GDS - GDS Holdings Limited
Price:
--
--
|
CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$55.63
DETAILS
HIGH:
$67.50
LOW:
$36.00
MEDIAN:
$59.50
CONSENSUS:
$55.63
UPSIDE:
58.85%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||
| Revenue | 11,120.8 | 10,322.1 | 9,956.5 | 9,325.6 | 7,818.7 | 5,739.0 | 4,122.4 | 2,792.1 | 1,616.2 | 1,056.0 | 703.6 | 468.3 |
| Cost of Revenue | 8,846.4 | 8,099.4 | 8,034.1 | 7,389.8 | 6,039.3 | 4,188.5 | 3,079.7 | 2,169.6 | 1,207.7 | 790.3 | 515.0 | 388.2 |
| Gross Profit | 2,274.4 | 2,222.6 | 1,922.5 | 1,935.9 | 1,779.4 | 1,550.5 | 1,042.7 | 622.4 | 408.5 | 265.7 | 188.6 | 80.2 |
| Operating Expenses | ||||||||||||
| R&D Expenses | 31.8 | 36.3 | 38.2 | 35.8 | 39.3 | 40.0 | 21.6 | 13.9 | 7.3 | 9.1 | 3.6 | 1.6 |
| SG&A Expenses | 778.1 | 1,034.3 | 1,329.6 | 1,335.5 | 1,170.6 | 837.5 | 541.3 | 440.2 | 319.0 | 298.9 | 186.3 | 154.3 |
| Other Expenses | 0 | 0 | 3,013.4 | 0 | 0 | 0 | 0 | 0 | 0 | 2.5 | 1.2 | (0.4) |
| Operating Expenses | 809.9 | 1,070.6 | 4,381.2 | 1,371.3 | 1,209.9 | 877.5 | 562.9 | 454.1 | 326.2 | 308.0 | 185.9 | 151.0 |
| Operating Income | ||||||||||||
| Operating Income | 1,464.5 | 1,152.0 | (2,458.7) | 551.8 | 569.5 | 672.9 | 479.8 | 168.4 | 82.2 | (42.4) | (1.2) | (75.7) |
| Interest Expense | 1,590.3 | 1,924.6 | 2,037.0 | 1,878.2 | 1,654.7 | 1,316.5 | 968.7 | 656.2 | 412.0 | 263.2 | 126.9 | 131.9 |
| Interest Income | 0 | 89.8 | 97.5 | 42.2 | 50.4 | 29.0 | 53.0 | 19.2 | 5.6 | 0 | 1.4 | 6.9 |
| Profitability | ||||||||||||
| EBITDA | 4,829.5 | 4,505.1 | 1,364.8 | 4,188.9 | 3,226.8 | 2,331.8 | 1,621.8 | 958.0 | 457.2 | 207.9 | 150.6 | 80.1 |
| EBIT | 1,464.5 | 1,152.0 | (2,263.2) | 898.0 | 569.5 | 672.9 | 479.8 | 168.4 | 82.2 | (19.5) | 16.3 | (2.7) |
| Income Before Tax | 1,390.1 | (614.9) | (4,300.2) | (989.9) | (948.8) | (548.4) | (426.4) | (439.7) | (333.0) | (284.7) | (110.6) | (134.6) |
| Income Tax Expense | 456.9 | 156.1 | (14.8) | 276.2 | 242.5 | 120.8 | 15.7 | (9.4) | (6.1) | (8.3) | (12.0) | (4.6) |
| Net Income | 923.8 | 3,425.4 | (4,290.1) | (1,266.1) | (1,191.2) | (669.2) | (442.1) | (430.3) | (326.9) | (276.4) | (98.6) | (130.0) |
| Per Share Data | ||||||||||||
| EPS (Basic) | 4.64 | -4.56 | -23.67 | -8.25 | -7.23 | -4.71 | -3.63 | -3.48 | -3.33 | -7.36 | -2.08 | -38.16 |
| EPS (Diluted) | 4.24 | -4.56 | -23.67 | -8.25 | -7.23 | -4.71 | -3.63 | -3.48 | -3.33 | -7.36 | -2.08 | -38.16 |
| Shares Outstanding | 190.1 | 183.5 | 181.3 | 176.8 | 174.8 | 145.5 | 121.9 | 123.8 | 98.1 | 37.4 | 48.3 | 3.4 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 14,315.1 | 7,867.7 | 7,710.7 | 8,608.1 | 9,968.1 | 16,259.5 | 5,810.9 | 2,161.6 | 1,873.4 | 1,811.3 |
