GDS Holdings Limited (GDS) 10-Year Financial Performance & Capital Metrics

GDS • • Industrial / General

TechnologyIT ServicesData Center & Cloud InfrastructureData Center Operators

AboutGDS Holdings Limited, together with its subsidiaries, develops and operates data centers in the People's Republic of China. The company provides colocation services comprising critical facilities space, customer-available power, racks, and cooling; managed hosting services, including business continuity and disaster recovery, network management, data storage, system security, operating system, database, and server middleware services; managed cloud services; and consulting services. It serves cloud service providers, large Internet companies, financial institutions, telecommunications and IT service providers, and large domestic private sector and multinational corporations. The company was founded in 2001 and is headquartered in Shanghai, the People's Republic of China.Show more

Revenue $10.32B +3.7%
EBITDA $4.51B +285.3%
Net Income $3.43B +179.8%
EPS (Diluted) -4.56 +80.7%
Gross Margin 21.53% +11.5%
EBITDA Margin 43.65% +271.6%
Operating Margin 11.16% +145.2%
Net Margin 33.19% +177.0%
ROE 15.64% +180.8%
ROIC 1.43% +146.9%
Debt/Equity 1.88 -21.2%
Interest Coverage 0.60 +149.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 84 (top 16%)
✓Strong 5Y sales CAGR of 20.1%
✓Trading at only 0.3x book value

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y36.25%

5Y20.15%

3Y9.7%

TTM2.05%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM242.65%

EPS CAGR

10Y-

5Y-

3Y-

TTM124.54%

ROCE

10Y Avg0.52%

5Y Avg0.34%

3Y Avg-0.37%

Latest1.76%

Peer Comparison

Data Center Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSSITSS, Inc.	321.91M	11.16	46.50	172.33%	2.08%	7.69%	2.12%	4.58
VNETVNET Group, Inc.	3.03B	11.49	17.41	11.41%	-5.97%	-7.48%		2.67
SAIHWSAIHEAT Limited	17.98K	0.03	-0.01	-18.2%	-106.19%	-37.75%		0.19
SAIHSAIHEAT Limited	11.04M	8.71	-2.52	-18.2%	-106.19%	-37.75%		0.19
GDSGDS Holdings Limited	8.08B	43.40	-9.52	3.67%	50.05%	20.93%		1.88
APLDApplied Digital Corporation	9.85B	35.22	-30.36	57.74%	-43.49%	-6.23%		1.11

