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UPDATED: Nov 22, 2025

Stock Analysis

VNET Logo
VNET Group
NASDAQ:VNET
$8.39
$0.17 |2.07%
Day Range:
$7.68 - $8.96
Market Cap:
2.22B
P/E Ratio:
0.0000
Avg Value:
$9.79
Year Range:
$3.46 - $16.13
1
General Information
VNET started as AsiaCloud in 1999 and moved to the data center business with its first self-developed data center opening in 2010.

The firm listed (as 21Vianet) on the Nasdaq in April 2011, subsequently changing its name to VNET Group in 2021. It originally focused on providing data center services such as colocation and cloud services to retail clients in China, but added hyperscale customers in 2019 and now counts large Chinese hyperscalers such as Alibaba Cloud, Tencent Cloud, and Huawei Cloud as customers. At the end of June 2025, it had 51,960 retail cabinets with the majority in Beijing, Shanghai, and the Greater Bay area. It also had 674 MW of wholesale capacity in service with a further 326 MW under construction and a further 792 MW held for future development.

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VNET Group (VNET) Stock Graph
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How We Grade VNET Group (VNET)

We grade stocks based on past performance, their future growth potential, intrinsic value, dividend history, and overall financial health.

The chart below shows how we grade VNET Group (VNET) across the board compared to its closest peers.

4
Benzinga Edge Rankings

Benzinga Edge stock rankings give you four critical scores to help you identify the strongest and weakest stocks to buy and sell.

89.63

Growth measures a stock's combined historical expansion in earnings and revenue across multiple time periods, with emphasis on both long-term trends and recent performance.

60.79

Value is a percentile-ranked composite metric that evaluates a stock's relative worth by comparing its market price to fundamental measures of the company's assets, earnings, sales, and operating performance.

Momentum measures a stock's relative strength based on its price movement patterns and volatility over multiple timeframes, ranked as a percentile against other stocks.

Stock Score Locked: Want to See it?
Benzinga Rankings give you vital metrics on any stock – anytime.
5
Peer Ratings

See how VNET Group compares to its peers in these key performance metrics from Benzinga Rankings.

Top Peers
Value
Quality
Growth
Momentum
Short
Medium
Long
FSLYFastly
0
0
23.38
86.75
CORZZCore Scientific
0
0
9.27
69.61
CORZWCore Scientific
0
0
9.27
78.4
KCKingsoft Cloud Holdings
0
0
10.79
89.14
Short: price trend over the last couple of months
Medium: price trend over the last couple of quarters
Long: price trend over the past year
Stock Score Locked: Want to See it?
Benzinga Rankings give you vital metrics on any stock – anytime.
6
Financial Health
What is the current state of the company's financial situation?

We measure the health of a company based on how profitable they are and their ability to cover both their short-term and long-term debts. The key indicators that we use are the Operating Margin, Quick Ratio, and Debt-to-Equity ratio relative to the companies peers

Operational Margin 0.0711

The operating margin measures how much profit a company makes after it spends money on wages, materials or other administrative expenses but before interest and taxes. It is a good representation of how efficiently a company is able to generate profit from its core operations.

Quick Ratio 0.6491

The quick ratio measures how much of a company's debt, that is due in less than 1 year, can be covered using its cash equivalents, marketable securities, and money that is currently owed to them (accounts receivables).

A company with a quick ratio of less than 1.00 does not, in many cases, have the capital on hand to meet its short-term obligations if they were all due at once, while a quick ratio greater than one indicates the company has the financial resources to remain solvent in the short term.

Debt-to-Equity 5.2009

Debt-to-equity is calculated by dividing a company's total liabilities by its shareholders equity. It is a measure of the degree to which a company is financing its operations through debt versus wholly owned funds. Generally speaking, a D/E ratio below 1.0 would be seen as relatively safe, whereas ratios of 2.0 or higher would be considered risky.

