GDS Holdings Limited financials

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GDS Holdings Limited reports to SEC EDGAR in CNY (it files a 20-F/40-F as a foreign private issuer), so every monetary figure below is in CNY as filed, not US dollars.
GDS CIK 0001526125

Source: EDGAR filings · Built 2026-06-19T00:57:42Z

Key metrics by reporting period

Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.

Derived Metrics

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Free Cash Flow -1.95B -1.78B -2.12B -4.20B -8.76B -7.91B
EBITDA 3.40B 4.39B 1.16B 3.83B 3.19B 2.31B
Working Capital 11.42B 2.53B 2.68B 1.35B 998.63M 10.67B
Net Debt 13.32B 19.78B 19.79B 20.33B 16.29B 4.67B
Gross Margin 22.62% 21.53% 19.95% 21.06% 22.76% 27.02%
Operating Margin -0.49% 11.16% -22.56% 7.70% 7.28% 11.73%
Net Margin 8.31% 33.19% -43.85% -13.69% -15.18% -11.61%
Return on Equity (ROE) 3.68% 15.25% -22.71% -5.51% -4.85% -2.61%
Return on Assets (ROA) 1.19% 4.65% -5.76% -1.70% -1.66% -1.16%
Current Ratio 2.60× 1.28× 1.32× 1.13× 1.07× 2.40×
Debt-to-Equity 1.07× 1.23× 1.44× 1.26× 1.07× 0.82×
Effective Tax Rate 65.86% -25.38% 0.40% -33.35% -25.56% -22.02%
Cash Conversion Ratio 3.54× 0.57× -0.48× -2.21× -1.01× -0.48×
Accruals Ratio -0.03× 0.02× -0.09× -0.05× -0.03× -0.02×
SBC % of Revenue 2.48% 2.87% 3.44% 3.14% 5.00% 5.81%
CapEx Coverage 0.63× 0.52× 0.49× 0.40× 0.12× 0.04×
Free Cash Flow Per Share ¥-1.19 ¥-1.20 ¥-1.44 ¥-2.86 ¥-6.03 ¥-6.31

Income Statement

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue from Contract with Customer, Excluding Assessed Tax 11.43B 10.32B 9.78B 9.27B 7.82B 5.74B
Cost of Goods and Services Sold 8.85B 8.10B 7.83B 7.32B 6.04B 4.19B
Gross Profit 2.59B 2.22B 1.95B 1.95B 1.78B 1.55B
Research and Development Expense 32.70M 36.32M 38.16M 31.91M 39.34M 40.05M
Operating Income (Loss) -55.75M 1.15B -2.21B 713.23M 569.52M 672.94M
Income Tax Expense (Benefit) 469.72M 156.05M -15.58M 276.24M 242.46M 120.78M
Net Income (Loss) Attributable to Parent 949.64M 3.43B -4.29B -1.27B -1.19B -666.41M
Earnings Per Share, Basic ¥0.59 ¥2.27 ¥-2.96 ¥-1.03 ¥-0.90 ¥-0.59
Weighted Average Number of Shares Outstanding, Basic 1.52B 1.48B 1.47B 1.46B 1.45B 1.25B
Earnings Per Share, Diluted ¥0.55 ¥2.27 ¥-2.96 ¥-1.03 ¥-0.90 ¥-0.59
Weighted Average Number of Shares Outstanding, Diluted 1.64B 1.48B 1.47B 1.46B 1.45B 1.25B

Balance Sheet

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash and Cash Equivalents, at Carrying Value 14.31B 7.87B — — — —
Assets, Current 18.55B 11.61B 10.98B 11.95B 14.46B 18.32B
Assets 80.00B 73.65B 74.45B 74.81B 71.63B 57.26B
Long-term Debt 25.90B 24.45B 25.25B 25.49B 19.59B 11.49B
Liabilities, Current 7.13B 9.08B 8.31B 10.60B 13.47B 7.64B
Long-term Debt, Excluding Current Maturities 23.36B 21.91B 23.09B 23.52B 18.28B 10.57B
Liabilities 52.26B 49.98B 54.32B 50.63B 45.74B 30.59B
Stockholders' Equity Attributable to Parent 25.78B 22.46B 18.89B 23.02B 24.47B 25.57B

Cash Flow Statement

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Net Cash Provided by (Used in) Operating Activities 3.37B 1.94B 2.07B 2.81B 1.20B 320.89M
Payments to Acquire Property, Plant, and Equipment 4.69B 3.17B 3.19B 5.87B 9.70B 8.04B
Net Cash Provided by (Used in) Investing Activities -3.04B -8.76B -7.34B -12.51B -13.69B -9.38B
Net Cash Provided by (Used in) Financing Activities 6.11B 17.06B 4.16B 6.14B 8.12B 20.14B

Raw XBRL tagging for a single filing

Every us-gaap and custom concept the filer tagged for one fiscal period, grouped by statement. Start here when a number in the trend table above surprises you and you want to see the exact tag behind it. Derived and valuation rows are omitted here because they already appear in the trend table.

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Immaterial rows are USD line items under 1% of the period's revenue — the noise floor below which a single tag rarely moves the investment thesis. Revenue is read from the filer's top-line concept (Revenues / RevenueFromContractWithCustomerExcludingAssessedTax, with a fallback chain). Non-USD rows, rows without a numeric value, and every row on a filing with no identifiable revenue anchor stay visible. Flip the switch off to see every tag the filer reported for the period.

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Methodology

All facts on this page come straight from SEC EDGAR XBRL company-facts filings (GDS CIK 0001526125), grouped by financial statement using FASB's base us-gaap presentation taxonomy. Filers may re-parent concepts onto different statements in their own extension taxonomy, so a handful of rows can show up under a different statement than on the actual 10-K / 10-Q; custom concepts and any we couldn't map fall into Other. Hover a cell to see the fully-qualified concept name and the filer's description.

For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.

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