GDS Holdings Ltd.

GDS Holdings Ltd.

11.13
BRL
-0.65
(-5.52%)
1.20EPS
10.65P/E
30.69BMarket Cap
Nov 24Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.31
0.47
1.12
1.67
2.27
3
3.68
4.32
5.08
5.35
5.62
6.04
6.35
Basic EPS, GAAP
-0.09
-0.07
-0.64
-0.34
-0.35
-0.35
-0.47
-0.73
-0.83
-2.38
1.84
0.47
1.89
Free Cash Flow per Basic Share
-0.15
-0.54
-1.18
-2
-3.57
-3.37
-5.06
-4.8
-2.93
-0.74
-0.72
-0.7
-0.44
Dividend per Share
- -
- -
0.08
- -
- -
0.02
0.04
0.03
0.03
0.03
0.03
0.03
- -
Book Value per Share
-2.35
-2.95
3.16
3.82
4.4
6.1
13.21
12.63
12.13
9.96
11.6
12.92
14.67
Tangible Book Value per Share
-3.84
-4.42
1.61
2.16
2.02
4.08
11.03
7.8
7.84
6.48
8.3
10.18
11.97
Basic Weighted Avg Shares
1,506
1,506
946
969
1,233
1,373
1,560
1,809
1,823
1,828
1,836
1,893
1,931
Sales/Revenue/Turnover
468
704
1,056
1,616
2,792
4,122
5,739
7,819
9,268
9,782
10,322
11,432
12,264
Operating Margin (%)
-15.12
0.38
-3.8
5.28
6.14
11.88
12.2
8.41
8.86
9.1
11.42
13.44
17.15
Depreciation Expense
83
145
227
378
742
1,142
1,659
2,657
3,221
3,475
3,353
3,568
3,538
Net Income, GAAP
-130
-99
-276
-327
-430
-442
-685
-1,265
-1,459
-4,290
3,425
950
3,743
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
65.87
126.48
Profit Margin (%)
-27.76
-14.01
-26.18
-20.23
-15.41
-10.72
-11.94
-16.18
-15.74
-43.85
33.19
8.31
30.52
Working Capital
-152
262
731
31
-470
3,085
10,675
999
1,348
2,678
2,535
11,419
10,304
LT Debt
739
2,032
3,573
5,763
11,343
15,539
22,136
30,997
38,347
40,761
39,364
43,765
38,073
Total Equity
-17
-341
2,986
4,476
5,522
10,294
25,687
24,938
24,185
20,124
23,669
27,737
33,244
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
1.11
-0.64
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
2.16
4.26
Return on Common Equity (%)
- -
- -
- -
-8.76
-8.61
-6.54
-4.36
-5.46
-6.49
-20.73
16.3
3.71
13.63

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,759
9,475
9,305
LT Borrowings
35,508
30,883
31,598
LT Finance Leases
8,257
6,828
6,475
Preferred Equity and Hybrid Capital
1,057
3,119
3,070
Shares Outstanding
1,995
1,995
1,995
Market Capitalization
48,733
53,956
40,281

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
18,547
23,583
23,456
Cash, Cash Equivalents & STI
14,974
14,822
14,927
Accounts Receivable, Net
2,467
2,957
2,851
Inventories
- -
- -
- -
Total Current Liabilities
7,128
12,636
13,152
Payables & Accruals
3,256
3,160
3,848
ST Debt
3,759
9,475
9,305
Deferred Revenue
114
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-65.58%
2.42%
17.19%
Free Cash Flow
20.84%
-21.09%
0.89%
Net Income, GAAP
32.99%
8.39%
-72.28%
Sales/Revenue/Turnover
33.94%
15.32%
10.76%
Total Cash Common Dividend
- -
19.21%
187.3%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,432
2,580
2,620
1,903
10,322
2025
2,723
2,900
2,887
2,922
11,432
2026
3,367
3,088
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.2
-0.14
-0.11
2.26
1.84
2025
0.41
-0.05
0.37
-0.25
0.47
2026
1.36
0.41
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
- -
- -
- -
0.03
2025
0.01
- -
- -
- -
0.03
2026
- -
- -
- -
- -
- -

Company Description

CEO
William Wei Huang
Full Time Employees
2,434
Sector
Technology services
Industry
Data processing services
Address
Building C, Sunland International Pudong SH China 200137
IPO Date
Nov 2, 2020
Business
GDS Holdings Limited (9698.HK) develops and operates high-performance data centers primarily in China. The company provides colocation services comprising critical facilities space, customer-available power, racks and cooling; managed hosting services including business continuity, disaster recovery, network management, data storage, system security, operating system, database and server middleware; managed cloud services; and consulting services, with direct private connections to major public cloud platforms. Its carrier- and cloud-neutral facilities serve cloud service providers, large Internet companies, financial institutions, telecommunications and IT service providers, and multinational corporations. GDS Holdings operates data centers predominantly in and around Tier 1 cities including Shanghai, Beijing, Shenzhen, Guangzhou and Chengdu, with additional presence in Hong Kong and expansion into Southeast Asia markets such as Singapore-Johor-Batam through its 38%-owned DayOne subsidiary. Founded in 2001 and headquartered at Building C, Sunland International, 999 Zhouhai Road, Pudong, Shanghai, China, the company listed on Nasdaq in 2016 and completed a secondary listing on the Hong Kong Stock Exchange in 2020. In recent developments, GDS Holdings' international subsidiary raised US$587 million in Series A convertible preferred shares in March 2024 from investors including Hillhouse and Boyu to fund standalone growth, reducing parent inter-company funding needs and retaining majority ownership. The company secured approval in June 2025 for an initial public offering of its China REIT on the Shanghai Stock Exchange involving data center assets. During the second quarter of 2025, it obtained RMB4.45 billion in new debt facilities, issued convertible senior notes raising US$535 million and new equity raising US$142 million.

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