The chart above shows VNET Group (VNET) operating margin, quick ratio, and debt-to-equity ratio compared to its peers. The black markers represent the peer averages for each ratio and the blue bars represent VNET Group (VNET) ratio values.
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Past Performance
How has VNET Group (VNET) performed over the past 5 years?

The two main factors that we consider when analyzing past performance is overall return and volatility

Using these two metrics, we can determine if this stock gave its investors enough return for the risk that they took on by owning it. This is measured by the sharpe ratio, which has been used as a primary measure of risk/reward trade-off for almost 60 years.

This ratio can be interpreted as the amount of return an investor has received for the amount of risk that they took on by owning the stock over that timeframe.

VNET Group (VNET) sharpe ratio over the past 5 years is -0.7688 which is considered to be below average compared to the peer average of -0.2131

8
Company Financials
INCOME STATEMENT
The income statement also known as the profit and loss statement, primarily focuses on the company's revenues and expenses during a particular period.

The main purpose of an income statement is to convey details of profitability and business activities. Below, is VNET's income statement for the previous four years along with its trailing-twelve- month profit & loss.

FISCAL YEAR (BIL.)
2021 ($)
2022 ($)
2023 ($)
2024 ($)
TTM ($)
Total Revenue
6.19
7.07
7.41
8.26
9.05
Operating Revenue
6.19
7.07
7.41
8.26
9.05
Cost Of Revenue
4.75
5.71
6.12
6.43
6.94
Gross Profit
1.44
1.36
1.29
1.83
2.11
Operating Expense
1.30
1.24
1.39
1.16
1.26
Selling General And Administration
1.10
0.95
0.81
0.92
0.99
Research and Development
0.19
0.31
0.32
0.25
0.22
Operating Income
0.13
0.12
-0.10
0.67
0.85
Net Non-Operating Interest Income Expense
-0.30
-0.24
-0.27
-0.37
-0.40
Other Income Expense
0.83
-0.51
-2.12
0.18
-0.07
Other Non-Operating Income Expenses
0.01
-0.01
0.01
0.03
0.00
Pre-Tax Income
0.67
-0.63
-2.49
0.47
0.39
Tax Provision
0.11
0.13
0.11
0.23
0.26
Net Income
0.50
-0.78
-2.64
0.18
0.06
Net Income Common Stockholders
0.50
-0.78
-2.64
0.17
0.04
Total Operating Income As Reported
0.02
0.12
-1.97
0.67
0.85
Total Expenses
6.06
6.94
7.51
7.59
8.20
Net Income From Continuing And Discontinued Operation
0.50
-0.78
-2.64
0.18
0.06
Normalized Income
-0.23
-0.39
-1.04
0.03
0.06
Interest Income
0.03
0.03
0.04
0.03
0.03
Interest Expense
0.33
0.27
0.31
0.40
0.43
Net Interest Income
-0.30
-0.24
-0.27
-0.37
-0.40
EBIT
1.00
-0.36
-2.17
0.88
0.82
EBITDA
2.27
1.24
0.50
2.85
2.02
Reconciled Cost Of Revenue
4.75
5.71
6.12
6.43
6.94
Reconciled Depreciation
1.27
1.60
2.67
1.60
0.00
Normalized EBITDA
1.44
1.74
2.63
2.69
2.09
Tax Rate For Calcs
0.00
0.00
0.00
0.00
0.25
Tax Effect Of Unusual Items
0.09
-0.12
-0.53
0.00
-0.06
BALANCE SHEET
The balance sheet is a snapshot of a companies financials during a particular period in time.

It breaks down what company owns (assets) and what a company owes (liabilities), in order to give investors an overview of its capital structure.

