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GDS Holdings Ltd

GDS Clue Score35
CIK 0001526125
$30.39 -1.87% Close, 12 Oct 2026
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Price $30.39 −46.39% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 2 Nov 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.06Operating income−0.04Net income−0.28Fiscal year 2017Revenue1.62 +53.1%Operating income0.08Net income−0.33Fiscal year 2018Revenue2.79 +72.8%Operating income0.17Net income−0.43Fiscal year 2019Revenue4.12 +47.6%Operating income0.48Net income−0.44EPS, diluted−0.45Fiscal year 2020Revenue5.74 +39.2%Operating income0.67Net income−0.67EPS, diluted−0.59Fiscal year 2021Revenue7.82 +36.2%Operating income0.57Net income−1.19EPS, diluted−0.90Fiscal year 2022Revenue9.27 +18.5%Operating income0.71Net income−1.27EPS, diluted−1.03Fiscal year 2023Revenue9.78 +5.5%Operating income−2.21Net income−4.29EPS, diluted−2.96Fiscal year 2024Revenue10.32 +5.5%Operating income1.15Net income3.43EPS, diluted2.27Fiscal year 2025Revenue11.43 +10.8%Operating income−0.06Net income0.95 −72.3%EPS, diluted0.55 −75.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.06 1.62 2.79 4.12 5.74 7.82 9.27 9.78 10.32 11.43
Growth +53.1% +72.8% +47.6% +39.2% +36.2% +18.5% +5.5% +5.5% +10.8%
Operating income −0.04 0.08 0.17 0.48 0.67 0.57 0.71 −2.21 1.15 −0.06
Net income −0.28 −0.33 −0.43 −0.44 −0.67 −1.19 −1.27 −4.29 3.43 0.95
Growth −72.3%
EPS, diluted n/a n/a n/a −0.45 −0.59 −0.90 −1.03 −2.96 2.27 0.55
Growth −75.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin25.2%Operating margin−4.0%Net margin−26.2%Free cash flow margin−105.8%Fiscal year 2017Gross margin25.3%Operating margin5.1%Net margin−20.2%Free cash flow margin−116.8%Fiscal year 2018Gross margin22.3%Operating margin6.0%Net margin−15.4%Free cash flow margin−153.1%Fiscal year 2019Gross margin25.3%Operating margin11.6%Net margin−10.7%Free cash flow margin−103.4%Fiscal year 2020Gross margin27.0%Operating margin11.7%Net margin−11.6%Free cash flow margin−134.5%Fiscal year 2021Gross margin22.8%Operating margin7.3%Net margin−15.2%Free cash flow margin−108.7%Fiscal year 2022Gross margin21.1%Operating margin7.7%Net margin−13.7%Free cash flow margin−33.0%Fiscal year 2023Gross margin19.9%Operating margin−22.6%Net margin−43.9%Free cash flow margin−11.5%Fiscal year 2024Gross margin21.5%Operating margin11.2%Net margin33.2%Free cash flow margin−11.9%Fiscal year 2025Gross margin22.6%Operating margin−0.5%Net margin8.3%Free cash flow margin−11.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 25.2% 25.3% 22.3% 25.3% 27.0% 22.8% 21.1% 19.9% 21.5% 22.6%
Operating margin −4.0% 5.1% 6.0% 11.6% 11.7% 7.3% 7.7% −22.6% 11.2% −0.5%
Net margin −26.2% −20.2% −15.4% −10.7% −11.6% −15.2% −13.7% −43.9% 33.2% 8.3%