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	703.64M	1.06B	1.62B	2.79B	4.12B	5.74B	7.82B	9.33B	9.96B	10.32B
Revenue Growth %	0.5%	0.5%	0.53%	0.73%	0.48%	0.39%	0.36%	0.19%	0.07%	0.04%
Cost of Goods Sold+	515M	790.29M	1.21B	2.17B	3.08B	4.19B	6.04B	7.39B	8.03B	8.1B
COGS % of Revenue	0.73%	0.75%	0.75%	0.78%	0.75%	0.73%	0.77%	0.79%	0.81%	0.78%
Gross Profit+	188.64M	265.67M	408.47M	622.44M	1.04B	1.55B	1.78B	1.94B	1.92B	2.22B
Gross Margin %	0.27%	0.25%	0.25%	0.22%	0.25%	0.27%	0.23%	0.21%	0.19%	0.22%
Gross Profit Growth %	1.35%	0.41%	0.54%	0.52%	0.68%	0.49%	0.15%	0.09%	-0.01%	0.16%
Operating Expenses+	185.94M	308.05M	326.24M	454.09M	562.95M	877.51M	1.21B	1.37B	4.38B	1.07B
OpEx % of Revenue	0.26%	0.29%	0.2%	0.16%	0.14%	0.15%	0.15%	0.15%	0.44%	0.1%
Selling, General & Admin	186.3M	298.95M	318.98M	440.17M	541.32M	837.46M	1.17B	1.34B	1.33B	1.03B
SG&A % of Revenue	0.26%	0.28%	0.2%	0.16%	0.13%	0.15%	0.15%	0.14%	0.13%	0.1%
Research & Development	3.55M	9.1M	7.26M	13.91M	21.63M	40.05M	39.34M	35.81M	38.16M	36.32M
R&D % of Revenue	0.01%	0.01%	0%	0%	0.01%	0.01%	0.01%	0%	0%	0%
Other Operating Expenses	1.17M	2.5M	0	0	0	0	0	0	3.01B	0
Operating Income+	-1.22M	-42.37M	82.23M	168.35M	479.78M	672.94M	569.52M	551.78M	-2.46B	1.15B
Operating Margin %	-0%	-0.04%	0.05%	0.06%	0.12%	0.12%	0.07%	0.06%	-0.25%	0.11%
Operating Income Growth %	0.98%	-33.82%	2.94%	1.05%	1.85%	0.4%	-0.15%	-0.03%	-5.46%	1.47%
EBITDA+	144.19M	184.98M	460.36M	909.86M	1.62B	2.33B	3.23B	3.84B	1.17B	4.51B
EBITDA Margin %	0.2%	0.18%	0.28%	0.33%	0.39%	0.41%	0.41%	0.41%	0.12%	0.44%
EBITDA Growth %	19.44%	0.28%	1.49%	0.98%	0.78%	0.44%	0.38%	0.19%	-0.7%	2.85%
D&A (Non-Cash Add-back)	145.41M	227.35M	378.13M	741.51M	1.14B	1.66B	2.66B	3.29B	3.63B	3.35B
EBIT	16.33M	-19.49M	82.23M	168.35M	479.78M	672.94M	569.52M	898M	-2.26B	1.15B
Net Interest Income+	-125.55M	-263.16M	-406.4M	-636.97M	-915.68M	-1.29B	-1.6B	-1.84B	-1.94B	-1.83B
Interest Income	1.35M	0	5.6M	19.21M	53.02M	29.01M	50.45M	42.23M	97.55M	89.78M
Interest Expense	126.9M	263.16M	412M	656.19M	968.69M	1.32B	1.65B	1.88B	2.04B	1.92B
Other Income/Expense	-109.35M	-242.35M	-415.2M	-608.01M	-906.21M	-1.22B	-1.52B	-1.54B	-1.84B	-1.77B
Pretax Income+	-110.57M	-284.73M	-332.98M	-439.66M	-426.43M	-548.44M	-948.75M	-989.88M	-4.3B	-614.86M
Pretax Margin %	-0.16%	-0.27%	-0.21%	-0.16%	-0.1%	-0.1%	-0.12%	-0.11%	-0.43%	-0.06%
Income Tax+	-11.98M	-8.31M	-6.08M	-9.39M	15.65M	120.78M	242.46M	276.24M	-14.78M	156.05M
Effective Tax Rate %	0.89%	0.97%	0.98%	0.98%	1.04%	1.22%	1.26%	1.28%	1%	-5.57%
Net Income+	-98.58M	-276.41M	-326.9M	-430.27M	-442.08M	-669.21M	-1.19B	-1.27B	-4.29B	3.43B
Net Margin %	-0.14%	-0.26%	-0.2%	-0.15%	-0.11%	-0.12%	-0.15%	-0.14%	-0.43%	0.33%
Net Income Growth %	0.24%	-1.8%	-0.18%	-0.32%	-0.03%	-0.51%	-0.78%	-0.06%	-2.39%	1.8%
Net Income (Continuing)	-98.58M	-276.41M	-326.9M	-430.27M	-442.08M	-669.21M	-1.19B	-1.27B	-4.29B	-770.91M
Discontinued Operations	0	0	0	0	0	0	0	0	0	4.2B
Minority Interest	0	0	0	0	0	120.82M	59.17M	116.59M	165.58M	129.93M
EPS (Diluted)+	-2.08	-7.36	-3.33	-3.48	-3.63	-4.71	-7.23	-8.25	-23.67	-4.56
EPS Growth %	0.95%	-2.54%	0.55%	-0.05%	-0.04%	-0.3%	-0.54%	-0.14%	-1.87%	0.81%
EPS (Basic)	-2.08	-7.36	-3.33	-3.48	-3.63	-4.71	-7.23	-8.25	-23.67	-4.56
Diluted Shares Outstanding	48.28M	37.39M	98.07M	123.78M	137.87M	156.69M	181.61M	183.06M	183.52M	183.52M
Basic Shares Outstanding	48.28M	37.39M	98.07M	123.78M	121.85M	145.5M	174.83M	176.85M	181.26M	183.52M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.19B	2.21B	2.45B	3.04B	7.08B	18.32B	14.46B	11.95B	10.98B	11.61B
Cash & Short-Term Investments	924.5M	1.81B	1.87B	2.16B	5.81B	16.26B	9.97B	8.61B	7.71B	7.87B
Cash Only	924.5M	1.81B	1.87B	2.16B	5.81B	16.26B	9.97B	8.61B	7.71B	7.87B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	111.01M	198.85M	364.65M	536.84M	879.96M	1.48B	1.73B	2.41B	2.55B	3.26B
