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GDS (GDS) Financials

GDS logo
$42.44 -2.31 (-5.16%)
Closing price 05/15/2026 04:00 PM Eastern
Extended Trading
$41.83 -0.61 (-1.44%)
As of 05/15/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for GDS

Annual Income Statements for GDS

This table shows GDS's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -33 -58 -50 -63 -72 -113 -206 -403 -604 462 136
Consolidated Net Income / (Loss)		 -15 -40 -50 -63 -63 -103 -187 -184 -604 922 137
Net Income / (Loss) Continuing Operations		 -15 -40 -50 -63 -63 -103 -187 -160 -553 -106 137
Total Pre-Tax Income 		-17 -41 -51 -64 -61 -84 -149 -120 -555 -84 102
Total Operating Income		 -0.19 -6.08 13 25 69 104 89 103 -311 158 -7.97
Total Gross Profit		 29 38 63 91 150 238 279 283 275 304 370
Total Revenue		 107 151 248 406 592 883 1,227 1,344 1,378 1,414 1,635
Operating Revenue		 107 151 248 406 592 883 1,227 1,344 1,378 1,414 1,635
Total Cost of Revenue		 78 113 185 316 442 644 948 1,061 1,103 1,110 1,265
Operating Cost of Revenue		 78 113 185 316 442 644 948 1,061 1,103 1,110 1,265
Total Operating Expenses		 29 44 50 66 81 135 190 180 586 147 378
Selling, General & Admin Expense		 20 33 35 48 59 108 160 152 136 126 128
Marketing Expense		 8.77 10 14 16 19 21 23 21 20 16 21
Research & Development Expense		 0.54 1.30 1.11 2.03 3.11 6.16 6.17 4.63 5.37 4.98 4.68
Impairment Charge		 - - - - - 0.00 0.00 1.85 424 0.00 223
Total Other Income / (Expense), net		 -17 -35 -64 -88 -130 -188 -238 -224 -244 -242 110
Interest Expense		 19 38 63 96 139 202 260 272 273 264 256
Interest & Investment Income		 0.21 0.30 0.86 2.80 7.61 4.46 7.92 6.12 13 12 360
Other Income / (Expense), net		 2.47 2.98 -1.35 4.22 1.36 10 13 43 15 9.32 5.67
Income Tax Expense		 -1.82 -1.19 -0.93 -1.37 2.25 19 38 40 -2.19 21 67
Other Gains / (Losses), net		 - - - - - - - - 0.00 0.00 102
Net Income / (Loss) Discontinued Operations		 - - - - - - - -23 -51 576 0.00
Preferred Stock Dividends Declared		 18 18 0.00 0.00 8.34 8.11 7.70 7.43 7.55 7.43 7.77
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - 0.00 0.00 2.43 12 28 0.71 0.85 1.39
Basic Earnings per Share		 ($0.99) ($1.35) ($0.42) ($0.43) ($0.45) ($0.59) ($0.90) ($0.15) ($0.42) $0.31 $0.08
Weighted Average Basic Shares Outstanding		 217.99M 299.09M 784.57M 990.26M 1.10B 1.25B 1.45B 1.46B 1.47B 1.48B 1.52B
Diluted Earnings per Share		 ($0.99) ($1.35) ($0.42) ($0.43) ($0.45) ($0.59) ($0.90) ($0.15) ($0.42) $0.31 $0.08
Weighted Average Diluted Shares Outstanding		 217.99M 299.09M 784.57M 990.26M 1.10B 1.25B 1.45B 1.46B 1.47B 1.48B 1.64B
Weighted Average Basic & Diluted Shares Outstanding		 217.99M 299.09M 784.57M 990.26M 1.10B 1.25B 1.50B 1.52B 1.52B 1.56B 1.60B

Quarterly Income Statements for GDS

No quarterly income statements for GDS are available.

