NASDAQ : GDS
GDS Holdings Limited — Financial statements
Technology · Information Technology Services · China
Last price 21.92 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.39B
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Financial statements
GDS Holdings Limited (GDS) reported revenue of 12.26B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.26B | 11.43B | 10.32B | 9.78B | 9.27B | 7.82B |
| Cost of Revenue | 9.22B | 8.85B | 8.10B | 7.83B | 7.32B | 6.04B |
| Gross Profit | 3.05B | 2.59B | 2.22B | 1.95B | 1.95B | 1.78B |
| Selling, General & Admin | 941.99M | 1.05B | 1.03B | 1.11B | 1.19B | 1.17B |
| Research & Development | 32.61M | 32.70M | 36.32M | 38.16M | 31.91M | 39.34M |
| Operating Expenses | 974.60M | 1.08B | 1.07B | 1.15B | 1.23B | 1.21B |
| Operating Income | 2.07B | 1.51B | 1.15B | 802.22M | 725.99M | 569.52M |
| Interest Expense | -1.69B | -1.79B | -1.92B | -1.94B | -1.88B | -1.65B |
| Interest & Investment Income | 154.04M | 154.04M | 89.78M | 94.01M | 42.23M | 50.45M |
| Earnings From Equity Investments | 4.58B | 1.43B | -347.00K | 110.00K | -9.93M | -968.00K |
| Currency Exchange Gain (Loss) | -1.25M | 1.49M | 18.94M | -1.57M | -11.10M | -7.64M |
| Other Non Operating Income (Expenses) | -581.24M | -677.76M | 53.60M | 113.59M | 110.40M | 87.62M |
| EBT Excluding Unusual Items | 4.54B | 626.21M | -614.86M | -928.18M | -1.02B | -955.76M |
| Gain (Loss) on Sale of Assets | 1.31B | 2.36B | ||||
| Asset Writedown | -1.56B | -1.56B | -3.01B | -12.76M | ||
| Other Unusual Items | 205.00M | 7.01M | ||||
| Pretax Income | 4.28B | 1.43B | -614.86M | -3.94B | -828.32M | -948.75M |
| Income Tax Expense | 527.40M | 469.72M | 156.05M | -15.58M | 276.24M | 242.46M |
| Earnings From Continuing Operations | 3.76B | 959.36M | -770.91M | -3.93B | -1.10B | -1.19B |
| Earnings From Discontinued Operations | 4.20B | -359.01M | -161.56M | |||
| Net Income to Company | 3.76B | 959.36M | 3.43B | -4.29B | -1.27B | -1.19B |
| Minority Interest in Earnings | -12.79M | -9.72M | -6.21M | -5.03M | -192.56M | -73.65M |
| Net Income | 3.74B | 949.64M | 3.43B | -4.29B | -1.46B | -1.26B |
| Preferred Dividends & Other Adjustments | 84.14M | 54.30M | 76.53M | 53.62M | 51.21M | 49.07M |
| Net Income to Common | 3.66B | 895.34M | 3.35B | -4.34B | -1.51B | -1.31B |
| Shares Outstanding (Basic) | 193.95M | 190.07M | 184.38M | 183.52M | 183.06M | 181.61M |
| Shares Outstanding (Diluted) | 228.47M | 205.57M | 184.38M | 183.52M | 183.06M | 181.61M |
| EPS (Basic) | 18.86 | 4.71 | 18.16 | -23.67 | -8.25 | -7.23 |
| EPS (Diluted) | 16.62 | 4.40 | 18.16 | -23.67 | -8.25 | -7.23 |
