VNET Group, Inc. (VNET) Balance Sheet

NASDAQ: VNETAssets, liabilities, debt and equity over 10 years.

VNET balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥44.59B assets = CN¥36.03B liabilities + CN¥8.56B equity

Both columns are drawn to the same scale: what VNET owns equals what it owes plus shareholders’ equity. Hover a block for its value.

VNET financial health

Current ratio0.92

Tight · current assets cover current liabilities 0.92×

Debt / equity4.53

High leverage · CN¥4.53 of debt for each $1 of equity

Equity / assets13.9%

Thin equity · of assets funded by shareholders

Cash / debt21.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles10.9%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

VNET balance sheet trends, 2016–2025

VNET Group, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥12.42B2016	CN¥44.59B2025	+15.3%/yr
Total liabilities	CN¥5.54B2016	CN¥36.03B2025	+23.1%/yr
Shareholders’ equity	CN¥6.13B2016	CN¥6.22B2025	+0.2%/yr
Cash & short-term investments	CN¥3.54B2016	CN¥5.90B2025	+5.8%/yr
Total debt	CN¥3.19B2016	CN¥28.17B2025	+27.4%/yr
Net cash (debt)	CN¥348.1M2016	−CN¥22.27B2025	−CN¥22.6B
Working capital	CN¥828.0M2016	−CN¥995.3M2025	−CN¥1.8B
Current ratio	1.192016	0.922025	−0.27
Debt / equity	0.522016	4.532025	+4.01
Shares outstanding	102.9M2016	268.7M2025	+11.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

