GDS Holdings Ltd (GDS)
GDS Holdings Limited, operating with its subsidiaries, specializes in the development and management of data center facilities across the People's Republic of China. The company offers a wide range of services, including colocation—providing crucial physical space, reliable power, server racks, and cooling infrastructure. It also delivers comprehensive managed hosting solutions such as business continuity and disaster recovery, network administration, secure data storage, system security, and dedicated support for operating systems, databases, and server middleware. Furthermore, GDS provides managed cloud offerings and professional consulting services. Its varied customer base comprises leading cloud service providers, major internet firms, financial institutions, telecommunications and IT service companies, alongside significant domestic private sector entities and multinational corporations. The company was founded in 2001 and is headquartered in Shanghai, China.
Sector: Services-Computer Programming, Data Processing, Etc.
Industry: Information Technology Services
GDS Holdings Limited
NASDAQ:GDSTechnology · Information Technology Services
+1.68%$22.35
CLOSED · Nov 6Prev close$21.98+1.68%Close$22.35+2.91%AH close$23.00
AH$23.00+2.91%vs close
Mkt Cap$4.48B
Float200.35M
O/S200.38M
VOL4.1M sh
$ Vol$91.69M
RVOL1.45×
Inst Own52.1%
SI6.9%
Dilution
Financials Summary
Revenue$1.71B
Net Income$142.35M
Total Assets$12B
Free Cash Flow-$199.04M
Debt & Equity
Debt 63%
Equity 36%
Preferred 1%
Total Debt$7.13B
Total Equity$4.03B
Preferred Stock$158.49M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in GDS's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$12B
Liabilities$7.84B
Accounts Receivable$454.32M
Accounts Payable$289.81M
Inventory$0
PP&E (Net)$6.43B
Goodwill$777.62M
Intangible Assets$43.39M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Revenue | $1.71B | $1.55B | $1.49B | $1.4B | $1.17B | $860.25M | $617.93M | $418.52M | $242.26M | $158.28M | $105.47M | $70.2M |
| YoY Growth | 10.8% | 3.7% | 6.8% | 19.3% | 36.2% | 39.2% | 47.6% | 72.8% | 53.1% | 50.1% | 50.2% | - |
| Cost of Revenue | $1.33B | $1.21B | $1.2B | $1.11B | $905.26M | $627.84M | $461.63M | $325.22M | $181.03M | $118.46M | $77.2M | $58.19M |
| Gross Profit | $387.54M | $333.16M | $288.17M | $290.18M | $266.73M | $232.41M | $156.3M | $93.3M | $61.23M | $39.82M | $28.28M | $12.02M |
| Gross Margin | 22.6% | 21.5% | 19.3% | 20.8% | 22.8% | 27.0% | 25.3% | 22.3% | 25.3% | 25.2% | 26.8% | 17.1% |
| Research and Development | $4.9M | $5.44M | $5.72M | $5.37M | $5.9M | $6M | $3.24M | $2.09M | $1.09M | $1.36M | $533K | $239K |
| Selling, General, and Administrative | $156.98M | $155.04M | $199.3M | $200.19M | $175.46M | $125.53M | $81.14M | $65.98M | $47.81M | $44.81M | $27.93M | $23.12M |
| Other | -$4.64M | -$6K | $451.7M | $1.91M | $0 | $0 | $0 | $0 | $0 | $375K | $176K | -$62K |
