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VNET started as AsiaCloud in 1999 and moved to the data center business with its first self-developed data center opening in 2010. The firm listed (as 21Vianet) on the Nasdaq in April 2011, subsequently changing its name to VNET Group in 2021. It originally focused on providing data center services such as colocation and cloud services to retail clients in China, but added hyperscale customers in 2019 and now counts large Chinese hyperscalers such as Alibaba Cloud, Tencent Cloud, and Huawei Cloud as customers. At the end of June 2024, it had 48,516 self-built retail cabinets with the majority in Beijing, Shanghai, and the Greater Bay area. It also had 358 MW of wholesale capacity in service with a further 297 MW under construction and a further 489 MW held for future development.
2009
3.0K+
LTM Revenue $162M
LTM EBITDA $47.7M
$3.7B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
VNET Group has a last 12-month revenue of $162M and a last 12-month EBITDA of $47.7M.
In the most recent fiscal year, VNET Group achieved revenue of $7.4B and an EBITDA of -$367M.
VNET Group expects next 12-month revenue of XXX and NTM EBITDA of XXX
See VNET Group valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $7.1B | $7.4B | XXX | XXX | XXX |
| Gross Profit | $1.4B | $1.4B | XXX | XXX | XXX |
| Gross Margin | 20% | 18% | XXX | XXX | XXX |
| EBITDA | $1.2B | -$367M | XXX | XXX | XXX |
| EBITDA Margin | 18% | -5% | XXX | XXX | XXX |
| Net Profit | $500M | -$776M | XXX | XXX | XXX |
| Net Margin | 7% | -10% | XXX | XXX | XXX |
| Net Debt | $5.5B | $7.3B | XXX | XXX | XXX |
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As of April 15, 2025, VNET Group's stock price is $5.
VNET Group has current market cap of $1.5B, and EV of $3.7B.
See VNET Group trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $3.7B | $1.5B | XXX | XXX | XXX | XXX | $0.02 |
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Sign UpAs of April 15, 2025, VNET Group has market cap of $1.5B and EV of $3.7B.
VNET Group's trades at 3.2x LTM EV/Revenue multiple, and 10.8x LTM EBITDA.
Analysts estimate VNET Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for VNET Group and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $3.7B | XXX | XXX | XXX |
| EV/Revenue | 0.5x | XXX | XXX | XXX |
| EV/EBITDA | -10.2x | XXX | XXX | XXX |
| P/E | -0.6x | XXX | XXX | XXX |
| P/E/Growth | n/a | XXX | XXX | XXX |
| EV/FCF | -3.8x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpVNET Group's NTM/LTM revenue growth is 15%
VNET Group's revenue per employee for the last fiscal year averaged $2.4M, while opex per employee averaged $0.5M for the same period.
Over next 12 months, VNET Group's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate VNET Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for VNET Group and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 5% | XXX | XXX | XXX | XXX |
| EBITDA Margin | -5% | XXX | XXX | XXX | XXX |
| EBITDA Growth | -130% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 10% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $2.4M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.5M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 4% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 7% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | 4% | XXX | XXX | XXX | XXX |
| Opex to Revenue | 19% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Phoenix Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Macquarie Technology Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Nextdc | XXX | XXX | XXX | XXX | XXX | XXX |
| Tata Communications | XXX | XXX | XXX | XXX | XXX | XXX |
| Netweb Technologies India | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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VNET Group acquired XXX companies to date.
Last acquisition by VNET Group was XXXXXXXX, XXXXX XXXXX XXXXXX . VNET Group acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was VNET Group founded? | VNET Group was founded in 2009. |
| Where is VNET Group headquartered? | VNET Group is headquartered in United States of America. |
| How many employees does VNET Group have? | As of today, VNET Group has 3.0K+ employees. |
| Who is the CEO of VNET Group? | VNET Group's CEO is Mr. Josh Sheng Chen. |
| Is VNET Group publicy listed? | Yes, VNET Group is a public company listed on NAS. |
| What is the stock symbol of VNET Group? | VNET Group trades under VNET ticker. |
| When did VNET Group go public? | VNET Group went public in 2011. |
| Who are competitors of VNET Group? | Similar companies to VNET Group include e.g. Phoenix Group, Macquarie Technology Group, Nextdc, Tata Communications. |
| What is the current market cap of VNET Group? | VNET Group's current market cap is $1.5B |
| What is the current revenue of VNET Group? | VNET Group's last 12-month revenue is $162M. |
| What is the current EBITDA of VNET Group? | VNET Group's last 12-month EBITDA is $47.7M. |
| What is the current EV/Revenue multiple of VNET Group? | Current revenue multiple of VNET Group is 3.2x. |
| What is the current EV/EBITDA multiple of VNET Group? | Current EBITDA multiple of VNET Group is 10.8x. |
| What is the current revenue growth of VNET Group? | VNET Group revenue growth between 2023 and 2024 was 5%. |
| Is VNET Group profitable? | Yes, VNET Group is EBITDA-positive (as of the last 12 months). |
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