Simply Wall St flags leverage risk for VNET Group stock

Published on 10/08/2026 at 12:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue rose 14.20 percent to RMB 2.78 billion. VNET Group stock costs EUR 4.71 on October 8, 2026 after EUR 4.82, down 2.28 percent.

VNET, US90138A1034, Illustration mit AI erstellt.

VNET Group stock (ISIN US90138A1034) was trading at EUR 4.71 at Lang & Schwarz on October 8, 2026 at 12:39 p.m. CEST, down 2.28 percent versus the prior close of EUR 4.82. A same-day analysis by Simply Wall St flagged high leverage and refinancing risk while weighing VNET's revenue growth against its weak profitability.

Revenue grows, losses deepen

VNET's operating growth remained visible in the second quarter of 2026. According to the Yahoo Finance transcript dated August 18, 2026, total net revenue rose 14.20 percent year over year to RMB 2.78 billion, while wholesale revenue increased 29.30 percent to RMB 1.10 billion.

The earnings mix also showed operating leverage. Adjusted EBITDA grew 25.40 percent year over year to RMB 918.30 million in the second quarter, but Simply Wall St reported that net income excluding extra items moved from a RMB 11.90 million loss in the second quarter of 2025 to a RMB 144.70 million loss in the second quarter of 2026.

Orders support the expansion case

Demand indicators provide a counterweight to the profitability concern. VNET's second-quarter 2026 earnings call said wholesale capacity in service rose 49.40 percent year over year to 1,007 MW, while utilized capacity increased 45.50 percent to 744 MW and the utilization rate reached 73.90 percent.

The same call said VNET secured 862 MW of wholesale orders during the first half of 2026, including 345 MW in the second quarter. That order base gives the revenue story a measurable operating foundation, although the expansion also requires substantial capital spending and financing.

Stock stays below its yearly high

VNET's primary listing is Nasdaq in US dollars. The stock's finance quote showed a 52-week range of USD 5.10 to USD 14.48 and market capitalization of USD 1.5 billion as of October 7, 2026. The euro quote therefore sits below the US dollar reference range only as a separate venue perspective, not as a currency conversion.

At Lang & Schwarz, VNET was trading at EUR 4.71 on October 8, 2026 at 12:39 p.m. CEST, down 2.28 percent against the EUR 4.82 prior close at Lang & Schwarz. The further course of trading is shown by the continuously updated real-time quote of VNET Group stock.