VNET assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

VNET liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

VNET debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

VNET balance sheet in Chinese yuan

VNET Group, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥5.90B	CN¥1.49B	CN¥2.60B	CN¥2.66B	CN¥1.37B	CN¥3.26B	CN¥2.62B	CN¥2.87B	CN¥2.77B	CN¥3.54B
Cash & equivalents	CN¥5.52B	CN¥1.49B	CN¥2.24B	CN¥2.66B	CN¥1.37B	CN¥2.97B	CN¥2.26B	CN¥2.63B	CN¥2.22B	CN¥3.26B
Short-term investments	CN¥379.2M	CN¥54.0M	CN¥356.8M	CN¥59.7M	CN¥68.9M	CN¥285.2M	CN¥360.0M	CN¥245.4M	CN¥555.3M	CN¥277.9M
Receivables	CN¥3.83B	CN¥3.36B	CN¥2.91B	CN¥2.91B	CN¥2.56B	CN¥1.82B	CN¥1.66B	CN¥1.20B	CN¥1.14B	CN¥1.41B
Inventory	CN¥0	CN¥96.2M	−CN¥2.5M	CN¥327.7M	CN¥327.8M	CN¥270.4M	CN¥478.9M	CN¥1.8M	CN¥718,309	CN¥4.4M
Other current assets	CN¥1.72B	CN¥1.88B	CN¥4.32B	CN¥1.15B	CN¥1.07B	CN¥692.8M	CN¥407.1M	CN¥606.5M	CN¥379.8M	CN¥248.8M
Total current assets	CN¥11.45B	CN¥6.82B	CN¥9.82B	CN¥7.05B	CN¥5.32B	CN¥6.04B	CN¥5.17B	CN¥4.68B	CN¥4.30B	CN¥5.20B
Property, plant & equipment (net)	CN¥27.65B	CN¥21.83B	CN¥17.04B	CN¥15.47B	CN¥12.96B	CN¥9.41B	CN¥6.59B	CN¥4.04B	CN¥3.36B	CN¥3.78B
Goodwill & intangible assets	CN¥4.88B	CN¥2.17B	CN¥1.99B	CN¥3.44B	CN¥2.58B	CN¥1.65B	CN¥1.39B	CN¥1.35B	CN¥1.41B	CN¥2.73B
Long-term investments	CN¥1.06B	CN¥794.7M	CN¥757.9M	CN¥242.2M	CN¥98.2M	CN¥135.5M	CN¥169.7M	CN¥544.3M	CN¥510.9M	CN¥298.9M
Other non-current assets	CN¥0	CN¥737.4M	CN¥781.8M	CN¥748.2M	CN¥2.13B	CN¥2.09B	CN¥800.1M	CN¥553.7M	CN¥452.8M	CN¥405.8M
Total assets	CN¥44.59B	CN¥32.36B	CN¥30.39B	CN¥26.95B	CN¥23.10B	CN¥19.33B	CN¥14.12B	CN¥11.17B	CN¥10.02B	CN¥12.42B
Liabilities
Accounts payable	CN¥741.9M	CN¥709.3M	CN¥696.2M	CN¥713.6M	CN¥493.5M	CN¥288.8M	CN¥299.9M	CN¥390.0M	CN¥255.9M	CN¥529.6M
Short-term debt	CN¥5.81B	CN¥2.53B	CN¥5.86B	CN¥1.90B	CN¥1.24B	CN¥3.01B	CN¥1.83B	CN¥350.4M	CN¥405.0M	CN¥2.39B
Deferred revenue	CN¥1.12B	CN¥1.47B	CN¥1.71B	CN¥1.26B	CN¥1.10B	CN¥1.10B	CN¥1.11B	CN¥728.8M	CN¥464.4M	CN¥521.4M
Total current liabilities	CN¥12.45B	CN¥9.34B	CN¥11.44B	CN¥6.33B	CN¥5.18B	CN¥6.11B	CN¥4.42B	CN¥2.19B	CN¥1.80B	CN¥4.37B
Long-term debt	CN¥16.72B	CN¥9.67B	CN¥6.88B	CN¥8.91B	CN¥6.48B	CN¥3.90B	CN¥3.04B	CN¥2.92B	CN¥2.71B	CN¥804.8M
Lease obligations	CN¥6.97B	CN¥6.42B	CN¥5.33B	CN¥4.83B	CN¥4.26B	CN¥2.19B	CN¥2.14B	CN¥985.7M	CN¥802.2M	CN¥780.3M
Other long-term liabilities	CN¥6.86B	CN¥6.43B	CN¥5.55B	CN¥4.73B	CN¥3.83B	CN¥2.44B	CN¥1.48B	CN¥673.8M	CN¥241.5M	CN¥365.9M
Total liabilities	CN¥36.03B	CN¥25.44B	CN¥23.87B	CN¥19.97B	CN¥15.49B	CN¥12.44B	CN¥8.94B	CN¥5.78B	CN¥4.74B	CN¥5.54B
Shareholders' equity
Common stock & paid-in capital	CN¥112,000	CN¥112,000	CN¥107,000	CN¥60,000	CN¥60,000	CN¥56,000	CN¥45,508	CN¥46,063	CN¥46,538	CN¥44,998
Retained earnings (deficit)	−CN¥11.13B	−CN¥10.86B	−CN¥11.02B	−CN¥8.37B	−CN¥7.59B	−CN¥7.22B	−CN¥4.00B	−CN¥3.84B	−CN¥3.67B	−CN¥2.87B
Treasury stock	—	—	—	—	—	—	−CN¥349.5M	−CN¥337.7M	−CN¥337.7M	−CN¥204.6M
Accumulated other comprehensive income	CN¥162.7M	CN¥88.9M	CN¥66.3M	CN¥89.0M	−CN¥16.0M	CN¥18.9M	−CN¥208.9M	−CN¥209.6M	−CN¥305.2M	CN¥182.9M
Minority interest	CN¥2.35B	CN¥554.9M	CN¥500.0M	CN¥372.2M	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥6.22B	CN¥6.37B	CN¥6.01B	CN¥6.61B	CN¥7.24B	CN¥6.55B	CN¥4.90B	CN¥5.10B	CN¥5.11B	CN¥6.13B
Key figures
Total debt	CN¥28.17B	CN¥17.51B	CN¥17.17B	CN¥14.76B	CN¥11.12B	CN¥8.23B	CN¥5.40B	CN¥3.27B	CN¥3.14B	CN¥3.19B
Net cash (debt)	−CN¥22.27B	−CN¥16.01B	−CN¥14.57B	−CN¥12.10B	−CN¥9.75B	−CN¥4.97B	−CN¥2.78B	−CN¥397.5M	−CN¥370.1M	CN¥348.1M
Working capital	−CN¥995.3M	−CN¥2.52B	−CN¥1.61B	CN¥720.2M	CN¥144.1M	−CN¥66.2M	CN¥751.0M	CN¥2.49B	CN¥2.50B	CN¥828.0M
Tangible book value	CN¥1.34B	CN¥4.20B	CN¥4.03B	CN¥3.17B	CN¥4.67B	CN¥4.90B	CN¥3.51B	CN¥3.75B	CN¥3.70B	CN¥3.39B
Shares outstanding	268.7M	290.4M	150.2M	147.8M	151.9M	119.5M	111.5M	112.5M	112.1M	102.9M
Current ratio	0.92	0.73	0.86	1.11	1.03	0.99	1.17	2.13	2.39	1.19
Quick ratio	0.78	0.52	0.48	0.88	0.76	0.83	0.97	1.86	2.18	1.13
Debt / equity	4.53	2.75	2.86	2.23	1.54	1.26	1.10	0.64	0.62	0.52
Equity / assets	13.9%	19.7%	19.8%	24.5%	31.4%	33.9%	34.7%	45.7%	51.0%	49.3%