| Total Operating Expenses | $157.24M | $160.48M | $656.72M | $207.47M | $181.36M | $131.54M | $84.38M | $68.07M | $48.9M | $46.18M | $27.87M | $22.63M |
| Operating Income (EBIT) | $230.3M | $172.68M | -$368.55M | $82.71M | $85.37M | $100.87M | $71.92M | $25.24M | $12.33M | -$6.35M | -$182K | -$11.35M |
| Operating Margin | 13.4% | 11.2% | -24.7% | 5.9% | 7.3% | 11.7% | 11.6% | 6.0% | 5.1% | -4.0% | -0.2% | -16.2% |
| Interest Expense | $268.15M | $288.49M | $305.33M | $282.99M | $248.04M | $197.34M | $145.2M | $98.36M | $61.76M | $39.45M | $19.02M | $19.77M |
| Interest Income | $23.09M | $13.46M | $14.62M | $6.36M | $7.56M | $4.35M | $7.95M | $2.88M | $839K | $0 | $203K | $1.04M |
| Other Income (Expense) | -$16.09M | -$264.84M | -$276.03M | -$231.09M | -$227.58M | -$183.08M | -$135.84M | -$91.14M | -$62.24M | -$36.33M | -$16.39M | -$8.83M |
| Income Before Tax (EBT) | $214.21M | -$92.16M | -$644.58M | -$148.38M | -$142.21M | -$82.21M | -$63.92M | -$65.9M | -$49.91M | -$42.68M | -$16.57M | -$20.17M |
| Income Tax Expense | $70.41M | $23.39M | -$2.22M | $41.41M | $36.34M | $18.1M | $2.35M | -$1.41M | -$911K | -$1.25M | -$1.8M | -$687K |
| Net Income | $142.35M | $495.23M | -$643.06M | -$190.2M | -$177.96M | -$102.68M | -$66.27M | -$64.5M | -$49M | -$41.43M | -$14.78M | -$19.49M |
| Net Income Margin | 8.3% | 32.0% | -43.1% | -13.6% | -15.2% | -11.9% | -10.7% | -15.4% | -20.2% | -26.2% | -14.0% | -27.8% |
| Supplementary Data | ||||||||||||
| EPS | 4.64 | -4.16 | -24.00 | -8.24 | -7.20 | -4.80 | -4.08 | -3.44 | -3.36 | -10.80 | -4.48 | -90.80 |
| Diluted EPS | 4.24 | 18.16 | -23.68 | -8.24 | -7.20 | -4.48 | -3.60 | -3.44 | -3.36 | -10.80 | -4.48 | -90.80 |
| Weighted Average OS | 190.07M | 184.38M | 181.26M | 183.06M | 181.61M | 154.93M | 121.85M | 123.78M | 98.07M | 37.39M | 48.28M | 3.41M |
| EBITDA | $909.84M | $698.95M | $204.58M | $617.45M | $504.15M | $363.79M | $243.1M | $143.61M | $68.53M | $31.16M | $22.58M | $12M |
| EBITDA Margin | 53.1% | 45.2% | 13.7% | 44.2% | 43.0% | 42.3% | 39.3% | 34.3% | 28.3% | 19.7% | 21.4% | 17.1% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash and Cash Equivalents | $2.15B | $1.18B | $1.16B | $1.29B | $1.49B | $2.44B | $871.04M | $324.02M | $280.82M | $271.51M | $138.58M | $90.95M |
| Short-Term Investments | $100.09M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $2.24B | $1.18B | $1.16B | $1.29B | $1.49B | $2.44B | $871.04M | $324.02M | $280.82M | $271.51M | $138.58M | $90.95M |
| Accounts Receivable | $454.32M | $489.03M | $381.62M | $360.65M | $259.72M | $221.9M | $131.9M | $80.47M | $54.66M | $29.81M | $16.64M | $11M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $37.6M | $17.27M | $9.73M | $15.53M | $18.99M | $13.64M | $6.95M |
| Other Current Assets | $83.14M | $72.39M | $82.75M | $112.44M | $383.78M | $62.21M | $46.9M | $41.08M | $24.82M | $22.45M | $14.96M | $4.4M |
