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GDS Holdings

GDS Technology Information Technology Services

GDS Holdings' revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 10.8% from fiscal 2024.

Revenue
+12.4%
EPS
+1,116.7%
Free cash flow
+142.2%
Total debt
+2.59%

Quarter to June 2026, against a year earlier

21.78 0.14 −0.64%
Market cap
$4.3B
P/E
8.1×
Fwd P/E
7.4×
Dividend yield
—
F-score
6/9
Altman Z
0.76
Beneish M
−2.69
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.71
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 2 — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 4,270.00
Revenue ttm 1,754.44
Net income ttm 550.97
Free cash flow ttm (108.67)
Net debt Q 4,353.74
Valuation
P/E 8.09
Forward P/E 7.42
Price / sales 2.43
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.96
Financial health
Current ratio Q 1.78 (at or above 1.5: strong)
Debt / equity Q 1.47
Interest coverage Q 1.20
Growth
Revenue growth Q +12.41% (above 0%: growing)
Operating income growth Q +11.84% (above 0%: growing)
EPS, this year +489.64% (at or above 15%: strong)
EPS, next year A −103.85% (below 0%: weak)
Revenue, next year A +20.46% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +13.06%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.9×, against a ten-year median of 7.8×; over the ten years it ranged from 4.1× in 2017 to 132× in 2021.
P/S against its own 10 years 21.89%
10-year low 10-year high
P/B against its own 10 years 18.49%
10-year low 10-year high
EV/Sales against its own 10 years 7.92%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,095 1,104 2,101 2,200
Receivables 390 454 422 464
Inventory — — — —
Other 42 58 57 —
1,552 1,615 2,580 3,457
2023 2024 2025 Q'26
Payables 484 361 269 352
ST’ Debt 400 604 411 1,112
Other — — 16 —
1,174 1,263 992 1,938

Compound Annual Growth %

10y 5y 3y
Sales 30.38% 13.84% 4.69%
Cash Flow 0.00% 58.70% 3.30%
Earnings 0.00% 0.00% 0.00%
Book Value 27.49% 0.04% 2.58%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 1.35 Actual 0.52

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 −0.06 0.45 Beat by 0.51
Dec 2025 −0.04 0.56 Beat by 0.60
Mar 2026 1.06 1.53 Beat by 0.47
Jun 2026 1.35 0.52 Miss by 0.83
Sep 2026 1.31 — Reports 18 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.53 0.52 — — —
’25 0.48 (0.06) 0.45 (0.35) 0.65
’24 (0.27) (0.18) (0.16) 3.12 2.48
’23 (0.40) (0.18) (0.32) (2.44) (3.33)
’22 (0.50) (0.32) (0.27) (0.16) (1.20)
’21 (0.03) (0.28) (0.29) (0.04) (1.14)
’20 (0.09) (0.11) (0.21) (0.26) (0.72)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 488 455 — — —
’25 374 405 406 406 1,590
’24 364 389 423 260 1,436
’23 351 341 345 370 1,407
’22 354 345 333 354 1,386
’21 263 289 320 342 1,212
’20 175 190 225 242 832
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 65 210 — — —
’25 107 122 105 134 468
’24 (17) 63 93 131 270
’23 (19) 102 69 139 292
’22 (39) 244 69 151 425
’21 (4) 53 71 65 186
’20 (24) 26 (1) 45 46
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (47) 24 — — —
’25 (31) (56) (97) 11 (173)
’24 (238) (206) (337) 627 (155)
’23 (316) 102 (607) (66) (589)
’22 (380) 2 (145) (552) (1,075)
’21 (4) (589) (434) 65 (1,345)
’20 (381) (119) (337) (306) (1,143)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 159 239 422 597 832 1,212 1,386 1,407 1,436 1,590 1,754 +29.2% 1,916 2,093 2,545 +17.0%
Gross margin, % 25.16 25.27 22.29 25.29 27.02 22.76 20.76 19.31 21.53 22.62 24.90 (2.5) pt
EBT (43) (49) (66) (62) (79) (147) (147) (608) (86) 99 64 n/m
EBT margin, % (26.96) (20.60) (15.75) (10.34) (9.56) (12.13) (10.61) (43.19) (5.96) 6.24 3.65 +33.2 pt
Net income (42) (48) (65) (64) (97) (185) (188) (606) 460 133 551 n/m
Per share, $
Per share, $ Revenue 4.25 2.44 3.41 4.33 5.31 6.67 7.57 7.67 7.79 8.37 9.03 +7.8%
Earnings (1.55) (0.51) (0.51) (0.52) (0.72) (1.14) (1.20) (3.33) 2.48 0.70 2.71 n/m
Cash flow (0.60) (0.26) (0.02) 0.31 0.30 1.03 2.32 1.59 1.46 2.46 2.64 n/m
Capex (3.98) (2.67) (5.34) (5.16) (7.59) (8.43) (8.19) (4.80) (2.30) (3.38) (3.20) (1.8%)
Free cash flow (4.58) (2.93) (5.35) (4.85) (7.29) (7.41) (5.87) (3.21) (0.84) (0.91) (0.56) (16.4%)
Book value 12.02 6.75 6.74 11.92 23.64 20.94 18.78 14.67 17.04 19.53 22.88 +5.5%
Shares, m 37 98 124 138 157 182 183 184 184 190 193 +19.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.47 53.69 8.09 6.3
P/S 2.00 9.44 6.77 11.92 17.64 56.75 3.14 1.13 3.05 4.17 2.43 11.6
P/B 0.71 3.41 3.43 4.77 3.96 17.94 1.26 0.59 1.39 1.79 0.96 3.9
EV/Sales 4.23 12.33 10.52 14.38 18.76 60.09 6.75 4.96 6.39 6.83 4.91 14.5
EV/FCF 0.00 (10.30) (6.70) (12.82) (13.65) (44.23) (8.70) (4.39) (59.33) (62.61) (79.27) (22.3)
Cash, $m
Cash, $m Operating cash flow (23) (26) (2) 42 46 186 425 292 270 468 513 n/m
Capex (149) (261) (661) (711) (1,189) (1,531) (1,500) (881) (424) (642) (622) +17.6%
Free cash flow (171) (287) (663) (669) (1,143) (1,345) (1,075) (589) (155) (173) (109) +0.1%
Balance, $m
Balance, $m Working capital 110 5 (71) 446 1,547 155 200 378 353 1,588 1,519 +34.5%
Net debt 356 691 1,581 1,465 927 3,577 5,003 5,386 4,798 4,230 4,354 +31.7%
Shareholders’ equity 449 662 834 1,643 3,705 3,803 3,438 2,693 3,142 3,711 4,447 +26.4%
Returns, %
Returns, % ROA (5.92) (3.04) (2.55) (1.88) (1.66) (2.10) (2.02) (5.67) 4.59 1.17 4.49 +7.1 pt
ROIC (0.50) 0.56 0.66 1.40 1.32 0.75 0.61 (2.69) 1.26 (0.06) 0.57 +0.4 pt
ROE (30.72) (8.70) (8.69) (6.23) (4.12) (5.43) (6.20) (20.02) 16.33 3.63 13.53 +34.3 pt
People
People Employees 461 740 893 1,100 1,479 1,878 2,185 2,345 2,276 2,434 — +20.3%
Revenue/emp, $m 0.34 0.32 0.47 0.54 0.56 0.65 0.63 0.60 0.63 0.65 — +7.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

