GDSNasdaqServices-Computer Programming, Data Processing, Etc.Also trades as GDHLF

GDS Holdings Ltd

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026

$22.47−0.61 (-2.64%)

Close on Oct 19, 2026

Margins

Share of revenue, fiscal years 2013 to 2025

22.6%−4.4 pts over 5 years

-0.5%−12.2 pts over 5 years

8.3%+19.9 pts over 5 years

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+10.8%	+7.2%	+14.8%	+32.2%
Gross profit	+16.3%	+9.8%	+10.8%	+29.9%
Net income	-72.3%	–	–	–
EPS, diluted	-75.8%	–	–	–

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	-20.9%	-3.7%	3.9%
Return on assets	-4.1%	-1.5%	1.2%
Current ratio	1.49	2.40	2.60
Debt to equity	0.72	0.50	1.02
Net debt to EBITDA	1.62×	-1.63×	3.53×
Interest coverage	-0.2×	0.5×	-0.0×
Capex to revenue	93.5%	140.0%	41.0%
Diluted shares	299M	1.25B	1.64B

Return on equity split into margin, efficiency and leverage

Net margin8.3%

Asset turnover0.15×

Equity multiplier3.18×

Return on equity, FY20253.9%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	8.3%	0.15×	3.18×	3.9%
FY2024	33.2%	0.14×	3.58×	16.6%
FY2023	-43.9%	0.13×	3.56×	-20.5%
FY2022	-13.7%	0.13×	3.08×	-5.3%
FY2021	-15.2%	0.12×	2.58×	-4.7%
FY2020	-11.6%	0.13×	2.47×	-3.7%
FY2019	-10.7%	0.16×	3.31×	-5.6%
FY2018	-15.4%	0.16×	3.40×	-8.6%
FY2017	-20.2%	0.15×	2.86×	-8.8%
FY2016	-26.2%	0.16×	5.04×	-20.9%

Trailing twelve months. Peers are matched on business description, industry and size. Ticks are peers, the dot is GDS.

Revenue growth10.8% · median 0.3%

Gross margin22.6% · median 17.9%

Operating margin-0.5% · median -3.3%

Net margin8.3% · median -5.9%

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