| Total Current Assets | $2.78B | $1.74B | $1.65B | $1.79B | $2.17B | $2.75B | $1.06B | $455.29M | $367.85M | $331.32M | $177.88M | $111.8M |
| Long-Term Assets | ||||||||||||
| Property, Plant & Equipment Net | $6.43B | $6.8B | $7.93B | $7.88B | $6.69B | $4.89B | $3B | $2.1B | $1.22B | $647.98M | $376.64M | $254.07M |
| Goodwill | $777.62M | $0 | $1.06B | $1.22B | $1.25B | $506.91M | $344.83M | $262.61M | $235.45M | $201.02M | $194.06M | $194.06M |
| Intangible Assets | $43.39M | $957.73M | $106.57M | $3.45M | $95.18M | $101.66M | $112M | $185.79M | $56.17M | $17.89M | $11.14M | $12.57M |
| Long-Term Investments | $1.51B | $1.13B | $0 | $0 | -$27.95M | -$21.9M | -$10.93M | -$5.54M | -$2.14M | -$1.89M | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $43.45M | $34.33M | $27.95M | $21.9M | $10.93M | $5.54M | $2.14M | $1.89M | $354K | $0 |
| Other Long-Term Assets | $457.8M | $405.35M | $367.24M | $290.21M | $527.75M | $333.42M | $206.68M | $242.6M | $90.79M | $35.53M | $8.62M | $5.21M |
| Total Long-Term Assets | $9.22B | $9.3B | $9.51B | $9.42B | $8.57B | $5.84B | $3.66B | $2.68B | $1.6B | $898.41M | $590.83M | $465.91M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $12B | $11.04B | $11.16B | $11.21B | $10.74B | $8.58B | $4.72B | $3.13B | $1.97B | $1.23B | $768.71M | $577.71M |
| Liabilities | ||||||||||||
| Current Liabilities | ||||||||||||
| Accounts Payable | $289.81M | $388.73M | $513.38M | $463.61M | $584.86M | $548.19M | $251.22M | $226.05M | $166.45M | $76.98M | $32.33M | $34.75M |
| Short-Term Debt | $442.45M | $650.88M | $424.8M | $855.58M | $891.58M | $322.78M | $170.54M | $192.36M | $118.49M | $94.21M | $64.19M | $66.11M |
| Current Income Tax Payable | $0 | $0 | $31.52M | $38.61M | $27.08M | $21.29M | $18.22M | $6.58M | $3.02M | $4.01M | $3.49M | $1.83M |
| Current Unearned Revenue | $17.06M | $0 | $17.97M | $23.4M | $13.64M | $14.49M | $14.44M | $11.67M | $8.34M | $6.09M | $6.97M | $6.49M |
| Other Current Liabilities | $148.38M | $0 | $0 | $0 | $0 | $0 | $163.36M | $82.87M | $63.57M | $20.6M | $31.56M | $17.7M |
| Total Current Liabilities | $1.07B | $1.36B | $1.24B | $1.59B | $2.02B | $1.15B | $599.51M | $525.82M | $363.21M | $221.73M | $138.66M | $134.55M |
| Long-Term Liabilities | ||||||||||||
| Long-Term Debt | $5.33B | $4.57B | $5.27B | $4.17B | $3.02B | $1.87B | $1.51B | $1.08B | $518.6M | $382.27M | $240.85M | $73.77M |
| Long-Term Unearned Revenue | $16.5M | $0 | $0 | $9.06M | $10.07M | $3.16M | $3.29M | $1.46M | $2.52M | $2.11M | $2.44M | $0 |
| Long-Term Deferred Tax Liabilities | $171.54M | $0 | $0 | $211.41M | $110.07M | $69.25M | $37.87M | $25.76M | $18.63M | $7.99M | $5.65M | $6.1M |
| Other Long-Term Liabilities | $17.02M | $230.53M | $237.77M | $31.15M | $275.1M | $214.34M | $207.69M | $49.62M | $51.28M | $14.64M | $17.49M | $10.47M |
| Total Long-Term Liabilities | $6.77B | $6.13B | $6.9B | $6B | $5.04B | $3.6B | $2.58B | $1.78B | $936.25M | $560.34M | $322.04M | $121.26M |
