Loading financials from SEC filings…
IT services · Technology · Reports in CNY
GDS reported revenue of CNY 11.4B in the fiscal year ended Dec 2025, up 10.8% from the year before. Operating income was −CNY 56M, an operating margin of −0.5%, and net income was CNY 950M. Operating cash flow of CNY 3.4B less capital expenditure of CNY 4.7B left free cash flow of −CNY 1.3B. Net debt was CNY 11.6B.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 7,819 | 9,268 | 9,782 | 10,322 | 11,432 |
| Cost of revenue | 6,039 | 7,317 | 7,831 | 8,099 | 8,847 |
| Gross profit | 1,779 | 1,951 | 1,951 | 2,223 | 2,585 |
| Research & development | 39.3 | 31.9 | 38.2 | 36.3 | 32.7 |
| Selling, general & admin | 1,171 | 1,194 | 1,107 | 1,034 | 1,047 |
| Operating income | 570 | 713 | −2,207 | 1,152 | −55.8 |
| Interest expense | 1,655 | 1,888 | 2,037 | 1,925 | 1,789 |
| Pre-tax income | −949 | −828 | −3,942 | −615 | 713 |
| Income tax | 242 | 276 | −15.6 | 156 | 470 |
| Net income | −1,187 | −1,269 | −4,290 | 3,425 | 950 |
| Diluted EPS | −0.90 | −1.03 | −2.96 | 2.27 | 0.55 |
| Diluted shares | 1,453 | 1,464 | 1,468 | 1,475 | 1,645 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 12,026 | 8,214 | 7,497 | 7,868 | 14,306 |
| Receivables | 1,733 | 2,406 | 2,493 | 3,022 | 2,467 |
| Current assets | 14,464 | 11,951 | 10,984 | 11,613 | 18,547 |
| Net PP&E | 40,624 | 46,917 | 40,098 | 40,204 | 38,054 |
| Goodwill | 7,077 | 7,077 | 5,886 | 5,886 | 5,188 |
| Total assets | 71,632 | 74,814 | 74,447 | 73,649 | 79,998 |
| Payables | 3,902 | 3,093 | 2,750 | 2,593 | 1,932 |
| Deferred revenue | 91.0 | 156 | 120 | 91.0 | 114 |
| Current liabilities | 13,465 | 10,603 | 8,305 | 9,078 | 7,128 |
| Short-term debt | 1,308 | 1,972 | 2,160 | 2,543 | 2,540 |
| Long-term debt | 18,285 | 23,518 | 23,088 | 21,906 | 23,363 |
| Total liabilities | 45,736 | 50,629 | 54,323 | 49,980 | 52,261 |
| Shareholders' equity | 24,474 | 23,021 | 18,893 | 22,458 | 25,783 |
| Backlog (remaining obligations) | – | – | – | – | 3,758 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,201 | 2,810 | 2,065 | 1,938 | 3,365 |
| Capital expenditure | 9,701 | 5,866 | 3,194 | 3,169 | 4,691 |
| Free cash flow | −8,499 | −3,057 | −1,129 | −1,231 | −1,326 |
| Depreciation & amortisation | 2,617 | 3,120 | 3,368 | 3,243 | 3,459 |
| Stock-based compensation | 391 | 291 | 337 | 296 | 283 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.5% | 5.5% | 5.5% | 10.8% |
| Operating income growth (YoY) | – | 25.2% | −409.5% | – | −104.8% |
| EPS growth (YoY) | – | – | – | – | −75.8% |
| Gross margin | 22.8% | 21.1% | 19.9% | 21.5% | 22.6% |
| Operating margin | 7.3% | 7.7% | −22.6% | 11.2% | −0.5% |
| Net margin | −15.2% | −13.7% | −43.9% | 33.2% | 8.3% |
| Return on equityBlank when equity is negative | −4.9% | −5.5% | −22.7% | 15.3% | 3.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.0% | 1.1% | −3.3% | 1.8% | −0.1% |
| Free cash flow margin | −108.7% | −33.0% | −11.5% | −11.9% | −11.6% |
| Cash conversion (CFO ÷ net income) | −1.01x | −2.21x | −0.48x | 0.57x | 3.54x |
| Receivable days | 81 | 95 | 93 | 107 | 79 |
| Payable days | 236 | 154 | 128 | 117 | 80 |
| Interest cover | 0.34x | 0.38x | −1.08x | 0.60x | −0.03x |
| Debt ÷ equity | 0.80x | 1.11x | 1.34x | 1.09x | 1.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 7,566 | 17,276 | 17,751 | 16,581 | 11,598 |
| Current ratio | 1.07x | 1.13x | 1.32x | 1.28x | 2.60x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.