GDS Holdings LimitedGDSNASDAQ

Revenue (LTM)

$10.3B

+3.7% YoY

Net Income (LTM)

$3.4B

+179.8% YoY

Free Cash Flow

$-1.3B

Revenue CAGR (5Y)

+20.1%

Marginsdeclining

FCF($1.3B)

Now profitable

Metric	Dec 20	Dec 21	Dec 22	Dec 23	Dec 24
Revenue	5,739	7,819↑36.2%	9,326↑19.3%	9,957↑6.8%	10,322↑3.7%
Gross Profit	1,550	1,779↑14.8%	1,936↑8.8%	1,922↓0.7%	2,223↑15.6%
Operating Income	673	570↓15.4%	552↓3.1%	-2,459↓545.6%	1,152↑146.9%
Net Income	-669	-1,191↓78.0%	-1,266↓6.3%	-4,290↓238.8%	3,425↑179.8%
EBITDA	2,332	3,227↑38.4%	4,189↑29.8%	1,365↓67.4%	4,505↑230.1%
EPS Diluted	-4.71	-7.23↓53.5%	-8.25↓14.1%	-23.67↓186.9%	-4.56↑80.7%

Metric	Dec 20	Dec 21	Dec 22	Dec 23	Dec 24
Cash & Equivalents	16,259	9,968↓38.7%	8,608↓13.6%	7,711↓10.4%	7,868↑2.0%
Total Current Assets	18,319	14,464↓21.0%	11,951↓17.4%	10,984↓8.1%	11,613↑5.7%
Total Assets	57,259	71,632↑25.1%	74,814↑4.4%	74,447↓0.5%	73,649↓1.1%
Total Current Liabilities	7,644	13,465↑76.2%	10,603↓21.3%	8,305↓21.7%	9,078↑9.3%
Total Liabilities	31,693	47,099↑48.6%	50,629↑7.5%	54,323↑7.3%	49,980↓8.0%
Total Equity	25,566	24,474↓4.3%	24,068↓1.7%	19,958↓17.1%	23,539↑17.9%
Total Debt	24,630	37,790↑53.4%	44,685↑18.2%	47,993↑7.4%	44,460↓7.4%
Net Debt	8,371	27,822↑232.4%	36,077↑29.7%	40,283↑11.7%	36,592↓9.2%

Metric	Dec 20	Dec 21	Dec 22	Dec 23	Dec 24
Operating Cash Flow	321	1,201↑274.4%	2,858↑137.9%	2,065↓27.7%	1,938↓6.1%
Capital Expenditure	-8,021	-9,699↓20.9%	-7,804↑19.5%	-6,254↑19.9%	-3,254↑48.0%
Free Cash Flow	-7,700	-8,498↓10.4%	-4,946↑41.8%	-4,188↑15.3%	-1,316↑68.6%
Stock-Based Comp	334	391↑17.3%	291↓25.7%	337↑15.7%	296↓11.9%
Net Change in Cash	10,520	-4,467↓142.5%	-3,144↑29.6%	-964↑69.3%	10,222↑1160.2%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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