VNET Group, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥7.20B	CN¥8.49B	CN¥5.90B	CN¥4.75B	CN¥4.16B	CN¥3.97B	CN¥1.49B	CN¥1.54B	CN¥1.88B	CN¥1.78B	CN¥2.60B	CN¥2.70B
Cash & equivalents	CN¥7.20B	CN¥7.77B	CN¥5.52B	CN¥3.50B	CN¥2.92B	CN¥3.95B	CN¥1.49B	CN¥1.52B	CN¥1.80B	CN¥1.78B	CN¥2.24B	CN¥2.70B
Short-term investments	CN¥0	CN¥718.2M	CN¥379.2M	CN¥1.25B	CN¥1.24B	CN¥21.5M	CN¥0	CN¥15.9M	CN¥87.9M	CN¥356.4M	CN¥356.8M	CN¥356.8M
Receivables	CN¥3.15B	CN¥3.11B	CN¥3.83B	CN¥2.57B	CN¥2.62B	CN¥2.41B	CN¥3.36B	CN¥2.18B	CN¥2.15B	CN¥2.27B	CN¥2.91B	CN¥2.35B
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥96.2M	CN¥0	CN¥0	CN¥0	CN¥306.3M	CN¥306.3M	CN¥320.8M
Other current assets	CN¥2.42B	CN¥2.89B	CN¥1.72B	CN¥3.64B	CN¥3.40B	CN¥4.66B	CN¥1.97B	CN¥3.22B	CN¥3.01B	CN¥2.48B	CN¥4.01B	CN¥2.55B
Total current assets	CN¥12.77B	CN¥14.49B	CN¥11.45B	CN¥10.96B	CN¥10.18B	CN¥11.14B	CN¥6.82B	CN¥6.94B	CN¥7.04B	CN¥6.84B	CN¥9.82B	CN¥7.93B
Property, plant & equipment (net)	CN¥30.63B	CN¥29.24B	CN¥27.65B	CN¥27.28B	CN¥24.92B	CN¥23.39B	CN¥21.83B	CN¥19.57B	CN¥18.67B	CN¥17.82B	CN¥17.04B	CN¥17.03B
Goodwill & intangible assets	CN¥3.17B	CN¥4.86B	CN¥4.88B	CN¥2.84B	CN¥2.84B	CN¥2.77B	CN¥2.17B	CN¥1.94B	CN¥1.93B	CN¥1.96B	CN¥1.99B	CN¥3.38B
Long-term investments	CN¥1.00B	CN¥1.03B	CN¥1.06B	CN¥807.8M	CN¥803.7M	CN¥788.1M	CN¥794.7M	CN¥798.6M	CN¥816.4M	CN¥760.6M	CN¥757.9M	CN¥748.4M
Other non-current assets	CN¥1.96B	CN¥0	CN¥0	CN¥1.46B	CN¥970.9M	CN¥747.7M	CN¥737.4M	CN¥681.8M	CN¥658.2M	CN¥771.8M	CN¥781.8M	CN¥835.1M
Total assets	CN¥49.53B	CN¥49.12B	CN¥44.59B	CN¥43.35B	CN¥39.71B	CN¥38.83B	CN¥32.36B	CN¥29.93B	CN¥29.12B	CN¥28.15B	CN¥30.39B	CN¥29.92B
Liabilities
Accounts payable	CN¥750.2M	CN¥832.8M	CN¥741.9M	CN¥750.8M	CN¥754.4M	CN¥813.3M	CN¥709.3M	CN¥728.4M	CN¥726.8M	CN¥773.8M	CN¥696.2M	CN¥765.4M
Short-term debt	CN¥5.84B	CN¥6.50B	CN¥5.81B	CN¥4.30B	CN¥3.92B	CN¥3.75B	CN¥2.53B	CN¥2.85B	CN¥2.63B	CN¥2.24B	CN¥5.86B	CN¥5.78B
Deferred revenue	CN¥1.17B	CN¥1.32B	CN¥1.12B	CN¥1.83B	CN¥1.43B	CN¥1.42B	CN¥1.47B	CN¥1.85B	CN¥1.63B	CN¥1.71B	CN¥1.71B	CN¥1.70B
Total current liabilities	CN¥13.12B	CN¥14.66B	CN¥12.45B	CN¥12.17B	CN¥10.45B	CN¥10.11B	CN¥9.34B	CN¥8.36B	CN¥8.14B	CN¥8.08B	CN¥11.44B	CN¥11.22B
Long-term debt	CN¥19.24B	CN¥17.77B	CN¥16.72B	CN¥16.48B	CN¥14.65B	CN¥14.20B	CN¥9.67B	CN¥8.88B	CN¥8.45B	CN¥8.04B	CN¥6.88B	CN¥6.36B