Days Sales Outstanding	57.59	68.73	82.35	70.18	77.91	94.15	80.89	94.17	93.33	115.36
Inventory	91M	126.7M	103.61M	64.93M	115.21M	250.81M	0	0	0	0
Days Inventory Outstanding	64.5	58.52	31.31	10.92	13.65	21.86	-	-	-	-
Other Current Assets	99.79M	149.78M	165.56M	274.09M	312.9M	415.03M	2.56B	750.11M	552.08M	482.95M
Total Non-Current Assets+	3.94B	5.99B	10.69B	17.85B	24.41B	38.94B	57.17B	62.86B	63.46B	62.04B
Property, Plant & Equipment	2.51B	4.32B	8.17B	13.99B	19.98B	32.66B	44.65B	52.55B	52.94B	45.4B
Fixed Asset Turnover	0.28x	0.24x	0.20x	0.20x	0.21x	0.18x	0.18x	0.18x	0.19x	0.23x
Goodwill	1.29B	1.34B	1.57B	1.75B	2.3B	3.38B	8.36B	8.12B	7.08B	0
Intangible Assets	74.34M	119.36M	374.71M	1.24B	747.19M	678.19M	634.95M	23M	710.94M	6.39B
Long-Term Investments	0	-12.63M	-14.3M	-36.97M	-72.93M	-146.09M	-186.5M	0	0	7.54B
Other Non-Current Assets	57.52M	237.01M	605.72M	1.62B	1.38B	2.22B	3.52B	1.94B	2.45B	2.7B
Total Assets+	5.13B	8.2B	13.14B	20.89B	31.49B	57.26B	71.63B	74.81B	74.45B	73.65B
Asset Turnover	0.14x	0.13x	0.12x	0.13x	0.13x	0.10x	0.11x	0.12x	0.13x	0.14x
Asset Growth %	0.33%	0.6%	0.6%	0.59%	0.51%	0.82%	0.25%	0.04%	-0%	-0.01%
Total Current Liabilities+	925.05M	1.48B	2.42B	3.51B	4B	7.64B	13.47B	10.6B	8.31B	9.08B
Accounts Payable	215.66M	513.54M	1.11B	1.51B	1.68B	3.66B	3.9B	3.09B	3.42B	2.59B
Days Payables Outstanding	152.85	237.18	335.6	253.7	198.63	318.69	235.82	152.77	155.6	116.87
Short-Term Debt	428.22M	628.48M	790.48M	1.28B	1.14B	2.15B	5.95B	5.71B	2.83B	4.34B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	210.57M	137.4M	424.08M	552.83M	1.09B	0	0	0	0	0
Current Ratio	1.28x	1.49x	1.01x	0.87x	1.77x	2.40x	1.07x	1.13x	1.32x	1.28x
Quick Ratio	1.18x	1.41x	0.97x	0.85x	1.74x	2.36x	1.07x	1.13x	1.32x	1.28x
Cash Conversion Cycle	-30.76	-109.93	-221.93	-172.59	-107.07	-202.69	-	-	-	-
Total Non-Current Liabilities+	2.15B	3.74B	6.25B	11.86B	17.2B	24.05B	33.63B	40.03B	46.02B	40.9B
Long-Term Debt	1.61B	2.55B	3.46B	7.21B	10.08B	12.5B	20.18B	27.81B	35.14B	30.48B
Capital Lease Obligations	424.94M	1.02B	2.3B	4.13B	5.46B	9.64B	10.82B	10.53B	9.29B	8.88B
Deferred Tax Liabilities	37.69M	53.28M	124.28M	171.88M	252.67M	462.01M	734.28M	1.41B	0	0
Other Non-Current Liabilities	116.7M	97.66M	342.11M	331.04M	1.39B	1.43B	1.84B	207.81M	1.59B	1.54B
Total Liabilities	3.07B	5.22B	8.67B	15.36B	21.2B	31.69B	47.1B	50.63B	54.32B	49.98B
Total Debt+	2.51B	4.29B	6.65B	12.79B	16.95B	24.63B	37.79B	44.68B	47.99B	44.46B
Net Debt	1.58B	2.48B	4.78B	10.63B	11.14B	8.37B	27.82B	36.08B	40.28B	36.59B
Debt / Equity	1.22x	1.44x	1.49x	2.32x	1.65x	0.96x	1.54x	1.85x	2.38x	1.88x
Debt / EBITDA	17.40x	23.19x	14.45x	14.06x	10.45x	10.56x	11.71x	11.63x	41.04x	9.87x
Net Debt / EBITDA	10.99x	13.40x	10.38x	11.68x	6.87x	3.59x	8.62x	9.39x	34.45x	8.12x
Interest Coverage	-0.01x	-0.16x	0.20x	0.26x	0.50x	0.51x	0.34x	0.29x	-1.21x	0.60x
Total Equity+	2.05B	2.99B	4.48B	5.52B	10.29B	25.69B	24.53B	24.18B	20.12B	23.67B
Equity Growth %	-0.04%	0.45%	0.5%	0.23%	0.86%	1.5%	-0.04%	-0.01%	-0.17%	0.18%
Book Value per Share	42.56	79.88	45.64	44.61	74.66	163.93	135.08	132.12	109.65	128.97
Total Shareholders' Equity	2.05B	2.99B	4.48B	5.52B	10.29B	25.57B	24.47B	24.07B	19.96B	23.54B
Common Stock	76K	260K	320K	341K	412K	507K	507K	516K	516K	527K
Retained Earnings	-582.25M	-858.66M	-1.19B	-1.62B	-2.06B	-2.72B	-3.91B	-5.18B	-9.47B	-6.04B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-61.95M	-192.08M	-200.69M	-139.25M	-52.68M	-439.63M	-599.19M	-848.36M	-974.39M	-1.09B
Minority Interest	0	0	0	0	0	120.82M	59.17M	116.59M	165.58M	129.93M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-80.3M	-150.23M	-174.61M	-12.91M	293.44M	320.89M	1.2B	2.86B	2.07B	1.94B
Operating CF Margin %	-0.11%	-0.14%	-0.11%	-0%	0.07%	0.06%	0.15%	0.31%	0.21%	0.19%
