VNET Group, Inc. (VNET) Key Metrics
VNET key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanVNET returns How much profit the business earns on the capital it uses.
VNET financial health Debt, liquidity and how easily interest is covered.
VNET efficiency & capital use Working capital cycle and where the cash goes.
VNET returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VNET debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VNET cash returned to shareholders
VNET key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −4.0% | 3.0% | −41.9% | −11.4% | 7.3% | −47.3% | −3.6% | −4.0% | −13.8% | −12.5% |
| Return on invested capital (ROIC) | 1.4% | 1.6% | −7.9% | 0.3% | 0.1% | 1.0% | 2.2% | 3.4% | −19.2% | −11.7% |
| Return on assets (ROA) | −0.6% | 0.6% | −9.2% | −3.2% | 2.4% | −16.2% | −1.4% | −1.9% | −6.9% | −5.4% |
| Return on tangible assets | −0.6% | 0.6% | −9.3% | −3.4% | 2.4% | −15.3% | −1.4% | −2.1% | −9.0% | −6.5% |
| Free cash flow margin | −61.5% | −37.8% | −13.5% | −9.2% | −21.8% | −37.1% | −15.0% | 7.4% | −0.4% | −14.5% |
| Income quality (OCF / net income) | — | 10.95 | — | — | 2.78 | — | — | — | — | — |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 4.53 | 2.75 | 2.86 | 2.23 | 1.54 | 1.26 | 1.10 | 0.64 | 0.62 | 0.52 |
| Debt / assets | 0.63 | 0.54 | 0.57 | 0.55 | 0.48 | 0.43 | 0.38 | 0.29 | 0.31 | 0.26 |
| Net debt / EBITDA | 7.13 | 6.45 | — | 9.84 | 4.30 | — | 2.76 | 0.44 | — | — |
| Current ratio | 0.92 | 0.73 | 0.86 | 1.11 | 1.03 | 0.99 | 1.17 | 2.13 | 2.39 | 1.19 |
| Quick ratio | 0.92 | 0.72 | 0.86 | 1.06 | 0.96 | 0.94 | 1.06 | 2.13 | 2.39 | 1.19 |
| Interest coverage | 1.3 | 1.7 | -6.3 | 0.2 | 0.1 | 0.3 | 0.5 | 1.0 | -7.4 | -4.2 |
| 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 |
| Invested capital | CN¥28.48B | CN¥22.38B | CN¥20.59B | CN¥18.71B | CN¥16.99B | CN¥11.52B | CN¥7.68B | CN¥5.50B | CN¥5.48B | CN¥5.78B |
| Tangible asset value | CN¥3.69B | CN¥4.75B | CN¥4.53B | CN¥3.54B | CN¥5.02B | CN¥5.24B | CN¥3.80B | CN¥4.04B | CN¥3.87B | CN¥4.14B |
| Net current asset value | −CN¥24.58B | −CN¥18.62B | −CN¥14.05B | −CN¥12.91B | −CN¥10.17B | −CN¥6.40B | −CN¥3.77B | −CN¥1.10B | −CN¥448.9M | −CN¥342.7M |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | CN¥3.10B | CN¥2.27B | CN¥0 | CN¥1.8M | CN¥1.94B |
| Share buybacks (net) | CN¥17.2M | CN¥0 | CN¥0 | CN¥0 | CN¥1.70B | CN¥132.5M | CN¥21.6M | CN¥0 | CN¥136.9M | CN¥81.7M |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | 0.0% | — | — |
| Capex / revenue | 81.3% | 62.1% | 41.3% | 43.1% | 44.2% | 51.8% | 33.7% | 13.3% | 12.2% | 16.8% |
| Capex / operating cash flow | 410.1% | 255.7% | 148.3% | 127.1% | 197.0% | 350.5% | 180.3% | 64.3% | 103.1% | 732.5% |
| Capex / depreciation | 3.70 | 3.21 | 1.69 | 1.94 | 2.16 | 2.53 | 1.65 | 0.71 | 0.62 | 0.92 |
| Stock-based compensation / revenue | 0.3% | 1.8% | 0.5% | 1.6% | 5.2% | 2.8% | 1.2% | 1.8% | 1.4% | 3.3% |
