GDS Holdings A (GDHLF) Financials
Newest figures come from the 20-F for FY2025, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GDHLF SEC filings page.
GDS Holdings Ltd A (GDHLF) reported $1.6B in revenue for fiscal year 2025, up 15.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
Financial Health Signals
We do not publish a peer-relative financial health score for GDS Holdings Ltd A, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
GDS Holdings Ltd A passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, GDS Holdings Ltd A generates $3.54 in operating cash flow ($481.2M OCF vs $135.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
GDS Holdings Ltd A reported an operating loss of $8.0M against $40.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
GDS Holdings Ltd A generated $1.6B in revenue in fiscal year 2025. This represents an increase of 15.6% from the prior year.
GDS Holdings Ltd A's EBITDA was $486.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.2% from the prior year.
GDS Holdings Ltd A reported $135.8M in net income in fiscal year 2025. This represents a decrease of 71.1% from the prior year.
GDS Holdings Ltd A earned $0.08 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 74.7% from the prior year.
Cash & Balance Sheet
GDS Holdings Ltd A recorded an outflow of $189.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
GDS Holdings Ltd A held $2.0B in cash against $3.3B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
GDS Holdings Ltd A's gross margin was 22.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.1 percentage points from the prior year.
GDS Holdings Ltd A's operating margin was -0.5% in fiscal year 2025, reflecting core business profitability. This is down 11.7 percentage points from the prior year.
GDS Holdings Ltd A's net profit margin was 8.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 24.9 percentage points from the prior year.
GDS Holdings Ltd A's ROE was 3.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 11.6 percentage points from the prior year.
Capital Allocation
GDS Holdings Ltd A invested $4.7M in research and development in fiscal year 2025. This represents a decrease of 6.0% from the prior year.
GDS Holdings Ltd A invested $670.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 54.5% from the prior year.
Not reported for fiscal year 2025.
GDHLF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B+15.6% | $1.4B+2.6% | $1.4B+2.5% | $1.3B+9.5% | $1.2B+39.5% | $879.5M+48.5% | $592.1M+45.8% | $406.1M+63.5% | $248.4M+63.3% | $152.1M+40.0% | $108.6M+43.9% | $75.5M |
| Cost of Revenue | $1.3B+14.0% | $1.1B+0.6% | $1.1B+4.0% | $1.1B+11.9% | $947.7M+47.6% | $641.9M+45.1% | $442.4M+40.2% | $315.6M+70.0% | $185.6M+63.1% | $113.8M+43.2% | $79.5M+27.1% | $62.6M |
| Gross Profit | $369.7M+21.4% | $304.5M+10.8% | $274.8M-2.9% | $282.9M+1.3% | $279.2M+17.5% | $237.6M+58.6% | $149.8M+65.4% | $90.5M+44.2% | $62.8M+64.1% | $38.3M+31.4% | $29.1M+125.4% | $12.9M |
| R&D Expenses | $4.7M-6.0% | $5.0M-7.4% | $5.4M+16.2% | $4.6M-25.1% | $6.2M+0.6% | $6.1M+97.6% | $3.1M+53.5% | $2.0M+81.3% | $1.1M-14.9% | $1.3M+138.9% | $549K+113.2% | $257K |
| SG&A Expenses | $149.8M+5.7% | $141.7M-9.1% | $155.9M-9.9% | $173.1M-5.8% | $183.7M+43.1% | $128.3M+65.1% | $77.8M+21.5% | $64.0M+30.6% | $49.0M+13.9% | $43.1M+49.7% | $28.8M+15.7% | $24.9M |
| Operating Income | -$8.0M-105.1% | $157.8Mn/m | -$310.9M-400.6% | $103.4M+15.7% | $89.4M-13.3% | $103.1M+49.6% | $68.9M+181.4% | $24.5M+93.7% | $12.6Mn/m | -$6.1Mn/m | -$188Kn/m | -$12.2M |
