What is VNET GROUP INC's earnings per share (EPS)?

VNET GROUP INC (VNET) reported diluted earnings per share of $-0.02 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

VNET GROUP INC Financials

VNET

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows VNET GROUP INC (VNET) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VNET FY2025 2026-04-22

A debt-backed buildout is improving operating earnings, but the business still does not self-fund its expansion.

From FY2023 to FY2025, operating performance recovered: EBITDA moved from -$23.0M to $415.6M. But cash self-sufficiency weakened because capex reached $1.1B while operating cash flow stayed near $274.4M, so better operations did not translate into internally funded growth.

FY2025’s net loss of -$36.0M coexisted with positive operating income of $111.6M, which means the earnings drag sits below the operating line rather than in day-to-day facility economics. The squeeze is visible in financing costs: interest expense climbed to $85.6M from $54.9M in FY2024.

The balance sheet is carrying more of the growth burden: debt-to-equity rose to 5.8x in FY2025 from 4.0x in FY2024. Meanwhile the current ratio stayed below 1.0x at 0.9x, so liquidity did not improve in step with the larger asset base.

Financial Health Signals

Financial Profile 2/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of VNET GROUP INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

VNET GROUP INC has elevated debt relative to equity (D/E of 5.79), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

VNET GROUP INC's current ratio of 0.92 is below the typical benchmark, resulting in a score of 13/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

VNET GROUP INC generates a -4.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 2.9% the prior year.

Piotroski F-Score Weak

3/9

VNET GROUP INC passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Mixed

-7.62x

For every $1 of reported earnings, VNET GROUP INC generates $-7.62 in operating cash flow ($274.4M OCF vs -$36.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

1.3x

VNET GROUP INC earns $1.3 in operating income for every $1 of interest expense ($111.6M vs $85.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

$415.6M

YoY+33.8%

5Y CAGR+19.7%

10Y CAGR+24.5%

VNET GROUP INC's EBITDA was $415.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 33.8% from the prior year.

Net Income

-$36.0M

YoY-243.5%

VNET GROUP INC reported -$36.0M in net income in fiscal year 2025. This represents a decrease of 243.5% from the prior year.

EPS (Diluted)

$-0.02

VNET GROUP INC earned $-0.02 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$820.5M

YoY-105.2%

VNET GROUP INC generated -$820.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 105.2% from the prior year.

Cash & Debt

$789.9M

YoY+286.3%

5Y CAGR+13.7%

10Y CAGR+12.5%

VNET GROUP INC held $789.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-4.0%

YoY-6.9pp

5Y CAGR+37.2pp

10Y CAGR+6.6pp

VNET GROUP INC's ROE was -4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$37.3M

YoY+10.5%

5Y CAGR+16.6%

10Y CAGR+5.4%

VNET GROUP INC invested $37.3M in research and development in fiscal year 2025. This represents an increase of 10.5% from the prior year.

Share Buybacks

$2.5M

5Y CAGR-34.2%

10Y CAGR-1.9%

VNET GROUP INC spent $2.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$1.1B

YoY+62.3%

5Y CAGR+23.6%

10Y CAGR+21.0%

VNET GROUP INC invested $1.1B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 62.3% from the prior year.