Operating CF Growth %	-3.87%	-0.87%	-0.16%	0.93%	23.73%	0.09%	2.74%	1.38%	-0.28%	-0.06%
Net Income	-98.58M	-276.41M	-326.9M	-430.27M	-442.08M	-669.21M	-1.19B	-1.27B	-4.29B	3.43B
Depreciation & Amortization	145.41M	227.35M	378.13M	741.51M	1.14B	1.64B	2.62B	3.19B	3.63B	3.35B
Stock-Based Compensation	4.06M	64.17M	59.84M	105.88M	189.76M	333.69M	391.27M	290.81M	336.62M	296.49M
Deferred Taxes	-10.59M	-10.62M	-11.62M	-36.6M	-50.17M	-89.74M	-48.46M	-99.15M	-295.93M	0
Other Non-Cash Items	-11.91M	3.7M	48.1M	63.83M	100.16M	131.11M	242.76M	69.36M	3.17B	-4.59B
Working Capital Changes	-120.59M	-158.41M	-322.16M	-457.25M	-646.26M	-1.02B	-809.89M	674.09M	-484.86M	-543.7M
Change in Receivables	-37.65M	-79.38M	-134.63M	-157.71M	-342.19M	-465.19M	-37.99M	-678.83M	-156.33M	-665.88M
Change in Inventory	-89.9M	-119.56M	-285.72M	-303.71M	-359.33M	-692.71M	-847.05M	0	0	0
Change in Payables	-5.15M	43.84M	33.9M	25.29M	22.54M	119.16M	35.5M	189.71M	17.98M	-15.63M
Cash from Investing+	-731.9M	-1.15B	-2.04B	-4.73B	-5.13B	-9.38B	-13.69B	-11.27B	-6.33B	-8.76B
Capital Expenditures	-732.98M	-987.7M	-1.76B	-4.26B	-4.55B	-8.02B	-9.7B	-7.8B	-6.25B	-2.97B
CapEx % of Revenue	1.04%	0.94%	1.09%	1.53%	1.1%	1.4%	1.24%	0.84%	0.63%	0.29%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.07M	-42M	-6.03M	-1M	-30.7M	4.5M	20.87M	6.24M	61.3M	-6.92B
Cash from Financing+	1.13B	2.13B	2.35B	4.88B	8.36B	20.14B	8.12B	4.86B	3.14B	17.06B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-76.5M	0	0	-25.01M	-65.49M	-49.22M	-51.58M	-53.92M	-54.17M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-44.69M	1.16B	566.61M	1.05B	81.41M	1.06B	1.15B	-68.45M	-44.86M	17.06B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-813.28M	-1.14B	-1.93B	-4.27B	-4.26B	-7.7B	-8.5B	-4.95B	-4.19B	-1.32B
FCF Margin %	-1.16%	-1.08%	-1.2%	-1.53%	-1.03%	-1.34%	-1.09%	-0.53%	-0.42%	-0.13%
FCF Growth %	-2.69%	-0.4%	-0.7%	-1.21%	0%	-0.81%	-0.1%	0.42%	0.15%	0.69%
FCF per Share	-16.84	-30.44	-19.73	-34.50	-30.89	-49.14	-46.79	-27.02	-22.82	-7.17
FCF Conversion (FCF/Net Income)	0.81x	0.54x	0.53x	0.03x	-0.66x	-0.48x	-1.01x	-2.26x	-0.48x	0.57x
Interest Paid	81.22M	228.68M	358.75M	633.06M	841.39M	1.11B	1.54B	1.8B	2.06B	2.1B
Taxes Paid	853K	5.64M	1.37M	3.37M	17.03M	211.61M	252.07M	343.35M	302.72M	389.84M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.69%	-10.97%	-8.76%	-8.61%	-5.59%	-3.72%	-4.74%	-5.2%	-19.36%	15.64%
Return on Invested Capital (ROIC)	-0.03%	-0.7%	0.84%	0.99%	1.91%	1.82%	0.99%	0.73%	-3.06%	1.43%
Gross Margin	26.81%	25.16%	25.27%	22.29%	25.29%	27.02%	22.76%	20.76%	19.31%	21.53%
Net Margin	-14.01%	-26.18%	-20.23%	-15.41%	-10.72%	-11.66%	-15.24%	-13.58%	-43.09%	33.19%
Debt / Equity	1.22x	1.44x	1.49x	2.32x	1.65x	0.96x	1.54x	1.85x	2.38x	1.88x
Interest Coverage	-0.01x	-0.16x	0.20x	0.26x	0.50x	0.51x	0.34x	0.29x	-1.21x	0.60x
FCF Conversion	0.81x	0.54x	0.53x	0.03x	-0.66x	-0.48x	-1.01x	-2.26x	-0.48x	0.57x
Revenue Growth	50.24%	50.07%	53.05%	72.76%	47.65%	39.21%	36.24%	19.27%	6.76%	3.67%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Service revenue	-	-	-	7.81B	9.32B	9.96B	10.32B
Service revenue Growth	-	-	-	-	19.24%	6.85%	3.68%
Colocation services	-	-	-	6.51B	7.94B	8.67B	9.17B
Colocation services Growth	-	-	-	-	21.94%	9.14%	5.76%
Managed service and others	-	-	-	1.3B	1.37B	1.29B	1.15B
Managed service and others Growth	-	-	-	-	5.73%	-6.43%	-10.40%
Equipment sales	-	-	-	4.28M	7.74M	564K	180K
Equipment sales Growth	-	-	-	-	80.97%	-92.71%	-68.09%
Service	2.76B	4.09B	5.72B	-	-	-	-
Service Growth	-	48.38%	39.62%	-	-	-	-
Colocation Services	2.1B	3.26B	4.71B	-	-	-	-
Colocation Services Growth	-	55.01%	44.43%	-	-	-	-
Managed Service And Others	655.23M	832.83M	1.01B	-	-	-	-
Managed Service And Others Growth	-	27.10%	20.79%	-	-	-	-
Equipment Sales	32.59M	27.83M	22.1M	-	-	-	-
Equipment Sales Growth	-	-14.59%	-20.59%	-	-	-	-