| Free Cash Flow | -854.77M | -1.33B | -1.32B | -1.36B | -5.34B | -8.68B |
| Free Cash Flow Per Share | -3.74 | -6.46 | -7.14 | -7.41 | -29.19 | -47.79 |
| Gross Margin | 24.85% | 22.61% | 21.53% | 19.95% | 21.06% | 22.76% |
| Operating Margin | 16.90% | 13.17% | 11.12% | 8.20% | 7.83% | 7.28% |
| Profit Margin | 29.83% | 7.83% | 32.44% | -44.40% | -16.29% | -16.80% |
| Free Cash Flow Margin | -6.97% | -11.62% | -12.75% | -13.91% | -57.66% | -111.00% |
| EBITDA | 5.50B | 4.96B | 4.39B | 4.17B | 3.85B | 3.16B |
| EBITDA Margin | 44.86% | 43.42% | 42.53% | 42.63% | 41.50% | 40.44% |
| D&A For EBITDA | 3.43B | 3.46B | 3.24B | 3.37B | 3.12B | 2.59B |
| EBIT | 2.07B | 1.51B | 1.15B | 802.22M | 725.99M | 569.52M |
| EBIT Margin | 16.90% | 13.17% | 11.12% | 8.20% | 7.83% | 7.28% |
| Effective Tax Rate | 12.31% | 32.87% | ||||
| Advertising Expenses | 15.04M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 14.93B | 14.31B | 7.87B | 7.35B | 8.61B | 9.97B |
| Short-Term Investments | 667.74M | |||||
| Cash & Short-Term Investments | 14.93B | 14.97B | 7.87B | 7.35B | 8.61B | 9.97B |
| Accounts Receivable | 2.85B | 2.47B | 3.02B | 2.49B | 2.41B | 1.73B |
| Other Receivables | 300.22M | 563.56M | 294.79M | 214.38M | 164.74M | 229.09M |
| Receivables | 3.15B | 3.03B | 3.32B | 2.71B | 2.57B | 1.96B |
| Prepaid Expenses | 5.38B | 186.81M | 202.74M | |||
| Restricted Cash | 130.29M | 67.42M | 39.37M | 158.07M | 2.01B | |
| Other Current Assets | 412.55M | 361.25M | 882.03M | 427.30M | 316.94M | |
| Total Current Assets | 23.46B | 18.55B | 11.61B | 10.98B | 11.95B | 14.46B |
| Property, Plant & Equipment | 43.55B | 42.89B | 45.40B | 45.41B | 52.55B | 44.65B |
| Long-Term Investments | 10.16B | 10.05B | 7.54B | 7.30M | ||
| Goodwill | 5.19B | 5.89B | 5.89B | 7.08B | 7.08B | |
| Other Intangible Assets | 5.39B | 289.46M | 502.89M | 710.68M | 1.07B | 1.92B |
| Long-Term Deferred Tax Assets | 391.22M | 381.27M | 289.85M | 229.00M | 186.50M | |
| Long-Term Deferred Charges | 47.40M | 80.74M | ||||
| Other Long-Term Assets | 3.23B | 2.64B | 2.32B | 11.16B | 1.89B | 3.25B |
| Total Assets | 85.79B | 80.00B | 73.65B | 74.45B | 74.81B | 71.63B |
| Accounts Payable | 2.39B | |||||
| Accrued Expenses | 1.46B | 851.64M | 855.23M | 870.53M | 844.41M | 695.18M |
| Short-Term Debt | 3.33B | 411.40M | 1.80B | 422.41M | 1.65B | 4.64B |
| Current Portion of Long-Term Debt | 4.22B | 2.54B | 2.54B | 2.16B | 4.06B | 1.31B |
| Current Portion of Leases | 1.76B | 807.27M | 753.50M | 680.66M | 629.60M | 844.88M |
| Current Income Taxes Payable | 126.45M | 118.61M | 166.92M | 202.59M | 139.67M | |