| Short-Term Investments | 667.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 3,030.9 | 3,262.5 | 2,545.9 | 2,406.0 | 1,732.7 | 1,480.3 | 880.0 | 536.8 | 364.7 | 198.9 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 250.8 | 115.2 | 64.9 | 103.6 | 126.7 |
| Other Current Assets | 554.7 | 482.9 | 552.1 | 750.1 | 2,560.3 | 415.0 | 312.9 | 274.1 | 165.6 | 149.8 |
| Total Current Assets | 18,559.3 | 11,613.1 | 10,983.7 | 11,951.1 | 14,463.9 | 18,318.8 | 7,084.7 | 3,037.4 | 2,454.0 | 2,210.3 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 42,912.8 | 45,397.5 | 52,935.8 | 52,550.6 | 44,653.7 | 32,655.8 | 19,981.3 | 13,994.9 | 8,165.6 | 4,322.9 |
| Goodwill | 5,187.7 | 0 | 7,076.5 | 8,124.2 | 8,359.1 | 3,381.7 | 2,300.5 | 1,752.0 | 1,570.8 | 1,341.1 |
| Intangible Assets | 289.5 | 6,389.3 | 710.9 | 23.0 | 635.0 | 678.2 | 747.2 | 1,239.4 | 374.7 | 119.4 |
| Long-Term Investments | 10,058.7 | 7,544.6 | 0 | 0 | (186.5) | (146.1) | (72.9) | (37.0) | (14.3) | (12.6) |
| Other Non-Current Assets | 3,054.1 | 2,704.2 | 2,450.0 | 1,936.1 | 3,520.8 | 2,224.3 | 1,378.8 | 1,618.4 | 605.7 | 237.0 |
| Total Non-Current Assets | 61,490.2 | 62,035.6 | 63,463.0 | 62,862.9 | 57,168.6 | 38,940.0 | 24,407.8 | 17,847.8 | 10,690.5 | 5,993.6 |
| Total Assets | 80,049.4 | 73,648.6 | 74,446.7 | 74,814.0 | 71,632.4 | 57,258.8 | 31,492.5 | 20,885.2 | 13,144.6 | 8,203.9 |
| Current Liabilities | ||||||||||
| Account Payables | 1,933.4 | 2,593.3 | 3,424.9 | 3,092.9 | 3,901.8 | 3,657.1 | 1,676.0 | 1,508.0 | 1,110.4 | 513.5 |
| Short-Term Debt | 2,951.7 | 4,342.2 | 2,834.0 | 5,707.8 | 5,948.0 | 2,153.4 | 1,137.7 | 1,283.3 | 790.5 | 628.5 |
| Deferred Revenue | 113.8 | 0 | 119.9 | 156.1 | 91.0 | 96.7 | 96.3 | 77.9 | 55.6 | 40.7 |
| Other Current Liabilities | 989.9 | 0 | 0 | 0 | 0 | 0 | 1,089.8 | 552.8 | 424.1 | 137.4 |
| Total Current Liabilities | 7,132.9 | 9,078.1 | 8,305.5 | 10,603.4 | 13,465.2 | 7,643.8 | 3,999.5 | 3,507.9 | 2,423.1 | 1,479.2 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 35,530.2 | 30,482.6 | 35,141.0 | 27,813.0 | 20,180.4 | 12,495.2 | 10,078.1 | 7,208.4 | 3,459.8 | 2,550.2 |
| Deferred Tax Liabilities | 1,144.4 | 0 | 0 | 1,410.4 | 734.3 | 462.0 | 252.7 | 171.9 | 124.3 | 53.3 |
| Other Non-Current Liabilities | 113.6 | 1,538.0 | 1,586.2 | 207.8 | 1,835.3 | 1,429.9 | 1,385.6 | 331.0 | 342.1 | 97.7 |
| Total Non-Current Liabilities | 45,161.8 | 40,901.9 | 46,017.4 | 40,025.9 | 33,634.2 | 24,049.0 | 17,199.4 | 11,855.4 | 6,246.0 | 3,738.2 |