Frequently Asked Questions

Growth & Financials

GDS Holdings Limited (GDS) reported $11.20B in revenue for fiscal year 2024. This represents a 2292% increase from $468.3M in 2014.

GDS Holdings Limited (GDS) grew revenue by 3.7% over the past year. Growth has been modest.

Yes, GDS Holdings Limited (GDS) is profitable, generating $5.61B in net income for fiscal year 2024 (33.2% net margin).

Dividend & Returns

Yes, GDS Holdings Limited (GDS) pays a dividend with a yield of 0.68%. This makes it attractive for income-focused investors.

GDS Holdings Limited (GDS) has a return on equity (ROE) of 15.6%. This is reasonable for most industries.

GDS Holdings Limited (GDS) had negative free cash flow of $766.3M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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GDS Holdings Limited (GDS) 10-Year Financial Performance & Capital Metrics

GDS • • Industrial / General

TechnologyIT ServicesData Center & Cloud InfrastructureData Center Operators

Revenue $10.32B +3.7%
EBITDA $4.51B +285.3%
Net Income $3.43B +179.8%
EPS (Diluted) -4.56 +80.7%
Gross Margin 21.53% +11.5%
EBITDA Margin 43.65% +271.6%
Operating Margin 11.16% +145.2%
Net Margin 33.19% +177.0%
ROE 15.64% +180.8%
ROIC 1.43% +146.9%
Debt/Equity 1.88 -21.2%
Interest Coverage 0.60 +149.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 84 (top 16%)
✓Strong 5Y sales CAGR of 20.1%
✓Trading at only 0.3x book value

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y36.25%

5Y20.15%

3Y9.7%

TTM2.05%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM242.65%

EPS CAGR

10Y-

5Y-

3Y-

TTM124.54%

ROCE

10Y Avg0.52%

5Y Avg0.34%

3Y Avg-0.37%

Latest1.76%

Peer Comparison

Data Center Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSSITSS, Inc.	321.91M	11.16	46.50	172.33%	2.08%	7.69%	2.12%	4.58
VNETVNET Group, Inc.	3.03B	11.49	17.41	11.41%	-5.97%	-7.48%		2.67
SAIHWSAIHEAT Limited	17.98K	0.03	-0.01	-18.2%	-106.19%	-37.75%		0.19
SAIHSAIHEAT Limited	11.04M	8.71	-2.52	-18.2%	-106.19%	-37.75%		0.19
GDSGDS Holdings Limited	8.08B	43.40	-9.52	3.67%	50.05%	20.93%		1.88
APLDApplied Digital Corporation	9.85B	35.22	-30.36	57.74%	-43.49%	-6.23%		1.11

