Saturday 10 October 2026
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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. In the quarter to June 2026, revenue grew 12.4%, EPS grew 1,116.7%, free cash flow grew 142.2% and total debt rose 2.59%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
30.97
0.53
+1.74%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 6 | 4 | 4 | 2 | 6 | 6 | 3 | 3 | — |
P/E ratio |
53.69 | 9.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/S ratio |
4.17 | 3.05 | 1.13 | 3.14 | 56.75 | 17.64 | 11.92 | 6.77 | 9.44 | 2.00 |
Altman Z-Score |
0.76 | 0.49 | 0.02 | 0.37 | 0.78 | 2.21 | 1.67 | 0.76 | 1.05 | 0.32 |
Altman Z″-Score (non-manufacturers) |
1.25 | 0.53 | (0.04) | 0.41 | 0.51 | 1.99 | 1.12 | 0.03 | 0.31 | 0.81 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/Operating CF |
49.67 | 33.37 | 11.50 | 28.86 | 1,058.12 | 324.09 | 618.58 | 177.05 | (1,379.44) | (75.07) |
Beneish M-Score |
(2.69) | (2.35) | (2.84) | (2.52) | (2.16) | (2.05) | (2.28) | (2.00) | (1.92) | (2.22) |
P/B ratio |
1.79 | 1.39 | 0.59 | 1.26 | 17.94 | 3.96 | 4.77 | 3.43 | 3.41 | 0.71 |
Price to Tangible BV |
2.25 | 1.94 | 1.00 | 1.95 | 27.24 | 4.71 | 6.78 | 7.48 | 6.03 | 1.38 |
EV/Sales |
6.83 | 6.39 | 4.96 | 6.75 | 60.09 | 18.76 | 14.38 | 10.52 | 12.33 | 4.23 |
EV/EBITDA |
22.31 | 14.65 | 40.73 | 16.15 | 180.18 | 43.55 | 34.43 | 30.25 | 39.18 | 5.27 |
EV/Operating CF |
23.21 | 34.04 | 23.93 | 22.01 | 394.58 | 335.52 | 201.98 | (2,275.74) | (114.10) | 0.00 |
EV/FCF |
(62.61) | (59.33) | (4.39) | (8.70) | (44.23) | (13.65) | (12.82) | (6.70) | (10.30) | 0.00 |
Quick Ratio |
2.54 | 1.23 | 1.27 | 1.07 | 1.04 | 2.35 | 1.71 | 0.82 | 0.97 | 1.43 |
Current Ratio |
2.60 | 1.28 | 1.32 | 1.13 | 1.07 | 2.40 | 1.77 | 0.87 | 1.01 | 1.49 |
Net Debt/EBITDA |
8.69 | 7.66 | 31.41 | 8.64 | 6.82 | 2.59 | 5.88 | 10.77 | 9.18 | 12.38 |
Debt/Assets |
56.89% | 57.61% | 61.61% | 56.72% | 48.95% | 39.73% | 50.70% | 60.45% | 49.86% | 51.22% |
Debt/Equity |
1.71 | 1.88 | 2.41 | 1.83 | 1.43 | 0.89 | 1.41 | 2.29 | 1.46 | 1.41 |
Asset Turnover |
0.15 | 0.14 | 0.13 | 0.12 | 0.12 | 0.13 | 0.15 | 0.17 | 0.15 | 0.16 |
Operating CF/Net income |
3.76 | 0.57 | (0.48) | (1.89) | (0.91) | (0.43) | (0.59) | 0.03 | 0.53 | 0.37 |
Capex/Depreciation |
(1.30) | (0.91) | (1.70) | (3.02) | (3.51) | (4.56) | (3.96) | (5.45) | (4.14) | (4.23) |
Interest Coverage |
(0.03) | 0.60 | (1.21) | 0.29 | 0.34 | 0.51 | 0.50 | 0.26 | 0.20 | (0.16) |
| 3.63% | 16.33% | (20.02%) | (6.20%) | (5.43%) | (4.12%) | (6.23%) | (8.69%) | (8.70%) | (30.72%) | |
| 1.17% | 4.59% | (5.67%) | (2.02%) | (2.10%) | (1.66%) | (1.88%) | (2.55%) | (3.04%) | (5.92%) | |
ROIC |
(0.06%) | 1.26% | (2.69%) | 0.61% | 0.75% | 1.32% | 1.40% | 0.66% | 0.56% | (0.50%) |
Return on Tangible Assets |
1.81% | 8.01% | (8.66%) | (3.13%) | (3.16%) | (1.83%) | (2.25%) | (3.18%) | (3.99%) | (7.98%) |
Average Days of Receivables |
96.77 | 115.36 | 101.19 | 100.62 | 91.58 | 104.05 | 89.42 | 91.55 | 107.66 | 93.95 |
Research and Development Expense of Revenue |
0.29% | 0.35% | 0.38% | 0.38% | 0.50% | 0.70% | 0.52% | 0.50% | 0.45% | 0.86% |
Selling, General and Administrative Expense of Revenue |
9.16% | 10.02% | 13.35% | 14.32% | 14.97% | 14.59% | 13.13% | 15.76% | 19.74% | 28.31% |
Intangible Assets out of Total Assets |
