The company has made progress in deleveraging, successfully lowering its debt-to-equity ratio to 1.45 as of 2026Q1 compared to the 2.51 peak observed in 2024Q1.
| Total Current Assets | 23.49B | 18.56B | 11.61B | 10.98B | 11.95B | 14.46B | 18.32B | 7.08B | 3.04B | 2.45B | 2.21B | 1.19B | 745.83M |
| Cash & Short-Term Investments | 14.77B | 14.97B | 7.87B | 7.71B | 8.61B | 9.97B | 16.26B | 5.81B | 2.16B | 1.87B | 1.81B | 924.5M | 606.76M |
| Cash Only | 14.77B | 14.32B | 7.87B | 7.71B | 8.61B | 9.97B | 16.26B | 5.81B | 2.16B | 1.87B | 1.81B | 924.5M | 606.76M |
| Short-Term Investments | 0 | 667.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.24B | 3.03B | 3.26B | 2.55B | 2.41B | 1.73B | 1.48B | 879.96M | 536.84M | 364.65M | 198.85M | 111.01M | 73.37M |
| Days Sales Outstanding | 93.57 | 99.48 | 115.36 | 93.33 | 94.17 | 80.89 | 94.15 | 77.91 | 70.18 | 82.35 | 68.73 | 57.59 | 57.18 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 250.81M | 115.21M | 64.93M | 103.61M | 126.7M | 91M | 46.35M |
| Days Inventory Outstanding | - | - | - | - | - | - | 21.86 | 13.65 | 10.92 | 31.31 | 58.52 | 64.5 | 43.59 |
| Other Current Assets | 5.49B | 554.65M | 482.95M | 552.08M | 750.11M | 2.56B | 415.03M | 312.9M | 274.09M | 165.56M | 149.78M | 99.79M | 29.33M |
| Total Non-Current Assets | 60.33B | 61.49B | 62.04B | 63.46B | 62.86B | 57.17B | 38.94B | 24.41B | 17.85B | 10.69B | 5.99B | 3.94B | 3.11B |
| Property, Plant & Equipment | 42.53B | 42.91B | 45.4B | 52.94B | 52.55B | 44.65B | 32.66B | 19.98B | 13.99B | 8.17B | 4.32B | 2.51B | 1.69B |
| Fixed Asset Turnover | 0.28x | 0.26x | 0.23x | 0.19x | 0.18x | 0.18x | 0.18x | 0.21x | 0.20x | 0.20x | 0.24x | 0.28x | 0.28x |
| Goodwill | 0 | 5.19B | 0 | 7.08B | 8.12B | 8.36B | 3.38B | 2.3B | 1.75B | 1.57B | 1.34B | 1.29B | 1.29B |
| Intangible Assets | 5.4B | 289.46M | 6.39B | 710.94M | 23M | 634.95M | 678.19M | 747.19M | 1.24B | 374.71M | 119.36M | 74.34M | 83.89M |
| Long-Term Investments | 35.7B | 10.06B | 7.54B | 0 | 0 | -186.5M | -146.09M | -72.93M | -36.97M | -14.3M | -12.63M | 0 | 0 |
| Other Non-Current Assets | 3.09B | 3.05B | 2.7B | 2.45B | 1.94B | 3.52B | 2.22B | 1.38B | 1.62B | 605.72M | 237.01M | 57.52M | 34.75M |
| Total Assets | 83.82B | 80.05B | 73.65B | 74.45B | 74.81B | 71.63B | 57.26B | 31.49B | 20.89B | 13.14B | 8.2B | 5.13B | 3.85B |
| Asset Turnover | 0.15x | 0.14x | 0.14x | 0.13x | 0.12x | 0.11x | 0.10x | 0.13x | 0.13x | 0.12x | 0.13x | 0.14x | 0.12x |
| Asset Growth % | 18.31% | 8.69% | -1.07% | -0.49% | 4.44% | 25.1% | 81.82% | 50.79% | 58.89% | 60.22% | 59.97% | 33.06% | - |
| Total Current Liabilities | 12.59B | 7.13B | 9.08B | 8.31B | 10.6B | 13.47B | 7.64B | 4B | 3.51B | 2.42B | 1.48B | 925.05M | 897.63M |
| Accounts Payable | 1.9B | 1.93B | 2.59B | 3.42B | 3.09B | 3.9B | 3.66B | 1.68B | 1.51B | 1.11B | 513.54M | 215.66M | 231.81M |
| Days Payables Outstanding | 85 | 79.77 | 116.87 | 155.6 | 152.77 | 235.82 | 318.69 | 198.63 | 253.7 | 335.6 | 237.18 | 152.85 | 217.98 |
| Short-Term Debt | 9.44B | 2.95B | 4.34B | 2.83B | 5.71B | 5.95B | 2.15B | 1.14B | 1.28B | 790.48M | 628.48M | 428.22M | 441.05M |
| Deferred Revenue (Current) | 113.83M | 113.83M | 0 | 119.89M | 156.13M | 90.99M | 96.67M | 96.32M | 77.88M | 55.61M | 40.66M | 46.51M | 43.3M |
| Other Current Liabilities | 1.24B | 989.91M | 0 | 0 | 0 | 0 | 0 | 1.09B | 552.83M | 424.08M | 137.4M | 210.57M | 118.08M |
| Current Ratio | 1.87x | 2.60x | 1.28x | 1.32x | 1.13x | 1.07x | 2.40x | 1.77x | 0.87x | 1.01x | 1.49x | 1.28x | 0.83x |