GDS Holdings vs peers in Information Technology Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
G Genpact Limited $6.6B 11.7× 11.2× +7.10% (above 0%: growing) +13.16% (above 0%: growing) −64.88% (below 0%: shrinking) 36.50% 14.36% Compare
SAIC Science Applications International Corporation $6.4B 17.6× 18.0× +6.27% (above 0%: growing) −11.40% (below 0%: shrinking) +13.91% (above 0%: growing) 12.71% 8.09% Compare
EXLS ExlService Holdings, Inc. $6.3B 26.1× 23.9× +15.61% (above 0%: growing) +2.44% (above 0%: growing) −22.73% (below 0%: shrinking) 37.99% 14.68% Compare
APLD Applied Digital Corporation $5.4B — (loss-making) — (loss-making) +432.38% (above 0%: growing) n/m −506.67% (below 0%: shrinking) 15.30% (18.25%) Compare
PSN Parsons Corporation $5.4B 34.5× 30.6× −0.53% (below 0%: shrinking) n/m −72.44% (below 0%: shrinking) 18.73% 0.08% Compare
MAAS Maase Inc. - Sponsored ADR $5.3B — (loss-making) — (loss-making) −60.12% (below 0%: shrinking) +62.50% (above 0%: growing) +82.86% (above 0%: growing) 0.00% 0.00% Compare
GDS GDS Holdings $4.3B 8.1× 7.4× +12.41% (above 0%: growing) n/m +142.21% (above 0%: growing) 21.51% 14.22%
PENG Penguin Solutions, Inc. $3.1B 18.4× 14.1× +67.70% (above 0%: growing) +1,223.09% (above 0%: growing) −128.21% (below 0%: shrinking) 27.51% 12.26% Compare
CIFR Cipher Digital Inc. $3.0B — (loss-making) — (loss-making) −42.99% (below 0%: shrinking) n/m −255.68% (below 0%: shrinking) 39.42% (316.21%) Compare
Median of peers $5.4B 18.4× 18.0× +6.68% +13.16% −68.66% 23.12% 4.09%

All 81 Information Technology Services stocks →

GDS Holdings (GDS) Latest News

25 Oct

Impact 4 · · Simply Wall St.

9 Oct

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7 Oct

Impact 3 · · Zacks

18 Aug

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17 Aug

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14 Aug

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Impact 4 ·
Impact 3 · · The Motley Fool transcript

13 Aug

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Impact 3 · · MarketBeat transcript
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12 Aug

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11 Aug

Impact 4 ·

28 Jun

Impact 3 ·

9 Jun

Impact 4 · · InvestorsHub

8 Jun

Impact 4 · · Simply Wall St.

3 Jun

Impact 4 · · Zacks

1 Jun

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

28 May

Impact 3 · · Zacks

20 May

Impact 4 · · GuruFocus.com
Impact 4 · · InvestorsHub
Impact 3 · · MarketBeat transcript
Impact 3 · · GlobeNewswire

17 May

Impact 3 · · The Motley Fool
Impact 3 · · Reuters

15 May

Impact 4 · · Simply Wall St.

29 Apr

Impact 4 · · Simply Wall St.

14 Apr

Impact 4 ·
stockrow.com/GDS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com