Monday 2 November 2026 Export GDS’s income statement to Excel — free account

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

Revenue growth 10 yrs

21.78 0.14 −0.64%

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Market cap: $4.3B
P/E: 8.0×
Fwd P/E: 7.4×
Dividend yield: —
F-score: 6/9
Altman Z: 0.76
Beneish M: −2.69
Dividend safety: n/a

Overview

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
Piotroski F-Score Full definition →	—	3	3	6	6	2	4	4	6	6
P/E ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.47	53.69
P/S ratio Full definition →	2.00	9.44	6.77	11.92	17.64	56.75	3.14	1.13	3.05	4.17
Altman Z-Score Full definition →	0.32	1.05	0.76	1.67	2.21	0.78	0.37	0.02	0.49	0.76
Altman Z″-Score (non-manufacturers) Full definition →	0.81	0.31	0.03	1.12	1.99	0.51	0.41	(0.04)	0.53	1.25
P/FCF ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
P/Operating CF Full definition →	(75.07)	(1,379.44)	177.05	618.58	324.09	1,058.12	28.86	11.50	33.37	49.67
Beneish M-Score Full definition →	(2.22)	(1.92)	(2.00)	(2.28)	(2.05)	(2.16)	(2.52)	(2.84)	(2.35)	(2.69)
P/B ratio Full definition →	0.71	3.41	3.43	4.77	3.96	17.94	1.26	0.59	1.39	1.79
Price to Tangible BV Full definition →	1.38	6.03	7.48	6.78	4.71	27.24	1.95	1.00	1.94	2.25
EV/Sales Full definition →	4.23	12.33	10.52	14.38	18.76	60.09	6.75	4.96	6.39	6.83
EV/EBITDA Full definition →	5.27	39.18	30.25	34.43	43.55	180.18	16.15	40.73	14.65	22.31
EV/Operating CF Full definition →	0.00	(114.10)	(2,275.74)	201.98	335.52	394.58	22.01	23.93	34.04	23.21
EV/FCF Full definition →	0.00	(10.30)	(6.70)	(12.82)	(13.65)	(44.23)	(8.70)	(4.39)	(59.33)	(62.61)
Quick Ratio Full definition →	1.43	0.97	0.82	1.71	2.35	1.04	1.07	1.27	1.23	2.54
Current Ratio Full definition →	1.49	1.01	0.87	1.77	2.40	1.07	1.13	1.32	1.28	2.60
Net Debt/EBITDA Full definition →	12.38	9.18	10.77	5.88	2.59	6.82	8.64	31.41	7.66	8.69
Debt/Assets Full definition →	51.22%	49.86%	60.45%	50.70%	39.73%	48.95%	56.72%	61.61%	57.61%	56.89%
Debt/Equity Full definition →	1.41	1.46	2.29	1.41	0.89	1.43	1.83	2.41	1.88	1.71
Asset Turnover Full definition →	0.16	0.15	0.17	0.15	0.13	0.12	0.12	0.13	0.14	0.15
Operating CF/Net income Full definition →	0.37	0.53	0.03	(0.59)	(0.43)	(0.91)	(1.89)	(0.48)	0.57	3.76
Capex/Depreciation Full definition →	(4.23)	(4.14)	(5.45)	(3.96)	(4.56)	(3.51)	(3.02)	(1.70)	(0.91)	(1.30)
Interest Coverage Full definition →	(0.16)	0.20	0.26	0.50	0.51	0.34	0.29	(1.21)	0.60	(0.03)
ROE Full definition →	(30.72%)	(8.70%)	(8.69%)	(6.23%)	(4.12%)	(5.43%)	(6.20%)	(20.02%)	16.33%	3.63%
ROA Full definition →	(5.92%)	(3.04%)	(2.55%)	(1.88%)	(1.66%)	(2.10%)	(2.02%)	(5.67%)	4.59%	1.17%
ROIC Full definition →	(0.50%)	0.56%	0.66%	1.40%	1.32%	0.75%	0.61%	(2.69%)	1.26%	(0.06%)
Return on Tangible Assets Full definition →	(7.98%)	(3.99%)	(3.18%)	(2.25%)	(1.83%)	(3.16%)	(3.13%)	(8.66%)	8.01%	1.81%
Average Days of Receivables Full definition →	93.95	107.66	91.55	89.42	104.05	91.58	100.62	101.19	115.36	96.77
Research and Development Expense of Revenue Full definition →	0.86%	0.45%	0.50%	0.52%	0.70%	0.50%	0.38%	0.38%	0.35%	0.29%
Selling, General and Administrative Expense of Revenue Full definition →	28.31%	19.74%	15.76%	13.13%	14.59%	14.97%	14.32%	13.35%	10.02%	9.16%
