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 '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Piotroski F-Score Full definition →	6	6	4	4	2	6	6	3	3	—
P/E ratio Full definition →	53.69	9.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
P/S ratio Full definition →	4.17	3.05	1.13	3.14	56.75	17.64	11.92	6.77	9.44	2.00
Altman Z-Score Full definition →	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) Full definition →	1.25	0.53	(0.04)	0.41	0.51	1.99	1.12	0.03	0.31	0.81
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 →	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 Full definition →	(2.69)	(2.35)	(2.84)	(2.52)	(2.16)	(2.05)	(2.28)	(2.00)	(1.92)	(2.22)
P/B ratio Full definition →	1.79	1.39	0.59	1.26	17.94	3.96	4.77	3.43	3.41	0.71
Price to Tangible BV Full definition →	2.25	1.94	1.00	1.95	27.24	4.71	6.78	7.48	6.03	1.38
EV/Sales Full definition →	6.83	6.39	4.96	6.75	60.09	18.76	14.38	10.52	12.33	4.23
EV/EBITDA Full definition →	22.31	14.65	40.73	16.15	180.18	43.55	34.43	30.25	39.18	5.27
EV/Operating CF Full definition →	23.21	34.04	23.93	22.01	394.58	335.52	201.98	(2,275.74)	(114.10)	0.00
EV/FCF Full definition →	(62.61)	(59.33)	(4.39)	(8.70)	(44.23)	(13.65)	(12.82)	(6.70)	(10.30)	0.00
Quick Ratio Full definition →	2.54	1.23	1.27	1.07	1.04	2.35	1.71	0.82	0.97	1.43
Current Ratio Full definition →	2.60	1.28	1.32	1.13	1.07	2.40	1.77	0.87	1.01	1.49
Net Debt/EBITDA Full definition →	8.69	7.66	31.41	8.64	6.82	2.59	5.88	10.77	9.18	12.38
Debt/Assets Full definition →	56.89%	57.61%	61.61%	56.72%	48.95%	39.73%	50.70%	60.45%	49.86%	51.22%
Debt/Equity Full definition →	1.71	1.88	2.41	1.83	1.43	0.89	1.41	2.29	1.46	1.41
Asset Turnover Full definition →	0.15	0.14	0.13	0.12	0.12	0.13	0.15	0.17	0.15	0.16
Operating CF/Net income Full definition →	3.76	0.57	(0.48)	(1.89)	(0.91)	(0.43)	(0.59)	0.03	0.53	0.37
Capex/Depreciation Full definition →	(1.30)	(0.91)	(1.70)	(3.02)	(3.51)	(4.56)	(3.96)	(5.45)	(4.14)	(4.23)
Interest Coverage Full definition →	(0.03)	0.60	(1.21)	0.29	0.34	0.51	0.50	0.26	0.20	(0.16)
ROE Full definition →	3.63%	16.33%	(20.02%)	(6.20%)	(5.43%)	(4.12%)	(6.23%)	(8.69%)	(8.70%)	(30.72%)
ROA Full definition →	1.17%	4.59%	(5.67%)	(2.02%)	(2.10%)	(1.66%)	(1.88%)	(2.55%)	(3.04%)	(5.92%)
ROIC Full definition →	(0.06%)	1.26%	(2.69%)	0.61%	0.75%	1.32%	1.40%	0.66%	0.56%	(0.50%)
Return on Tangible Assets Full definition →	1.81%	8.01%	(8.66%)	(3.13%)	(3.16%)	(1.83%)	(2.25%)	(3.18%)	(3.99%)	(7.98%)
Average Days of Receivables Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	2.48%	2.87%	3.38%	3.12%	5.00%	5.81%	4.60%	3.79%	3.70%	6.08%
Graham Net Nets Full definition →	(0.73)	(1.25)	(3.93)	(1.36)	(0.07)	(0.13)	(0.27)	(0.65)	(0.41)	(1.43)
Graham Number Full definition →	16.90	31.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Earnings Yield Full definition →	1.86%	10.56%	(38.39%)	(5.27%)	(1.36%)	(0.71%)	(1.03%)	(2.22%)	(2.22%)	(20.11%)
Free Cash Flow Yield Full definition →	(2.62%)	(3.53%)	(99.53%)	(24.73%)	(2.39%)	(7.79%)	(9.41%)	(23.19%)	(12.68%)	0.00%
Revenue per Share Full definition →	8.37	7.79	7.67	7.57	6.67	5.31	4.33	3.41	2.44	4.25
Operating CF per Share Full definition →	2.46	1.46	1.59	2.32	1.03	0.30	0.31	(0.02)	(0.26)	(0.60)
Capex per Share Full definition →	(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 Full definition →	(0.91)	(0.84)	(3.21)	(5.87)	(7.41)	(7.29)	(4.85)	(5.35)	(2.93)	(4.58)
Cash per Share Full definition →	11.05	5.99	5.97	7.12	10.23	15.12	6.13	2.64	2.84	7.40
Shareholders Equity per Share Full definition →	19.53	17.04	14.67	18.78	20.94	23.64	11.92	6.74	6.75	12.02
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 →	19.53	17.04	14.67	18.78	20.94	23.64	11.92	6.74	6.75	12.02
Free Cash Flow Full definition →	(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 Full definition →	1,588.40	352.62	378.43	200.27	154.79	1,546.81	446.43	(71.09)	4.58	110.03
Capital Expenditures Full definition →	(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 Full definition →	(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 Full definition →	0.00	57.28	0.00	114.02	785.51	159.99	123.53	174.51	242.29	0.00
Capex to Sales Full definition →	0.40	0.30	0.63	1.08	1.26	1.43	1.19	1.57	1.09	0.94
Price to Operating Income Full definition →	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 Full definition →	0.09	0.08	0.08	0.07	0.07	0.06	0.06	0.06	0.05	0.05
Cash ROIC Full definition →	(1.43%)	(1.52%)	(5.74%)	(9.73%)	(12.12%)	(12.19%)	(13.94%)	(21.60%)	(15.03%)	(12.61%)
Accounts Receivable Turnover Full definition →	3.63	3.40	3.64	4.04	4.48	4.34	4.74	4.78	4.29	4.67
Accounts Payable Turnover Full definition →	3.91	2.67	2.41	2.06	1.65	1.57	1.89	1.67	1.48	2.13
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 →	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 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 →	437.70	421.92	386.02	343.05	270.56	191.60	125.98	88.19	55.73	34.04
Average Payables Full definition →	314.75	422.34	471.77	532.19	567.35	386.21	235.19	196.10	120.81	55.81
Average Assets Full definition →	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 Full definition →	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

Show all line items

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