FISCAL YEAR (BIL.)
2021 ($)
2022 ($)
2023 ($)
2024 ($)
TTM ($)
Total Assets
23.10
26.95
30.39
32.36
39.71
Current Assets
5.32
7.05
9.82
6.82
10.18
Total Non-Current Assets
17.77
19.90
20.56
25.54
29.53
Total Liabilities Net Minority Interest
15.49
19.97
23.87
25.44
32.09
Current Liabilities
5.18
6.33
11.44
9.34
10.45
Other Non-Current Liabilities
0.08
0.09
0.10
0.11
0.11
Total Equity Gross Minority Interest
7.60
6.98
6.51
6.92
7.62
Stockholders Equity
0.00
0.00
0.00
0.00
0.00
Total Capitalization
13.72
15.52
12.90
16.03
20.82
Common Stock Equity
7.24
6.61
6.01
6.37
6.17
Net Tangible Assets
4.67
3.17
4.03
4.20
3.33
Working Capital
0.14
0.72
-1.61
-2.52
-0.27
Invested Capital
14.11
16.54
17.86
18.04
23.55
Tangible Book Value
4.67
3.17
4.03
4.20
3.33
Total Debt
11.12
14.76
17.17
18.09
24.34
Net Debt
5.49
7.27
9.60
10.18
14.46
Share Issued
0.89
0.92
1.58
1.64
1.61
Ordinary Shares Number
0.89
0.89
1.54
1.61
1.61
CASH FLOW STATEMENTS
A companies statement of cash flows gives an investor a break down of the cash inflows and outflows from a companies operations and investment activities.
FISCAL YEAR (BIL.)
2021 ($)
2022 ($)
2023 ($)
2024 ($)
TTM ($)
Cash Flow from Continuing Operating Activities
1.39
2.44
2.94
2.01
Net Income from Continuing Operations
0.52
-0.76
-2.73
0.25
Depreciation and Amortization
1.27
1.60
2.67
1.60
Deferred Tax
Deferred Income Tax
Stock-Based Compensation
0.32
0.12
0.05
0.15
Other Non-Cash Items
-0.21
0.49
0.85
Change in Working Capital
-0.51
0.38
-0.36
-0.31
Change in Receivables
-0.53
-0.38
-0.24
-0.08
Changes in Account Receivables
Change in Inventory
Change in Payables and Accrued Expense
0.50
0.44
0.39
0.19
Change in Payable
0.20
0.22
0.05
Change in Account Payable
Change in Other Current Assets
Change in Other Current Liabilities
Change in Other Working Capital
-0.55
0.16
0.65
-0.09
Cash Flow from Continuing Investing Activities
-3.77
-3.56
-5.66
-5.04
-6.65
Net PPE Purchase and Sale
-2.69
-2.99
-3.94
-5.65
-5.52
Net Business Purchase and Sale
Purchase of Business
Net Investment Purchase and Sale
-0.76
-0.21
-1.53
0.69
-0.74
Purchase of Investment
Sale of Investment
Net Other Investing Changes
-0.28
-0.21
-0.09
-0.07
-0.36
Financing Cash Flow
0.97
2.30
4.41
-3.23
-0.71
Cash Flow from Continuing Financing Activities
0.97
2.30
4.41
-3.23
-0.71
Net Issuance Payments of Debt
2.69
2.30
1.62
-3.73
-0.10
Net Long-Term Debt Issuance
2.69
2.30
1.59
-4.45
-0.66
Long-Term Debt Issuance
5.43
2.97
Long-Term Debt Payments
-2.74
-0.68
-2.04
-9.77
-5.84
Net Short-Term Debt Issuance
Net Common Stock Issuance
Common Stock Issuance
Common Stock Payments
Cash Dividends Paid
Net Other Financing Charges
-0.02
0.66
0.50
-0.60
End Cash Position
17.84
13.73
13.98
8.39
13.35
Changes in Cash
-1.42
1.18
1.69
-6.00
-5.39
Beginning Cash Position
19.25
12.45
11.87
11.41
12.07
Capital Expenditure
-2.73
-3.10
-4.08
-6.14
-6.02
Issuance of Capital Stock
Issuance of Debt
5.43
2.97
3.66
6.83
5.99
Repayment of Debt
-2.74
-0.68
-2.04
-10.57
-6.10
Repurchase of Capital Stock
Free Cash Flow
-1.35
-0.66
-1.13
-3.87
-4.05