| Total Liabilities | 52,294.7 | 49,980.0 | 54,322.9 | 50,629.3 | 47,099.4 | 31,692.8 | 21,199.0 | 15,363.3 | 8,669.1 | 5,217.4 |
| Stockholders' Equity | ||||||||||
| Common Stock | 0.6 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 |
| Retained Earnings | (5,098.0) | (6,044.4) | (9,469.8) | (5,179.7) | (3,910.8) | (2,723.6) | (2,057.2) | (1,615.1) | (1,185.6) | (858.7) |
| Accumulated Other Comprehensive Income | (829.8) | (1,094.4) | (974.4) | (848.4) | (599.2) | (439.6) | (52.7) | (139.3) | (200.7) | (192.1) |
| Total Stockholders' Equity | 26,856.8 | 23,538.7 | 19,958.2 | 24,068.1 | 24,473.8 | 25,566.0 | 10,293.6 | 5,521.9 | 4,475.5 | 2,986.5 |
| Total Liabilities & Equity | 80,049.4 | 73,648.6 | 74,446.7 | 74,814.0 | 71,632.4 | 57,258.8 | 31,492.5 | 20,885.2 | 13,144.6 | 8,203.9 |
| Debt Metrics | ||||||||||
| Total Debt | 47,554.3 | 44,459.7 | 47,993.4 | 44,684.7 | 37,790.4 | 24,630.0 | 16,954.6 | 12,793.0 | 6,651.2 | 4,290.3 |
| Net Debt | 33,239.3 | 36,592.0 | 40,282.7 | 36,076.6 | 27,822.2 | 8,370.6 | 11,143.7 | 10,631.3 | 4,777.8 | 2,478.9 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 923.8 | 3,425.4 | (4,290.1) | (1,266.1) | (1,191.2) | (669.2) | (442.1) | (430.3) | (326.9) | (276.4) |
| Depreciation & Amortization | 3,365.0 | 3,353.7 | 3,628.0 | 3,189.1 | 2,616.9 | 1,638.5 | 1,142.0 | 741.5 | 378.1 | 227.4 |
| Stock-Based Compensation | 0 | 296.5 | 336.6 | 290.8 | 391.3 | 333.7 | 189.8 | 105.9 | 59.8 | 64.2 |
| Change in Working Capital | 91.4 | (543.7) | (484.9) | 674.1 | (809.9) | (1,023.4) | (646.3) | (457.3) | (322.2) | (158.4) |
| Other Non-Cash Items | (1,106.7) | (4,593.5) | 3,171.5 | 69.4 | 242.8 | 131.1 | 100.2 | 63.8 | 48.1 | 3.7 |
| Operating Cash Flow | 3,273.6 | 1,938.4 | 2,065.3 | 2,858.1 | 1,201.4 | 320.9 | 293.4 | (12.9) | (174.6) | (150.2) |
| Investing Activities | ||||||||||
| Capital Expenditure | (4,485.0) | (3,254.5) | (6,253.7) | (7,803.7) | (9,699.1) | (8,020.6) | (4,552.6) | (4,258.0) | (1,760.2) | (987.7) |
| Acquisitions | 0 | 1,125.0 | (133.8) | (3,471.2) | (4,013.3) | (1,357.4) | (578.6) | (475.1) | (275.6) | (159.4) |
| Purchases of Investments | (656.5) | 0 | 0 | (6.2) | (3) | (4.5) | (6) | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 3 | 0 | 36.7 | 0 | 0 | 0 |
| Other Investing Activities | 2,184.3 | (6,920.2) | 61.3 | 6.2 | 20.9 | 4.5 | (30.7) | (1) | (6.0) | (42) |
| Investing Cash Flow | (2,957.2) | (8,760.5) | (6,326.2) | (11,274.9) | (13,691.5) | (9,378.0) | (5,131.2) | (4,733.1) | (2,035.8) | (1,147.1) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 0 | 83.2 | 3,241.3 | 4,976.3 | 7,017.2 | 3,178.7 | 2,382.1 | 3,823.5 | 1,789.1 | 1,041.0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | (54.2) | (53.9) | (51.6) | (49.2) | (65.5) | (25.0) | 0 | 0 | (76.5) |