Annual Cash Flow Statements for GDS

This table details how cash moves in and out of GDS's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 48 130 17 49 530 1,618 -701 -456 -136 1,400 908
Net Cash From Operating Activities		 -12 -18 -26 -1.88 42 49 189 407 291 266 481
Net Cash From Continuing Operating Activities		 -12 -18 -26 -1.88 42 49 189 415 332 304 481
Net Income / (Loss) Continuing Operations		 -15 -40 -50 -63 -63 -103 -187 -160 -553 -106 137
Consolidated Net Income / (Loss)		 -15 -40 -50 -63 -63 -103 -187 -184 -604 453 137
Net Income / (Loss) Discontinued Operations		 - - - - - - - -23 -51 558 0.00
Depreciation Expense		 22 33 58 108 164 252 411 452 474 444 495
Amortization Expense		 0.00 0.85 7.38 8.93 14 25 31 22 20 15 14
Non-Cash Adjustments To Reconcile Net Income		 -5.28 8.50 9.18 16 29 47 76 30 487 50 -157
Changes in Operating Assets and Liabilities, net		 -14 -21 -50 -72 -102 -171 -143 71 -96 -99 -7.18
Net Cash From Discontinued Operating Activities		 - - - - - - - -7.60 -41 -39 0.00
Net Cash From Investing Activities		 -111 -164 -308 -689 -737 -1,442 -2,149 -1,814 -1,034 -1,200 -435
Net Cash From Continuing Investing Activities		 -111 -164 -307 -689 -737 -1,442 -2,149 -1,527 -636 -252 -435
Purchase of Property, Plant & Equipment		 -112 -142 -264 -620 -654 -1,236 -1,522 -851 -450 -434 -671
Acquisitions		 0.00 -17 -40 -69 -80 -208 -570 -505 -33 -12 -0.28
Purchase of Investments		 0.00 - 0.00 0.00 -0.86 -0.69 -0.47 -0.90 -0.42 0.00 -114
Sale of Property, Plant & Equipment		 0.01 0.01 0.00 2.02 0.73 2.53 0.22 6.32 2.61 28 12
Divestitures		 0.00 0.18 3.82 0.07 1.74 0.74 8.98 0.00 3.33 5.34 434
Other Investing Activities, net		 0.16 -6.02 -6.14 -1.59 -4.41 -0.66 -65 -177 -159 160 -96
Net Cash From Discontinued Investing Activities		 - - - - - - - -287 -398 -948 0.00
Net Cash From Financing Activities		 172 305 361 710 1,201 3,098 1,274 891 586 2,337 873
Net Cash From Continuing Financing Activities		 172 305 361 710 1,201 3,098 1,274 505 178 24 873
Repayment of Debt		 -74 -137 -283 -248 -414 -712 -978 -1,403 -836 -833 -1,629
Repurchase of Common Equity		 - - - - - - - - 0.00 0.00 -1.14
Payment of Dividends		 0.00 -11 0.00 0.00 -3.59 -10 -18 -94 -7.59 -7.42 -17
Issuance of Debt		 248 278 559 819 785 1,245 2,540 2,090 1,433 912 2,345
Issuance of Common Equity		 0.00 175 100 187 708 2,473 35 - 0.00 0.00 257
Other Financing Activities, net		 0.45 0.00 -14 -48 -17 102 -306 -88 -411 -47 -82
Net Cash From Discontinued Financing Activities		 - - - - - - - 385 407 2,313 0.00
Effect of Exchange Rate Changes		 0.34 7.96 -11 30 24 -87 -15 60 22 -1.86 -12
Cash Interest Paid		 12 33 55 92 121 171 241 261 290 287 240
Cash Income Taxes Paid		 0.13 0.81 0.21 0.49 2.45 33 40 50 43 53 80

Quarterly Cash Flow Statements for GDS

No quarterly cash flow statements for GDS are available.

