VNET TechnologyBeta data

VNET Group, Inc.

$2.98-0.67%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Technology
Industry: Information Technology Services
Country: China
Market cap: 848.4M USD
Enterprise value: 4.5B USD
Full-time employees: 2,784

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.97 vs a peer median of 1.83) and more debt relative to equity (3.09× vs a peer median of 0.25×)higher risk: less liquidity (current ratio 0.97 vs peers 1.83) and more debt vs equity (3.09× vs peers 0.25×)

Ranks #916 of 1,612 technology companies (bottom 44%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 3.1× equity vs a peer median of 0.2×.Debt is 3.1× equity vs peers 0.2×.
Debt is 3.1× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.1× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Valuation signals disagree. Cheaper than 85% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 85% of peers on operating cash profit, but only 0% on free cash flow.
Relative to its operating cash profit (EBITDA), VNET looks cheaper than 85% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, VNET looks cheaper than 85% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.
Steadier share price. Beta 0.28: tends to move less than the market.
VNET's shares have swung less with the market than most peers' (beta 0.28, below the market's 1.0).

StockQuotient Score

48/ 100

Oct 5 48 → Nov 4 48

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

74/100

Moderate

2/3 inputs reported · Partial data

Since last year: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yieldUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0225 · MAD: 0.0225

EBITDA yield11.0%

Yahoo Finance · trailing 12 months · CNY→USD convertedReported value50% base weight · Z-score 1.86Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-129.6%

Yahoo Finance · trailing 12 months · CNY→USD converted · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

75/100

Moderate

2/3 inputs reported · Partial data

Since last year: ▲ Stronger

12-month revenue up 11.4%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.1108 · MAD: 0.3050

3-year revenue growth12.1%

Yahoo Finance · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score 0.92Sector median: 0.0483 · MAD: 0.0793

Revenue growth20.5%

Yahoo Finance · fiscal year to Dec 2025Reported value33% base weight · Z-score 1.17Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

36/100

Weak

3/3 inputs reported · High confidence

Since last year: Mixed

Operating margin rose 13.6 points to 20.6%
Free cash flow turned negative over the last 12 months

Why

Weaker than most peers on:

▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin7.8%

Yahoo Finance · fiscal year to Dec 2025Reported value33% base weight · Z-score 0.22Sector median: 0.0631 · MAD: 0.0710

Return on assets-0.6%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.97Sector median: 0.0293 · MAD: 0.0362

Return on invested capital4.0%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.33Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin20.5%

Yahoo Finance · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-4.7%

Yahoo Finance · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: ▼ Weaker

Debt up 6142%, now more than its cash and investments

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.28

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 1.61Sector median: 0.8710 · MAD: 0.3700

Current ratio0.97×

Yahoo FinanceReported value33% base weight · Z-score -1.25Sector median: 1.8295 · MAD: 0.6848

Debt / equity3.09×

Yahoo FinanceOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about VNET

Is VNET getting weaker?: Its latest SEC filing (Apr 16, 2026) was mixed: some things better, some worse: operating margin rose 13.6 points to 20.6%; debt up 6142%, now more than its cash and investments. Its overall score is unchanged at 48/100 since Oct 28, 2026.
How is VNET valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 74/100 against 1,711 technology peers. EBITDA yield 11.0% vs a peer median of 4.2% (stronger than 85% of peers).EBITDA yield 11.0% vs peers 4.2% (stronger than 85% of peers). Free cash flow yield -129.6% vs a peer median of 2.7% (weaker than 100% of peers).Free cash flow yield -129.6% vs peers 2.7% (weaker than 100% of peers).
Is VNET growing?: Yes, faster than most of its peers. Growth scores 75/100 against 1,711 technology peers. Revenue growth 20.5% vs a peer median of 8.5% (stronger than 77% of peers).Revenue growth 20.5% vs peers 8.5% (stronger than 77% of peers).
How profitable is VNET?: Less profitable than most of its peers. Profitability scores 36/100 against 1,711 technology peers. Return on assets -0.6% vs a peer median of 2.9% (weaker than 75% of peers).Return on assets -0.6% vs peers 2.9% (weaker than 75% of peers).
How risky is VNET?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 0.28 vs a peer median of 0.87 (stronger than 93% of peers).Beta 0.28 vs peers 0.87 (stronger than 93% of peers). Debt / equity 3.09× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 3.09× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2019 · filed Apr 16, 2026 · compared with the year ended Dec 31, 2018

