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Chinese carrier-neutral data-center and cloud-infrastructure provider serving enterprises and internet companies.
Chinese carrier-neutral data-center and cloud-infrastructure provider serving enterprises and internet companies.
Charges monthly fees for power, space and connectivity in its data centres, so revenue follows how many racks are leased and how full the buildings are. It has leaned toward wholesale deals, leasing whole data halls to large cloud and internet groups on long contracts, alongside its older retail business for smaller customers.
In one line: China's Equinix/Digital Realty.
Moat: narrow (switching costs, installed base). Physical colocation and cabling lock-in plus a national data-center footprint.
Headquarters: Beijing, China · Founded: 1999 · Employees: 2,784
Size VNET Group, Inc. Sponsored ADR (VNET) is a United States Information Technology company (Data Processing Services) with a market value of $1.00B, the 2243rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $3.16 on 6 Nov 2026.
Performance Over six months the shares fell 64.5%, against -29.1% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 22.6% over the last twelve months (peer median +5.4%); the operating margin is 7.2% (peer median 7.3%).
Valuation It trades at 89.6× forward earnings against a peer median of 19.1× (most expensive of 12).
Capital Return on invested capital runs 4.1 points below its cost of capital (5.6% WACC).
Credit VNET Group, Inc. Sponsored ADR has 2 bonds outstanding ($605M).
Short interest Short interest is 17.2% of the free float (15 Oct 2026).
Next results Next results expected around 25 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.54B | $1.38B | $1.15B | $1.05B | $1.05B |
| Revenue growth | — | +21% | +10% | 0% | — |
| Gross profit | $315M | $293M | $246M | $170M | $190M |
| EBITDA | $470M | $495M | $362M | $219M | $244M |
| Net income | -$344M | -$35.7M | $23.4M | -$373M | -$115M |
| Free cash flow | -$789M | -$798M | -$406M | -$128M | -$87.8M |
| Capital expenditure | $1.07B | $1.09B | $713M | $432M | $466M |
| Total debt | $4.51B | $4.09B | $2.53B | $2.47B | $2.12B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| VNET Group, Inc. Sponsored ADR VNET | $1.00B | -64% | +23% | 7% | 89.6× | n/a |
| Kingsoft Cloud Holdings Ltd. Sponsored ADR KC | $2.39B | -46% | +35% | -3% | n/a | n/a |
| GDS Holdings Ltd. Sponsored ADR GDS | $4.46B | -49% | +12% | 17% | n/a | n/a |
| Alibaba Group Holding Limited Sponsored ADR BABA | $255B | -22% | +8% | 4% | 14.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VNET | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -38.9% | -9.9% | 6th lowest of 21 |
| 6-month return | -64.5% | -29.1% | lowest of 21 |
| Distance from 52-week high | -78.2% | -48.2% | lowest of 21 |
| Revenue growth (TTM) | +22.6% | +5.4% | 8th highest of 21 |
| Operating margin | 7.2% | 7.3% | 11th highest of 21 |
| Forward P/E | 89.6× | 19.1× | most expensive of 12 |
| ROIC minus cost of capital | -4.1 pp | -4.6 pp | 9th highest of 19 |
| EV / EBITDA | 11.3× | 12.4× | 5th cheapest of 10 |
| Net debt / EBITDA | 7.3× | 1.0× | 2nd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VNET Group, Inc. Sponsored ADR VNET | United States | $1.00B | -64% | +23% | 7% | 89.6× | n/a | n/a |
| BLS International Services BLS.NS | India | $973M | -23% | +29% | 23% | 10.7× | 9.7% | +44.4% |
| Liberty Capital GLIBA | United States | $1.06B | -2% | +13% | 13% | 8.0× | 0.8% | +113.1% |
| Beijing Topnew Info & Tech 300895.SZ | China | $938M | -27% | +1% | -25% | n/a | 54.6% | -3.4% |
| Keel Infrastructure KEEL | United States | $1.15B | -53% | -23% | -121% | n/a | n/a | n/a |
| Rendong 002647.SZ | China | $1.20B | -43% | +6% | 6% | 19.1× | 42.3% | -17.2% |
| ASrock Rack 7711.TW | Taiwan | $1.23B | +35% | +183% | 10% | 15.3× | 7.5% | +42.1% |
| Innodata INOD | United States | $1.27B | -56% | +39% | 17% | 37.3× | 15.9% | +34.0% |
| Ucap Cloud Information Technology 688228.SS | China | $786M | -26% | -39% | -14% | n/a | 39.9% | +6.8% |
| Capitalonline Data Service 300846.SZ | China | $1.28B | -37% | 0% | -7% | n/a | n/a | n/a |
| SharonAI SHAZ | United States | $781M | -59% | +257% | -894% | n/a | n/a | n/a |
| Yext YEXT | United States | $749M | +88% | -1% | 10% | 10.0× | 9.6% | +4.7% |
| Pason Systems PSI.TO | Canada | $742M | -10% | -2% | 18% | 12.4× | 1.5% | +21.8% |
| HawkEye 360 HAWK | United States | $1.45B | -55% | +88% | -8% | n/a | n/a | n/a |
| SAKURA Internet 3778.T | Japan | $688M | -13% | +26% | 8% | 35.7× | n/a | n/a |
| Suncorporation 6736.T | Japan | $1.49B | +22% | -11% | 1% | n/a | n/a | n/a |
| JMDC 4483.T | Japan | $1.52B | +10% | +19% | 20% | 31.9× | 19.7% | +24.6% |
| Rackspace Technology RXT | United States | $645M | -54% | 0% | -2% | n/a | 35.0% | -0.2% |
| ChronoScale CHRN | United States | $1.57B | -31% | +190% | -68% | n/a | n/a | n/a |
| WIIT WIIT.MI | Italy | $638M | -34% | -2% | 16% | 30.0× | 23.9% | +25.8% |
| Qingmu Tec 301110.SZ | China | $637M | -32% | +5% | 9% | 26.8× | 11.9% | +16.9% |
VNET Group, Inc. Sponsored ADR has 2 bonds outstanding with $605M face value.