Annual Balance Sheets for GDS

This table presents GDS's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 781 1,176 2,017 3,040 4,522 8,807 11,241 10,847 10,486 10,090 11,440
Total Current Assets		 181 317 377 442 1,017 2,818 2,270 1,733 1,547 1,591 2,652
Cash & Equivalents		 141 260 287 315 834 2,501 1,564 1,248 1,036 1,078 2,046
Restricted Cash		 0.98 3.97 1.66 0.01 4.92 13 316 23 5.54 9.24 19
Note & Lease Receivable		 - - - - - - - - - 0.00 0.00
Accounts Receivable		 17 29 56 78 126 228 272 349 351 421 393
Inventories, net		 - 10 17 24 - - 36 24 30 33 41
Other Current Assets		 14 7.05 6.54 16 21 27 50 62 63 49 154
Plant, Property, & Equipment, net		 383 620 1,253 2,037 2,754 4,552 6,375 6,802 5,648 5,508 5,442
Total Noncurrent Assets		 218 240 387 561 750 1,437 2,596 2,312 3,291 2,991 3,315
Long-Term Investments		 - - 0.00 - - - - - 1.03 1,034 1,437
Noncurrent Note & Lease Receivables		 0.00 14 45 71 128 222 348 168 197 204 254
Goodwill		 197 192 241 255 274 399 1,110 1,026 829 806 742
Intangible Assets		 7.15 13 53 70 57 121 201 152 97 66 39
Noncurrent Deferred & Refundable Income Taxes		 0.36 1.81 2.20 5.38 10 22 29 33 41 52 56
Other Noncurrent Operating Assets		 13 18 46 159 282 672 907 933 871 829 787
Total Liabilities & Shareholders' Equity		 781 1,176 2,017 3,040 4,522 8,807 11,241 10,847 10,486 10,090 11,440
Total Liabilities		 468 748 1,330 2,236 2,891 4,705 7,177 7,341 7,651 6,847 7,473
Total Current Liabilities		 141 212 372 511 574 1,176 2,113 1,537 1,170 1,244 1,019
Short-Term Debt		 73 90 121 211 163 331 933 853 382 611 438
Accounts Payable		 61 103 227 219 241 562 612 448 387 355 276
Accrued Expenses		 - - - 69 117 215 420 147 161 177 172
Current Deferred Revenue		 7.08 5.83 8.53 11 13 15 14 23 17 12 16
Other Current Liabilities		 - 13 15 0.00 40 52 133 66 77 88 117
Total Noncurrent Liabilities		 327 536 958 1,726 2,317 3,529 5,064 5,803 6,481 5,604 6,454
Long-Term Debt		 245 366 531 1,049 1,447 1,922 3,167 4,033 4,440 4,176 5,078
Capital Lease Obligations		 65 147 353 - - - - 235 189 175 172
Noncurrent Deferred & Payable Income Tax Liabilities		 5.74 7.64 19 25 36 71 115 204 181 170 164
Other Noncurrent Operating Liabilities		 12 16 55 651 834 1,537 1,782 1,332 1,155 1,082 1,041
Commitments & Contingencies		 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 365 - - 0.00 152 169 214 152 150 148 151
Total Equity & Noncontrolling Interests		 -52 428 687 804 1,478 3,932 3,850 3,355 2,684 3,095 3,815
Total Preferred & Common Equity		 -52 428 687 804 1,478 3,932 3,840 3,338 2,661 3,077 3,687
Total Common Equity		 -52 428 687 804 1,478 3,932 3,840 3,338 2,661 3,077 3,687
Common Stock		 46 579 899 1,059 1,781 4,419 4,548 4,212 4,132 4,055 4,534
Retained Earnings		 -89 -123 -182 -235 -295 -419 -614 -751 -1,334 -828 -729
Accumulated Other Comprehensive Income / (Loss)		 -9.43 -28 -31 -20 -7.56 -68 -94 -123 -137 -150 -119
Noncontrolling Interest		 - - - - - 0.00 9.29 17 23 18 128

Quarterly Balance Sheets for GDS

No quarterly balance sheets for GDS are available.