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	703.64M	1.06B	1.62B	2.79B	4.12B	5.74B	7.82B	9.33B	9.96B	10.32B
Revenue Growth %	0.5%	0.5%	0.53%	0.73%	0.48%	0.39%	0.36%	0.19%	0.07%	0.04%
Cost of Goods Sold+	515M	790.29M	1.21B	2.17B	3.08B	4.19B	6.04B	7.39B	8.03B	8.1B
COGS % of Revenue	0.73%	0.75%	0.75%	0.78%	0.75%	0.73%	0.77%	0.79%	0.81%	0.78%
Gross Profit+	188.64M	265.67M	408.47M	622.44M	1.04B	1.55B	1.78B	1.94B	1.92B	2.22B
Gross Margin %	0.27%	0.25%	0.25%	0.22%	0.25%	0.27%	0.23%	0.21%	0.19%	0.22%
Gross Profit Growth %	1.35%	0.41%	0.54%	0.52%	0.68%	0.49%	0.15%	0.09%	-0.01%	0.16%
Operating Expenses+	185.94M	308.05M	326.24M	454.09M	562.95M	877.51M	1.21B	1.37B	4.38B	1.07B
OpEx % of Revenue	0.26%	0.29%	0.2%	0.16%	0.14%	0.15%	0.15%	0.15%	0.44%	0.1%
Selling, General & Admin	186.3M	298.95M	318.98M	440.17M	541.32M	837.46M	1.17B	1.34B	1.33B	1.03B
SG&A % of Revenue	0.26%	0.28%	0.2%	0.16%	0.13%	0.15%	0.15%	0.14%	0.13%	0.1%
Research & Development	3.55M	9.1M	7.26M	13.91M	21.63M	40.05M	39.34M	35.81M	38.16M	36.32M
R&D % of Revenue	0.01%	0.01%	0%	0%	0.01%	0.01%	0.01%	0%	0%	0%
Other Operating Expenses	1.17M	2.5M	0	0	0	0	0	0	3.01B	0
Operating Income+	-1.22M	-42.37M	82.23M	168.35M	479.78M	672.94M	569.52M	551.78M	-2.46B	1.15B
Operating Margin %	-0%	-0.04%	0.05%	0.06%	0.12%	0.12%	0.07%	0.06%	-0.25%	0.11%
Operating Income Growth %	0.98%	-33.82%	2.94%	1.05%	1.85%	0.4%	-0.15%	-0.03%	-5.46%	1.47%
EBITDA+	144.19M	184.98M	460.36M	909.86M	1.62B	2.33B	3.23B	3.84B	1.17B	4.51B
EBITDA Margin %	0.2%	0.18%	0.28%	0.33%	0.39%	0.41%	0.41%	0.41%	0.12%	0.44%
EBITDA Growth %	19.44%	0.28%	1.49%	0.98%	0.78%	0.44%	0.38%	0.19%	-0.7%	2.85%
D&A (Non-Cash Add-back)	145.41M	227.35M	378.13M	741.51M	1.14B	1.66B	2.66B	3.29B	3.63B	3.35B
EBIT	16.33M	-19.49M	82.23M	168.35M	479.78M	672.94M	569.52M	898M	-2.26B	1.15B
Net Interest Income+	-125.55M	-263.16M	-406.4M	-636.97M	-915.68M	-1.29B	-1.6B	-1.84B	-1.94B	-1.83B
Interest Income	1.35M	0	5.6M	19.21M	53.02M	29.01M	50.45M	42.23M	97.55M	89.78M
Interest Expense	126.9M	263.16M	412M	656.19M	968.69M	1.32B	1.65B	1.88B	2.04B	1.92B
Other Income/Expense	-109.35M	-242.35M	-415.2M	-608.01M	-906.21M	-1.22B	-1.52B	-1.54B	-1.84B	-1.77B
Pretax Income+	-110.57M	-284.73M	-332.98M	-439.66M	-426.43M	-548.44M	-948.75M	-989.88M	-4.3B	-614.86M
Pretax Margin %	-0.16%	-0.27%	-0.21%	-0.16%	-0.1%	-0.1%	-0.12%	-0.11%	-0.43%	-0.06%
Income Tax+	-11.98M	-8.31M	-6.08M	-9.39M	15.65M	120.78M	242.46M	276.24M	-14.78M	156.05M
Effective Tax Rate %	0.89%	0.97%	0.98%	0.98%	1.04%	1.22%	1.26%	1.28%	1%	-5.57%
Net Income+	-98.58M	-276.41M	-326.9M	-430.27M	-442.08M	-669.21M	-1.19B	-1.27B	-4.29B	3.43B
Net Margin %	-0.14%	-0.26%	-0.2%	-0.15%	-0.11%	-0.12%	-0.15%	-0.14%	-0.43%	0.33%
Net Income Growth %	0.24%	-1.8%	-0.18%	-0.32%	-0.03%	-0.51%	-0.78%	-0.06%	-2.39%	1.8%
Net Income (Continuing)	-98.58M	-276.41M	-326.9M	-430.27M	-442.08M	-669.21M	-1.19B	-1.27B	-4.29B	-770.91M
Discontinued Operations	0	0	0	0	0	0	0	0	0	4.2B
Minority Interest	0	0	0	0	0	120.82M	59.17M	116.59M	165.58M	129.93M
EPS (Diluted)+	-2.08	-7.36	-3.33	-3.48	-3.63	-4.71	-7.23	-8.25	-23.67	-4.56
EPS Growth %	0.95%	-2.54%	0.55%	-0.05%	-0.04%	-0.3%	-0.54%	-0.14%	-1.87%	0.81%
EPS (Basic)	-2.08	-7.36	-3.33	-3.48	-3.63	-4.71	-7.23	-8.25	-23.67	-4.56
Diluted Shares Outstanding	48.28M	37.39M	98.07M	123.78M	137.87M	156.69M	181.61M	183.06M	183.52M	183.52M
Basic Shares Outstanding	48.28M	37.39M	98.07M	123.78M	121.85M	145.5M	174.83M	176.85M	181.26M	183.52M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.19B	2.21B	2.45B	3.04B	7.08B	18.32B	14.46B	11.95B	10.98B	11.61B
Cash & Short-Term Investments	924.5M	1.81B	1.87B	2.16B	5.81B	16.26B	9.97B	8.61B	7.71B	7.87B
Cash Only	924.5M	1.81B	1.87B	2.16B	5.81B	16.26B	9.97B	8.61B	7.71B	7.87B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	111.01M	198.85M	364.65M	536.84M	879.96M	1.48B	1.73B	2.41B	2.55B	3.26B
Days Sales Outstanding	57.59	68.73	82.35	70.18	77.91	94.15	80.89	94.17	93.33	115.36
Inventory	91M	126.7M	103.61M	64.93M	115.21M	250.81M	0	0	0	0
Days Inventory Outstanding	64.5	58.52	31.31	10.92	13.65	21.86	-	-	-	-