| EBITDA | $486.7M-19.2% | $602.1M+268.1% | $163.6M-70.6% | $555.8M+11.2% | $500.0M+41.2% | $354.2M+52.1% | $233.0M+76.0% | $132.3M+87.0% | $70.8M+165.6% | $26.6M+19.7% | $22.3M+1857.6% | $1.1M |
| Interest Expense | $40.9M+40.1% | $29.2M-7.0% | $31.4M+228.9% | $9.5M+20.8% | $7.9M-3.9% | $8.2M-94.1% | $139.1M+45.8% | $95.4M+50.7% | $63.3M+65.8% | $38.2M+95.0% | $19.6M-7.9% | $21.3M |
| Income Tax | $67.2M+214.2% | $21.4Mn/m | -$2.2M-105.5% | $40.1M+5.3% | $38.0M+105.6% | $18.5M+723.4% | $2.2Mn/m | -$1.4Mn/m | -$934Kn/m | -$1.2Mn/m | -$1.8Mn/m | -$739K |
| Net Income | $135.8M-71.1% | $469.3Mn/m | -$604.2Mn/m | -$184.0Mn/m | -$186.3Mn/m | -$102.1Mn/m | -$63.5Mn/m | -$62.6Mn/m | -$50.2Mn/m | -$39.8Mn/m | -$15.2Mn/m | -$21.0M |
| EPS (Basic) | $0.08-72.9% | $0.31n/m | -$0.42n/m | -$0.15n/m | -$0.14n/m | -$0.09n/m | -$0.06n/m | -$0.06n/m | -$0.06 | -$0.19 | -$0.15n/m | -$0.31 |
| EPS (Diluted) | $0.08-74.7% | $0.31n/m | -$0.42n/m | -$0.15n/m | -$0.14n/m | -$0.09n/m | -$0.06n/m | -$0.06n/m | -$0.06 | -$0.19 | -$0.15n/m | -$0.31 |
| Diluted Shares (Avg) | 1.64B+11.5% | 1.48B+0.5% | 1.47B+0.3% | 1.46B+0.8% | 1.45B+15.9% | 1.25B+13.7% | 1.10B | N/A | N/A | N/A | N/A | N/A |
GDHLF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.4B+13.4% | $10.1B-3.8% | $10.5B-3.3% | $10.8B-3.5% | $11.2B+28.1% | $8.8B+94.0% | $4.5B+48.9% | $3.0B+50.4% | $2.0B+71.0% | $1.2B+49.3% | $791.7M | N/A |
| Current Assets | $2.7B+66.7% | $1.6B+2.8% | $1.5B-10.7% | $1.7B-23.7% | $2.3B-19.2% | $2.8B+175.9% | $1.0B+130.4% | $441.8M+17.1% | $377.2M+18.5% | $318.4M+73.8% | $183.2M | N/A |
| Cash & Equivalents | $2.0B+89.8% | $1.1B+2.1% | $1.1B-11.3% | $1.2B-36.9% | $1.9B-25.3% | $2.5B+194.6% | $858.0M+158.2% | $332.3M+15.4% | $287.9M+10.4% | $260.9M+82.8% | $142.7M+45.9% | $97.8M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Accounts Receivable | $352.8M-14.8% | $414.0M+17.9% | $351.1M+0.7% | $348.8M+28.3% | $271.9M+19.8% | $226.9M+79.5% | $126.4M+61.9% | $78.1M+39.3% | $56.0M+95.7% | $28.6M+67.1% | $17.1M | N/A |
| Long-Term Investments | $1.4M+42.6% | $952K-7.4% | $1.0Mn/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Goodwill | $741.8M-8.0% | $806.4M-2.7% | $829.1M-19.2% | $1.0B-7.6% | $1.1B+179.1% | $397.9M+45.4% | $273.8M+7.4% | $254.8M+5.5% | $241.4M+25.0% | $193.2M-3.4% | $199.9M-4.2% | $208.7M |
| Total Liabilities | $7.5B+9.1% | $6.8B-10.5% | $7.7B+4.2% | $7.3B+2.3% | $7.2B+53.1% | $4.7B+62.1% | $2.9B+29.4% | $2.2B+67.7% | $1.3B+77.3% | $751.5M-11.0% | $844.2M | N/A |
| Current Liabilities | $1.0B-18.0% | $1.2B+6.3% | $1.2B-23.9% | $1.5B-27.2% | $2.1B+80.4% | $1.2B+103.9% | $574.5M+12.6% | $510.2M+37.0% | $372.4M+74.8% | $213.1M+49.2% | $142.8M | N/A |
| Non-Current Liabilities | $6.5B+15.2% | $5.6B-13.5% | $6.5B+11.7% | $5.8B+14.6% | $5.1B+44.0% | $3.5B+51.7% | $2.3B+34.4% | $1.7B+79.6% | $960.0M+78.3% | $538.4M-23.2% | $701.4M | N/A |
| Long-Term Debt | $3.3B+11.3% | $3.0B-7.7% | $3.3B-4.6% | $3.4B+18.8% | $2.9B+77.2% | $1.6B+40.4% | $1.2B+52.4% | $756.8M+42.3% | $531.8M+144.6% | $217.4M+47.0% | $147.9M | N/A |
| Total Equity | $3.7B+19.8% | $3.1B+15.6% | $2.7B-20.3% | $3.3B-13.1% | $3.8B-2.0% | $3.9B+165.0% | $1.5B+84.1% | $803.1M+16.8% | $687.9M+59.9% | $430.1Mn/m | -$52.6Mn/m | -$2.7M |
| Retained Earnings | -$728.5Mn/m | -$828.1Mn/m | -$1.3Bn/m | -$751.0Mn/m | -$613.7Mn/m | -$417.4Mn/m | -$295.5Mn/m | -$234.9Mn/m | -$182.2Mn/m | -$123.7Mn/m | -$89.9M | N/A |
Not reported in any period shown, so not listed: Inventory.