Free cash flow margin −105.8% −116.8% −153.1% −103.4% −134.5% −108.7% −33.0% −11.5% −11.9% −11.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−0.13Capital expenditure−0.99Free cash flow−1.12Fiscal year 2017Operating cash flow−0.17Capital expenditure−1.72Free cash flow−1.89Fiscal year 2018Operating cash flow−0.01Capital expenditure−4.26Free cash flow−4.27Fiscal year 2019Operating cash flow0.29Capital expenditure−4.56Free cash flow−4.26Fiscal year 2020Operating cash flow0.32Capital expenditure−8.04Free cash flow−7.72Fiscal year 2021Operating cash flow1.20Capital expenditure−9.70Free cash flow−8.50Fiscal year 2022Operating cash flow2.81Capital expenditure−5.87Free cash flow−3.06Fiscal year 2023Operating cash flow2.07Capital expenditure−3.19Free cash flow−1.13Fiscal year 2024Operating cash flow1.94Capital expenditure−3.17Free cash flow−1.23Fiscal year 2025Operating cash flow3.37Capital expenditure−4.69Free cash flow−1.33
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.13 −0.17 −0.01 0.29 0.32 1.20 2.81 2.07 1.94 3.37
Capital expenditure −0.99 −1.72 −4.26 −4.56 −8.04 −9.70 −5.87 −3.19 −3.17 −4.69
Free cash flow −1.12 −1.89 −4.27 −4.26 −7.72 −8.50 −3.06 −1.13 −1.23 −1.33
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.81Total debt1.90Net cash (debt)−0.09Shareholders’ equity2.99Debt to equity0.64Fiscal year 2017Cash1.87Total debt3.79Net cash (debt)−1.91Shareholders’ equity4.48Debt to equity0.85Fiscal year 2018Cash2.28Total debt5.80Net cash (debt)−3.52Shareholders’ equity5.52Debt to equity1.05Fiscal year 2019Cash5.97Total debt8.77Net cash (debt)−2.80Shareholders’ equity10.29Debt to equity0.85Fiscal year 2020Cash16.49Total debt11.49Net cash (debt)5.00Shareholders’ equity25.57Debt to equity0.45Fiscal year 2021Cash12.03Total debt19.59Net cash (debt)−7.57Shareholders’ equity24.47Debt to equity0.80Fiscal year 2022Cash8.21Total debt25.49Net cash (debt)−17.28Shareholders’ equity23.02Debt to equity1.11Fiscal year 2023Cash7.50Total debt25.25Net cash (debt)−17.75Shareholders’ equity18.89Debt to equity1.34Fiscal year 2024Cash7.87Total debt24.45Net cash (debt)−16.58Shareholders’ equity22.46Debt to equity1.09Fiscal year 2025Cash14.31Total debt25.90Net cash (debt)−11.60Shareholders’ equity25.78Debt to equity1.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.81 1.87 2.28 5.97 16.49 12.03 8.21 7.50 7.87 14.31
Total debt 1.90 3.79 5.80 8.77 11.49 19.59 25.49 25.25 24.45 25.90
Net cash (debt) −0.09 −1.91 −3.52 −2.80 5.00 −7.57 −17.28 −17.75 −16.58 −11.60
Shareholders’ equity 2.99 4.48 5.52 10.29 25.57 24.47 23.02 18.89 22.46 25.78
Debt to equity 0.64 0.85 1.05 0.85 0.45 0.80 1.11 1.34 1.09 1.00

In billions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In billions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
−0.13 −0.17 −0.01 0.29 0.32 1.20 2.81 2.07 1.94 3.37
Growth +9.4% +274.4% +133.9% −26.5% −6.1% +73.6%
Investment
−0.99 −1.72 −4.26 −4.56 −8.04 −9.70 −5.87 −3.19 −3.17 −4.69
calc −1.12 −1.89 −4.27 −4.26 −7.72 −8.50 −3.06 −1.13 −1.23 −1.33
Growth
calc n/a n/a n/a −3.87 −6.16 −5.85 −2.09 −0.77 −0.83 −0.81
−1.15 −2.01 −4.73 −5.13 −9.38 −13.69 −12.51 −7.34 −8.76 −3.04
Financing
2.13 2.36 4.88 8.36 20.14 8.12 6.14 4.16 17.06 6.11

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative. Shown in CNY as filed; the screener converts to dollars.