Demonstrações financeiras detalhadas de VNET Group, Inc. (VNET): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
VNET Group, Inc. registou receitas de $9.68B no último exercício, com um CAGR de 5 anos de 14.9%.
Margens dos últimos 12 meses: margem bruta 20.5%, margem operacional 7.2%, margem líquida -22.3%.
Ao preço atual de $6.05, VNET apresenta lucros negativos (P/L não significativo) e um ROE de -47.06%. A capitalização de mercado é de $1.7B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $3.64B | $3.39B | $3.40B | $3.79B | $4.83B | $6.19B | $7.19B | $7.41B | $8.26B | $9.68B |
| Custo da Receita | $2.93B | $2.63B | $2.46B | $2.85B | $3.75B | $4.75B | $5.88B | $6.12B | $6.43B | $7.55B |
| Lucro Bruto | $712.1M | $758.4M | $944.9M | $939.4M | $1.08B | $1.44B | $1.31B | $1.29B | $1.83B | $2.13B |
| P&D | $149.3M | $149.1M | $92.1M | $88.8M | $112.9M | $188.5M | $306.8M | $322.2M | $246.6M | $254.0M |
| Despesas Gerais e Administrativas | $992.6M | $776.6M | $634.8M | $621.6M | $770.1M | $1.10B | $954.9M | $808.1M | $922.8M | $1.15B |
| Despesas Operacionais | $1.55B | $2.13B | $707.4M | $757.2M | $959.4M | $1.42B | $1.24B | $3.26B | $1.16B | $1.40B |
| Lucro Operacional | -$840.2M | -$1.37B | $237.5M | $182.2M | $116.6M | $21.3M | $62.2M | -$1.97B | $669.4M | $732.0M |
| EBITDA | -$116.1M | -$209.2M | $895.0M | $1.01B | -$1.21B | $2.27B | $1.25B | -$366.6M | $2.43B | $2.96B |
| Despesas com Juros | $198.6M | $185.3M | $236.1M | $346.0M | $380.6M | $334.9M | $273.3M | $312.2M | $401.0M | $582.3M |
| Lucro Antes de Impostos | -$943.1M | -$1.01B | -$162.3M | -$175.8M | -$2.58B | $626.5M | -$639.6M | -$2.48B | $482.7M | $412.5M |
| Imposto | -$11.2M | -$90.2M | $24.4M | $5.4M | $109.3M | $111.4M | $135.8M | $114.4M | $234.2M | $542.3M |
| Lucro Líquido | -$633.6M | -$772.7M | -$205.1M | -$182.3M | -$2.71B | $500.1M | -$789.6M | -$2.64B | $183.2M | -$249.8M |
| LPA | $-7.92 | $-6.90 | $-1.80 | $-1.20 | $-22.56 | $3.42 | $-5.16 | $-17.58 | $0.66 | $-0.90 |
| LPA Diluído | $-7.92 | $-6.90 | $-1.80 | $-1.20 | $-26.82 | $3.30 | $-5.16 | $-17.58 | $0.66 | $-0.90 |
| Ações em Circulação (Diluídas) | $102.9M | $112.1M | $112.5M | $111.5M | $119.5M | $151.9M | $147.8M | $150.2M | $290.4M | $268.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $2.57B | $2.65B | $2.69B | $2.77B |
| Lucro Bruto | $536.2M | $532.9M | $615.9M | $503.8M |
| Lucro Operacional | $192.0M | $136.4M | $246.9M | $188.8M |
| EBITDA | $445.9M | $1.50B | $893.4M | $870.9M |
| Lucro Líquido | -$307.1M | $295.7M | -$2.23B | -$144.3M |
| LPA | $-1.14 | $1.14 | $-8.16 | $-0.51 |
| LPA Diluído | $-1.14 | $0.96 | $-8.16 | $-0.51 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $3.26B | $2.22B | $2.63B | $2.26B | $2.97B | $1.37B | $2.66B | $2.24B | $1.49B | $5.52B |
| Investimentos de Curto Prazo | $277.9M | $555.3M | $245.4M | $360.0M | $285.2M | 0 | 0 | $356.8M | 0 | $379.2M |
| Contas a Receber | $1.41B | $1.14B | $1.20B | $1.66B | $1.82B | $2.56B | $2.91B | $2.91B | $3.36B | $3.83B |
