GDS Holdings Limited (GDS) Key Metrics
GDS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanGDS returns How much profit the business earns on the capital it uses.
GDS financial health Debt, liquidity and how easily interest is covered.
GDS efficiency & capital use Working capital cycle and where the cash goes.
GDS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GDS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GDS cash returned to shareholders
GDS key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 3.8% | 15.2% | −19.5% | −5.2% | −4.7% | −3.8% | −5.6% | −8.6% | −8.8% | −11.0% |
| Return on invested capital (ROIC) | 1.7% | 1.5% | −3.2% | 0.8% | 1.0% | 1.9% | 2.0% | 1.0% | 0.9% | −0.7% |
| Return on assets (ROA) | 1.2% | 4.5% | −5.7% | −1.7% | −1.8% | −1.5% | −1.7% | −2.5% | −3.1% | −4.1% |
| Return on tangible assets | 1.3% | 5.4% | −6.4% | −1.9% | −1.9% | −1.3% | −1.6% | −2.4% | −2.9% | −4.1% |
| Free cash flow margin | −11.6% | −0.0% | −42.1% | −53.0% | −108.7% | −134.2% | −103.3% | −153.0% | −119.7% | −107.8% |
| Income quality (OCF / net income) | 3.54 | 0.00 | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | CN¥47.55B | CN¥44.46B | CN¥47.99B | CN¥44.68B | CN¥37.79B | CN¥24.63B | CN¥16.95B | CN¥12.79B | CN¥6.65B | CN¥4.29B |
| Cash & short-term investments | CN¥14.97B | CN¥7.87B | CN¥7.71B | CN¥8.61B | CN¥9.97B | CN¥16.26B | CN¥5.81B | CN¥2.16B | CN¥1.87B | CN¥1.81B |
| Net debt | CN¥32.58B | CN¥36.59B | CN¥40.28B | CN¥36.08B | CN¥27.82B | CN¥8.37B | CN¥11.14B | CN¥10.63B | CN¥4.78B | CN¥2.48B |
| Debt / equity | 1.77 | 1.89 | 2.40 | 1.86 | 1.54 | 0.96 | 1.65 | 2.32 | 1.49 | 1.44 |
| Debt / assets | 0.59 | 0.60 | 0.64 | 0.60 | 0.53 | 0.43 | 0.54 | 0.61 | 0.51 | 0.52 |
| Net debt / EBITDA | 5.37 | 7.85 | 29.52 | 8.76 | 8.27 | 3.45 | 6.87 | 11.10 | 10.45 | 11.93 |
| Current ratio | 2.60 | 1.28 | 1.32 | 1.13 | 1.07 | 2.40 | 1.77 | 0.87 | 1.01 | 1.49 |
| Quick ratio | 2.60 | 1.28 | 1.30 | 1.13 | 0.91 | 2.36 | 1.74 | 0.85 | 0.97 | 1.41 |
| Interest coverage | 0.9 | 0.6 | -1.2 | 0.3 | 0.3 | 0.5 | 0.5 | 0.3 | 0.2 | -0.2 |
| Working capital | CN¥11.43B | CN¥2.53B | CN¥2.68B | CN¥1.35B | CN¥998.6M | CN¥10.67B | CN¥3.09B | −CN¥470.5M | CN¥31.0M | CN¥731.1M |
| Invested capital | CN¥59.44B | CN¥60.13B | CN¥60.24B | CN¥60.14B | CN¥52.30B | CN¥33.94B | CN¥21.44B | CN¥16.15B | CN¥9.25B | CN¥5.47B |
| Tangible asset value | CN¥22.28B | CN¥11.39B | CN¥12.34B | CN¥16.04B | CN¥15.54B | CN¥21.51B | CN¥7.25B | CN¥2.53B | CN¥2.53B | CN¥1.53B |
| Net current asset value | −CN¥33.74B | −CN¥38.37B | −CN¥43.34B | −CN¥38.68B | −CN¥32.64B | −CN¥13.37B | −CN¥14.11B | −CN¥12.33B | −CN¥6.22B | −CN¥3.01B |
| Capital allocation | ||||||||||
| Dividends paid | CN¥54.1M | CN¥54,169 | CN¥53.9M | CN¥51.6M | CN¥49.2M | CN¥65.5M | CN¥25.0M | CN¥25.0M | CN¥25.0M | CN¥76.5M |
| Share buybacks (net) | — | — | — | — | — | CN¥10.99B | CN¥0 | CN¥0 | CN¥0 | CN¥248.7M |
| Dividend payout ratio | 5.7% | 0.0% | — | — | — | — | — | — | — | — |
| Capex / revenue | 41.1% | 0.0% | 62.8% | 83.7% | 124.1% | 139.8% | 110.4% | 152.5% | 108.9% | 93.5% |
| Capex / operating cash flow | 139.5% | 163.5% | 302.8% | 273.0% | 807.3% | 2,499.5% | 1,551.5% | — | — | — |
| Capex / depreciation | 1.32 | 0.00 | 1.72 | 2.45 | 3.71 | 4.90 | 3.99 | 5.74 | 4.65 | 4.34 |
| Stock-based compensation / revenue | 2.5% | 0.0% | 3.4% | 3.1% | 5.0% | 5.8% | 4.6% | 3.8% | 3.7% | 6.1% |
| R&D / revenue | 0.3% | 0.4% | 0.4% | 0.4% | 0.5% | 0.7% | 0.5% | 0.5% | 0.4% | 0.9% |
| SG&A / revenue | 7.9% | 10.0% | 13.4% | 14.3% | 15.0% | 14.6% | 13.1% | 15.8% | 19.7% | 28.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 100.5 | 102.7 | 90.8 | 81.0 | 75.0 | 75.1 | 62.7 | 58.9 | 63.6 | 53.6 |
| Days of inventory on hand | — | — | 4.9 | 54.8 | 74.6 | 15.9 | 10.7 | 14.2 | 34.8 | 50.3 |
| Days payables outstanding | 93.4 | 135.6 | 148.1 | 172.7 | 228.4 | 232.4 | 188.7 | 220.3 | 245.4 | 168.4 |
| Cash conversion cycle (days) | 7.1 | -32.9 | -52.4 | -37.0 | -78.8 | -141.4 | -115.3 | -147.1 | -147.0 | -64.6 |
| Receivables turnover | 3.63 | 3.55 | 4.02 | 4.51 | 4.87 | 4.86 | 5.82 | 6.19 | 5.74 | 6.82 |
| Payables turnover | 3.91 | 2.69 | 2.47 | 2.11 | 1.60 | 1.57 | 1.93 | 1.66 | 1.49 | 2.17 |
| Inventory turnover | — | — | 74.02 | 6.67 | 4.89 | 22.89 | 34.19 | 25.75 | 10.49 | 7.26 |
| Asset turnover | 0.15 | 0.14 | 0.13 | 0.13 | 0.12 | 0.13 | 0.16 | 0.16 | 0.15 | 0.16 |
| Average receivables | CN¥3.15B | CN¥2.90B | CN¥2.48B | CN¥2.07B | CN¥1.61B | CN¥1.18B | CN¥708.4M | CN¥450.7M | CN¥281.8M | CN¥154.9M |
| Average payables | CN¥2.26B | CN¥3.01B | CN¥3.26B | CN¥3.50B | CN¥3.78B | CN¥2.67B | CN¥1.59B | CN¥1.31B | CN¥812.0M | CN¥364.6M |
| Average inventory | — | — | CN¥108.5M | CN¥1.11B | CN¥1.23B | CN¥183.0M | CN¥90.1M | CN¥84.3M | CN¥115.2M | CN¥108.9M |
| Intangibles / total assets | 6.8% | 16.7% | 10.5% | 10.9% | 12.6% | 7.1% | 9.7% | 14.3% | 14.8% | 17.8% |
Computed from GDS's annual financial statements (latest annual report filed April 29, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
GDS valuation and financial ratios
GDS earned a return on equity of 3.8% and a return on invested capital of 1.7% in fiscal 2025. It ended the year with CN¥47.6 billion of debt and CN¥15.0 billion in cash and short-term investments, net debt of CN¥32.6 billion. It returned CN¥54.1 million to shareholders: CN¥54.1 million in dividends and CN¥0 in share buybacks.
See the GDS income statement, the GDS chart for price history, or the GDS stock overview for the latest quote and news.
GDS key metrics FAQ
What is GDS's return on equity?
GDS's return on equity (ROE) was 3.8% in fiscal 2025: net income of CN¥949.6 million on average shareholders' equity of CN¥25.2 billion.
What is GDS's ROIC?
GDS's return on invested capital was 1.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does GDS have?
GDS had total debt of CN¥47.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.77 and CN¥32.6 billion of net debt (5.37 times EBITDA).
What is GDS's current ratio?
GDS's current ratio was 2.60 at the end of fiscal 2025: current assets were 2.60 times current liabilities.