VNET Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$313.5M+24.9%	$251.0M+37.9%	$182.0M-7.6%	$196.9M-12.7%	$225.7M+36.8%	$164.9M
R&D Expenses	$37.3M+10.5%	$33.8M-25.6%	$45.4M+2.0%	$44.5M+50.4%	$29.6M+71.0%	$17.3M
SG&A Expenses	$114.0M+26.2%	$90.3M+18.3%	$76.3M-18.1%	$93.2M-29.5%	$132.2M+61.2%	$82.0M
Operating Income	$111.6M+21.7%	$91.7M+133.0%	-$277.6M-1680.4%	$17.6M+425.1%	$3.3M-81.3%	$17.9M
Interest Expense	$85.6M+55.8%	$54.9M+24.9%	$44.0M+11.0%	$39.6M-24.6%	$52.6M-9.9%	$58.3M
Income Tax	$79.7M+148.4%	$32.1M+99.2%	$16.1M-16.7%	$19.4M+10.7%	$17.5M+4.3%	$16.8M
Net Income	-$36.0M-243.5%	$25.1M+106.7%	-$372.4M-231.0%	-$112.5M-243.4%	$78.5M+118.9%	-$415.2M
EPS (Diluted)	$-0.02	$0.00+100.0%	$-0.41-215.4%	$-0.13-116.7%	$-0.06+91.3%	$-0.69

Metric	Q4'25	Q4'24	Q3'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VNET Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.4B+43.9%	$4.4B+3.6%	$4.3B+9.5%	$3.9B+7.8%	$3.6B+22.1%	$3.0B
Current Assets	$1.6B+75.3%	$934.4M-32.5%	$1.4B+35.3%	$1.0B+22.4%	$835.5M-10.0%	$928.1M
Cash & Equivalents	$789.9M+286.3%	$204.5M-35.3%	$316.0M-18.1%	$385.9M+79.2%	$215.4M-48.2%	$415.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	$197.8M+1.8%	$194.2M+24.4%	$156.1M
Total Liabilities	$5.2B+47.8%	$3.5B+3.6%	$3.4B+16.1%	$2.9B+19.1%	$2.4B+27.2%	$1.9B
Current Liabilities	$1.8B+39.1%	$1.3B-20.5%	$1.6B+75.5%	$918.1M+12.9%	$812.9M-13.4%	$938.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$889.2M+2.0%	$872.1M+3.0%	$847.1M-11.6%	$958.3M-15.7%	$1.1B+13.0%	$1.0B
Retained Earnings	-$1.6B-6.9%	-$1.5B+4.1%	-$1.6B-27.9%	-$1.2B-1.9%	-$1.2B-7.4%	-$1.1B

Metric	Q4'25	Q4'24	Q3'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Total Assets	$6.4B+43.9%	$4.4B+4.0%	$4.3B-0.4%	$4.3B+9.5%	$3.9B+7.8%	$3.6B+22.1%	$3.0B+44.8%	$2.1B
Current Assets	$1.6B+75.3%	$934.4M-5.6%	$989.3M-28.5%	$1.4B+35.3%	$1.0B+22.4%	$835.5M-10.0%	$928.1M+23.6%	$751.0M
Cash & Equivalents	$789.9M+286.3%	$204.5M-5.9%	$217.3M-31.2%	$316.0M-18.1%	$385.9M+79.2%	$215.4M-48.2%	$415.4M+59.9%	$259.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	$197.8M+1.8%	$194.2M+24.4%	$156.1M+3.0%	$151.7M
Total Liabilities	$5.2B+47.8%	$3.5B+6.0%	$3.3B-2.2%	$3.4B+16.1%	$2.9B+19.1%	$2.4B+27.2%	$1.9B+47.2%	$1.3B
Current Liabilities	$1.8B+39.1%	$1.3B+7.4%	$1.2B-26.0%	$1.6B+75.5%	$918.1M+12.9%	$812.9M-13.4%	$938.2M+46.2%	$641.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$889.2M+2.0%	$872.1M-3.4%	$902.9M+6.6%	$847.1M-11.6%	$958.3M-15.7%	$1.1B+13.0%	$1.0B+41.4%	$711.5M
Retained Earnings	-$1.6B-6.9%	-$1.5B+3.6%	-$1.5B+0.5%	-$1.6B-27.9%	-$1.2B-1.9%	-$1.2B-7.4%	-$1.1B-91.2%	-$580.1M