| Other Liabilities | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $7.84B | $7.49B | $8.14B | $7.59B | $7.06B | $4.75B | $3.18B | $2.3B | $1.3B | $782.07M | $460.7M | $255.81M |
| Stockholders' Equity | ||||||||||||
| Preferred Stock | $158.49M | $161.99M | $159.6M | $156.94M | $143.67M | $0 | $159.19M | $0 | $0 | $0 | $359.05M | $324.38M |
| Common Stock | $84K | $79K | $77K | $77K | $76K | $76K | $62K | $51K | $48K | $39K | $11K | $11K |
| Retained Earnings | -$764.17M | -$906.03M | -$1.42B | -$776.42M | -$586.22M | -$408.26M | -$308.36M | -$242.1M | -$177.71M | -$128.71M | -$87.28M | -$72.5M |
| Comprehensive Income & Other | -$124.39M | -$164.04M | -$146.06M | -$127.17M | -$89.82M | -$65.9M | -$7.9M | -$20.87M | -$30.08M | -$28.79M | -$9.29M | $8.48M |
| Other Stockholders' Equity | $4.79B | $4.43B | $4.41B | $4.38B | $4.25B | $4.24B | $1.85B | $1.07B | $848.52M | $576.33M | $395.27M | $394.39M |
| Total Equity | $4.03B | $3.53B | $2.99B | $3.61B | $3.67B | $3.83B | $1.54B | $827.71M | $670.86M | $447.66M | $308.01M | $321.9M |
| Minority Interest | $134.6M | $19.48M | $24.82M | $17.48M | $8.87M | $18.11M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $11.86B | $11.02B | $11.13B | $11.2B | $10.73B | $8.58B | $4.72B | $3.13B | $1.97B | $1.23B | $768.71M | $577.71M |
| Supplementary Data | ||||||||||||
| Total Debt | $7.13B | $6.66B | $7.19B | $6.7B | $5.66B | $3.69B | $2.54B | $1.92B | $996.99M | $643.09M | $376.04M | $182.84M |
| Net Debt | $4.98B | $5.48B | $6.04B | $5.41B | $4.17B | $1.25B | $1.67B | $1.59B | $716.17M | $371.58M | $237.46M | $91.89M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Operating Activities | ||||||||||||
| Net Income | $143.8M | $495K | -$643.06M | -$189.79M | -$178.56M | -$100.31M | -$66.27M | -$64.5M | -$49M | -$41.43M | -$14.78M | -$19.49M |
| Depreciation & Amortization | $534.79M | $502.62M | $543.82M | $482.84M | $398.32M | $248.66M | $171.19M | $111.15M | $56.68M | $34.08M | $21.8M | $12.4M |
| Deferred Income Tax | -$14.58M | -$27K | -$44.36M | -$14.86M | -$7.26M | -$13.45M | -$7.52M | -$5.49M | -$1.74M | -$1.59M | -$1.59M | -$753K |
| Stock-Based Compensation | $42.48M | $44K | $50.46M | $43.59M | $58.65M | $50.02M | $28.44M | $15.87M | $8.97M | $9.62M | $609K | $4.1M |
| Changes in Working Capital: | ||||||||||||
| Accounts Receivable | $17.47M | -$100K | -$23.43M | -$101.75M | -$100.36M | -$69.73M | -$51.29M | -$23.64M | -$20.18M | -$11.9M | -$5.64M | -$1.78M |
| Inventory | $0 | $0 | $0 | $0 | $0 | -$103.83M | -$53.86M | -$45.53M | -$42.83M | -$17.92M | -$13.48M | $12.13M |
| Accounts Payable | $814K | -$2K | $2.69M | $28.44M | $5.32M | $17.86M | $3.38M | $3.79M | $5.08M | $6.57M | -$772K | -$1.01M |
| Other Working Capital | -$4.2M | $21K | -$51.94M | $174.36M | -$26.36M | $2.29M | $4.9M | -$3.17M | $9.64M | -$497K | $1.82M | $2.56M |
| Total Working Capital Change | $14.09M | -$81K | -$72.68M | $101.04M | -$121.4M | -$153.41M | -$96.87M | -$68.54M | -$48.29M | -$23.75M | -$18.08M | $11.9M |
