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GDSGDS Holdings Limited
$22.35$4.4B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
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GDS logo

GDS Holdings Limited

GDS
NASDAQ · Cloud & Data Centers
$22.35
At close - Nov 6, 4:00 PM EST - USD
Market Cap$4.36B
P/E10.3x
52W High$48.61
Volume3.93M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Aggressive Expansion Drives Growth Amid Severe Cash Burn

GDS Holdings is experiencing a significant deceleration in revenue growth, falling from 23.6% in Q1 2026 to 6.2% in Q2 2026, while its capital-intensive model has resulted in chronic negative free cash flow, with cumulative deficits exceeding $3.5 billion over the last ten quarters.

GrowthDecelerating
ProfitabilityStrained
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

GDS price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

-63% Peers

P/E is 63% below peer median

03

Market leadership

RS 19 · Lag

Laggard (Underperforming 81% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystConfirmed earnings · Nov 18
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth has decelerated sharply to 6.2% in Q2 2026, while gross margin contracted severely to 19.5% from 33.6% in the prior quarter, indicating significant cost pressures and margin compression.

Analyst Consensus+94.6% target
Buy(20 analysts)
18 Buy2 Hold0 Sell

The Bull Case

Upside Catalysts

Strong revenue growth guidance

GDS Holdings Limited has issued 2026 revenue guidance of RMB 12.40 billion to RMB 12.90 billion, implying an expected 8.5% to 12.8% year-on-year increase.

Successful capital raise

In February 2026, GDS closed a US$300,000,000 private placement of Series B Redeemable Convertible Preferred Shares, with participation from Chinese institutional investors and new investor Huatai Capital Investment Limited.

Strategic investor participation

Huatai Capital Investment Limited's participation in the private placement could bring strategic benefits, as upon full conversion they would hold 2.7% of GDS's total shares.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
GDS-41.71%
S&P 500 (^GSPC)+7.63%
1-Year Return
GDS-34.09%
S&P 500 (^GSPC)+9.69%
3-Year Return
GDS+99.73%
S&P 500 (^GSPC)+71.75%
5-Year Return
GDS-61.69%
S&P 500 (^GSPC)+58.78%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
10.3x
Forward P/EExpansion
6.9x
EV/EBITDA60th %ile
11.0x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
10.3x
8.2x
100th· High
EV/EBITDA
11.0x
10.6x
60th· Fair
Price/FCF
N/A
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$6.55-70.7%
Base (Fair)$24.18+8.2%
Bull$33.86+51.5%
$6.55 Bear$24.18 Base$33.86 Bull
Current Market Price: $22.35
Trades at a 7.6% discount to Base DCF ($24.18)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$11.43B+10.8% YoY
Net income FY25
$950M-71.3% YoY
Free cash flow FY25
-$1.33B-107773.7% YoY
Operating margin FY25
13.4%+2.3 pts YoY
ROIC (FY25)1.9%
Avg ROIC 5Y0.4%
ROE (TTM)12.5%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 13, 2026
$0.52+4618.7%
vs $0.01
$454M+0.1%
vs $454M
Q2 2026
May 20, 2026
$1.53+4689.1%
vs -$0.03
$488M+11.8%
vs $436M
Q2 2026
Mar 17, 2026
-$0.04-10.8%
vs -$0.04
$418M-0.8%
vs $421M
Q4 2025
Nov 19, 2025
$0.45+850.0%
vs -$0.06
$405M-0.2%
vs $406M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Seeking Alpha·Oct 26, 2026
Baron Real Estate Income Fund Q3 2026 Portfolio Activity

Baron Real Estate Income Fund decreased 7.58% (Institutional Shares) in the third quarter, underperforming the MSCI US REIT Index, which decreased 6.33%. Welltower is a leading owner and operator of senior housing communities across the U.S., Canada, and the U.K., and is the largest health care REIT by market capitalization. We initiated a position in AAON, Inc., following a disappointing second quarter earnings result.

GuruFocus·Oct 6, 2026
GDS Holdings Ltd (GDS) Stock Up 5.9% but GF Value Says Overvalued -- GF Score: 65/100

On October 06, 2026, GDS Holdings Ltd (GDS) shares rose 5.9% to $31.03, within a 52-week range of $26.97 to $48.61. While today's increase may appear promising,

Defense World·Sep 28, 2026
GDS (NASDAQ:GDS) and Mogo (NASDAQ:MOGO) Head-To-Head Contrast

Mogo (NASDAQ: MOGO - Get Free Report) and GDS (NASDAQ: GDS - Get Free Report) are both technology companies, but which is the better stock? We will contrast the two companies based on the strength of their institutional ownership, analyst recommendations, earnings, dividends, profitability, valuation and risk. Volatility and Risk Mogo has a beta of 2.71, suggesting

Defense World·Sep 21, 2026
Critical Analysis: GDS (NASDAQ:GDS) and International Business Machines (NYSE:IBM)

GDS (NASDAQ: GDS - Get Free Report) and International Business Machines (NYSE: IBM - Get Free Report) are both technology companies, but which is the better business? We will contrast the two companies based on the strength of their earnings, risk, analyst recommendations, dividends, institutional ownership, valuation and profitability. Analyst Ratings This is a summary of recent

Filtered for GDS Holdings LimitedMore Headlines
04

Compare before deciding

Benchmark GDS against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for GDS Holdings Limited (GDS)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
GDS logoGDSGDS Holdings LimitedCurrent
$22.35$4.36B10.3310.76%30.52%12.46%0.18%
VNET logoVNETVNET Group, Inc.
$3.16$883.41M-2.5017.18%-22.33%-26.38%—
BTBT logoBTBTBit Digital, Inc.
$0.73$256.77M-0.88-32.54%-5.61%-38.19%0.04%
DLR logoDLRDigital Realty Trust, Inc.
$174.20$64.45B71.4110.04%12.92%3.37%2.82%
EQIX logoEQIXEquinix, Inc.
$1012.71$99.93B61.015.85%16.35%11.48%1.87%
COR logoCORCencora, Inc.
$333.56$64.9B18.365%1.03%110.59%0.74%

Compare GDS vs Peers

GDS Holdings Limited (GDS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VNET

Most directly comparable listed peer for GDS.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare GDS against a more recognizable public peer.

Peer Set

Compare Top 5

vs VNET, BTBT, DLR, EQIX

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GDS Frequently Asked Questions

GDS Holdings Limited (GDS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is GDS Holdings Limited's revenue?

GDS Holdings Limited (GDS) reported $12.26B in revenue over the trailing twelve months. Revenue was $11.43B in fiscal year 2025. That is 2341% more than the $468.3M of fiscal year 2014.

How fast is GDS Holdings Limited growing?

GDS Holdings Limited (GDS) grew revenue by 20.8% over the trailing twelve months, compared with the twelve months before.

Is GDS profitable?

Yes. GDS Holdings Limited (GDS) earned $3.74B in net income over the trailing twelve months (a 30.5% net margin).

Dividend & Returns
Does GDS pay dividends?

Yes. GDS Holdings Limited (GDS) pays a dividend that yields 0.18% at the current price, a small yield.

What is GDS's return on equity?

GDS Holdings Limited (GDS) had a return on equity (ROE) of 12.5% over the trailing twelve months. That is in line with the market's typical 10-15%.

What is GDS Holdings Limited's free cash flow?

GDS Holdings Limited (GDS) had negative free cash flow of $859.5M over the trailing twelve months.

What if you invested $1,000 in GDS back in 2014?

Total return calculator · dividends reinvested · 12+ years of data

See returns →