| Current Unearned Revenue | 113.83M | 90.97M | 119.89M | 156.13M | 90.99M | |
| Other Current Liabilities | 2.28B | 2.92B | 3.89B | 3.06B | 5.75B | |
| Total Current Liabilities | 13.15B | 7.13B | 9.08B | 8.31B | 10.60B | 13.47B |
| Long-Term Debt | 31.60B | 35.51B | 30.48B | 31.52B | 27.81B | 20.18B |
| Long-Term Leases | 6.47B | 8.26B | 8.88B | 9.24B | 10.53B | 10.82B |
| Long-Term Unearned Revenue | 110.05M | 165.08M | 146.18M | 60.44M | 67.15M | |
| Long-Term Deferred Tax Liabilities | 1.14B | 1.24B | 1.28B | 1.41B | 734.28M | |
| Other Long-Term Liabilities | 1.32B | 113.55M | 132.14M | 3.83B | 207.81M | 472.15M |
| Total Liabilities | 52.54B | 52.26B | 49.98B | 54.32B | 50.63B | 45.74B |
| Common Stock | 569.00K | 562.00K | 527.00K | 516.00K | 516.00K | 507.00K |
| Additional Paid-In Capital | 31.82B | 31.71B | 29.60B | 29.34B | 29.05B | 28.98B |
| Retained Earnings | -1.61B | -5.09B | -6.04B | -9.47B | -5.18B | -3.91B |
| Comprehensive Income & Other | -939.57M | -829.32M | -1.09B | -974.39M | -848.36M | -599.19M |
| Total Common Equity | 29.27B | 25.78B | 22.46B | 18.89B | 23.02B | 24.47B |
| Minority Interest | 902.83M | 897.39M | 129.93M | 165.58M | 116.59M | 463.85M |
| Shareholders' Equity | 33.24B | 27.74B | 23.67B | 20.12B | 24.18B | 25.90B |
| Total Liabilities & Equity | 85.79B | 80.00B | 73.65B | 74.45B | 74.81B | 71.63B |
| Total Debt | 47.38B | 47.52B | 44.46B | 44.02B | 44.68B | 37.79B |
| Net Cash (Debt) | -32.45B | -32.55B | -36.59B | -36.67B | -36.08B | -27.82B |
| Net Cash Per Share | -142.03 | -158.34 | -198.45 | -199.81 | -197.08 | -153.19 |
| Filing Date Shares Outstanding | 194.38M | 200.38M | 194.40M | 194.40M | 190.55M | 186.90M |
| Total Common Shares Outstanding | 194.38M | 200.38M | 194.40M | 190.55M | 190.55M | 186.90M |
| Working Capital | 10.30B | 11.42B | 2.53B | 2.68B | 1.35B | 998.63M |
| Book Value Per Share | 150.58 | 128.67 | 115.53 | 99.15 | 120.81 | 130.95 |
| Tangible Book Value | 23.88B | 20.31B | 16.07B | 12.30B | 14.87B | 15.48B |
| Tangible Book Value Per Share | 122.85 | 101.34 | 82.66 | 64.53 | 78.06 | 82.82 |
| Land | 847.43M | 868.82M | 850.24M | 3.30B | 1.55B | |
| Buildings | 16.88B | 16.13B | 15.14B | 13.85B | 12.18B | |
| Machinery | 26.71B | 25.05B | 21.59B | 19.78B | 17.85B | |
| Construction In Progress | 5.64B | 6.56B | 8.66B | 10.83B | 7.23B | |
| Leasehold Improvements | 9.17B | 9.10B | 8.71B | 8.44B | 8.23B |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.74B | 949.64M | 3.43B | -4.29B | -1.46B | -1.26B |
| Depreciation & Amortization | 3.43B | 3.46B | 3.24B | 3.37B | 3.12B | 2.59B |