Other Current Assets	99.79M	149.78M	165.56M	274.09M	312.9M	415.03M	2.56B	750.11M	552.08M	482.95M
Total Non-Current Assets+	3.94B	5.99B	10.69B	17.85B	24.41B	38.94B	57.17B	62.86B	63.46B	62.04B
Property, Plant & Equipment	2.51B	4.32B	8.17B	13.99B	19.98B	32.66B	44.65B	52.55B	52.94B	45.4B
Fixed Asset Turnover	0.28x	0.24x	0.20x	0.20x	0.21x	0.18x	0.18x	0.18x	0.19x	0.23x
Goodwill	1.29B	1.34B	1.57B	1.75B	2.3B	3.38B	8.36B	8.12B	7.08B	0
Intangible Assets	74.34M	119.36M	374.71M	1.24B	747.19M	678.19M	634.95M	23M	710.94M	6.39B
Long-Term Investments	0	-12.63M	-14.3M	-36.97M	-72.93M	-146.09M	-186.5M	0	0	7.54B
Other Non-Current Assets	57.52M	237.01M	605.72M	1.62B	1.38B	2.22B	3.52B	1.94B	2.45B	2.7B
Total Assets+	5.13B	8.2B	13.14B	20.89B	31.49B	57.26B	71.63B	74.81B	74.45B	73.65B
Asset Turnover	0.14x	0.13x	0.12x	0.13x	0.13x	0.10x	0.11x	0.12x	0.13x	0.14x
Asset Growth %	0.33%	0.6%	0.6%	0.59%	0.51%	0.82%	0.25%	0.04%	-0%	-0.01%
Total Current Liabilities+	925.05M	1.48B	2.42B	3.51B	4B	7.64B	13.47B	10.6B	8.31B	9.08B
Accounts Payable	215.66M	513.54M	1.11B	1.51B	1.68B	3.66B	3.9B	3.09B	3.42B	2.59B
Days Payables Outstanding	152.85	237.18	335.6	253.7	198.63	318.69	235.82	152.77	155.6	116.87
Short-Term Debt	428.22M	628.48M	790.48M	1.28B	1.14B	2.15B	5.95B	5.71B	2.83B	4.34B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	210.57M	137.4M	424.08M	552.83M	1.09B	0	0	0	0	0
Current Ratio	1.28x	1.49x	1.01x	0.87x	1.77x	2.40x	1.07x	1.13x	1.32x	1.28x
Quick Ratio	1.18x	1.41x	0.97x	0.85x	1.74x	2.36x	1.07x	1.13x	1.32x	1.28x
Cash Conversion Cycle	-30.76	-109.93	-221.93	-172.59	-107.07	-202.69	-	-	-	-
Total Non-Current Liabilities+	2.15B	3.74B	6.25B	11.86B	17.2B	24.05B	33.63B	40.03B	46.02B	40.9B
Long-Term Debt	1.61B	2.55B	3.46B	7.21B	10.08B	12.5B	20.18B	27.81B	35.14B	30.48B
Capital Lease Obligations	424.94M	1.02B	2.3B	4.13B	5.46B	9.64B	10.82B	10.53B	9.29B	8.88B
Deferred Tax Liabilities	37.69M	53.28M	124.28M	171.88M	252.67M	462.01M	734.28M	1.41B	0	0
Other Non-Current Liabilities	116.7M	97.66M	342.11M	331.04M	1.39B	1.43B	1.84B	207.81M	1.59B	1.54B
Total Liabilities	3.07B	5.22B	8.67B	15.36B	21.2B	31.69B	47.1B	50.63B	54.32B	49.98B
Total Debt+	2.51B	4.29B	6.65B	12.79B	16.95B	24.63B	37.79B	44.68B	47.99B	44.46B
Net Debt	1.58B	2.48B	4.78B	10.63B	11.14B	8.37B	27.82B	36.08B	40.28B	36.59B
Debt / Equity	1.22x	1.44x	1.49x	2.32x	1.65x	0.96x	1.54x	1.85x	2.38x	1.88x
Debt / EBITDA	17.40x	23.19x	14.45x	14.06x	10.45x	10.56x	11.71x	11.63x	41.04x	9.87x
Net Debt / EBITDA	10.99x	13.40x	10.38x	11.68x	6.87x	3.59x	8.62x	9.39x	34.45x	8.12x
Interest Coverage	-0.01x	-0.16x	0.20x	0.26x	0.50x	0.51x	0.34x	0.29x	-1.21x	0.60x
Total Equity+	2.05B	2.99B	4.48B	5.52B	10.29B	25.69B	24.53B	24.18B	20.12B	23.67B
Equity Growth %	-0.04%	0.45%	0.5%	0.23%	0.86%	1.5%	-0.04%	-0.01%	-0.17%	0.18%
Book Value per Share	42.56	79.88	45.64	44.61	74.66	163.93	135.08	132.12	109.65	128.97
Total Shareholders' Equity	2.05B	2.99B	4.48B	5.52B	10.29B	25.57B	24.47B	24.07B	19.96B	23.54B
Common Stock	76K	260K	320K	341K	412K	507K	507K	516K	516K	527K
Retained Earnings	-582.25M	-858.66M	-1.19B	-1.62B	-2.06B	-2.72B	-3.91B	-5.18B	-9.47B	-6.04B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-61.95M	-192.08M	-200.69M	-139.25M	-52.68M	-439.63M	-599.19M	-848.36M	-974.39M	-1.09B
Minority Interest	0	0	0	0	0	120.82M	59.17M	116.59M	165.58M	129.93M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-80.3M	-150.23M	-174.61M	-12.91M	293.44M	320.89M	1.2B	2.86B	2.07B	1.94B
Operating CF Margin %	-0.11%	-0.14%	-0.11%	-0%	0.07%	0.06%	0.15%	0.31%	0.21%	0.19%
Operating CF Growth %	-3.87%	-0.87%	-0.16%	0.93%	23.73%	0.09%	2.74%	1.38%	-0.28%	-0.06%
Net Income	-98.58M	-276.41M	-326.9M	-430.27M	-442.08M	-669.21M	-1.19B	-1.27B	-4.29B	3.43B
Depreciation & Amortization	145.41M	227.35M	378.13M	741.51M	1.14B	1.64B	2.62B	3.19B	3.63B	3.35B
Stock-Based Compensation	4.06M	64.17M	59.84M	105.88M	189.76M	333.69M	391.27M	290.81M	336.62M	296.49M
Deferred Taxes	-10.59M	-10.62M	-11.62M	-36.6M	-50.17M	-89.74M	-48.46M	-99.15M	-295.93M	0
Other Non-Cash Items	-11.91M	3.7M	48.1M	63.83M	100.16M	131.11M	242.76M	69.36M	3.17B	-4.59B
