GDS

MKT CAP:$9B

GDS Holdings Limited

Market Cap

$9B

Technology·Information Technology Services·🇨🇳 China·NASDAQ

Technology·IT Services·🇨🇳·NASDAQ

Stock Price

$43.25+$4.91 (+12.81%)

Apr 23, 2026

Company Details

GDS Holdings Limited, together with its subsidiaries, develops and operates data centers in the People's Republic of China. The company provides colocation services comprising critical facilities space, customer-available power, racks, and ...

CEO

Wei Huang

IPO Date

Nov 2, 2016

Website

www.gds-services.com

Key Metrics TTM

Revenue

$1.6B

+12.4% YoY

Net Income

$100M

EPS (Diluted)

$0.27

Free Cash Flow

-$376M

Revenue / Share

$8.36

Gross Margin

21.6%

Operating Margin

11.7%

Net Margin

6.1%

FCF Margin

-23.1%

P/S

5.4x

P/E

87.9x

Earnings Reports

FY 2025

Dec 30, 2025

$1.6B+7.7%EPS $0.62

Q4 2025

Mar 17, 2026

$421MEPS -$0.36

Q3 2025

Nov 19, 2025

$422MEPS $0.42

Q1 2025

May 20, 2025

$398M+3.6%EPS $0.50

FY 2024

Apr 28, 2025

$1.5B+3.7%EPS -$0.67

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$144M	$38M	$19M
Q3 19	$156M	$40M	$19M
Q4 19	$172M	$43M	$19M
Q1 20	$181M	$51M	$28M
Q2 20	$196M	$53M	$24M
Q1 22	$328M	$71M	$20M
Q2 22	$338M	$68M	$19M
Q3 22	$346M	$72M	$21M
Q4 22	$351M	$71M	$20M
Q1 23	$352M	$72M	$23M
Q3 23	$368M	$65M	$12M
Q4 23	$374M	$63M	-$429M
Q1 24	$384M	$84M	$32M
Q1 25	$398M	$94M	$53M
Q3 25	$422M	$93M	$53M
Q4 25	$421M	$80M	$52M

Valuation

Quarter	P/S	P/E
Q2 19	9.3x	—
Q3 19	9.1x	—
Q4 19	10.8x	—
Q1 20	11.5x	—
Q2 20	14.9x	—
Q1 22	8.1x	—
Q2 22	5.9x	—
Q3 22	2.5x	—
Q4 22	3.2x	—
Q1 23	2.3x	—
Q3 23	1.4x	—
Q4 23	0.9x	—
Q1 24	0.8x	—
Q1 25	3.1x	—
Q3 25	4.7x	—
Q4 25	4.8x	78.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	$17M	-$59M
Q3 19	$24M	-$139M
Q4 19	$11M	-$295M
Q1 20	-$25M	-$394M
Q2 20	$27M	-$122M
Q1 22	-$36M	-$352M
Q2 22	$237M	-$18M
Q3 22	$84M	-$173M
Q4 22	$133M	-$179M
Q1 23	-$19M	-$317M
Q3 23	$75M	-$141M
Q4 23	$139M	-$54M
Q1 24	-$18M	-$251M
Q1 25	$114M	-$33M
Q3 25	$108M	-$100M
Q4 25	$140M	$9M

