Last 43 quarters of trend data · Technology · Information Technology Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
GDS Holdings Limited's quarterly P/E stands at 1.0x, down 46.6% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 28.6% YoY to 6.1x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 50.32 | 0.98 | — | 3.36 | — | 1.84 | — | — | — | — | — | — | — |
| — | -46.6% | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 3.73 | 0.76 | 0.59 | 0.83 | 0.59 | 0.52 | 0.45 | 0.32 | 0.15 | 0.12 | 0.16 | 0.20 | 0.20 |
| — | +46.3% | +30.2% | +163.0% | +292.2% | +349.4% | +175.6% | +58.4% | -25.9% | -67.3% | -58.3% | -41.7% | -69.2% | |
| P/B Ratio | 1.58 | 0.32 | 0.24 | 0.36 | 0.27 | 0.23 | 0.21 | 0.15 | 0.07 | 0.06 | 0.08 | 0.09 | 0.09 |
| — | +35.9% | +18.9% | +137.0% | +259.7% | +277.2% | +146.7% | +65.5% | -17.4% | -58.9% | -46.7% | -31.7% | -65.1% | |
| P/FCF | — | — | 26.45 | — | — | — | 2.22 | — | — | — | — | — | — |
| — | — | +1092.6% | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 15.47 | 6.13 | 8.13 | 8.81 | 8.17 | 8.59 | 10.28 | 9.16 | 8.82 | 10.05 | — | 10.94 | 9.29 |
| — | -28.6% | -21.0% | -3.8% | -7.4% | -14.5% | — | -16.3% | -5.0% | -4.0% | — | +9.3% | -11.0% | |
| EV / EBIT | 51.00 | 11.77 | 27.93 | 29.75 | 24.43 | 7.33 | 22.45 | 38.38 | 31.49 | 48.93 | — | 102.45 | 38.57 |
| — | +60.6% | +24.4% | -22.5% | -22.4% | -85.0% | — | -62.5% | -18.3% | -18.7% | — | +86.7% | -38.3% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
GDS Holdings Limited's operating margin was 27.0% in Q1 2026, up 14.5 pp QoQ and up 13.6 pp YoY. The trailing four-quarter average of 16.6% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 35.6% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.5% | 32.1% | 19.0% | 22.1% | 23.8% | 23.7% | 21.5% | 22.2% | 22.6% | 21.8% | 16.9% | 17.8% | 22.3% |
| — | +35.6% | -11.7% | -0.0% | +5.3% | +8.4% | +27.1% | +24.7% | +1.2% | +7.0% | -16.7% | -14.7% | +9.9% | |
| Operating Margin | 13.2% | 27.0% | 12.4% | 12.6% | 14.3% | 13.4% | 11.0% | 10.8% | 11.2% | 8.3% | -114.9% | 3.2% | 9.9% |
| — | +101.1% | +12.7% | +16.2% | +28.0% | +60.7% | +109.6% | +237.1% | +13.0% | +30.0% | -2127.3% | -48.4% | +71.5% | |
| Net Margin | 8.3% | 78.7% | -16.0% | 25.1% | -2.5% | 28.0% | 155.7% | -6.5% | -8.0% | -13.2% | -123.8% | -16.7% | -9.2% |
| — | +180.7% | -110.3% | +487.7% | +68.8% | +312.9% | +225.7% | +61.2% | +12.9% | +33.2% | -1573.5% | -16.5% | +43.6% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.6% | 8.8% | -1.7% | 2.8% | -0.3% | 3.2% | 17.3% | -0.8% | -1.1% | -1.7% | -15.0% | -1.9% | -1.0% |
| — | +176.3% | -109.8% | +443.5% | +72.7% | +283.1% | +215.0% | +57.6% | -5.3% | +14.3% | -1944.9% | -33.8% | +34.9% | |
| ROA | 1.2% | 3.2% | -0.6% | 0.9% | -0.1% | 1.0% | 5.4% | -0.2% | -0.3% | -0.5% | -4.2% | -0.5% | -0.3% |
| — | +209.7% | -110.8% | +486.3% | +67.5% | +325.2% | +228.3% | +56.5% | +0.2% | +25.8% | -1660.7% | -20.0% | +41.8% | |
| ROIC | 1.8% | 1.1% | 0.4% | 0.5% | 0.5% | 0.5% | 0.4% | 0.4% | 0.4% | 0.3% | -3.7% | 0.1% | 0.3% |
| — | +138.2% | +25.8% | +21.3% | +35.7% | +63.3% | +109.5% | +281.0% | +27.2% | +45.2% | -2253.9% | -49.2% | +68.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
GDS Holdings Limited's Debt/EBITDA ratio is 27.2x, down from 38.6x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 27.3% YoY to 1.87x, strengthening the short-term liquidity position. Debt/Equity has declined for 4 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.71 | 1.45 | 1.71 | 1.75 | 1.87 | 1.80 | 1.88 | 2.05 | 2.19 | 2.51 | 2.19 | 2.17 | 2.14 |
| — | -19.0% | -8.8% | -14.4% | -14.9% | -28.5% | -14.1% | -5.8% | +2.5% | +17.7% | +18.4% | +20.7% | +21.2% | |
| Debt / EBITDA | 9.85 | 27.16 | 38.62 | 38.39 | 37.60 | 35.92 | 44.11 | 41.23 | 42.19 | 46.16 | — | 49.48 | 42.68 |
| — | -24.4% | -12.4% | -6.9% | -10.9% | -22.2% | — | -16.7% | -1.2% | -5.2% | — | +6.9% | -5.3% | |
| Current Ratio | 2.60 | 1.87 | 2.60 | 2.51 | 2.00 | 1.47 | 1.28 | 1.19 | 1.39 | 1.13 | 1.32 | 1.52 | 1.25 |
| — | +27.3% | +103.4% | +110.6% | +43.5% | +30.2% | -3.3% | -21.6% | +11.1% | -12.9% | +17.3% | +36.5% | +15.9% | |
| Quick Ratio | 2.60 | 1.87 | 2.60 | 2.51 | 2.00 | 1.47 | 1.28 | 1.19 | 1.39 | 1.13 | 1.32 | 1.52 | 1.25 |
| — | +27.3% | +103.4% | +110.6% | +43.5% | +30.2% | -3.3% | -21.6% | +11.1% | -12.9% | +17.3% | +36.5% | +15.9% | |
| Interest Coverage | 0.92 | 2.39 | 0.88 | 6.91 | 1.05 | 3.25 | 7.23 | 0.55 | 0.66 | 0.44 | -45.06 | 0.21 | 0.57 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 43 years · Updated daily
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Quick answers to the most common questions about buying GDS stock.
GDS Holdings Limited's current P/E is 50.3x. The average P/E over the last 2 quarters is 2.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
GDS Holdings Limited's current operating margin is 13.2%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking GDS Holdings Limited's business trajectory between earnings reports.