GDS Holdings Limited
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
-0.75-4.227.213.67
Price/Sales ratio
0.460.400.350.32
Earnings per Share (EPS)
$-41.97$-7.52$4.40$8.64

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
-75.11-103.65-8.07-44.93-45.67-111.98-143.06-45.67-20.56-2.73-14.76-45.67
Price/Sales ratio
20.8514.522.119.087.0312.0016.686.952.791.172.3012.00
Price/Book Value ratio
4.544.970.743.283.554.803.742.221.080.580.894.80
Price/Cash Flow ratio
349.53-127.25-14.85-84.11-1.52K168.71298.3645.289.105.687.53-1.52K
Price/Free Cash Flow ratio
-44.30-12.56-1.96-7.59-4.60-11.62-12.43-6.40-5.26-2.80-4.35-4.60
Price/Earnings Growth ratio
N/A4.24-0.000.81-10.1314.43-4.33-0.85-3.74-0.01-0.53-10.13
Dividend Yield
N/AN/A3.42%N/AN/A0.05%0.06%0.09%0.19%0.45%N/A0.05%
Profitability Indicator Ratios
Gross Profit Margin
17.11%26.80%25.15%25.27%22.29%25.29%27.01%22.75%20.75%19.30%20.75%25.29%
Operating Profit Margin
-16.16%-0.17%-4.01%5.08%6.02%11.63%11.72%7.28%5.91%-24.69%5.91%11.63%
Pretax Profit Margin
-28.73%-15.71%-26.96%-20.60%-15.74%-10.34%-9.55%-12.13%-10.61%-43.18%-10.61%-15.74%
Net Profit Margin
-27.75%-14.01%-26.17%-20.22%-15.41%-10.72%-11.66%-15.23%-13.57%-43.08%-15.64%-10.72%
Effective Tax Rate
3.40%10.83%2.92%1.82%2.13%-3.67%-22.02%-25.55%-27.90%0.34%-27.90%-3.67%
Return on Assets
-3.37%-1.92%-3.36%-2.48%-2.06%-1.40%-1.16%-1.66%-1.69%-5.76%-1.94%-2.06%
Return On Equity
-6.05%-4.79%-9.25%-7.30%-7.79%-4.29%-2.61%-4.86%-5.26%-21.49%-5.97%-7.79%
Return on Capital Employed
-2.56%-0.02%-0.63%0.76%0.96%1.74%1.35%0.97%0.85%-3.71%0.85%1.74%
Liquidity Ratios
Current Ratio
N/AN/A1.491.010.861.772.39N/AN/AN/A1.120.86
Quick Ratio
0.771.181.400.970.841.742.360.901.121.321.050.84
Cash ratio
0.670.991.220.770.611.452.120.740.810.920.810.61
Days of Sales Outstanding
57.1757.5868.7382.3570.1777.9194.1480.8894.1793.33100.6170.17
Days of Inventory outstanding
43.5864.4958.5131.3110.9213.6521.85133.99N/AN/AN/A13.65
Operating Cycle
100.76122.08127.25113.6681.1091.56116.00214.8894.1793.3324.8191.56
Days of Payables Outstanding
217.97152.84237.18335.59253.69198.63318.69235.81152.76155.60152.76198.63
Cash Conversion Cycle
-117.21-30.76-109.93-221.93-172.59-107.06-202.68-20.93-58.59-62.26-52.14-172.59
Debt Ratios
Debt Ratio
0.240.390.380.320.400.350.250.360.440.510.670.40
Debt Equity Ratio
0.430.991.060.941.531.080.571.061.391.902.101.53
Long-term Debt to Capitalization
0.180.430.460.430.560.490.320.450.530.630.610.56
Total Debt to Capitalization
0.300.490.510.480.600.520.360.510.580.650.640.60
Interest Coverage Ratio
N/AN/A-0.150.200.260.500.52N/AN/AN/A0.290.26
Cash Flow to Debt Ratio
0.02-0.03-0.04-0.04-0.000.020.020.040.080.050.06-0.00
Company Equity Multiplier
1.792.492.742.933.783.052.232.923.103.733.103.10
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.05-0.11-0.14-0.10-0.000.070.050.150.300.200.30-0.00
Free Cash Flow / Operating Cash Flow Ratio
-7.8810.127.5711.08330.82-14.51-23.99-7.07-1.73-2.02-1.73-1.73
Cash Flow Coverage Ratio
0.02-0.03-0.04-0.04-0.000.020.020.040.080.050.06-0.00
Short Term Coverage Ratio
0.06-0.18-0.23-0.22-0.010.250.140.200.500.720.45-0.01
Dividend Payout Ratio
N/AN/A-27.67%N/AN/A-5.65%-9.78%-4.13%-4.07%-1.25%N/AN/A