Intangible Assets out of Total Assets Full definition →	0.18	0.15	0.14	0.10	0.07	0.13	0.11	0.10	0.09	0.07
Share Based Compensation of Revenue Full definition →	6.08%	3.70%	3.79%	4.60%	5.81%	5.00%	3.12%	3.38%	2.87%	2.48%
Graham Net Nets Full definition →	(1.43)	(0.41)	(0.65)	(0.27)	(0.13)	(0.07)	(1.36)	(3.93)	(1.25)	(0.73)
Graham Number Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	31.02	16.90
Earnings Yield Full definition →	(20.11%)	(2.22%)	(2.22%)	(1.03%)	(0.71%)	(1.36%)	(5.27%)	(38.39%)	10.56%	1.86%
Free Cash Flow Yield Full definition →	0.00%	(12.68%)	(23.19%)	(9.41%)	(7.79%)	(2.39%)	(24.73%)	(99.53%)	(3.53%)	(2.62%)
Revenue per Share Full definition →	4.25	2.44	3.41	4.33	5.31	6.67	7.57	7.67	7.79	8.37
Operating CF per Share Full definition →	(0.60)	(0.26)	(0.02)	0.31	0.30	1.03	2.32	1.59	1.46	2.46
Capex per Share Full definition →	(3.98)	(2.67)	(5.34)	(5.16)	(7.59)	(8.43)	(8.19)	(4.80)	(2.30)	(3.38)
Free Cash Flow per Share Full definition →	(4.58)	(2.93)	(5.35)	(4.85)	(7.29)	(7.41)	(5.87)	(3.21)	(0.84)	(0.91)
Cash per Share Full definition →	7.40	2.84	2.64	6.13	15.12	10.23	7.12	5.97	5.99	11.05
Shareholders Equity per Share Full definition →	12.02	6.75	6.74	11.92	23.64	20.94	18.78	14.67	17.04	19.53
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	12.02	6.75	6.74	11.92	23.64	20.94	18.78	14.67	17.04	19.53
Free Cash Flow Full definition →	(171.26)	(287.23)	(662.73)	(668.97)	(1,142.52)	(1,345.02)	(1,074.80)	(589.20)	(154.71)	(173.50)
Working Capital Full definition →	110.03	4.58	(71.09)	446.43	1,546.81	154.79	200.27	378.43	352.62	1,588.40
Capital Expenditures Full definition →	(148.65)	(261.39)	(660.78)	(711.43)	(1,189.02)	(1,531.23)	(1,499.51)	(881.02)	(424.33)	(641.61)
Net Current Asset Value Full definition →	(452.57)	(919.82)	(1,862.45)	(1,888.66)	(1,937.89)	(5,058.51)	(5,903.17)	(6,274.28)	(5,487.16)	(4,836.60)
EV/EBIT Full definition →	0.00	242.29	174.51	123.53	159.99	785.51	114.02	0.00	57.28	0.00
Capex to Sales Full definition →	0.94	1.09	1.57	1.19	1.43	1.26	1.08	0.63	0.30	0.40
Price to Operating Income Full definition →	2.73	185.51	112.35	102.43	150.48	741.86	53.00	0.00	27.34	0.00
Other line items
Depreciation/Fixed assets Full definition →	0.05	0.05	0.06	0.06	0.06	0.07	0.07	0.08	0.08	0.09
Cash ROIC Full definition →	(12.61%)	(15.03%)	(21.60%)	(13.94%)	(12.19%)	(12.12%)	(9.73%)	(5.74%)	(1.52%)	(1.43%)
Accounts Receivable Turnover Full definition →	4.67	4.29	4.78	4.74	4.34	4.48	4.04	3.64	3.40	3.63
Accounts Payable Turnover Full definition →	2.13	1.48	1.67	1.89	1.57	1.65	2.06	2.41	2.67	3.91
Inventory Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Days of Payables Full definition →	237.18	335.60	253.70	198.63	318.69	235.82	152.77	155.60	116.87	79.72
Days of Inventory on Hand Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Receivables Full definition →	34.04	55.73	88.19	125.98	191.60	270.56	343.05	386.02	421.92	437.70
Average Payables Full definition →	55.81	120.81	196.10	235.19	386.21	567.35	532.19	471.77	422.34	314.75
Average Assets Full definition →	1,025.55	1,590.04	2,550.58	3,856.36	6,426.88	9,699.92	11,110.19	10,818.34	10,381.92	10,686.16
Average Common Equity Full definition →	197.63	555.92	748.37	1,161.92	2,597.00	3,753.56	3,620.44	3,065.65	2,917.52	3,426.62

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