Mixed: some things better, some worse

Operating margin rose 13.6 points to 20.6%
Debt up 6142%, now more than its cash and investments
Free cash flow turned negative over the last 12 months

	Previous year	Latest year	Change
Revenue (12 months)	3.4B CNY	3.8B CNY	+11.4%
Net income (12 months)	−205.1M CNY	−251.8M CNY	+22.8%
Operating margin	7.0%	20.6%	+13.6 pts
Free cash flow (12 months)	269.7M CNY	−5.7B CNY	turned negative
Debt	237.3M CNY	14.8B CNY	+6142.0%
Cash	2.4B CNY	5.5B CNY	+134.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CNY, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	2.2%	-2.9%	-8.7%	0.6%	-0.6%	▼ 1.1 pts
Return on equity (ROE)	6.9%	-11.7%	-44.0%	2.9%	-4.0%	▼ 6.9 pts
Current ratio	1.03×	1.11×	0.86×	0.73×	0.92×	▲ 26%
Debt to equity	0.95×	1.42×	0.98×	1.54×	2.38×	▲ 55%
Interest coverage	0.06×	0.44×	-6.31×	1.67×	1.30×	▼ 22%

VNET price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.97 vs a peer median of 1.83) and more debt relative to equity (3.09× vs a peer median of 0.25×)higher risk: less liquidity (current ratio 0.97 vs peers 1.83) and more debt vs equity (3.09× vs peers 0.25×)

Ranks #916 of 1,612 technology companies (bottom 44%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 3.1× equity vs a peer median of 0.2×.Debt is 3.1× equity vs peers 0.2×.

Debt is 3.1× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.1× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Valuation signals disagree. Cheaper than 85% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 85% of peers on operating cash profit, but only 0% on free cash flow.

Relative to its operating cash profit (EBITDA), VNET looks cheaper than 85% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, VNET looks cheaper than 85% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Steadier share price. Beta 0.28: tends to move less than the market.

VNET's shares have swung less with the market than most peers' (beta 0.28, below the market's 1.0).

Questions investors ask about VNET

Is VNET getting weaker?

Its latest SEC filing (Apr 16, 2026) was mixed: some things better, some worse: operating margin rose 13.6 points to 20.6%; debt up 6142%, now more than its cash and investments. Its overall score is unchanged at 48/100 since Oct 28, 2026.

How is VNET valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 74/100 against 1,711 technology peers. EBITDA yield 11.0% vs a peer median of 4.2% (stronger than 85% of peers).EBITDA yield 11.0% vs peers 4.2% (stronger than 85% of peers). Free cash flow yield -129.6% vs a peer median of 2.7% (weaker than 100% of peers).Free cash flow yield -129.6% vs peers 2.7% (weaker than 100% of peers).

Is VNET growing?

Yes, faster than most of its peers. Growth scores 75/100 against 1,711 technology peers. Revenue growth 20.5% vs a peer median of 8.5% (stronger than 77% of peers).Revenue growth 20.5% vs peers 8.5% (stronger than 77% of peers).

How profitable is VNET?

Less profitable than most of its peers. Profitability scores 36/100 against 1,711 technology peers. Return on assets -0.6% vs a peer median of 2.9% (weaker than 75% of peers).Return on assets -0.6% vs peers 2.9% (weaker than 75% of peers).

How risky is VNET?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 0.28 vs a peer median of 0.87 (stronger than 93% of peers).Beta 0.28 vs peers 0.87 (stronger than 93% of peers). Debt / equity 3.09× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 3.09× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

3.4B CNY

3.8B CNY

+11.4%

Net income (12 months)

−205.1M CNY

−251.8M CNY

+22.8%

Operating margin

7.0%

20.6%

+13.6 pts

Free cash flow (12 months)

269.7M CNY

−5.7B CNY

turned negative

Debt

237.3M CNY

14.8B CNY

+6142.0%

Cash

2.4B CNY

5.5B CNY

+134.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

2.2%

-2.9%

-8.7%

0.6%

-0.6%

▼ 1.1 pts

Return on equity (ROE)

6.9%

-11.7%

-44.0%

2.9%

-4.0%

▼ 6.9 pts

Current ratio

1.03×

1.11×

0.86×

0.73×

0.92×

▲ 26%

Debt to equity

0.95×

1.42×

0.98×

1.54×

2.38×

▲ 55%

Interest coverage

0.06×

0.44×

-6.31×

1.67×

1.30×

▼ 22%