12 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $11.4B | $950M | 22.6% | -0.5% | -$1.3B | $26.3B | $14.3B |
| 2024 | $10.3B | $3.4B | 21.5% | 11.2% | -$1.2B | $26.2B | $7.9B |
| 2023 | $9.8B | -$4.3B | 19.9% | -22.6% | -$1.1B | $25.7B | — |
| 2022 | $9.3B | -$1.3B | 21.1% | 7.7% | -$3.1B | $27.1B | — |
| 2021 | $7.8B | -$1.2B | 22.8% | 7.3% | -$8.5B | $24.2B | — |
| 2020 | $5.7B | -$666M | 27.0% | 11.7% | -$7.7B | $12.7B | — |
| 2019 | $4.1B | -$442M | 25.3% | 11.6% | -$4.3B | $9.2B | — |
| 2018 | $2.8B | -$430M | 22.3% | 6.0% | -$4.3B | $6.5B | — |
| 2017 | $1.6B | -$327M | 25.3% | 5.1% | -$1.9B | $4.3B | $1.9B |
| 2016 | $1.1B | -$276M | 25.2% | -4.0% | -$1.1B | $2.1B | $1.8B |
| 2015 | — | -$99M | — | — | -$813M | $1.4B | $924M |
| 2014 | — | -$130M | — | — | — | — | $607M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Dec '19 | $1.2B | -$104M | 25.0% | 10.8% | -$2.1B | $9.2B | — |
| Dec '18 | $830M | -$123M | 22.9% | 7.5% | -$1.5B | $6.5B | — |
How the market has priced GDS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Gds Holdings Ltd's revenue has grown 14.8% per year. These are computed facts, not advice.
As of FY2025, Gds Holdings Ltd reported $26.3B of total debt against $14.3B of cash; operating income covered interest expense -0.0×.
In FY2025, gross margin was 22.6%, operating margin -0.5%, and net margin 8.3%.
As of Jun '26, Gds Holdings Ltd traded at a price-to-earnings ratio of about 50.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.