| R&D / revenue | 2.6% | 3.0% | 4.3% | 4.3% | 3.0% | 2.3% | 2.3% | 2.7% | 4.4% | 4.1% |
| SG&A / revenue | 10.6% | 11.2% | 10.9% | 13.3% | 17.7% | 15.9% | 16.4% | 13.6% | 22.9% | 27.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 135.5 | 138.4 | 143.3 | 138.9 | 129.0 | 131.6 | 138.1 | 125.8 | 137.2 | 135.0 |
| Days of inventory on hand | — | 2.7 | 9.7 | 20.3 | 23.0 | 36.4 | 30.8 | 0.2 | 0.4 | 1.1 |
| Days payables outstanding | 35.1 | 39.9 | 42.0 | 37.4 | 30.0 | 28.6 | 44.2 | 48.0 | 54.4 | 63.0 |
| Cash conversion cycle (days) | 100.4 | 101.1 | 111.0 | 121.8 | 122.0 | 139.4 | 124.7 | 78.0 | 83.2 | 73.1 |
| Receivables turnover | 2.69 | 2.64 | 2.55 | 2.63 | 2.83 | 2.77 | 2.64 | 2.90 | 2.66 | 2.70 |
| Payables turnover | 10.40 | 9.15 | 8.68 | 9.75 | 12.15 | 12.75 | 8.26 | 7.61 | 6.71 | 5.79 |
| Inventory turnover | — | 137.21 | — | 17.96 | 15.89 | 10.02 | 11.86 | 1,922.77 | 1,023.19 | 326.28 |
| Asset turnover | 0.25 | 0.26 | 0.26 | 0.29 | 0.29 | 0.29 | 0.30 | 0.32 | 0.30 | 0.31 |
| Average receivables | CN¥3.59B | CN¥3.13B | CN¥2.91B | CN¥2.74B | CN¥2.19B | CN¥1.74B | CN¥1.43B | CN¥1.17B | CN¥1.28B | CN¥1.35B |
| Average payables | CN¥725.6M | CN¥702.7M | CN¥704.9M | CN¥603.6M | CN¥391.1M | CN¥294.3M | CN¥345.0M | CN¥322.9M | CN¥392.7M | CN¥505.9M |
| Average inventory | — | CN¥46.8M | CN¥162.6M | CN¥327.7M | CN¥299.1M | CN¥374.7M | CN¥240.4M | CN¥1.3M | CN¥2.6M | CN¥9.0M |
| Intangibles / total assets | 10.9% | 6.7% | 6.5% | 12.8% | 11.2% | 8.5% | 9.8% | 12.1% | 14.0% | 22.0% |
Computed from VNET's annual financial statements (latest annual report filed April 16, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
VNET valuation and financial ratios
VNET earned a return on equity of −4.0% and a return on invested capital of 1.4% in fiscal 2025. It ended the year with CN¥28.2 billion of debt and CN¥5.9 billion in cash and short-term investments, net debt of CN¥22.3 billion. It returned CN¥17.2 million to shareholders: CN¥0 in dividends and CN¥17.2 million in share buybacks.
See the VNET income statement, the VNET chart for price history, or the VNET stock overview for the latest quote and news.
VNET key metrics FAQ
What is VNET's return on equity?
VNET's return on equity (ROE) was −4.0% in fiscal 2025: net income of -CN¥249.8 million on average shareholders' equity of CN¥6.3 billion.
What is VNET's ROIC?
VNET's return on invested capital was 1.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does VNET have?
VNET had total debt of CN¥28.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 4.53 and CN¥22.3 billion of net debt (7.13 times EBITDA).
Does VNET buy back its shares?
Yes. VNET spent CN¥17.2 million on net share repurchases in fiscal 2025.
What is VNET's current ratio?
VNET's current ratio was 0.92 at the end of fiscal 2025: current assets were 0.92 times current liabilities.