Capital Expenditures

Quarter	CapEx
Q2 19	$76M
Q3 19	$163M
Q4 19	$306M
Q1 20	$369M
Q2 20	$149M
Q1 22	$316M
Q2 22	$255M
Q3 22	$257M
Q4 22	$312M
Q1 23	$298M
Q3 23	$216M
Q4 23	$193M
Q1 24	$233M
Q1 25	$147M
Q3 25	$208M
Q4 25	$131M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	+54.5%	+39.2%
Q3 19	+39.8%	+31.3%
Q4 19	+42.2%	+37.1%
Q1 20	+39.1%	+30.3%
Q2 20	+36.2%	+38.2%
Q1 22	+110.4%	+125.2%
Q2 22	+95.9%	+107.0%
Q3 22	+90.9%	+112.3%
Q4 22	+79.1%	+92.5%
Q1 23	+7.4%	+6.9%
Q3 23	+9.0%	+12.0%
Q4 23	+8.0%	+147.4%
Q1 24	+9.3%	+6.2%
Q1 25	+13.0%	+4.6%
Q3 25	+14.6%	+3.5%
Q4 25	+12.7%	-54.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$5M	3.1%
Q3 19	$8M	4.9%
Q4 19	$11M	6.4%
Q1 20	$10M	5.4%
Q2 20	$10M	5.0%
Q1 22	$14M	4.1%
Q2 22	$13M	3.8%
Q3 22	$10M	3.0%
Q4 22	$6M	1.6%
Q1 23	$12M	3.5%
Q3 23	$16M	4.3%
Q4 23	$12M	3.2%
Q1 24	$11M	2.9%
Q1 25	$9M	2.3%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 19	$613.7K	$14M	$4M	—
Q3 19	$904.9K	$15M	$5M	—
Q4 19	$963.6K	$18M	$6M	—
Q1 20	$1M	$17M	$4M	—
Q2 20	$1M	$23M	$4M	—
Q1 22	$1M	$44M	$6M	—
Q2 22	$1M	$42M	$6M	—
Q3 22	$976.3K	$44M	$5M	—
Q4 22	$1M	$43M	$5M	—
Q1 23	$1M	$42M	$6M	—
Q3 23	$2M	$46M	$6M	—
Q4 23	$2M	$45M	$5M	—
Q1 24	$1M	$45M	$5M	—
Q1 25	$1M	$35M	$5M	—
Q3 25	$1M	$33M	$6M	—
Q4 25	$1M	—	—	$26M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.7B	$0	$1.7B
Q2 22	$1.3B	$0	$1.3B
Q3 22	$1.3B	$0	$1.3B
Q4 22	$1.3B	$0	$1.3B
Q1 23	$1.5B	$0	$1.5B
Q2 23	$1.2B	$0	$1.2B
Q3 23	$1.1B	$0	$1.1B
Q4 23	$1.1B	$0	$1.1B
Q1 24	$1.1B	$0	$1.1B
Q2 24	$1.4B	$0	$1.4B
Q3 24	$1.4B	$0	$1.4B
Q4 24	$1.1B	$0	$1.1B
Q1 25	$1.1B	$0	$1.1B
Q2 25	$1.9B	$0	$1.9B
Q3 25	$2.0B	$0	$2.0B
Q4 25	$2.1B	$0	$2.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	139M	+8.8%	+12.4%
Q3 19	141M	+1.0%	+12.9%
Q4 19	143M	+1.4%	+14.2%
Q1 20	148M	+3.4%	+15.3%
Q2 20	149M	+0.8%	+6.7%
Q1 22	183M	+22.7%	+29.6%
Q2 22	183M	+0.1%	+28.0%
Q3 22	183M	+0.2%	+24.1%
Q4 22	183M	+0.0%	+23.2%
Q1 23	183M	0.0%	+0.4%
Q3 23	184M	+0.1%	+0.4%
Q4 23	184M	+0.1%	+0.2%
Q1 24	184M	0.0%	+0.2%
Q1 25	225M	+22.3%	+22.5%
Q3 25	248M	+10.4%	+35.1%
Q4 25	194M	-21.7%	+5.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	$161.2K	893
Q3 19	$174.5K	893
Q4 19	$158.5K	1K
Q1 20	$166.7K	1K
Q2 20	$180.4K	1K
Q1 22	$174.6K	2K
Q2 22	$179.8K	2K
Q3 22	$184.2K	2K
Q4 22	$160.8K	2K
Q1 23	$161.1K	2K
Q3 23	$168.5K	2K
Q4 23	$159.3K	2K
Q1 24	$163.7K	2K
Q1 25	$174.8K	2K
Q3 25	$185.3K	2K
Q4 25	$185.0K	2K

Revenue / Employee