Annual Metrics And Ratios for GDS

This table displays calculated financial ratios and metrics derived from GDS's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 1,603,020,903.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 1,603,020,903.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 42.26% 41.34% 63.79% 63.87% 45.64% 49.13% 39.00% 10.20% 3.72% 2.63% 15.61%
EBITDA Growth		 241.17% 24.32% 152.56% 89.88% 70.68% 57.11% 39.58% 11.74% -69.67% 215.51% -19.22%
EBIT Growth		 119.67% -235.58% 464.40% 154.90% 144.59% 61.82% -9.50% 20.58% -368.06% 156.53% -101.38%
NOPAT Growth		 98.48% -3,179.24% 307.66% 94.21% 181.11% 50.25% -13.65% -10.48% -532.87% 150.77% -102.46%
Net Income Growth		 28.20% -164.07% -26.56% -24.85% -1.35% -62.16% -81.61% 1.80% -228.80% 174.99% -85.12%
EPS Growth		 48.17% -36.36% 68.89% -2.38% -4.65% -31.11% -52.54% -14.44% -187.38% 174.60% -74.73%
Operating Cash Flow Growth		 -372.15% -51.28% -39.24% 92.70% 2,342.09% 17.15% 281.97% 119.81% -29.80% -8.71% 81.21%
Free Cash Flow Firm Growth		 0.00% 60.55% -187.49% 47.55% -83.54% -126.29% -74.19% 57.31% 80.33% -82.35% -122.74%
Invested Capital Growth		 0.00% 38.69% 82.94% 24.67% 37.28% 59.92% 63.61% 17.06% -0.58% -1.04% 0.61%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 26.81% 25.16% 25.27% 22.29% 25.29% 27.02% 22.76% 20.76% 19.31% 21.53% 22.62%
EBITDA Margin		 22.79% 20.05% 30.92% 35.82% 41.98% 44.23% 44.41% 45.03% 13.17% 44.31% 30.96%
Operating Margin		 -0.17% -4.01% 5.09% 6.03% 11.64% 11.73% 7.28% 5.92% -24.69% 11.16% -0.49%
EBIT Margin		 2.13% -2.04% 4.54% 7.07% 11.87% 12.88% 8.38% 9.17% -23.71% 11.82% -0.14%
Profit (Net Income) Margin		 -14.01% -26.18% -20.23% -15.41% -10.72% -11.66% -15.24% -13.58% -43.04% 32.01% 8.39%
Tax Burden Percent		 89.16% 97.08% 98.18% 97.86% 103.67% 122.02% 125.56% 127.91% 99.66% -537.33% 134.52%
Interest Burden Percent		 -738.15% 1,320.44% -453.48% -222.82% -87.16% -74.21% -144.73% -115.70% 182.15% -50.40% -4,430.61%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 65.87%
Return on Invested Capital (ROIC)		 -0.05% -0.64% 0.81% 1.09% 2.32% 2.32% 1.24% 0.82% -3.31% 1.81% -0.04%
ROIC Less NNEP Spread (ROIC-NNEP)		 -12.44% -12.87% -10.37% -8.51% -10.69% -66.46% -24.24% -7.07% -11.98% 12.92% 5.56%
Return on Net Nonoperating Assets (RNNOA)		 -9.55% -10.05% -9.81% -9.49% -7.54% -5.91% -5.81% -5.67% -15.73% 13.09% 3.85%
Return on Equity (ROE)		 -9.60% -10.70% -9.00% -8.40% -5.22% -3.59% -4.58% -4.85% -19.04% 14.90% 3.81%
Cash Return on Invested Capital (CROIC)		 -200.05% -33.06% -57.81% -20.87% -29.10% -43.79% -47.02% -14.90% -2.73% 2.86% -0.65%
Operating Return on Assets (OROA)		 0.29% -0.32% 0.71% 1.14% 1.86% 1.71% 1.03% 1.12% -3.12% 1.62% -0.02%
Return on Assets (ROA)		 -1.92% -4.05% -3.14% -2.48% -1.68% -1.54% -1.86% -1.66% -5.66% 4.40% 1.27%
Return on Common Equity (ROCE)		 1.59% -5.43% -9.00% -8.40% -4.89% -3.39% -4.36% -4.60% -18.01% 14.07% 3.57%
Return on Equity Simple (ROE_SIMPLE)		 28.95% -9.26% -7.30% -7.79% -4.29% -2.62% -4.87% -5.50% -22.68% 14.71% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.13 -4.25 8.83 17 48 72 63 56 -242 110 -2.72
NOPAT Margin		 -0.12% -2.81% 3.56% 4.22% 8.15% 8.21% 5.10% 4.14% -17.29% 7.81% -0.17%
Net Nonoperating Expense Percent (NNEP)		 12.39% 12.22% 11.18% 9.60% 13.01% 68.78% 25.47% 7.89% 8.67% -11.12% -5.60%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - 1.37% -0.03%