| Quick Ratio | 1.87x | 2.60x | 1.28x | 1.32x | 1.13x | 1.07x | 2.36x | 1.74x | 0.85x | 0.97x | 1.41x | 1.18x | 0.78x |
| Cash Conversion Cycle | 8.57 | - | - | - | - | - | -202.69 | -107.07 | -172.59 | -221.93 | -109.93 | -30.76 | -117.21 |
| Total Non-Current Liabilities | 38.91B | 45.16B | 40.9B | 46.02B | 40.03B | 33.63B | 24.05B | 17.2B | 11.86B | 6.25B | 3.74B | 2.15B | 808.97M |
| Long-Term Debt | 30.77B | 35.53B | 30.48B | 35.14B | 27.81B | 20.18B | 12.5B | 10.08B | 7.21B | 3.46B | 2.55B | 1.61B | 492.12M |
| Capital Lease Obligations | 31.96B | 8.26B | 8.88B | 9.29B | 10.53B | 10.82B | 9.64B | 5.46B | 4.13B | 2.3B | 1.02B | 424.94M | 247M |
| Deferred Tax Liabilities | 1.14B | 1.14B | 0 | 0 | 1.41B | 734.28M | 462.01M | 252.67M | 171.88M | 124.28M | 53.28M | 37.69M | 40.72M |
| Other Non-Current Liabilities | 1.34B | 113.55M | 1.54B | 1.59B | 207.81M | 1.84B | 1.43B | 1.39B | 331.04M | 342.11M | 97.66M | 116.7M | 69.85M |
| Total Liabilities | 51.5B | 52.29B | 49.98B | 54.32B | 50.63B | 47.1B | 31.69B | 21.2B | 15.36B | 8.67B | 5.22B | 3.07B | 1.71B |
| Total Debt | 47.01B | 47.55B | 44.46B | 47.99B | 44.68B | 37.79B | 24.63B | 16.95B | 12.79B | 6.65B | 4.29B | 2.51B | 1.22B |
| Net Debt | 32.24B | 33.24B | 36.59B | 40.28B | 36.08B | 27.82B | 8.37B | 11.14B | 10.63B | 4.78B | 2.48B | 1.58B | 613.03M |
| Debt / Equity | 1.45x | 1.71x | 1.88x | 2.38x | 1.85x | 1.54x | 0.96x | 1.65x | 2.32x | 1.49x | 1.44x | 1.22x | 0.57x |
| Debt / EBITDA | 8.61x | 9.85x | 9.87x | 41.04x | 11.63x | 11.71x | 10.56x | 10.45x | 14.06x | 14.45x | 23.19x | 17.40x | 172.90x |
| Net Debt / EBITDA | 5.91x | 6.88x | 8.12x | 34.45x | 9.39x | 8.62x | 3.59x | 6.87x | 11.68x | 10.38x | 13.40x | 10.99x | 86.89x |
| Interest Coverage | 1.65x | 0.92x | 0.60x | -1.11x | 0.48x | 0.34x | 0.51x | 0.50x | 0.26x | 0.20x | -0.07x | 0.13x | -0.02x |
| Total Equity | 32.32B | 27.75B | 23.67B | 20.12B | 24.18B | 24.53B | 25.69B | 10.29B | 5.52B | 4.48B | 2.99B | 2.05B | 2.15B |
| Equity Growth % | 69.39% | 17.26% | 17.62% | -16.79% | -1.42% | -4.49% | 149.54% | 86.41% | 23.38% | 49.86% | 45.34% | -4.32% | - |
| Book Value per Share | 127.27 | 135.01 | 128.97 | 109.65 | 132.12 | 135.08 | 163.93 | 74.66 | 44.61 | 45.64 | 79.88 | 42.56 | 630.49 |
| Total Shareholders' Equity | 31.42B | 26.86B | 23.54B | 19.96B | 24.07B | 24.47B | 25.57B | 10.29B | 5.52B | 4.48B | 2.99B | 2.05B | 2.15B |
| Common Stock | 559.9K | 562.35K | 527K | 516K | 516K | 507K | 507K | 412K | 341K | 320K | 260K | 76K | 76K |
| Retained Earnings | -2.44B | -5.1B | -6.04B | -9.47B | -5.18B | -3.91B | -2.72B | -2.06B | -1.62B | -1.19B | -858.66M | -582.25M | -483.67M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -866.19M | -829.85M | -1.09B | -974.39M | -848.36M | -599.19M | -439.63M | -52.68M | -139.25M | -200.69M | -192.08M | -61.95M | 56.54M |
| Minority Interest | 897.23M | 897.96M | 129.93M | 165.58M | 116.59M | 59.17M | 120.82M | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and capital intensity
According to the latest quarterly financial data, GDS has successfully reduced its debt-to-equity ratio from a peak of 2.51 in 2024Q1 to 1.45 by 2026Q1, signaling a potential shift toward more disciplined capital management despite persistent structural challenges in its underlying asset base.
