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.
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GDS Holdings (GDS) Beneish M-score
GDS Holdings's Beneish M-score for fiscal 2025 is −2.69; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.69 | (0.34) |
| FY2024 | −2.35 | 0.50 |
| FY2023 | −2.84 | (0.33) |
| FY2022 | −2.52 | (0.36) |
| FY2021 | −2.16 | (0.10) |
| FY2020 | −2.05 | 0.22 |
| FY2019 | −2.28 | (0.28) |
| FY2018 | −2.00 | (0.07) |
| FY2017 | −1.92 | 0.30 |
| FY2016 | −2.22 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.84 | — | 0.77 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | (0.03) | — | −0.14 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.69 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CIFR Cipher Digital Inc. compare | −5.0× |
| SAIC Science Applications International Corporation compare | −2.9× |
| G Genpact Limited compare | −2.7× |
| GDS GDS Holdings | −2.7× |
| EPAM EPAM Systems, Inc. compare | −2.7× |
| EXLS ExlService Holdings, Inc. compare | −2.7× |
| PSN Parsons Corporation compare | −2.7× |
| INGM Ingram Micro Holding Corporation compare | −2.5× |
| APLD Applied Digital Corporation compare | 0.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI