GDS Holdings Limited
- Open
- 32.00
- Day high
- 32.91
- Day low
- 31.75
- Prev close
- 31.16
- Volume
- 1.5M
- Mkt cap
- $6.3B
- P/E (TTM)
- 15.4
- EPS (TTM)
- $2.10
- P/B
- 1.3
- P/S
- 3.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.7M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
GDS Holdings Limited (GDS) is a Technology company listed on NASDAQ. The stock is down 9% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
GDS Holdings Limited (GDS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GDS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 20, 2026 | $-0.03 | $1.53 | +4689.1% | $488M | +11.8% |
| Mar 17, 2026 | $-0.03 | $0.56 | +1880.6% | $412M | -6.2% |
| Nov 19, 2025 | $-0.06 | $0.45 | +850.0% | $405M | -0.7% |
| Aug 20, 2025 | $-0.11 | $-0.06 | +45.5% | $404M | +0.5% |
| May 20, 2025 | $-0.22 | $0.48 | +318.2% | $374M | -5.8% |
| Mar 19, 2025 | $-0.27 | $-0.10 | +63.0% | $369M | -15.3% |
| Nov 19, 2024 | $-0.20 | $-0.16 | +20.0% | $423M | +3.2% |
| Aug 21, 2024 | $-0.25 | $-0.18 | +28.0% | $389M | -0.0% |
| May 22, 2024 | $-0.33 | $-0.27 | +18.2% | $363M | +0.6% |
| Nov 22, 2023 | $-0.35 | $-0.32 | +8.6% | $345M | -5.0% |
| Aug 22, 2023 | $-0.28 | $-0.18 | +35.7% | $341M | +3.4% |
| May 25, 2023 | $-0.28 | $-0.40 | -42.9% | $350M | -0.8% |
GDS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 15, 2026 | Chen Kathy Huadirector | Grant | 740 | — |
| Jul 15, 2026 | Sun Qiang Changdirector | Grant | 1,130 | — |
| Jul 15, 2026 | LOPEZ BRUNOdirector | Grant | 1,500 | — |
| Jul 15, 2026 | YU BINdirector | Grant | 1,370 | — |
| Jul 15, 2026 | KING JONATHAN ALLENother: Member, executive committee | Grant | 180 | — |
| Jul 15, 2026 | Zhang Daviddirector | Grant | 75 | — |
| Jul 15, 2026 | BAHARUDIN ZULKIFLI BINdirector | Grant | 1,740 | — |
| Jul 15, 2026 | Ye Judy Qingdirector | Grant | 1,320 | — |
| Jul 15, 2026 | SIO TAT HIANGdirector | Grant | 2,130 | — |
| Jul 15, 2026 | Liu Chee Mingdirector | Grant | 1,130 | — |
| Jul 15, 2026 | Wojtaszek Gary Jdirector | Grant | 1,130 | — |
| Jun 11, 2026 | Qian Yixinofficer: Executive VP, operation | Sell | 10,000 | $35.25 |
| Jun 3, 2026 | Ye Judy Qingdirector | Sell | 37,394 | $36.21 |
| May 26, 2026 | Zhang Kejingofficer: EVP, sales and service | Tax | 5,899 | $33.80 |
Source: GDS SEC Form 4 filings, latest Jul 15, 2026. For informational purposes only — not investment advice.
See the full GDS insider & 13F page →GDS Holdings Limited company profile
Overview
GDS Holdings Limited (NASDAQ:GDS) is a leading data center operator in China that was founded in 2001 and went public in 2016. The company develops, owns, and operates data centers primarily in major Chinese cities, serving cloud service providers, internet companies, financial institutions, and multinational corporations. GDS has expanded internationally in recent years, establishing operations in Hong Kong, Singapore, Malaysia, and Thailand. The company is headquartered in Shanghai and has positioned itself as a key infrastructure provider supporting China's digital transformation and the growing artificial intelligence sector.
Business
GDS Holdings operates in the data center industry, which provides the critical infrastructure that powers the digital economy. Data centers are specialized facilities that house computer servers, storage systems, and networking equipment that enable everything from cloud computing services to social media platforms to function. Think of data centers as the "power plants" of the internet - they provide the computing power, storage capacity, and network connectivity that businesses need to run their digital operations. The company operates two main business segments: 1. **China Segment (GDSH)** - This represents approximately 85-90% of total revenue and focuses on colocation services in major Chinese cities like Beijing, Shanghai, Shenzhen, and Guangzhou. Colocation means GDS provides the physical space, power, cooling, and security infrastructure while customers install their own servers and equipment. The company also offers managed hosting services, where GDS takes care of the technical operations, and managed cloud services that provide complete cloud computing solutions. 2. **International Segment (GDSI)** - This growing segment represents approximately 10-15% of revenue and operates data centers in Hong Kong, Singapore, Malaysia (Johor), and Thailand. This division targets both Chinese companies expanding internationally and global technology companies needing infrastructure in Southeast Asia. The company measures its capacity in terms of square meters of floor space and megawatts of IT power capacity. As of 2024, GDS operates data centers with hundreds of thousands of square meters of space and serves customers requiring everything from basic server hosting to high-performance computing for artificial intelligence applications.
Revenue model
GDS makes money primarily through recurring monthly service revenue from customers who lease space, power, and services in its data centers. The business model is similar to commercial real estate, but with much higher margins due to the specialized nature of data center infrastructure. The company's revenue streams include: 1. **Colocation Revenue** - Customers pay monthly fees based on the amount of space (measured in square meters) and power (measured in kilowatts) they consume. This typically represents 70-80% of total revenue. 2. **Managed Services Revenue** - Higher-margin services where GDS manages customers' IT infrastructure, including system maintenance, security, and technical support. 3. **Power and Utilities** - Customers pay for electricity consumption, with GDS often earning a markup on power costs. The company's customers are primarily large technology companies including cloud service providers (like Alibaba Cloud, Tencent Cloud), major internet companies, financial institutions, and multinational corporations. These customers typically sign multi-year contracts, providing predictable recurring revenue. Several factors impact GDS's profitability margins. **Positive factors** include the company's focus on Tier 1 cities where demand exceeds supply, allowing for premium pricing; the growing adoption of artificial intelligence applications requiring high-density computing power; and the company's scale advantages in power procurement and operational efficiency. **Negative factors** include rising electricity costs in China, increased competition from other data center operators, potential regulatory changes affecting foreign investment in Chinese data infrastructure, and the cyclical nature of technology company capital expenditure spending. The company's margins are also sensitive to utilization rates - higher occupancy rates significantly improve profitability due to the high fixed costs of data center operations.
Competitive moat
GDS Holdings possesses a moderate to strong competitive moat primarily based on strategic location advantages and high barriers to entry in China's data center market. The company's strongest competitive advantage lies in its land and power assets in Tier 1 Chinese cities, where obtaining new data center permits has become increasingly difficult due to government restrictions on power consumption and land use. This creates a significant barrier for new entrants and provides GDS with pricing power in markets like Beijing, Shanghai, and Shenzhen. The company also benefits from switching costs - once customers establish their IT infrastructure in a GDS facility, moving to a competitor involves significant time, cost, and operational risk. Multi-year contracts further strengthen customer retention. Additionally, GDS has developed operational expertise in managing complex, high-density data center environments, particularly for AI and high-performance computing applications that require specialized cooling and power management. However, the moat faces several challenges. **Competition is intensifying** from both domestic Chinese operators and international players entering the market. **Regulatory risks** are significant, as the Chinese government has implemented power consumption caps and could potentially restrict foreign ownership of critical infrastructure. The company also faces **technology disruption risks** as cloud computing evolves and customers potentially reduce their data center footprint through more efficient technologies. The international expansion provides some diversification but operates in highly competitive markets like Singapore where GDS lacks the same regulatory protection it enjoys in China. Overall, while GDS has meaningful competitive advantages, the moat is not impregnable and requires continuous investment and strategic execution to maintain.
Risks & safety
GDS Holdings presents a **moderate margin of safety** with mixed financial health indicators: **Liquidity and Solvency:** - Strong cash position of $1.07 billion as of Q4 2024 - Current ratio of 1.28, indicating adequate short-term liquidity - High debt-to-equity ratio of 1.89, representing significant leverage - Positive operating cash flow of $264 million for 2024, but negative free cash flow of -$140 million due to heavy capital expenditures **Valuation Metrics:** - Price-to-earnings ratio of 4.8, appearing attractive for profitable operations - EV/EBITDA of 38.3 for full year 2024, which is elevated - Price-to-book ratio of 0.70, suggesting potential undervaluation relative to assets - Graham number suggests intrinsic value significantly above current price **Other Considerations:** - High capital intensity requiring continuous investment for growth - Exposure to Chinese regulatory and economic risks - International expansion requiring significant capital commitments - Asset monetization strategy through REITs could improve debt profile
Recent development
Over the past few years, GDS has executed several strategic pivots and developments based on market opportunities and challenges. The company has significantly expanded internationally, establishing GDS International (GDSI) as a separate entity with operations in Hong Kong, Singapore, Malaysia, and Thailand. This international segment raised $1 billion in Series B funding and is targeting an IPO within 18 months. In China, GDS has shifted to a more selective growth strategy, focusing on delivering its existing backlog of committed projects rather than aggressive expansion. The company is prioritizing Tier 1 markets where supply constraints provide pricing power and has become more disciplined about new project commitments, requiring faster customer move-in schedules. A major strategic development is the company's asset monetization strategy through Real Estate Investment Trusts (REITs). GDS completed its first asset-backed securities transaction in 2024, generating approximately RMB 500 million in proceeds, and is progressing with a China REIT (C-REIT) application faster than expected. This strategy aims to recycle capital and reduce the company's debt burden while maintaining operational control. The company has also positioned itself for the artificial intelligence boom, with approximately 70% of new demand in 2024 being AI-driven. GDS has invested in high-density power infrastructure and liquid cooling capabilities to serve AI training and inference workloads. The company secured its largest single order ever in Q1 2025 - a 40,000 square meter (152 megawatts) commitment, demonstrating strong AI-related demand. Additionally, GDS has improved its financial discipline, targeting positive free cash flow generation and focusing on organic growth rather than debt-funded expansion. The company expects to achieve utilization rates in the high 70s percentage range by end of 2025, up from 74% in 2024.
GDS company profile · for informational purposes only — not investment advice.
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