The reduction in leverage appears to be driven by a combination of equity expansion and debt management, though the company remains heavily reliant on external financing. Investors should monitor whether this trend represents a sustainable improvement in financial health or merely a temporary reaction to tightening credit conditions.
As reported in recent financial statements, GDS maintains a substantial debt load of $47.0 billion as of 2026Q1, which continues to represent a significant portion of the company's total liabilities and underscores the ongoing necessity of debt-funded growth for its capital-intensive data center operations.
The sheer scale of debt relative to the company's equity base suggests that GDS remains highly sensitive to interest rate fluctuations and refinancing risks. This leverage profile implies that the company's long-term viability is contingent upon its ability to maintain access to capital markets to fund its ongoing infrastructure expansion.
Based on the provided quarterly figures, GDS has bolstered its cash position to $14.8 billion in 2026Q1, resulting in a current ratio of 1.87, which suggests a temporary improvement in the company's ability to cover its short-term obligations compared to the 1.13 ratio observed in 2024Q1.
While the increase in cash reserves provides a necessary buffer against operational volatility, the company's history of negative free cash flow warrants caution regarding the longevity of this liquidity. The current ratio improvement may be partially offset by the high level of near-term debt maturities inherent in the company's capital structure.
Financial statements indicate that GDS's asset composition remains heavily skewed toward property, plant, and equipment, with net PPE totaling $42.5 billion in 2026Q1, reflecting the company's commitment to maintaining a massive, specialized infrastructure footprint in competitive Tier 1 markets.
The concentration of assets in physical infrastructure highlights the company's vulnerability to asset impairment risks should utilization rates fail to meet expectations. The high carrying value of these assets suggests that any shift in demand or regulatory environment could necessitate significant write-downs, impacting the company's book value.
As indicated by the reported figures, GDS continues to carry a significant accumulated deficit, with retained earnings remaining negative at $2.4 billion in 2026Q1, which suggests that the company has yet to achieve the scale required to generate consistent, self-sustaining profitability from its core operations.
The persistent negative retained earnings highlight the disconnect between the company's aggressive infrastructure build-out and its ability to generate bottom-line returns for shareholders. This trend warrants further investigation into whether the company's business model can eventually transition to a self-funding state without continued reliance on external capital infusions.
Quick answers to the most common questions about buying GDS stock.
As of 2025, GDS Holdings Limited (GDS) had total assets of $80.05B including $18.56B in current assets.
GDS Holdings Limited (GDS) carries total debt of $47.55B, offset by $14.97B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
GDS Holdings Limited (GDS) has total shareholders' equity (book value) of $26.86B ($135.01 book value per share). Book value represents the net worth of the company belonging to common stock holders.
GDS Holdings Limited (GDS) reported a current ratio of 2.60x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.