VNET Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$274.4M-0.1%	$274.7M-5.5%	$290.6M-17.9%	$353.8M+62.4%	$217.8M+99.0%	$109.5M
Capital Expenditures	$1.1B+62.3%	$674.5M+61.4%	$418.0M-3.8%	$434.3M+2.8%	$422.4M+11.4%	$379.1M
Free Cash Flow	-$820.5M-105.2%	-$399.8M-214.0%	-$127.3M-58.1%	-$80.5M+60.6%	-$204.6M+24.1%	-$269.6M
Investing Cash Flow	-$1.1B-90.5%	-$601.5M-9.4%	-$550.0M-6.6%	-$516.0M+12.8%	-$592.0M+0.7%	-$596.0M
Financing Cash Flow	$1.5B+1799.7%	-$86.0M-115.5%	$555.1M+66.6%	$333.2M+119.4%	$151.8M-76.2%	$638.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$2.5M	N/A	N/A	N/A	$267.1M+1235.5%	$20.0M

Metric	Q4'25	Q4'24	Q3'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Operating Cash Flow	N/A	$70.5M	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	$185.7M	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	-$115.2M	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	-$172.0M	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	$115.3M	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VNET Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-4.0%-6.9pp	2.9%+46.8pp	-44.0%-32.2pp	-11.7%-18.6pp	6.9%+48.2pp	-41.3%
Return on Assets	-0.6%-1.1pp	0.6%+9.3pp	-8.7%-5.8pp	-2.9%-5.1pp	2.2%+16.2pp	-14.0%
Current Ratio	0.92+0.2	0.73-0.1	0.86-0.3	1.11+0.1	1.03+0.0	0.99
Debt-to-Equity	5.79+1.8	4.00+0.0	3.97+0.9	3.02+0.9	2.14+0.2	1.90
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q3'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.92+0.2	0.73-0.1	0.83-0.0	0.86-0.3	1.11+0.1	1.03+0.0	0.99-0.2	1.17
Debt-to-Equity	5.79+1.8	4.00+0.4	3.64-0.3	3.97+0.9	3.02+0.9	2.14+0.2	1.90+0.1	1.83
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is VNET GROUP INC profitable?

No, VNET GROUP INC (VNET) reported a net income of -$36.0M in fiscal year 2025.

What is VNET GROUP INC's EBITDA?

VNET GROUP INC (VNET) had EBITDA of $415.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is VNET GROUP INC's return on equity (ROE)?

VNET GROUP INC (VNET) has a return on equity of -4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is VNET GROUP INC's free cash flow?

VNET GROUP INC (VNET) generated -$820.5M in free cash flow during fiscal year 2025. This represents a -105.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is VNET GROUP INC's operating cash flow?

VNET GROUP INC (VNET) generated $274.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are VNET GROUP INC's total assets?

VNET GROUP INC (VNET) had $6.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are VNET GROUP INC's capital expenditures?

VNET GROUP INC (VNET) invested $1.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does VNET GROUP INC spend on research and development?

VNET GROUP INC (VNET) invested $37.3M in research and development during fiscal year 2025.

Does VNET GROUP INC buy back shares?

Yes, VNET GROUP INC (VNET) spent $2.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is VNET GROUP INC's current ratio?

VNET GROUP INC (VNET) had a current ratio of 0.92 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is VNET GROUP INC's debt-to-equity ratio?

VNET GROUP INC (VNET) had a debt-to-equity ratio of 5.79 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is VNET GROUP INC's return on assets (ROA)?

VNET GROUP INC (VNET) had a return on assets of -0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is VNET GROUP INC's Piotroski F-Score?

VNET GROUP INC (VNET) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are VNET GROUP INC's earnings high quality?

VNET GROUP INC (VNET) has an earnings quality ratio of -7.62x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can VNET GROUP INC cover its interest payments?

VNET GROUP INC (VNET) has an interest coverage ratio of 1.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is VNET GROUP INC?

VNET GROUP INC (VNET) scores 2 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.