VNET Group, Inc.
VNET · Services-Computer Programming, Data Processing, Etc. · EDGAR filings ↗
Reference price $1.71 — last insider sale, 2026-06-01 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
D43Chinese data-center operator with capex burn, very weak liquidity, and high leverage.
Strengths
- Covers interest comfortably — interest coverage 9.12 (91st)
Risks
- Very weak liquidity — current ratio 0.13 (12th)
- Massive negative FCF — -$7.38B (1st) from capex
- High leverage, swing to loss — D/E 2.19 (90th), net income -119.7% (11th)
Notable findings
- Customer concentration~90% of revenue from one customer/distributor — In 2023, 2024, and 2025, our recurring revenues were consistently around 90% of our net revenues
- Cash burnNegative free cash flow (-820.5M)
- Weak liquidityCurrent ratio 0.92 (<1)
- High leverageHigh leverage (debt/equity 2.19)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider sellingInsider selling — 3 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, last 6mo) Form 4 ↗
- Notable holderHeld by 3 notable fund(s): GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC, STATE STREET CORP (as of 2026-03-31)
Key metrics
Return on equity
-4.0%
Return on assets
-0.6%
ROIC
3.1%
Net-income growth
-243.5%
Debt / equity
2.2×
Net debt / EBITDA
2.3×
Interest coverage
1.3×
Current ratio
0.9×
Free cash flow
-$821M
EBITDA
$416M
Tangible book value
$603M
Cash & investments
$996M
Cash runway
5q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Shao Sean | Sell | 60K | $1.71 |
| 2026-05-18 | ZHANG ZHIHUA | Sell | 9.1K | $1.69 |
| 2026-05-15 | ZHANG ZHIHUA | Option exercise | 43K | — |
| 2026-04-30 | Chen David Lifeng | Option exercise | 84K | — |
| 2026-03-23 | Chen David Lifeng | Sell | 84K | $1.51 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-16 | 2025-12-31 | 0001104659-26-044361 ↗ |
| 20-F | 2025-04-25 | 2024-12-31 | 0001410578-25-000905 ↗ |
| 20-F | 2024-04-26 | 2023-12-31 | 0001104659-24-052273 ↗ |
| 20-F | 2023-04-26 | 2022-12-31 | 0001104659-23-050330 ↗ |
| 20-F | 2022-04-26 | 2021-12-31 | 0001104659-22-050369 ↗ |
| 20-F | 2021-04-28 | 2020-12-31 | 0001104659-21-056551 ↗ |
| 20-F | 2020-04-02 | 2019-12-31 | 0001104659-20-042437 ↗ |
| 20-F | 2019-03-27 | 2018-12-31 | 0001193125-19-088444 ↗ |
| 20-F | 2018-04-12 | 2017-12-31 | 0001193125-18-115533 ↗ |
| 20-F | 2017-04-12 | 2016-12-31 | 0001193125-17-121355 ↗ |
| 20-F | 2016-04-12 | 2015-12-31 | 0001193125-16-538598 ↗ |
| 20-F | 2015-04-10 | 2014-12-31 | 0001193125-15-126136 ↗ |