Lease obligations	CN¥7.21B	CN¥6.83B	CN¥6.97B	CN¥7.18B	CN¥6.96B	CN¥6.83B	CN¥6.42B	CN¥5.74B	CN¥5.69B	CN¥5.36B	CN¥5.33B	CN¥5.45B
Other long-term liabilities	CN¥7.14B	CN¥6.70B	CN¥6.86B	CN¥7.12B	CN¥6.99B	CN¥6.91B	CN¥6.43B	CN¥5.83B	CN¥5.98B	CN¥5.56B	CN¥5.55B	CN¥5.46B
Total liabilities	CN¥39.49B	CN¥39.12B	CN¥36.03B	CN¥35.76B	CN¥32.09B	CN¥31.23B	CN¥25.44B	CN¥23.06B	CN¥22.57B	CN¥21.69B	CN¥23.87B	CN¥23.04B
Shareholders' equity
Common stock & paid-in capital	CN¥118,039	CN¥118,000	CN¥112,000	CN¥112,000	CN¥112,000	CN¥112,000	CN¥112,000	CN¥109,000	CN¥109,000	CN¥109,000	CN¥107,000	CN¥60,000
Retained earnings (deficit)	−CN¥13.50B	−CN¥13.36B	−CN¥11.13B	−CN¥11.43B	−CN¥11.12B	−CN¥11.10B	−CN¥10.86B	−CN¥10.84B	−CN¥11.14B	−CN¥11.20B	−CN¥11.02B	−CN¥8.76B
Accumulated other comprehensive income	CN¥146.7M	CN¥163.5M	CN¥162.7M	CN¥115.6M	CN¥97.5M	CN¥95.7M	CN¥88.9M	CN¥78.2M	CN¥60.5M	CN¥60.0M	CN¥66.3M	CN¥87.5M
Minority interest	CN¥5.94B	CN¥5.76B	CN¥2.35B	CN¥1.84B	CN¥1.45B	—	—	—	—	—	—	—
Total shareholders' equity	CN¥4.08B	CN¥4.23B	CN¥6.22B	CN¥5.75B	CN¥6.17B	CN¥6.18B	CN¥6.37B	CN¥6.34B	CN¥6.01B	CN¥5.94B	CN¥6.01B	CN¥6.39B
Key figures
Total debt	CN¥30.64B	CN¥29.77B	CN¥28.17B	CN¥26.66B	CN¥24.34B	CN¥23.61B	CN¥17.51B	CN¥16.49B	CN¥15.82B	CN¥14.72B	CN¥17.17B	CN¥16.67B
Net cash (debt)	−CN¥23.44B	−CN¥21.28B	−CN¥22.27B	−CN¥21.91B	−CN¥20.18B	−CN¥19.64B	−CN¥16.01B	−CN¥14.94B	−CN¥13.93B	−CN¥12.94B	−CN¥14.57B	−CN¥13.96B
Working capital	−CN¥350.7M	−CN¥165.6M	−CN¥995.3M	−CN¥1.21B	−CN¥267.1M	CN¥1.03B	−CN¥2.52B	−CN¥1.42B	−CN¥1.10B	−CN¥1.25B	−CN¥1.61B	−CN¥3.29B
Tangible book value	CN¥908.6M	−CN¥629.7M	CN¥1.34B	CN¥2.90B	CN¥3.33B	CN¥3.41B	CN¥4.20B	CN¥4.40B	CN¥4.07B	CN¥3.98B	CN¥4.03B	CN¥3.01B
Shares outstanding	283.7M	274.1M	293.8M	269.0M	268.4M	265.6M	44.7M	290.1M	261.4M	261.4M	43.6M	148.2M
Current ratio	0.97	0.99	0.92	0.90	0.97	1.10	0.73	0.83	0.87	0.85	0.86	0.71
Quick ratio	0.79	0.79	0.78	0.60	0.65	0.63	0.52	0.44	0.50	0.50	0.48	0.45
Debt / equity	7.52	7.03	4.53	4.64	3.94	3.82	2.75	2.60	2.63	2.48	2.86	2.61
Equity / assets	8.2%	8.6%	13.9%	13.3%	15.5%	15.9%	19.7%	21.2%	20.6%	21.1%	19.8%	21.4%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 16, 2026); data from EODHD.

