GDS Holdings Limited

GDS

$31.06

+0.79%

N/A+$0.24

Technology

Information Technology Services

NASDAQ

Active Trading

GDS Holdings Limited, operating with its subsidiaries, specializes in the development and management of data center facilities across the People's Republic of ...

Financial Highlights of GDS

Profitability trend

Latest / TTM · 6 periods

Gross Margin

24.3%

Net Margin

30.5%

P/E Ratio

10.90x

n/a

Debt / Equity

1.46

n/a

Current Ratio

1.78

Dividend Yield

0.0%

Understanding

TTM —

No major balance sheet stress in these headline ratios.

Financial highlights

Latest / TTM · 6 periods

Snapshot

Latest / TTM: 2026-09-03

Gross Margin

24.3%

Net Margin

30.5%

P/E Ratio

10.90x

Debt / Equity

1.46

Profitability

Profitability table

Metric	2021	2022	2023	2024	2025	2026
Gross MarginGross profit as a percentage of revenue.	22.8%	20.8%	19.3%	21.5%	22.6%	—
Operating MarginOperating income as a percentage of revenue.	7.3%	5.9%	-24.7%	11.2%	13.4%	—
Net MarginNet income as a percentage of revenue.	-15.2%	-13.6%	-43.1%	32.0%	8.3%	—
EBITDA MarginEBITDA divided by revenue.	9.0%	9.6%	13.7%	12.7%	53.1%	—
Pre-tax MarginPre-tax profit as a percentage of revenue.	-12.1%	-10.6%	-43.2%	-6.0%	12.5%	—

Liquidity & leverage

Liquidity & leverage table

Metric	2021	2022	2023	2024	2025	2026
Current RatioCurrent assets divided by current liabilities.	1.07	1.13	1.32	1.28	2.60	—
Quick RatioLiquid assets divided by current liabilities.	1.07	1.13	1.32	1.28	2.60	—
Cash RatioCash and equivalents divided by current liabilities.	0.74	0.81	0.93	0.87	2.01	—
Debt / AssetsDebt as a share of total assets.	52.8%	59.7%	64.5%	60.4%	59.4%	—
Debt / EquityDebt compared with shareholder equity.	1.54	1.86	2.40	1.89	1.77	—

Operating efficiency

Operating efficiency table

Metric	2021	2022	2023	2024	2025	2026
Receivables TurnoverHow often receivables are collected in a year.	4.51x	3.88x	3.91x	3.16x	3.77x	—
Inventory TurnoverHow often inventory is sold in a year.	0.00x	0.00x	0.00x	0.00x	0.00x	—
Payables TurnoverHow often payables are paid in a year.	1.55x	2.39x	2.35x	3.12x	4.58x	—
Asset TurnoverRevenue generated per dollar of assets.	0.11x	0.12x	0.13x	0.14x	0.14x	—
Working Capital TurnoverRevenue generated per dollar of working capital.	1.34x	7.95x	4.95x	3.96x	1.64x	—

Valuation ratios

Valuation ratios table

Metric	2021	2022	2023	2024	2025	2026
P/E RatioPrice paid for each dollar of earnings.	-41.61x	-17.26x	-2.70x	-41.69x	52.60x	—
P/B RatioPrice paid for each dollar of book value.	2.22x	1.08x	0.59x	1.36x	1.73x	—
P/S RatioPrice paid for each dollar of sales.	6.96x	2.79x	1.18x	3.10x	4.06x	—
P/FCF RatioPrice paid for each dollar of free cash flow.	-6.27x	-5.26x	-2.80x	-25977.23x	-34.93x	—
Dividend YieldAnnual dividend divided by current share price.	0.1%	0.2%	0.5%	0.0%	0.1%	—

Supply Chain of GDS

RELATIONS

Upstream

Vertiv Holdings CoNYSE:VRTSchneider Electric SEEPA:SUEaton Corporation plcNYSE:ETN ABB LtdNYSE:ABB Cummins Inc.NYSE:CMI Caterpillar Inc.NYSE:CATDelta Electronics, Inc.TPE:2308China Telecom Corporation LimitedHKEx:0728 China Unicom (Hong Kong) LimitedHKEx:0762 China Mobile LimitedHKEx:0941 Dell Technologies Inc.NYSE:DELL Hewlett Packard Enterprise CompanyNYSE:HPE Cisco Systems, Inc.NASDAQ:CSCOSTULZ GmbHDaikin Industries, Ltd.TSE:6367Huawei Technologies Co., Ltd.GIC Private LimitedInfineon Technologies AGXETRA:IFXON Semiconductor CorporationNASDAQ:ONLegrand SAEPA:LRState Grid Corporation of China

Downstream

Alibaba Group Holding Limited (Alibaba Cloud / Aliyun)NYSE:BABA Tencent Holdings Limited (Tencent Cloud)HKEx:0700ByteDance Ltd.Baidu, Inc. (Baidu AI Cloud)NASDAQ:BIDUFinancial Services Institutions (Multiple unnamed banks, insurers, brokerages)Telecommunications Carriers (China Telecom, China Unicom, China Mobile)HKEx:0728DayOne Data Centers LimitedChina Southern GDS Data Center Closed Infrastructure REIT (C-REIT)SSE:508060

Proxies

VNET Group, Inc.NASDAQ:VNET Equinix, Inc.NASDAQ:EQIX Digital Realty Trust, Inc.NYSE:DLRKeppel DC REITSGX:AJBU

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