| Estoque | $4.4M | $718309 | $1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $5.20B | $4.30B | $4.68B | $5.17B | $6.04B | $5.32B | $7.05B | $9.82B | $6.82B | $11.45B |
| Imobilizado | $3.78B | $3.36B | $4.04B | $6.59B | $9.41B | $12.96B | $15.47B | $17.04B | $21.83B | $27.65B |
| Ágio | $1.76B | $1.00B | $990.9M | $978.9M | $992.8M | $1.34B | $1.36B | 0 | 0 | 0 |
| Ativos Intangíveis | $977.3M | $405.8M | $355.8M | $406.2M | $656.8M | $1.24B | $2.07B | $1.99B | $2.17B | $2.87B |
| Ativos Totais | $12.42B | $10.02B | $11.17B | $14.12B | $19.33B | $23.10B | $26.95B | $30.39B | $32.36B | $44.59B |
| Contas a Pagar | $529.6M | $255.9M | $390.0M | $299.9M | $288.8M | $493.5M | $713.6M | $696.2M | $709.3M | $741.9M |
| Dívida de Curto Prazo | $2.39B | $405.0M | $350.4M | $1.83B | $3.01B | $384.2M | $1.02B | $4.96B | $1.42B | $4.48B |
| Passivos Circulantes | $4.37B | $1.80B | $2.19B | $4.42B | $6.11B | $5.18B | $6.33B | $11.44B | $9.34B | $12.45B |
| Dívida de Longo Prazo | $268.2M | $2.13B | $2.15B | $2.12B | $3.89B | $6.48B | $8.91B | $6.88B | $9.67B | $16.72B |
| Passivos Totais | $5.54B | $4.74B | $5.78B | $8.94B | $12.44B | $15.49B | $19.97B | $23.87B | $25.44B | $36.03B |
| Reservas | -$2.87B | -$3.67B | -$3.84B | -$4.00B | -$7.22B | -$7.59B | -$8.37B | -$11.02B | -$10.86B | -$11.13B |
| Patrimônio Líquido | $6.13B | $5.11B | $5.10B | $4.90B | $6.55B | $7.24B | $6.61B | $6.01B | $6.37B | $6.22B |
| Dívida Total | $3.19B | $3.14B | $3.27B | $5.40B | $8.23B | $11.12B | $14.76B | $17.17B | $17.51B | $28.17B |
| Dívida Líquida | -$348.1M | $370.1M | $397.5M | $2.78B | $4.97B | $9.75B | $12.10B | $14.57B | $16.01B | $22.27B |
| Capital de Giro | $828.0M | $2.50B | $2.49B | $751.0M | -$66.2M | $144.1M | $720.2M | -$1.61B | -$2.52B | -$995.3M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $3.50B | $5.52B | $7.77B | $7.20B |
| Ativos Totais | $43.35B | $44.59B | $49.12B | $49.53B |
| Passivos Totais | $35.76B | $36.03B | $39.12B | $39.49B |
| Patrimônio Líquido | $5.75B | $6.22B | $4.23B | $4.08B |
| Dívida Total | $26.66B | $28.17B | $29.77B | $30.64B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$931.9M | -$917.6M | -$186.7M | -$181.2M | -$2.68B | $515.1M | -$762.0M | -$2.60B | $248.4M | -$133.4M |
| Depreciação e Amortização | $664.1M | $667.1M | $634.6M | $772.2M | $989.0M | $1.27B | $1.60B | $1.81B | $1.60B | $2.13B |
| Compensação em Ações | $118.7M | $47.1M | $59.5M | $43.9M | $136.8M | $320.0M | $118.2M | $35.3M | $148.6M | $25.8M |
| Variação Capital de Giro | -$63.3M | $45.7M | $14.9M | -$10.9M | -$509.7M | -$507.0M | $382.9M | -$196.8M | -$309.3M | -$736.9M |
| Fluxo de Caixa Operacional | $83.6M | $402.3M | $705.0M | $707.4M | $714.2M | $1.39B | $2.44B | $2.06B | $2.01B | $1.92B |
| CapEx | -$612.5M | -$415.0M | -$453.1M | -$1.28B | -$2.50B | -$2.73B | -$3.10B | -$3.06B | -$5.13B | -$7.87B |
| Aquisições | -$56.3M | -$89.6M | -$9.6M | -$133.0M | -$1.56B | -$1.16B | -$38.7M | $2000 | $200.0M | $486.1M |