GDHLF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $481.2M+81.2% | $265.6M-8.7% | $290.9M-28.6% | $407.4M+116.1% | $188.5M+283.3% | $49.2M+16.7% | $42.1Mn/m | -$1.9Mn/m | -$25.8Mn/m | -$18.6Mn/m | -$12.4M-375.3% | $4.5M |
| Depreciation & Amortization | $494.7M+11.3% | $444.3M-6.4% | $474.4M+4.9% | $452.4M+10.2% | $410.6M+63.5% | $251.1M+53.1% | $164.0M+52.1% | $107.8M+85.6% | $58.1M+77.5% | $32.7M+45.9% | $22.4M+68.3% | $13.3M |
| Stock-Based Compensation | $40.5M-0.2% | $40.6M-14.3% | $47.4M+12.4% | $42.2M-31.3% | $61.4M+20.1% | $51.1M+87.6% | $27.3M+77.0% | $15.4M+67.4% | $9.2M-0.5% | $9.2M+1374.2% | $627K-85.8% | $4.4M |
| Capital Expenditures | $670.8M+54.5% | $434.2M-3.5% | $449.9M-47.1% | $850.6M-44.1% | $1.5B+23.6% | $1.2B+88.1% | $654.7M+5.6% | $619.7M+134.4% | $264.4M+85.8% | $142.3M+25.7% | $113.2M+182.7% | $40.0M |
| Free Cash Flow | -$189.6Mn/m | -$168.6Mn/m | -$159.0Mn/m | -$443.2Mn/m | -$1.3Bn/m | -$1.2Bn/m | -$612.5Mn/m | -$621.6Mn/m | -$290.2Mn/m | -$160.8Mn/m | -$125.5Mn/m | -$35.5M |
| Investing Cash Flow | -$434.7Mn/m | -$1.2Bn/m | -$1.0Bn/m | -$1.8Bn/m | -$2.1Bn/m | -$1.4Bn/m | -$737.1Mn/m | -$688.4Mn/m | -$308.2Mn/m | -$165.2Mn/m | -$113.0M | N/A |
| Financing Cash Flow | $873.1M-62.6% | $2.3B+298.9% | $585.9M-34.2% | $890.7M-30.1% | $1.3B-58.7% | $3.1B+157.0% | $1.2B+69.3% | $709.3M+95.9% | $362.1M+18.1% | $306.6M+76.1% | $174.1M | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $19.3M |
Not reported in any period shown, so not listed: Dividends Paid.
