.7% | -0.7% | -0.0% | -0.7% | -0.0% | 1.1% | 0.2% | -0.6% | -8.1% | -0.2% | -0.8% |
| — | -613.3% | +1988.2% | -170.2% | -113.7% | -4.3% | +99.6% | +711.7% | +127.4% | -314.6% | -3331.9% | +89.2% | +45.1% | |
| ROIC | 2.1% | 0.6% | 0.3% | 0.5% | 0.5% | 0.8% | 0.8% | 0.6% | 0.7% | 0.2% | -8.4% | 0.1% | 0.4% |
| — | -20.8% | -56.9% | -23.0% | -35.4% | +316.7% | +109.4% | +427.6% | +110.5% | -59.5% | -11864.3% | +347.2% | +128.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
VNET Group, Inc.'s Debt/EBITDA ratio is 114.6x, up from 37.2x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 10.2% YoY to 0.99x, tightening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.14 | 2.98 | 3.14 | 3.51 | 3.19 | 3.11 | 2.67 | 2.45 | 2.42 | 2.28 | 2.69 | 2.42 | 2.27 |
| — | -4.1% | +17.9% | +43.1% | +32.2% | +36.4% | -0.9% | +1.3% | +6.5% | +3.7% | +27.2% | +12.4% | +24.1% | |
| Debt / EBITDA | 9.97 | 114.64 | 37.15 | 36.06 | 33.65 | 34.99 | 27.30 | 32.54 | 27.12 | 34.77 | — | 33.75 | 29.69 |
| — | +227.7% | +36.1% | +10.8% | +24.1% | +0.6% | — | -3.6% | -8.7% | +20.3% | — | -7.8% | -7.6% | |
| Current Ratio | 0.92 | 0.99 | 0.92 | 0.90 | 0.97 | 1.10 | 0.73 | 0.83 | 0.87 | 0.85 | 0.86 | 0.71 | 0.67 |
| — | -10.2% | +26.0% | +8.5% | +12.6% | +30.3% | -15.0% | +17.5% | +28.2% | +13.2% | -22.9% | -43.9% | -52.0% | |
| Quick Ratio | 0.92 | 0.99 | 0.92 | 0.90 | 0.97 | 1.10 | 0.73 | 0.83 | 0.87 | 0.85 | 0.86 | 0.71 | 0.67 |
| — | -10.2% | +26.0% | +8.5% | +12.6% | +30.3% | -15.0% | +17.5% | +28.2% | +13.2% | -22.9% | -43.9% | -52.0% | |
| Interest Coverage | 1.26 | 1.17 | 0.73 | 1.27 | 1.10 | 2.47 | 3.07 | 1.87 | 2.39 | 0.27 | -29.08 | 0.35 | 1.30 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying VNET stock.
VNET Group, Inc.'s current P/E is -65.8x. The average P/E over the last 1 quarters is 2.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
VNET Group, Inc.'s current operating margin is 7.6%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking VNET Group, Inc.'s business trajectory between earnings reports.