| Recompra de Ações | -$81.7M | -$136.9M | 0 | -$21.6M | -$130.5M | -$1.70B | 0 | 0 | 0 | -$17.2M |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | -$528.9M | -$12.6M | $251.9M | -$568.0M | -$1.79B | -$1.35B | -$660.4M | -$997.1M | -$3.12B | -$5.95B |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $809.8M | $546.4M | $173.7M | $217.3M |
| CapEx | -$2.22B | -$1.81B | -$1.79B | -$1.51B |
| Fluxo de Caixa Livre | -$1.41B | -$1.26B | -$1.62B | -$1.30B |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | 0 | $7.7M | 0 | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | -6.8% | +0.2% | +11.4% | +27.4% | +28.2% | +16.1% | +3.1% | +11.4% | +17.2% |
| Crescimento Lucro Líquido (anual) | | -22.0% | +73.5% | +11.1% | -1386.3% | +118.5% | -257.9% | -234.8% | +106.9% | -236.3% |
| Crescimento LPA (anual) | | +12.9% | +73.9% | +33.3% | -1780.0% | +115.2% | -250.9% | -240.7% | +103.8% | -236.4% |
| Variação de Ações (anual) | | +9.0% | +0.3% | -0.9% | +7.2% | +27.2% | -2.7% | +1.6% | +93.3% | -7.5% |
| Crescimento FCF (anual) | | +97.6% | +2091.9% | -325.5% | -215.0% | +24.8% | +50.9% | -51.0% | -213.2% | -90.5% |
| Margem Bruta | 19.6% | 22.4% | 27.8% | 24.8% | 22.3% | 23.2% | 18.2% | 17.4% | 22.2% | 22.0% |
| Margem Operacional | -23.1% | -40.3% | 7.0% | 4.8% | 2.4% | 0.3% | 0.9% | -26.6% | 8.1% | 7.6% |
| Margem EBITDA | -3.2% | -6.2% | 26.3% | 26.6% | -25.1% | 36.6% | 17.3% | -4.9% | 29.4% | 30.6% |
| Margem Líquida | -17.4% | -22.8% | -6.0% | -4.8% | -56.1% | 8.1% | -11.0% | -35.7% | 2.2% | -2.6% |
| Margem FCF | -14.5% | -0.4% | 7.4% | -15.0% | -37.1% | -21.8% | -9.2% | -13.5% | -37.8% | -61.5% |
| Taxa Efetiva de Imposto | 1.2% | 8.9% | -15.0% | -3.1% | -4.2% | 17.8% | -21.2% | -4.6% | 48.5% | 131.5% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-5.14 | $-0.11 | $2.24 | $-5.10 | $-14.97 | $-8.86 | $-4.47 | $-6.64 | $-10.75 | $-22.14 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $102.9M | $112.1M | $112.5M | $111.5M | $119.4M | $144.2M | $147.8M | $150.2M | $265.6M | $268.7M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | -47.06% |
| Retorno sobre capital investido | -1.42% |
| Retorno sobre ativos | -4.82% |
| Margem bruta | 20.49% |
| Margem operacional | 7.15% |
| Margem líquida | -22.33% |
Saúde financeira
| Dívida / Patrimônio | 7.52 |
| Liquidez corrente | 0.97 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -6.15 | -7.52 | -33.00 | -42.06 | -10.03 | 16.77 | -7.58 | -1.16 | 52.42 | -65.73 |
| P/VP | 0.82 | 1.14 | 1.31 | 1.15 | 4.13 | 1.14 | 0.87 | 0.51 | 1.44 | 2.56 |
| P/V | 1.37 | 1.72 | 1.96 | 1.48 | 5.60 | 1.34 | 0.80 | 0.41 | 1.11 | 1.64 |
| Margem Bruta | 19.6% | 22.4% | 27.8% | 24.8% | 22.3% | 23.2% | 18.2% | 17.4% | 22.2% | 22.0% |
| Margem Operacional | -23.1% | -40.3% | 7.0% | 4.8% | 2.4% | 0.3% | 0.9% | -26.6% | 8.1% | 7.6% |
| Margem Líquida | -17.4% | -22.8% | -6.0% | -4.8% | -56.1% | 8.1% | -11.0% | -35.7% | 2.2% | -2.6% |