GDHLF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F | FY1420-F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.6%+1.1pp | 21.5%+1.6pp | 20.0%-1.1pp | 21.1%-1.7pp | 22.8%-4.3pp | 27.0%+1.7pp | 25.3%+3.0pp | 22.3%-3.0pp | 25.3%+0.1pp | 25.2%-1.7pp | 26.8%+9.7pp | 17.1% |
| Operating Margin | -0.5%-11.7pp | 11.2%+33.7pp | -22.6%-30.3pp | 7.7%+0.4pp | 7.3%-4.5pp | 11.7%+0.1pp | 11.6%+5.6pp | 6.0%+0.9pp | 5.1%+9.1pp | -4.0%-3.8pp | -0.2%+16.0pp | -16.2% |
| Net Margin | 8.3%-24.9pp | 33.2%+77.0pp | -43.9%-30.2pp | -13.7%+1.5pp | -15.2%-3.6pp | -11.6%-0.9pp | -10.7%+4.7pp | -15.4%+4.8pp | -20.2%+5.9pp | -26.2%-12.2pp | -14.0%+13.8pp | -27.8% |
| Return on Equity | 3.7%-11.6pp | 15.3%+38.0pp | -22.7%-17.2pp | -5.5%-0.7pp | -4.9%-2.2pp | -2.6%+1.7pp | -4.3%+3.5pp | -7.8%-0.5pp | -7.3%+2.0pp | -9.3% | N/A | N/A |
| Return on Assets | 1.2%-3.5pp | 4.7%+10.4pp | -5.8%-4.1pp | -1.7%0.0pp | -1.7%-0.5pp | -1.2%+0.2pp | -1.4%+0.7pp | -2.1%+0.4pp | -2.5%+0.9pp | -3.4%-1.5pp | -1.9% | N/A |
| Current Ratio | 2.60+1.3x | 1.280.0x | 1.32+0.2x | 1.13+0.1x | 1.07-1.3x | 2.40+0.6x | 1.77+0.9x | 0.87-0.1x | 1.01-0.5x | 1.49+0.2x | 1.28 | N/A |
| Debt-to-Equity | 0.91-0.1x | 0.98-0.2x | 1.22+0.2x | 1.02+0.3x | 0.75+0.3x | 0.41-0.4x | 0.78-0.2x | 0.94+0.2x | 0.77+0.3x | 0.51 | N/A | N/A |
| Liabilities-to-Equity | 2.03-0.2x | 2.23-0.6x | 2.88+0.7x | 2.20+0.3x | 1.87+0.7x | 1.20-0.8x | 1.96-0.8x | 2.78+0.8x | 1.94+0.2x | 1.75 | N/A | N/A |
| Asset Turnover | 0.140.0x | 0.140.0x | 0.130.0x | 0.120.0x | 0.110.0x | 0.100.0x | 0.130.0x | 0.130.0x | 0.120.0x | 0.130.0x | 0.14 | N/A |
| FCF Margin | -11.6%+0.3pp | -11.9%-0.4pp | -11.5%+21.4pp | -33.0% | -108.7% | -134.4% | -103.4% | -153.1% | -116.8% | -105.8% | -115.6% | -47.1% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
Where GDS Holdings Ltd A Ranks
Frequently Asked Questions
GDS Holdings Ltd A (GDHLF) reported $1.6B in total revenue for fiscal year 2025. This represents a 15.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
GDS Holdings Ltd A (GDHLF) revenue grew by 15.6% year-over-year, from $1.4B to $1.6B in fiscal year 2025.
Yes, GDS Holdings Ltd A (GDHLF) reported a net income of $135.8M in fiscal year 2025, with a net profit margin of 8.3%.
GDS Holdings Ltd A (GDHLF) had EBITDA of $486.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, GDS Holdings Ltd A (GDHLF) had $2.0B in cash and equivalents against $3.3B in long-term debt.
GDS Holdings Ltd A (GDHLF) had a gross margin of 22.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
GDS Holdings Ltd A (GDHLF) had an operating margin of -0.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
GDS Holdings Ltd A (GDHLF) had a net profit margin of 8.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
GDS Holdings Ltd A (GDHLF) has a return on equity of 3.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
GDS Holdings Ltd A (GDHLF) recorded an outflow of $189.6M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
GDS Holdings Ltd A (GDHLF) generated $481.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
GDS Holdings Ltd A (GDHLF) had $11.4B in total assets as of fiscal year 2025, including both current and long-term assets.
GDS Holdings Ltd A (GDHLF) invested $670.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
GDS Holdings Ltd A (GDHLF) invested $4.7M in research and development during fiscal year 2025.
GDS Holdings Ltd A (GDHLF) had a current ratio of 2.60 as of fiscal year 2025, which is generally considered healthy.
GDS Holdings Ltd A (GDHLF) had a debt-to-equity ratio of 0.91 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
GDS Holdings Ltd A (GDHLF) had a liabilities-to-equity ratio of 2.03 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
GDS Holdings Ltd A (GDHLF) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
GDS Holdings Ltd A (GDHLF) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
GDS Holdings Ltd A (GDHLF) has an earnings quality ratio of 3.54x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
GDS Holdings Ltd A (GDHLF) reported an operating loss of $8.0M against $40.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.