0.07 | 0.09 | 0.10 | 0.11 | 0.13 | 0.07 | 0.10 | 0.14 | 0.15 | 0.18 |
Share Based Compensation of Revenue |
2.48% | 2.87% | 3.38% | 3.12% | 5.00% | 5.81% | 4.60% | 3.79% | 3.70% | 6.08% |
Graham Net Nets |
(0.73) | (1.25) | (3.93) | (1.36) | (0.07) | (0.13) | (0.27) | (0.65) | (0.41) | (1.43) |
Graham Number |
16.90 | 31.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
1.86% | 10.56% | (38.39%) | (5.27%) | (1.36%) | (0.71%) | (1.03%) | (2.22%) | (2.22%) | (20.11%) |
Free Cash Flow Yield |
(2.62%) | (3.53%) | (99.53%) | (24.73%) | (2.39%) | (7.79%) | (9.41%) | (23.19%) | (12.68%) | 0.00% |
Revenue per Share |
8.37 | 7.79 | 7.67 | 7.57 | 6.67 | 5.31 | 4.33 | 3.41 | 2.44 | 4.25 |
Operating CF per Share |
2.46 | 1.46 | 1.59 | 2.32 | 1.03 | 0.30 | 0.31 | (0.02) | (0.26) | (0.60) |
Capex per Share |
(3.38) | (2.30) | (4.80) | (8.19) | (8.43) | (7.59) | (5.16) | (5.34) | (2.67) | (3.98) |
Free Cash Flow per Share |
(0.91) | (0.84) | (3.21) | (5.87) | (7.41) | (7.29) | (4.85) | (5.35) | (2.93) | (4.58) |
Cash per Share |
11.05 | 5.99 | 5.97 | 7.12 | 10.23 | 15.12 | 6.13 | 2.64 | 2.84 | 7.40 |
Shareholders Equity per Share |
19.53 | 17.04 | 14.67 | 18.78 | 20.94 | 23.64 | 11.92 | 6.74 | 6.75 | 12.02 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
19.53 | 17.04 | 14.67 | 18.78 | 20.94 | 23.64 | 11.92 | 6.74 | 6.75 | 12.02 |
Free Cash Flow |
(173.50) | (154.71) | (589.20) | (1,074.80) | (1,345.02) | (1,142.52) | (668.97) | (662.73) | (287.23) | (171.26) |
Working Capital |
1,588.40 | 352.62 | 378.43 | 200.27 | 154.79 | 1,546.81 | 446.43 | (71.09) | 4.58 | 110.03 |
Capital Expenditures |
(641.61) | (424.33) | (881.02) | (1,499.51) | (1,531.23) | (1,189.02) | (711.43) | (660.78) | (261.39) | (148.65) |
Net Current Asset Value |
(4,836.60) | (5,487.16) | (6,274.28) | (5,903.17) | (5,058.51) | (1,937.89) | (1,888.66) | (1,862.45) | (919.82) | (452.57) |
EV/EBIT |
0.00 | 57.28 | 0.00 | 114.02 | 785.51 | 159.99 | 123.53 | 174.51 | 242.29 | 0.00 |
Capex to Sales |
0.40 | 0.30 | 0.63 | 1.08 | 1.26 | 1.43 | 1.19 | 1.57 | 1.09 | 0.94 |
Price to Operating Income |
0.00 | 27.34 | 0.00 | 53.00 | 741.86 | 150.48 | 102.43 | 112.35 | 185.51 | 2.73 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.09 | 0.08 | 0.08 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 |
Cash ROIC |
(1.43%) | (1.52%) | (5.74%) | (9.73%) | (12.12%) | (12.19%) | (13.94%) | (21.60%) | (15.03%) | (12.61%) |
Accounts Receivable Turnover |
3.63 | 3.40 | 3.64 | 4.04 | 4.48 | 4.34 | 4.74 | 4.78 | 4.29 | 4.67 |
Accounts Payable Turnover |
3.91 | 2.67 | 2.41 | 2.06 | 1.65 | 1.57 | 1.89 | 1.67 | 1.48 | 2.13 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
79.72 | 116.87 | 155.60 | 152.77 | 235.82 | 318.69 | 198.63 | 253.70 | 335.60 | 237.18 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
437.70 | 421.92 | 386.02 | 343.05 | 270.56 | 191.60 | 125.98 | 88.19 | 55.73 | 34.04 |
Average Payables |
314.75 | 422.34 | 471.77 | 532.19 | 567.35 | 386.21 | 235.19 | 196.10 | 120.81 | 55.81 |
Average Assets |
10,686.16 | 10,381.92 | 10,818.34 | 11,110.19 | 9,699.92 | 6,426.88 | 3,856.36 | 2,550.58 | 1,590.04 | 1,025.55 |
Average Common Equity |
3,426.62 | 2,917.52 | 3,065.65 | 3,620.44 | 3,753.56 | 2,597.00 | 1,161.92 | 748.37 | 555.92 | 197.63 |
Columns are period end dates