Working Capital Changes	-120.59M	-158.41M	-322.16M	-457.25M	-646.26M	-1.02B	-809.89M	674.09M	-484.86M	-543.7M
Change in Receivables	-37.65M	-79.38M	-134.63M	-157.71M	-342.19M	-465.19M	-37.99M	-678.83M	-156.33M	-665.88M
Change in Inventory	-89.9M	-119.56M	-285.72M	-303.71M	-359.33M	-692.71M	-847.05M	0	0	0
Change in Payables	-5.15M	43.84M	33.9M	25.29M	22.54M	119.16M	35.5M	189.71M	17.98M	-15.63M
Cash from Investing+	-731.9M	-1.15B	-2.04B	-4.73B	-5.13B	-9.38B	-13.69B	-11.27B	-6.33B	-8.76B
Capital Expenditures	-732.98M	-987.7M	-1.76B	-4.26B	-4.55B	-8.02B	-9.7B	-7.8B	-6.25B	-2.97B
CapEx % of Revenue	1.04%	0.94%	1.09%	1.53%	1.1%	1.4%	1.24%	0.84%	0.63%	0.29%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.07M	-42M	-6.03M	-1M	-30.7M	4.5M	20.87M	6.24M	61.3M	-6.92B
Cash from Financing+	1.13B	2.13B	2.35B	4.88B	8.36B	20.14B	8.12B	4.86B	3.14B	17.06B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-76.5M	0	0	-25.01M	-65.49M	-49.22M	-51.58M	-53.92M	-54.17M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-44.69M	1.16B	566.61M	1.05B	81.41M	1.06B	1.15B	-68.45M	-44.86M	17.06B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-813.28M	-1.14B	-1.93B	-4.27B	-4.26B	-7.7B	-8.5B	-4.95B	-4.19B	-1.32B
FCF Margin %	-1.16%	-1.08%	-1.2%	-1.53%	-1.03%	-1.34%	-1.09%	-0.53%	-0.42%	-0.13%
FCF Growth %	-2.69%	-0.4%	-0.7%	-1.21%	0%	-0.81%	-0.1%	0.42%	0.15%	0.69%
FCF per Share	-16.84	-30.44	-19.73	-34.50	-30.89	-49.14	-46.79	-27.02	-22.82	-7.17
FCF Conversion (FCF/Net Income)	0.81x	0.54x	0.53x	0.03x	-0.66x	-0.48x	-1.01x	-2.26x	-0.48x	0.57x
Interest Paid	81.22M	228.68M	358.75M	633.06M	841.39M	1.11B	1.54B	1.8B	2.06B	2.1B
Taxes Paid	853K	5.64M	1.37M	3.37M	17.03M	211.61M	252.07M	343.35M	302.72M	389.84M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.69%	-10.97%	-8.76%	-8.61%	-5.59%	-3.72%	-4.74%	-5.2%	-19.36%	15.64%
Return on Invested Capital (ROIC)	-0.03%	-0.7%	0.84%	0.99%	1.91%	1.82%	0.99%	0.73%	-3.06%	1.43%
Gross Margin	26.81%	25.16%	25.27%	22.29%	25.29%	27.02%	22.76%	20.76%	19.31%	21.53%
Net Margin	-14.01%	-26.18%	-20.23%	-15.41%	-10.72%	-11.66%	-15.24%	-13.58%	-43.09%	33.19%
Debt / Equity	1.22x	1.44x	1.49x	2.32x	1.65x	0.96x	1.54x	1.85x	2.38x	1.88x
Interest Coverage	-0.01x	-0.16x	0.20x	0.26x	0.50x	0.51x	0.34x	0.29x	-1.21x	0.60x
FCF Conversion	0.81x	0.54x	0.53x	0.03x	-0.66x	-0.48x	-1.01x	-2.26x	-0.48x	0.57x
Revenue Growth	50.24%	50.07%	53.05%	72.76%	47.65%	39.21%	36.24%	19.27%	6.76%	3.67%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Service revenue	-	-	-	7.81B	9.32B	9.96B	10.32B
Service revenue Growth	-	-	-	-	19.24%	6.85%	3.68%
Colocation services	-	-	-	6.51B	7.94B	8.67B	9.17B
Colocation services Growth	-	-	-	-	21.94%	9.14%	5.76%
Managed service and others	-	-	-	1.3B	1.37B	1.29B	1.15B
Managed service and others Growth	-	-	-	-	5.73%	-6.43%	-10.40%
Equipment sales	-	-	-	4.28M	7.74M	564K	180K
Equipment sales Growth	-	-	-	-	80.97%	-92.71%	-68.09%
Service	2.76B	4.09B	5.72B	-	-	-	-
Service Growth	-	48.38%	39.62%	-	-	-	-
Colocation Services	2.1B	3.26B	4.71B	-	-	-	-
Colocation Services Growth	-	55.01%	44.43%	-	-	-	-
Managed Service And Others	655.23M	832.83M	1.01B	-	-	-	-
Managed Service And Others Growth	-	27.10%	20.79%	-	-	-	-
Equipment Sales	32.59M	27.83M	22.1M	-	-	-	-
Equipment Sales Growth	-	-14.59%	-20.59%	-	-	-	-

Frequently Asked Questions

Growth & Financials

GDS Holdings Limited (GDS) reported $11.20B in revenue for fiscal year 2024. This represents a 2292% increase from $468.3M in 2014.

GDS Holdings Limited (GDS) grew revenue by 3.7% over the past year. Growth has been modest.

Yes, GDS Holdings Limited (GDS) is profitable, generating $5.61B in net income for fiscal year 2024 (33.2% net margin).

Dividend & Returns

Yes, GDS Holdings Limited (GDS) pays a dividend with a yield of 0.68%. This makes it attractive for income-focused investors.

GDS Holdings Limited (GDS) has a return on equity (ROE) of 15.6%. This is reasonable for most industries.

GDS Holdings Limited (GDS) had negative free cash flow of $766.3M in fiscal year 2024, likely due to heavy capital investments.