Cost of Revenue to Revenue		 73.19% 74.84% 74.73% 77.71% 74.71% 72.98% 77.24% 79.24% 80.69% 78.47% 77.38%
SG&A Expenses to Revenue		 18.29% 21.53% 14.16% 11.80% 9.98% 12.24% 13.07% 12.71% 11.91% 8.89% 7.85%
R&D to Revenue		 0.51% 0.86% 0.45% 0.50% 0.52% 0.70% 0.50% 0.38% 0.38% 0.35% 0.29%
Operating Expenses to Revenue		 26.98% 29.17% 20.19% 16.26% 13.66% 15.29% 15.47% 14.84% 44.00% 10.37% 23.10%
Earnings before Interest and Taxes (EBIT)		 2.28 -3.09 11 29 70 114 103 124 -333 167 -2.30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 24 30 77 146 248 390 545 609 185 627 506
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 3.12 3.38 4.39 3.62 2.30 1.15 0.65 1.47 1.84
Price to Tangible Book Value (P/TBV)		 0.00 0.00 5.46 5.68 5.66 4.17 3.49 1.78 1.11 2.05 2.33
Price to Revenue (P/Rev)		 0.00 0.00 8.63 6.69 10.97 16.13 7.18 2.85 1.24 3.20 4.15
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.86 49.96
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 20.57% 2.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 2.04 2.09 3.09 3.68 1.79 1.07 0.87 1.24 1.51
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 11.52 9.01 12.53 16.03 9.18 5.82 4.56 5.33 5.66
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 37.26 25.16 29.85 36.24 20.66 12.93 34.60 12.03 18.27
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 253.56 127.52 105.58 124.45 109.43 63.46 0.00 45.08 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 323.45 213.51 153.81 195.26 179.94 140.57 0.00 68.21 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 176.04 286.64 59.71 19.00 21.97 28.37 19.22
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 43.14 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.22 1.41 1.46 1.57 0.99 0.55 1.01 1.46 1.97 1.53 1.43
Long-Term Debt to Equity		 0.99 1.20 1.29 1.31 0.89 0.47 0.78 1.22 1.82 1.34 1.32
Financial Leverage		 0.77 0.78 0.95 1.12 0.71 0.09 0.24 0.80 1.31 1.01 0.69
Leverage Ratio		 2.50 2.64 2.86 3.39 3.11 2.33 2.46 2.92 3.36 3.39 2.99
Compound Leverage Factor		 -18.42 34.87 -12.99 -7.56 -2.71 -1.73 -3.55 -3.38 6.13 -1.71 -132.32
Debt to Total Capital		 54.97% 58.45% 59.42% 61.06% 49.69% 35.45% 50.22% 59.35% 66.28% 60.48% 58.91%
Short-Term Debt to Total Capital		 10.45% 8.74% 7.17% 10.23% 5.04% 5.21% 11.43% 9.89% 5.05% 7.45% 4.54%
Long-Term Debt to Total Capital		 44.52% 49.71% 52.25% 50.83% 44.65% 30.24% 38.79% 49.46% 61.23% 53.03% 54.38%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 52.49% 0.00% 0.00% 0.00% 4.71% 2.67% 2.73% 1.96% 2.06% 2.02% 2.89%
Common Equity to Total Capital		 -7.46% 41.55% 40.58% 38.94% 45.60% 61.88% 47.04% 38.69% 31.66% 37.50% 38.19%
Debt to EBITDA		 15.64 19.85 13.12 8.66 6.48 5.77 7.52 8.41 30.16 7.92 11.24
Net Debt to EBITDA		 9.84 11.16 9.34 6.50 3.10 -0.67 4.07 6.32 24.25 4.54 4.32
Long-Term Debt to EBITDA		 12.67 16.88 11.53 7.21 5.82 4.92 5.81 7.01 27.86 6.94 10.37
Debt to NOPAT		 -2,944.81 -141.65 113.85 73.47 33.40 31.10 65.54 91.43 -22.98 44.92 -2,089.98
Net Debt to NOPAT		 -1,852.05 -79.65 81.12 55.13 15.99 -3.60 35.48 68.73 -18.48 25.72 -803.16
Long-Term Debt to NOPAT		 -2,384.93 -120.46 100.12 61.17 30.01 26.53 50.62 76.20 -21.23 39.39 -1,929.09
Altman Z-Score		 0.00 0.00 0.98 0.76 1.56 2.12 0.82 0.40 0.03 0.52 0.77
