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ValueScreener company report

GDS Holdings Limited (GDS)

NASDAQ / Technology / Information Technology Services

Share price

25.86 USD Market dataClose of Oct 14, 2026

Market capitalisation

5.04B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Apr 29, 2026
Ratios computed
Oct 14, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

-0.1% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

35.58x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-3.9% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 1.06B CNYFY2016 Net income: -276.4M CNYFY2017 Revenue: 1.62B CNYFY2017 Net income: -326.9M CNYFY2018 Revenue: 2.79B CNYFY2018 Net income: -430.3M CNYFY2019 Revenue: 4.12B CNYFY2019 Net income: -442.1M CNYFY2020 Revenue: 5.74B CNYFY2020 Net income: -666.4M CNYFY2021 Revenue: 7.82B CNYFY2021 Net income: -1.19B CNYFY2022 Revenue: 9.27B CNYFY2022 Net income: -1.27B CNYFY2023 Revenue: 9.78B CNYFY2023 Net income: -4.29B CNYFY2024 Revenue: 10.32B CNYFY2024 Net income: 3.43B CNYFY2025 Revenue: 11.43B CNYFY2025 Net income: 949.6M CNY
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 35.58x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Information Technology Services industry (41 companies), 35.58x sits at the 80th percentile; the middle half of that group runs from 12.89x to 24.88x.

Is it good

Return on invested capital was -0.1% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Technology sector (197 companies), -0.1% sits at the 21st percentile; the middle half of that group runs from 1.2% to 17.1%.

Is it safe

Net debt to EBITDA was 3.91x in FY2025, in the band labelled "Elevated" (2.50x to 4.00x), on lines set by credit-analyst convention.

Year by year against peers
Whether GDS Holdings Limited's return on equity stayed above the median of the Information Technology Services industry, year by year. (FY2017 to FY2025, 9 fiscal years of GDS Holdings Limited with a comparable figure)
The direction
Which way GDS Holdings Limited's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of GDS Holdings Limited)
What could explain it
What in GDS Holdings Limited's filed statements could explain the movements. (7 readings drawn from the statement lines GDS Holdings Limited filed)
What to check next
What to check next on GDS Holdings Limited, and where in its filings. (7 questions for GDS Holdings Limited)
In one paragraph
One paragraph on GDS Holdings Limited's returns, cash, balance sheet and price. (12 of sixteen figures read for GDS Holdings Limited)

These are GDS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research GDSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 29, 2026, accession 0001104659-26-051006.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

GDS Holdings Limited: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax-0.1% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Return on equity3.7% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Return on capital employed, pre-tax-0.1% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Return on assets1.2% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Gross margin22.6% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Operating margin-0.5% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Net margin8.3% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
GDS 8.3%
PAY 5.6%DLB 18.9%WAY 10.2%EXLS 12.0%FLYW 2.2%
2.2%18.9%
Net margin: GDS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

GDS Holdings Limited: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.07 ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Current ratio2.60 ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Quick ratio2.60 ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Interest coverage
Why n/m

Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

n/m ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Altman Z-score0.61 ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Net debt13.32B ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Total assets 80.00BTotal liabilities 52.26BShareholders' equity 25.78BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What GDS Holdings Limited owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 29, 2026, 0001104659-26-051006).

GDS Holdings Limited: balance sheet position
Total assets80.00B FiledFY2025 20-F, filed Apr 29, 2026
Total liabilities52.26B FiledFY2025 20-F, filed Apr 29, 2026
Shareholders' equity25.78B FiledFY2025 20-F, filed Apr 29, 2026
Cash14.31B FiledFY2025 20-F, filed Apr 29, 2026
Total debt27.63B FiledFY2025 20-F, filed Apr 29, 2026
Net debt13.32B
Current ratio2.60
Debt to equity1.07
  • Interest cover: FY2025: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

GDS Holdings Limited: what the market charges, each with its source
FigureValue, source and document
Price to earnings35.58x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.31x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Price to sales2.96x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Enterprise value to EBITDA13.84x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006

We publish no fair value or price target of our own. Value GDS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for GDS Holdings Limited today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

GDS Holdings Limited: valuation
Share price25.86 USD
Market capitalisation5.04B USD
Enterprise value to EBITDA13.84x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like GDS Holdings Limited

