GDS Holdings Limited (GDS) Financial Ratios
12 years of historical data (2014–2025) · Technology · Information Technology Services
EV/EBITDA
↓
15.47
+3% vs avg
5yr avg: 15.00
30Y Low8.4·High35.9
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↓
1.58
↑+666% vs avg
5yr avg: 0.21
30Y Low0.1·High0.7
ROE
↑
3.6%
↓+278% vs avg
5yr avg: -2.0%
30Y Low-19%·High16%
Debt/EBITDA
↓
9.85
↓-41% vs avg
5yr avg: 16.82
30Y Low9.8·High41.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
GDS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
GDS Holdings Limited trades at 50.3x earnings, 511% above its 5-year average of 8.2x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 73%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.1B | $7.2B | $4.4B | $1.7B | $3.8B | $8.6B | $14.7B | $7.1B | $2.9B | $2.2B | $322M |
| Enterprise Value | $11.0B | $40.4B | $41.0B | $42.0B | $39.9B | $36.4B | $23.0B | $18.3B | $13.5B | $7.0B | $2.8B |
| P/E Ratio → | 50.32 | 8.23 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.73 | 0.65 | 0.42 | 0.17 | 0.40 | 1.10 | 2.56 | 1.73 | 1.02 | 1.37 | 0.30 |
| P/B Ratio | 1.58 | 0.26 | 0.18 | 0.08 | 0.16 | 0.35 | 0.57 | 0.69 | 0.52 | 0.49 | 0.11 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 12.66 | 2.19 | 2.25 | 0.81 | 1.32 | 7.13 | 45.73 | 24.23 | — | — | — |
P/E links to full P/E history page with 30-year chart
GDS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
GDS Holdings Limited's enterprise value stands at 15.5x EBITDA, roughly in line with its 5-year average of 15.0x. The Technology sector median is 16.7x, placing the stock at a 8% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.63 | 3.97 | 4.21 | 4.27 | 4.65 | 4.02 | 4.43 | 4.83 | 4.32 | 2.65 |
| EV / EBITDA | 15.47 | 8.37 | 9.09 | 35.88 | 10.37 | 11.28 | 9.88 | 11.26 | 14.83 | 15.18 | 15.14 |
| EV / EBIT | 51.00 | 27.60 | 35.55 | — | 44.38 | 63.89 | 34.24 | 38.05 | 80.13 | 84.97 | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
GDS Profitability
Margins and return-on-capital ratios measuring operating efficiency
GDS Holdings Limited earns an operating margin of 13.2%. Operating margins have expanded from -24.7% to 13.2% over the past 3 years, signaling improving operational efficiency. ROE of 3.6% is modest. ROIC of 1.8% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.5% | 20.5% | 21.5% | 19.3% | 20.8% | 22.8% | 27.0% | 25.3% | 22.3% | 25.3% | 25.2% |
| Operating Margin | 13.2% | 13.2% | 11.2% | -24.7% | 5.9% | 7.3% | 11.7% | 11.6% | 6.0% | 5.1% | -4.0% |
| Net Profit Margin | 8.3% | 8.3% | 33.2% | -43.1% | -13.6% | -15.2% | -11.7% | -10.7% | -15.4% | -20.2% | -26.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.6% | 3.6% | 15.6% | -19.4% | -5.2% | -4.7% | -3.7% | -5.6% | -8.6% | -8.8% | -11.0% |
| ROA | 1.2% | 1.2% | 4.6% | -5.7% | -1.7% | -1.8% | -1.5% | -1.7% | -2.5% | -3.1% | -4.1% |
| ROIC | 1.8% | 1.8% | 1.4% | -3.1% | 0.7% | 1.0% | 1.8% | 1.9% | 1.0% | 0.8% | -0.7% |
| ROCE | 2.1% | 2.1% | 1.8% | -3.8% | 0.9% | 1.1% | 1.7% | 2.1% | 1.2% | 0.9% | -0.8% |
GDS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
GDS Holdings Limited carries a Debt/EBITDA ratio of 9.8x, which is highly leveraged (235% above the sector average of 2.9x). Net debt stands at $33.2B ($47.6B total debt minus $14.3B cash). Interest coverage of just 0.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.71 | 1.71 | 1.88 | 2.38 | 1.85 | 1.54 | 0.96 | 1.65 | 2.32 | 1.49 | 1.44 |
| Debt / EBITDA | 9.85 | 9.85 | 9.87 | 41.04 | 11.63 | 11.71 | 10.56 | 10.45 | 14.06 | 14.45 | 23.19 |