VNET financial position

At the end of fiscal 2025 (December 31, 2025), VNET had total assets of CN¥44.6 billion (up 37.8% from a year earlier), total liabilities of CN¥36.0 billion and shareholders' equity of CN¥6.2 billion. It held CN¥5.9 billion in cash and short-term investments against CN¥28.2 billion of debt, net debt of CN¥22.3 billion. Its current ratio was 0.92. In the latest quarter (ended June 30, 2026) total assets were CN¥49.5 billion and equity CN¥4.1 billion.

Related: VNET income statement, VNET cash flow statement, VNET key metrics. See the VNET stock overview for the latest quote and news.

VNET balance sheet FAQ

What are VNET's total assets?

VNET reported total assets of CN¥44.6 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥32.4 billion a year earlier.

How much debt does VNET have?

VNET had CN¥28.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 4.53.

How much cash does VNET have?

VNET held CN¥5.9 billion in cash and short-term investments at the end of fiscal 2025; with CN¥28.2 billion of debt that is net debt of CN¥22.3 billion.

What is VNET's book value?

VNET's shareholders' equity (book value) was CN¥6.2 billion at the end of fiscal 2025.

What is VNET's current ratio?

VNET had current assets of CN¥11.5 billion and current liabilities of CN¥12.4 billion, a current ratio of 0.92 (current liabilities exceed current assets).

How much goodwill does VNET have?

VNET carried CN¥4.9 billion of goodwill and intangible assets, 10.9% of total assets, at the end of fiscal 2025.