| Other Non-Cash Items | -$216.14M | -$502.76M | $475.39M | $5.58M | $30.33M | $16.59M | $15.01M | $9.57M | $7.21M | $554K | -$1.79M | -$3.97M |
| Net Cash from Operating | $504.44M | $291K | $309.57M | $428.41M | $180.08M | $48.1M | $43.98M | -$1.94M | -$26.17M | -$22.52M | -$12.04M | $4.19M |
| Investing Activities | ||||||||||||
| Capital Expenditures | -$703.48M | -$475K | -$937.4M | -$1.17B | -$1.48B | -$1.2B | -$682.42M | -$638.25M | -$263.84M | -$148.05M | -$109.87M | -$37.23M |
| Acquisitions | $456.02M | $0 | -$20.06M | -$520.32M | -$571.5M | -$203.47M | -$86.73M | -$71.21M | -$41.31M | -$23.89M | $0 | $4.11M |
| Purchases of Investments | -$220.3M | -$83K | $0 | -$935K | $0 | -$675K | -$899K | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $258K | $0 | $0 | $0 | $0 | $5.5M | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $12.07M | -$1.01M | $9.19M | $935K | $212K | $675K | -$4.6M | -$150K | -$903K | -$6.3M | $161K | -$45.39M |
| Net Cash from Investing | -$455.68M | -$1.31M | -$948.27M | -$1.69B | -$2.05B | -$1.41B | -$769.15M | -$709.47M | -$305.15M | -$171.94M | -$109.71M | -$78.51M |
| Financing Activities | ||||||||||||
| Debt Repaid | -$858.97M | $130K | -$626.9M | -$1.25B | -$923.16M | -$368.96M | -$400.71M | -$548.11M | -$242.34M | -$170.02M | -$169.14M | -$27.86M |
| Common Stock Issuance | $153.45M | $0 | $0 | $0 | $312K | $2.39B | $739.61M | $192.36M | $97.41M | $183.1M | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$3.49M | -$17.94M |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $118.28M | $2.47M | -$6.72M | -$10.26M | -$129.67M | $158.28M | $12.2M | $157.89M | $84.93M | $174.49M | -$6.7M | $157.25M |
| Net Cash from Financing | $915.27M | $2.56M | $471.05M | $727.94M | $1.22B | $3.02B | $1.25B | $731.01M | $351.77M | $319.07M | $169.04M | $158.33M |
| Forex Effect | -$12.56M | -$2K | $23.13M | $62.39M | -$14.32M | -$84.97M | $24.64M | $30.92M | -$11.13M | $8.32M | $338K | -$349K |
| Net Change in Cash | $951.46M | $1.53M | -$144.52M | -$471.32M | -$669.52M | $1.58B | $552.89M | $50.54M | $9.31M | $132.93M | $47.63M | $83.66M |
| Supplementary Data | ||||||||||||
| Operating Cash Flow | $504.44M | $291K | $309.57M | $428.41M | $180.08M | $48.1M | $43.98M | -$1.94M | -$26.17M | -$22.52M | -$12.04M | $4.19M |
| Capital Expenditure | -$703.48M | -$475K | -$937.4M | -$1.17B | -$1.48B | -$1.2B | -$682.42M | -$638.25M | -$263.84M | -$148.05M | -$109.87M | -$37.23M |
| Free Cash Flow | -$199.04M | -$185K | -$627.83M | -$741.33M | -$1.3B | -$1.15B | -$638.43M | -$640.19M | -$290.02M | -$170.57M | -$121.91M | -$33.04M |
| Cash at Beginning | $1.21B | $1.19M | $1.33B | $1.8B | $2.47B | $895.37M | $342.47M | $291.94M | $271.51M | $138.58M | $90.95M | $7.29M |
| Cash at End | $2.16B | $2.72M | $1.19B | $1.33B | $1.8B | $2.47B | $895.37M | $342.47M | $280.82M | $271.51M | $138.58M | $90.95M |