Noncontrolling Interest Sharing Ratio		 116.57% 49.21% 0.00% 0.00% 6.26% 5.62% 4.81% 5.18% 5.39% 5.58% 6.18%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.28 1.49 1.01 0.87 1.77 2.40 1.07 1.13 1.32 1.28 2.60
Quick Ratio		 1.12 1.36 0.92 0.77 1.67 2.32 0.87 1.04 1.23 1.20 2.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -553 -218 -627 -329 -604 -1,367 -2,380 -1,016 -200 175 -40
Operating Cash Flow to CapEx		 -10.96% -13.06% -9.76% -0.30% 6.45% 4.00% 12.39% 36.62% 34.40% 65.37% 72.99%
Free Cash Flow to Firm to Interest Expense		 -28.63 -5.74 -9.92 -3.45 -4.34 -6.75 -9.17 -3.71 -0.70 0.66 -0.16
Operating Cash Flow to Interest Expense		 -0.63 -0.49 -0.41 -0.02 0.30 0.24 0.73 1.51 1.01 1.01 1.88
Operating Cash Flow Less CapEx to Interest Expense		 -6.41 -4.21 -4.58 -6.49 -4.40 -5.85 -5.14 -2.62 -1.93 -0.53 -0.70
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.15 0.16 0.16 0.16 0.13 0.12 0.12 0.13 0.14 0.15
Accounts Receivable Turnover		 6.34 6.67 5.87 6.06 5.79 4.99 4.91 4.36 3.96 3.70 4.02
Inventory Turnover		 0.00 0.00 13.40 15.41 0.00 0.00 0.00 35.81 41.85 35.15 34.33
Fixed Asset Turnover		 0.28 0.30 0.26 0.25 0.25 0.24 0.22 0.21 0.21 0.25 0.30
Accounts Payable Turnover		 1.28 1.38 1.12 1.41 1.92 1.60 1.61 2.02 2.43 2.99 4.01
Days Sales Outstanding (DSO)		 57.59 54.74 62.16 60.22 63.05 73.20 74.31 83.78 92.06 98.75 90.88
Days Inventory Outstanding (DIO)		 0.00 0.00 27.24 23.69 0.00 0.00 0.00 10.19 8.72 10.39 10.63
Days Payable Outstanding (DPO)		 284.62 265.08 325.39 258.00 189.91 227.51 226.23 180.68 150.12 122.14 91.11
Cash Conversion Cycle (CCC)		 -227.03 -210.34 -235.99 -174.10 -126.86 -154.32 -151.92 -86.70 -49.34 -13.00 10.40
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 553 767 1,403 1,749 2,401 3,841 6,283 7,356 7,313 6,084 6,121
Invested Capital Turnover		 0.39 0.23 0.23 0.26 0.29 0.28 0.24 0.20 0.19 0.23 0.27
Increase / (Decrease) in Invested Capital		 553 214 636 346 652 1,439 2,443 1,072 -42 -64 37
Enterprise Value (EV)		 0.00 0.00 2,857 3,662 7,417 14,147 11,257 7,872 6,390 7,535 9,250
Market Capitalization		 0.00 0.00 2,140 2,717 6,493 14,238 8,814 3,854 1,738 4,528 6,784
Book Value per Share		 ($0.24) $1.43 $0.90 $0.85 $1.47 $3.23 $2.57 $2.23 $1.75 $2.02 $2.37
Tangible Book Value per Share		 ($1.17) $0.74 $0.52 $0.51 $1.14 $2.81 $1.69 $1.44 $1.03 $1.45 $1.87
Total Capital		 695 1,031 1,692 2,064 3,241 6,355 8,164 8,627 8,405 8,205 9,654
Total Debt		 382 602 1,006 1,260 1,610 2,253 4,100 5,120 5,571 4,962 5,687
Total Long-Term Debt		 309 512 884 1,049 1,447 1,922 3,167 4,267 5,146 4,351 5,250
Net Debt		 240 339 716 946 771 -261 2,220 3,849 4,479 2,842 2,186
Capital Expenditures (CapEx)		 112 142 264 618 654 1,234 1,522 1,131 846 406 659
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -29 -69 -163 -172 -233 -541 -790 -223 -290 -129 6.39
Debt-free Net Working Capital (DFNWC)		 112 195 126 143 606 1,973 1,090 1,048 802 958 2,071
Net Working Capital (NWC)		 40 105 4.75 -68 443 1,642 157 195 377 347 1,633
Net Nonoperating Expense (NNE)		 15 35 59 80 112 175 249 240 361 -342 -140
Net Nonoperating Obligations (NNO)		 240 339 716 946 771 -261 2,220 3,849 4,479 2,842 2,155
Total Depreciation and Amortization (D&A)		 22 33 65 117 178 277 442 485 517 459 508
Debt-free, Cash-free Net Working Capital to Revenue		 -27.33% -45.40% -65.76% -42.33% -39.35% -61.30% -64.41% -16.46% -20.69% -9.11% 0.39%
