VNET Group, Inc. (NASDAQ:VNET)
Insiders here have filed 1 Form 4 in the last 90 days, but all of them are share awards, grants or other non-market transactions. Those are compensation, not a decision to buy, so they are not scored.
Loses money on what it sells.
- Revenue
- $10.68B
- Net income
- -$2.39B
- Net margin
- -22.3%
Heavily indebted for what it earns.
- Total debt
- $30.64B
- Cash
- $7.20B
- Net debt / EBITDA
- 6.29x
Owes more within a year than it holds to pay it.
- Current assets
- $12.77B
- Current liabilities
- $13.12B
- Current ratio
- 0.97
Consumes cash and must keep raising it.
- Operating cash flow
- $1.75B
- Free cash flow
- -$5.59B
- FCF margin
- -52.4%
Not funding itself by issuing shares.
- Shares outstanding
- 283.7M
- Share growth (1y)
- 5.7%
Five pillars — profitability, leverage, liquidity, cash generation, dilution & runway — each scored 0–20 from the company’s own income statement, balance sheet and cash-flow statement, then scaled to 100. A pillar the statements cannot answer is left out rather than guessed; fewer than three and no score is shown.
VNET Income Statement
| Fiscal Period | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Period Ending | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
| Revenue | 2.77 B | 2.69 B | 2.65 B | 2.57 B | 2.43 B | 2.25 B |
| Revenue Growth (YoY) | 13.83 % | 19.81 % | 17.97 % | 23.82 % | 22.09 % | 18.34 % |
| Cost of Revenue | 2.27 B | 2.08 B | 2.12 B | 2.03 B | 1.89 B | 1.68 B |
| Gross Profit | 503.75 M | 615.87 M | 532.93 M | 536.20 M | 547.74 M | 565.34 M |
| SG&A Expense | 239.97 M | 216.06 M | 318.92 M | 257.09 M | 282.44 M | 244.12 M |
| R&D Expense | 74.95 M | 74.42 M | 77.58 M | 71.30 M | 67.57 M | 43.60 M |
| Operating Expenses | 314.92 M | 368.94 M | 396.50 M | 344.24 M | 374.72 M | 316.81 M |
| Operating Income | 188.83 M | 246.93 M | 136.43 M | 191.97 M | 173.02 M | 248.53 M |
| Pretax Income | 18.04 M | 41.26 M | 724.14 M | -252.51 M | 111.78 M | -168.16 M |
| Tax Provision | 57.68 M | 486.16 M | 383.56 M | 21.35 M | 95.05 M | 52.06 M |
| Net Income | -144.27 M | -2.23 B | 295.70 M | -307.07 M | -11.98 M | -237.56 M |
| EPS (Basic) | -0.51 | -8.16 | 1.14 | -1.14 | -0.04 | -0.90 |
| EPS (Diluted) | -0.51 | -8.16 | 0.96 | -1.14 | -0.06 | -0.90 |
| Shares Outstanding | 283.67 M | 274.14 M | 269.38 M | 268.95 M | 268.41 M | 265.60 M |
Quarterly figures; YoY compares the same fiscal quarter a year earlier. Source: public market data.