| Other Amortization | 97.77M | 97.19M | 111.34M | 141.24M | 151.80M | 225.03M |
| Loss (Gain) From Sale of Assets | -1.35B | -2.40B | -31.66M | -12.05M | -15.03M | -1.76M |
| Asset Writedown & Restructuring Costs | 1.56B | 1.56B | 3.01B | 12.76M | ||
| Loss (Gain) From Sale of Investments | -5.01M | |||||
| Loss (Gain) on Equity Investments | -3.87B | -715.93M | 347.00K | -110.00K | 9.93M | 968.00K |
| Stock-Based Compensation | 311.49M | 283.38M | 296.49M | 336.62M | 290.81M | 391.27M |
| Provision & Write-off of Bad Debts | 18.80M | 18.80M | -13.17M | 18.29M | 9.93M | 10.07M |
| Other Operating Activities | -17.21M | 20.89M | -4.27B | 175.07M | 150.84M | 58.60M |
| Change in Accounts Receivable | 502.00M | 502.00M | -665.88M | -106.48M | -695.82M | -37.99M |
| Change in Accounts Payable | 5.43M | 5.43M | -15.63M | -1.63M | 186.72M | 35.50M |
| Change in Unearned Revenue | 23.88M | 23.88M | -45.72M | 2.20M | 49.04M | 24.47M |
| Change in Other Net Operating Assets | -879.41M | -437.33M | 183.53M | -280.08M | 1.05B | -831.86M |
| Operating Cash Flow | 3.58B | 3.37B | 1.94B | 2.07B | 2.81B | 1.20B |
| Capital Expenditures | -4.44B | -4.69B | -3.25B | -3.43B | -8.15B | -9.88B |
| Sale of Property, Plant & Equipment | 80.54M | 80.54M | 203.90M | 18.57M | 43.62M | 1.41M |
| Cash Acquisitions | 2.17B | -133.81M | -1.22B | -3.90B | ||
| Investment in Securities | -2.50B | 1.57B | -514.49M | -996.64M | -1.25B | -3.00M |
| Other Investing Activities | 5.28M | 5.28M | -6.92B | -2.81B | -1.94B | 67.53M |
| Investing Cash Flow | -4.69B | -3.04B | -8.76B | -7.34B | -12.51B | -13.69B |
| Short-Term Debt Issued | 1.94B | 1.89B | 371.33M | 4.63B | 3.78B | |
| Long-Term Debt Issued | 14.64B | 4.96B | 10.02B | 10.63B | 12.46B | |
| Total Debt Issued | 16.58B | 16.58B | 6.86B | 10.39B | 15.26B | 16.24B |
| Short-Term Debt Repaid | -3.33B | -394.82M | -1.33B | -8.24B | -902.66M | |
| Long-Term Debt Repaid | -8.61B | -6.18B | -7.53B | -2.49B | -5.44B | |
| Total Debt Repaid | -11.94B | -11.94B | -6.57B | -8.86B | -10.72B | -6.35B |
| Net Debt Issued (Repaid) | 4.64B | 4.64B | 283.24M | 1.53B | 4.54B | 9.89B |
| Issuance of Common Stock | 1.02B | 1.02B | 2.08M | |||
| Preferred Dividends Paid | -54.12M | -54.12M | -54.17M | -53.92M | -51.58M | -49.22M |
| Dividends Paid | -54.12M | -54.12M | -54.17M | -53.92M | -51.58M | -49.22M |
| Other Financing Activities | -2.73B | 495.94M | 16.83B | 2.68B | 1.66B | -1.72B |
| Financing Cash Flow | 2.88B | 6.11B | 17.06B | 4.16B | 6.14B | 8.12B |
| Foreign Exchange Rate Adjustments | -220.09M | -83.77M | -13.59M | 154.30M | 416.20M | -95.54M |
