Vnet Group, Inc. key statistics and ratios

In fiscal 2019, Vnet Group, Inc. had return on equity of -3.6%, an operating margin of 4.8%, debt equal to 23.8% of equity and a current ratio of 1.17. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Vnet Group, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019
Gross margin	26.9%	24.4%	27.1%	27.9%	26.3%	28.2%	23.5%	19.6%	22.4%	27.8%	24.8%
Operating margin	8.7%	−44.3%	1.5%	5.3%	2.1%	−4.0%	−7.8%	−23.1%	−40.3%	7.0%	4.8%
Net margin	−1.9%	−48.6%	1.8%	3.7%	−2.5%	−12.1%	−11.8%	−17.4%	−22.8%	−6.0%	−4.8%
Free-cash-flow margin	−10.1%	4.3%	−8.8%	−17.9%	−18.0%	−16.5%	−23.0%	−14.2%	2.7%	7.9%	−11.8%
Return on equity	—	—	4.2%	3.2%	−2.2%	−14.9%	−14.0%	−12.7%	−13.8%	−4.1%	−3.6%
Return on assets	—	−34.3%	1.2%	2.1%	−1.1%	−4.4%	−4.2%	−5.5%	−6.9%	−2.0%	−1.4%
Asset turnover	—	0.71	0.64	0.56	0.43	0.36	0.36	0.32	0.30	0.33	0.30
Current ratio	—	0.92	3.35	1.56	3.39	0.96	1.23	1.18	2.41	2.13	1.17
Debt to equity	—	—	6.1%	21.8%	54.3%	53.5%	10.4%	32.5%	6.1%	4.7%	23.8%
Interest cover (operating income ÷ interest)	65.2x	n/m	3.4x	7.1x	0.3x	n/m	n/m	n/m	n/m	1.0x	0.5x
Effective tax rate	—	—	22.9%	38.5%	—	—	—	—	—	—	—
R&D as % of revenue	2.4%	3.8%	3.4%	4.2%	4.0%	4.2%	3.9%	4.1%	4.4%	2.7%	2.3%
Capital spending as % of revenue	11.0%	11.2%	25.1%	29.3%	21.3%	27.8%	29.0%	15.8%	11.7%	12.8%	33.0%
Free cash flow ÷ net income	—	—	−485.9%	−484.3%	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	145.9%	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 7 checks passed · December 31, 2025

What it owns · $6.4bn

Short-term assets $1.6bnLonger-term assets $4.7bn

What it owes, and who funded it · $6.0bn

Short-term liabilities $1.8bnLonger-term liabilities $3.4bnShareholders' equity $889m

Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $1.8bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.6bn short-term assets against $3.4bn of longer-dated liabilities.
More cash than debt $790m of cash against $2.4bn of debt.
Debt below 40% of shareholders' equity Debt is 271% of equity.
Debt burden no higher than five years ago Debt to equity moved from 46% to 271% over five years.
A year's operating cash flow covers at least 20% of debt $267m of operating cash flow against $2.4bn of debt.
Operating profit covers interest at least five times over Operating income of $109m against $83m of interest.

From Vnet Group, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Vnet Group, Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vnet Group, Inc.