| Net Debt / Equity | — | 1.20 | 1.55 | 2.00 | 1.49 | 1.13 | 0.33 | 1.08 | 1.93 | 1.07 | 0.83 |
| Net Debt / EBITDA | 6.88 | 6.88 | 8.12 | 34.45 | 9.39 | 8.62 | 3.59 | 6.87 | 11.68 | 10.38 | 13.40 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.92 | 0.92 | 0.60 | -1.11 | 0.48 | 0.34 | 0.51 | 0.50 | 0.26 | 0.20 | -0.07 |
GDS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
GDS Holdings Limited's current ratio of 2.60x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.32x to 2.60x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.60 | 2.60 | 1.28 | 1.32 | 1.13 | 1.07 | 2.40 | 1.77 | 0.87 | 1.01 | 1.49 |
| Quick Ratio | 2.60 | 2.60 | 1.28 | 1.32 | 1.13 | 1.07 | 2.36 | 1.74 | 0.85 | 0.97 | 1.41 |
| Cash Ratio | 2.10 | 2.10 | 0.87 | 0.93 | 0.81 | 0.74 | 2.13 | 1.45 | 0.62 | 0.77 | 1.22 |
| Asset Turnover | — | 0.14 | 0.14 | 0.13 | 0.12 | 0.11 | 0.10 | 0.13 | 0.13 | 0.12 | 0.13 |
| Inventory Turnover | — | — | — | — | — | — | 16.70 | 26.73 | 33.42 | 11.66 | 6.24 |
| Days Sales Outstanding | — | 99.48 | 115.36 | 93.33 | 94.17 | 80.89 | 94.15 | 77.91 | 70.18 | 82.35 | 68.73 |
GDS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
GDS Holdings Limited does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 2.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 1.2% | 3.2% | 1.4% | 0.6% | 0.4% | 0.4% | — | — | 23.8% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 12.1% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.2% | 3.2% | 1.4% | 0.6% | 0.4% | 0.4% | 0.0% | 0.0% | 23.8% |
| Shares Outstanding | — | $206M | $184M | $184M | $183M | $182M | $157M | $138M | $124M | $98M | $37M |
Peer Comparison
Compare GDS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 GDSYou | $6B | 50.3 | 15.5 | — | 20.5% | 13.2% | 3.6% | 1.8% | 9.8 |
 VNET | $2B | -65.9 | 13.7 | — | 22.0% | 7.6% | -3.2% | 2.1% | 10.0 |
 BTBT | $707M | -7.0 | — | — | 21.4% | -49.8% | -12.1% | -5.8% | — |
 DLR | $65B | 52.6 | 33.4 | 26.8 | 55.4% | 10.8% | 5.5% | 1.2% | 9.5 |
 EQIX | $108B | 79.4 | 32.9 | — | 51.3% | 20.0% | 9.7% | 4.3% | 5.8 |
 COR | $53B | 34.1 | 12.6 | 16.5 | 3.2% | 1.1% | 122.7% | 44.5% | 2.3 |
 CSCO | $471B | 46.9 | 33.6 | 35.5 | 64.9% | 20.8% | 22.1% | 13.0% | 1.9 |
 NVDA | $5.1T | 43.0 | 38.3 | 52.8 | 71.1% | 60.4% | 101.5% | 81.8% | 0.1 |
 AMD | $876B | 202.8 | 130.6 | 130.1 | 49.5% | 10.7% | 7.2% | 4.7% | 0.7 |
 ANET | $214B | 61.7 | 53.9 | 50.2 | 64.1% | 42.8% | 31.4% | 32.8% | — |
 VRT | $128B | 97.7 | 58.8 | 67.6 | 34.4% | 18.5% | 41.8% | 28.1% | 1.5 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 12 years · Updated daily
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GDS — Frequently Asked Questions
Quick answers to the most common questions about buying GDS stock.
What is GDS Holdings Limited's P/E ratio?
GDS Holdings Limited's current P/E ratio is 50.3x. The historical average is 8.2x. This places it at the 100th percentile of its historical range.
What is GDS Holdings Limited's EV/EBITDA?
GDS Holdings Limited's current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
What is GDS Holdings Limited's ROE?
GDS Holdings Limited's return on equity (ROE) is 3.6%. The historical average is -4.9%.
Is GDS stock overvalued?
Based on historical data, GDS Holdings Limited is trading at a P/E of 50.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are GDS Holdings Limited's profit margins?
GDS Holdings Limited has 20.5% gross margin and 13.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does GDS Holdings Limited have?
GDS Holdings Limited's Debt/EBITDA ratio is 9.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.