| Net Cash Flow | 1.64B | 6.35B | 10.22B | -964.13M | -3.14B | -4.47B |
| Free Cash Flow | -854.77M | -1.33B | -1.32B | -1.36B | -5.34B | -8.68B |
| Free Cash Flow Margin | -6.97% | -11.62% | -12.75% | -13.91% | -57.66% | -111.00% |
| Free Cash Flow Per Share | -3.74 | -6.46 | -7.14 | -7.41 | -29.19 | -47.79 |
| Levered Free Cash Flow | -4.60B | -1.47B | -1.27B | 201.54M | -6.56B | -8.26B |
| Unlevered Free Cash Flow | -3.64B | -450.87M | -174.27M | 1.27B | -5.54B | -7.43B |
| Cash Interest Paid | 1.68B | 1.68B | 2.10B | 2.06B | 1.80B | 1.54B |
| Cash Income Tax Paid | 561.92M | 561.92M | 389.84M | 302.72M | 343.35M | 252.07M |
| Change in Working Capital | -348.09M | 93.98M | -543.70M | -385.99M | 589.55M | -809.89M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.39B | 6.99B | 4.62B | 1.74B | 3.93B | 8.81B |
| Enterprise Value | 9.17B | 11.87B | 11.40B | 7.43B | 8.95B | 12.36B |
| Last Close Price | 21.92 | 34.90 | 23.76 | 9.12 | 20.62 | 47.16 |
| PE Ratio | 8.96 | 54.63 | 10.07 | |||
| Forward PE | 102.97 | 124.87 | ||||
| PS Ratio | 2.43 | 4.28 | 3.27 | 1.26 | 2.92 | 7.16 |
| PB Ratio | 0.99 | 1.76 | 1.42 | 0.61 | 1.12 | 2.16 |
| P/TBV Ratio | 1.25 | 2.41 | 2.10 | 1.00 | 1.82 | 3.62 |
| P/OCF Ratio | 8.16 | 14.54 | 17.39 | 5.97 | 9.64 | 46.61 |
| EV/Sales Ratio | 5.08 | 7.26 | 8.06 | 5.38 | 6.66 | 10.04 |
| EV/EBITDA Ratio | 11.32 | 16.72 | 18.95 | 12.63 | 16.04 | 24.84 |
| EV/EBIT Ratio | 30.05 | 55.14 | 72.47 | 65.66 | 84.98 | 137.89 |
| Debt / Equity Ratio | 1.43 | 1.71 | 1.88 | 2.19 | 1.85 | 1.46 |
| Debt / EBITDA Ratio | 7.93 | 8.74 | 9.09 | 9.40 | 10.28 | 10.60 |
| Net Debt / Equity Ratio | 0.98 | 1.17 | 1.55 | 1.82 | 1.49 | 1.07 |
| Net Debt / EBITDA Ratio | 5.90 | 6.56 | 8.34 | 8.79 | 9.38 | 8.80 |
| Net Debt / FCF Ratio | -37.96 | -24.51 | -27.80 | -26.95 | -6.75 | -3.21 |
| Asset Turnover | 0.15 | 0.15 | 0.14 | 0.13 | 0.13 | 0.12 |
| Quick Ratio | 1.38 | 2.53 | 1.23 | 1.21 | 1.05 | 0.89 |
| Current Ratio | 1.78 | 2.60 | 1.28 | 1.32 | 1.13 | 1.07 |
| Return on Equity (ROE) | 12.77% | 3.73% | -3.52% | -17.72% | -4.41% | -4.53% |
| Return on Assets (ROA) | 1.57% | 1.23% | 0.97% | 0.67% | 0.62% | 0.55% |
| Return on Invested Capital (ROIC) | 2.79% | 1.68% | 1.96% | 1.37% | 1.27% | 1.28% |
| Return on Capital Employed (ROCE) | 2.90% | 2.10% | 1.80% | 1.20% | 1.10% | 1.00% |
| Earnings Yield | 11.16% | 1.94% | 10.16% | -34.81% | -5.38% | -2.26% |
| FCF Yield | -2.92% | -2.71% | -3.90% | -11.04% | -19.72% | -15.50% |
| Payout Ratio | 5.70% | 1.58% | ||||
| Buyback Yield / Dilution | -16.20% | -11.49% | -0.47% | -0.26% | -0.79% | -15.90% |