  1. Paymentus Holdings, Inc. (PAY)Market cap 3.85B USD
  2. Dolby Laboratories, Inc. (DLB)Market cap 5.51B USD
  3. Waystar Holding Corp. (WAY)Market cap 5.15B USD
  4. ExlService Holdings, Inc. (EXLS)Market cap 5.66B USD
  5. Flywire Corporation (FLYW)Market cap 2.20B USD

Same industry (Information Technology Services) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

GDS Holdings Limited: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-3.9% ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Free cash flow-1.33B CNY ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Free cash flow margin-11.6% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Dividend yield
Why n/a

The dividends on file cannot be split between common and preferred holders, so the common dividend cannot be stated.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
FY2016 Free cash flow: -1.12B CNYFY2016 Net income: -276.4M CNYFY2017 Free cash flow: -1.89B CNYFY2017 Net income: -326.9M CNYFY2018 Free cash flow: -4.27B CNYFY2018 Net income: -430.3M CNYFY2019 Free cash flow: -4.26B CNYFY2019 Net income: -442.1M CNYFY2020 Free cash flow: -7.72B CNYFY2020 Net income: -666.4M CNYFY2021 Free cash flow: -8.50B CNYFY2021 Net income: -1.19B CNYFY2022 Free cash flow: -3.06B CNYFY2022 Net income: -1.27B CNYFY2023 Free cash flow: -1.13B CNYFY2023 Net income: -4.29B CNYFY2024 Free cash flow: -1.23B CNYFY2024 Net income: 3.43B CNYFY2025 Free cash flow: -1.33B CNYFY2025 Net income: 949.6M CNY
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

GDS Holdings Limited: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
35.58xFY2025Oct 14, 2026
1.31xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
-3.9%FY2025Oct 14, 2026
-0.1%FY2025Apr 29, 2026
n/aFY2025Oct 14, 2026
n/a The dividends on file cannot be split between common and preferred holders, so the common dividend cannot be stated.
1.07FY2025Apr 29, 2026
2.60FY2025Apr 29, 2026
2.96xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a The filed income statement reports no earnings per share.
0.61FY2025Oct 14, 2026
-2.68FY2025Apr 29, 2026
7/9FY2025Apr 29, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports GDS Holdings Limited filed with the SEC. Each year names its filing. Amounts in CNY, as filed.

GDS Holdings Limited: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202511.43B-55.8M949.6Mn/a-1.33B-0.5%3.7%20-F, Apr 29, 20260001104659-26-051006
FY202410.32B1.15B3.43Bn/a-1.23B11.2%15.3%20-F, Apr 28, 20250001410578-25-000935
FY20239.78B-2.21B-4.29Bn/a-1.13B-22.6%-22.7%20-F, Apr 29, 20240001104659-24-053528
FY20229.27B713.2M-1.27Bn/a-3.06B7.7%-5.5%20-F, Apr 4, 20230001104659-23-041218
FY20217.82B569.5M-1.19Bn/a-8.50B7.3%-4.8%20-F, Apr 28, 20220001104659-22-052232
FY20205.74B672.9M-666.4Mn/a-7.72B11.7%-2.6%20-F, Apr 12, 20210001104659-21-049104
FY20194.12B479.8M-442.1Mn/a-4.26B11.6%-4.3%20-F, Apr 17, 20200001104659-20-047853
FY20182.79B168.4M-430.3Mn/a-4.27B6.0%-7.8%20-F, Mar 13, 20190001104659-19-014580
FY20171.62B82.2M-326.9Mn/a-1.89B5.1%-7.3%20-F, Mar 29, 20180001104659-18-021281
FY20161.06B-42.4M-276.4Mn/a-1.12B-4.0%-9.3%20-F, Apr 19, 20170001104659-17-024311
  • Revenue, compound annual growth FY2016 to FY2025: 30.3%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

GDS Holdings Limited: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.68 ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Piotroski F-score7/9 ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-051006
Named tests met0 of 30 Computed
Beta1.38 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 0 met, 28 not met, 2 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
P/E times P/B (Benjamin Graham); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(11)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
  • Dividend Yield: The dividends on file cannot be split between common and preferred holders, so the common dividend cannot be stated.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The dividends on file cannot be split between common and preferred holders, so the common dividend cannot be stated.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 11 figures could not be read on this company, among them Positive Earnings Streak, EV/EBIT, PEG Ratio. Each blank in the table above names the rest, with its reason. 2 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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