| Other Financing Activities | 5,939.7 | 17,057.3 | (44.9) | (68.4) | 1,151.2 | 1,055.9 | 81.4 | 1,053.3 | 566.6 | 1,164.1 |
| Financing Cash Flow | 5,939.7 | 17,057.3 | 3,142.5 | 4,856.3 | 8,119.2 | 20,143.7 | 8,361.9 | 4,876.8 | 2,346.8 | 2,128.6 |
| Cash Position | ||||||||||
| Net Change in Cash | 6,713.4 | 10,221.6 | (964.1) | (3,144.3) | (4,466.6) | 10,519.7 | 3,688.5 | 337.1 | 62.1 | 886.8 |
| Cash at Beginning | 7,601.7 | 7,917.9 | 8,882.1 | 12,026.4 | 16,492.9 | 5,973.3 | 2,284.7 | 1,947.6 | 1,811.3 | 924.5 |
| Cash at End | 14,315.1 | 18,139.5 | 7,917.9 | 8,882.1 | 12,026.4 | 16,492.9 | 5,973.3 | 2,284.7 | 1,873.4 | 1,811.3 |
| Free Cash Flow | (1,211.4) | (1,316.1) | (4,188.4) | (4,945.6) | (8,497.8) | (7,699.7) | (4,259.2) | (4,270.9) | (1,934.8) | (1,137.9) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 11,120.8 | 10,322.1 | 9,956.5 | 9,325.6 | 7,818.7 | 5,739.0 | 4,122.4 | 2,792.1 | 1,616.2 | 1,056.0 | 703.6 | 468.3 |
| Gross Profit | 2,274.4 | 2,222.6 | 1,922.5 | 1,935.9 | 1,779.4 | 1,550.5 | 1,042.7 | 622.4 | 408.5 | 265.7 | 188.6 | 80.2 |
| Operating Income | 1,464.5 | 1,152.0 | (2,458.7) | 551.8 | 569.5 | 672.9 | 479.8 | 168.4 | 82.2 | (42.4) | (1.2) | (75.7) |
| Net Income | 923.8 | 3,425.4 | (4,290.1) | (1,266.1) | (1,191.2) | (669.2) | (442.1) | (430.3) | (326.9) | (276.4) | (98.6) | (130.0) |
| EPS (Diluted) | 4.24 | -4.56 | -23.67 | -8.25 | -7.23 | -4.71 | -3.63 | -3.48 | -3.33 | -7.36 | -2.08 | -38.16 |
| Balance Sheet | ||||||||||||
| Cash & Equivalents | 14,315.1 | 7,867.7 | 7,710.7 | 8,608.1 | 9,968.1 | 16,259.5 | 5,810.9 | 2,161.6 | 1,873.4 | 1,811.3 | ||
| Total Assets | 80,049.4 | 73,648.6 | 74,446.7 | 74,814.0 | 71,632.4 | 57,258.8 | 31,492.5 | 20,885.2 | 13,144.6 | 8,203.9 | ||
| Total Debt | 47,554.3 | 44,459.7 | 47,993.4 | 44,684.7 | 37,790.4 | 24,630.0 | 16,954.6 | 12,793.0 | 6,651.2 | 4,290.3 | ||
| Stockholders' Equity | 26,856.8 | 23,538.7 | 19,958.2 | 24,068.1 | 24,473.8 | 25,566.0 | 10,293.6 | 5,521.9 | 4,475.5 | 2,986.5 | ||
| Cash Flow | ||||||||||||
| Operating Cash Flow | 3,273.6 | 1,938.4 | 2,065.3 | 2,858.1 | 1,201.4 | 320.9 | 293.4 | (12.9) | (174.6) | (150.2) | ||
| Capital Expenditure | (4,485.0) | (3,254.5) | (6,253.7) | (7,803.7) | (9,699.1) | (8,020.6) | (4,552.6) | (4,258.0) | (1,760.2) | (987.7) | ||
| Free Cash Flow | (1,211.4) | (1,316.1) | (4,188.4) | (4,945.6) | (8,497.8) | (7,699.7) | (4,259.2) | (4,270.9) | (1,934.8) | (1,137.9) | ||