Debt-free Net Working Capital to Revenue		 104.97% 128.75% 50.83% 35.09% 102.44% 223.53% 88.85% 77.54% 57.17% 67.76% 126.67%
Net Working Capital to Revenue		 37.19% 69.23% 1.92% -16.85% 74.84% 186.01% 12.77% 14.45% 26.90% 24.56% 99.88%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($1.35) ($0.42) ($0.43) ($0.45) ($0.59) ($0.90) ($1.03) ($2.96) $0.31 $0.08
Adjusted Weighted Average Basic Shares Outstanding		 0.00 760.01M 941.27M 1.01B 1.22B 1.50B 1.45B 1.46B 1.47B 1.48B 1.52B
Adjusted Diluted Earnings per Share		 $0.00 ($1.35) ($0.42) ($0.43) ($0.45) ($0.59) ($0.90) ($1.03) ($2.96) $0.31 $0.08
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 760.01M 941.27M 1.01B 1.22B 1.50B 1.45B 1.46B 1.47B 1.48B 1.64B
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($1.35) ($0.42) ($0.43) ($0.45) ($0.59) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 299.09M 784.57M 990.26M 1.10B 1.25B 1.50B 1.52B 1.52B 1.56B 1.60B
Normalized Net Operating Profit after Tax (NOPAT)		 -0.13 -4.25 8.83 17 48 72 63 57 55 110 151
Normalized NOPAT Margin		 -0.12% -2.81% 3.56% 4.22% 8.15% 8.21% 5.10% 4.24% 3.90% 7.81% 9.22%
Pre Tax Income Margin		 -15.71% -26.96% -20.60% -15.75% -10.34% -9.56% -12.13% -10.61% -43.19% -5.96% 6.24%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.12 -0.08 0.18 0.30 0.51 0.56 0.40 0.45 -1.16 0.63 -0.01
NOPAT to Interest Expense		 -0.01 -0.11 0.14 0.18 0.35 0.36 0.24 0.20 -0.84 0.42 -0.01
EBIT Less CapEx to Interest Expense		 -5.66 -3.81 -4.00 -6.17 -4.19 -5.53 -5.47 -3.68 -4.11 -0.91 -2.59
NOPAT Less CapEx to Interest Expense		 -5.78 -3.84 -4.04 -6.29 -4.35 -5.73 -5.62 -3.93 -3.79 -1.12 -2.59
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% -27.68% 0.00% 0.00% -5.66% -9.79% -9.60% -50.97% -1.26% 1.64% 12.74%
Augmented Payout Ratio		 0.00% -27.68% 0.00% 0.00% -5.66% -9.79% -9.60% -50.97% -1.26% 1.64% 13.57%

Quarterly Metrics And Ratios for GDS

No quarterly metrics and ratios for GDS are available.


Financials Breakdown Chart

GDS Financials - Frequently Asked Questions

According to the most recent income statement we have on file, GDS's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

GDS's net income appears to be on a downward trend, with a most recent value of $137.19 million in 2025, falling from -$15.01 million in 2015. The previous period was $921.90 million in 2024. Find out what analysts predict for GDS in the coming months.

GDS's total operating income in 2025 was -$7.97 million, based on the following breakdown:
  • Total Gross Profit: $369.71 million
  • Total Operating Expenses: $377.68 million

Over the last 10 years, GDS's total revenue changed from $107.13 million in 2015 to $1.63 billion in 2025, a change of 1,426.0%.

GDS's total liabilities were at $7.47 billion at the end of 2025, a 9.1% increase from 2024, and a 1,497.1% increase since 2015.

In the past 10 years, GDS's cash and equivalents has ranged from $140.75 million in 2015 to $2.50 billion in 2020, and is currently $2.05 billion as of their latest financial filing in 2025.

Over the last 10 years, GDS's book value per share changed from -0.24 in 2015 to 2.37 in 2025, a change of -1,096.9%.


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Financial statements for NASDAQ:GDS last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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