Recent News
On November 19, 2025 the company released its third-quarter 2025 financial results and disclosed completion of a China REIT (C-REIT) IPO that began trading on August 8, 2025; management reported receipt of net cash consideration related to the C-REIT and disclosed new debt financing and refinancing facilities totaling RMB5,053.8 million. On November 5 the company confirmed timing for the Q3 report and an earnings call scheduled for November 19. Investor’s Business Daily reported that GDS’s Relative Strength rating climbed above 80 in early November and again registered a higher RS rating on November 25.
Technical Analysis
ADX stands at 18.94, signaling no established trend; momentum drivers must strengthen before a sustained directional move qualifies as a trend.
DI+ shows a dip & reversal at 22.47 while DI- shows a peak & reversal at 33.07; those directional-index moves indicate a bullish shift in directional pressure despite the ADX reading.
MACD sits at -0.96 with a signal line at -1.15 and a MACD trend labeled dip & reversal; the MACD crossing above its signal line constitutes a bullish momentum pickup even though the MACD remains negative overall.
MRO equals -6.32 and shows a dip & reversal; the negative MRO indicates the price lies below the internal target and implies upside potential as momentum reasserts.
RSI at 47.68 with a dip & reversal position suggests momentum moved up from lower levels but remains near neutral, supporting a guarded bullish tilt rather than overbought conditions.
Price trades at $34.07, above the 200-day average of $32.04 and above short-term EMAs (12-day EMA $31.95; 26-day EMA $32.89), while remaining below the 50-day average of $35.41; that placement implies short-term strength within a still-developing intermediate pattern. Bollinger bands place the close between the 1x and 2x upper bands, indicating the recent move reached an extended short-term range. SuperTrend lower support sits near $29.50.
Short-term volatility shows elevated sensitivity: 42-day beta at 3.18 versus 52-week beta 1.42, and current volume below the 10- and 50-day averages, implying moves may accelerate once participation returns.
Fundamental Analysis
Revenue base amounts to $2,887,126,000 with revenue growth near flat to slightly negative: revenue growth about -0.45% and revenue growth YoY about -1.09%, indicating limited top-line expansion in the most recent comparison. Operating leverage produced an operating margin of 12.55% and operating income of $362,395,000.
EBIT reached $1,747,123,000 and EBITDA reached $2,608,054,000, producing an EBIT margin of 60.51%, substantially above the industry peer mean of 11.58% and industry peer median of 11.97%.
Net income totaled $725,975,000; EPS came in at -$2.47 versus an estimate of -$0.42, yielding an EPS surprise of roughly -488.1%, driven by a large accounting or per-share denominator effect rather than an operational cash-flow collapse. Free cash flow registered negative $-685,326,000 while operating cash flow reached $736,502,000 and cash and short-term investments totaled $13,443,679,000, leaving a strong liquidity buffer despite the free-cash-flow shortfall.
Leverage metrics show total debt $46,964,470,000, debt-to-assets about 59.74% and debt-to-equity about 1.83; debt-to-EBITDA approximates 18.0x and interest coverage sits near 4.65x. Those figures signal material leverage that financing actions and the recent C-REIT transaction target to manage. The company disclosed completion of a C-REIT IPO and receipt of net cash consideration related to that transaction, together with new debt financing and refinancing facilities that improved near-term liquidity.
Return metrics remain modest: ROE about 2.84% and ROA about 0.92%, while return on invested capital near 2.39%. Capital intensity shows asset-to-equity of 3.07 and an asset-turnover ratio of 3.659% that sits below the industry peer mean. Current ratio reached 2.51, above the industry peer mean, providing working-capital flexibility.
WMDST values the stock as under-valued on the firm’s cash position, asset monetization proceeds, and operating cash generation despite elevated leverage and a negative reported EPS per share figure.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-19 |
| NEXT REPORT DATE: | 2026-02-18 |
| CASH FLOW | Begin Period Cash Flow | $ 13.3 B |
| Operating Cash Flow | $ 736.5 M | |
| Capital Expenditures | $ -1.42 B | |
| Change In Working Capital | $ -41.82 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 265.3 M | |
| End Period Cash Flow | $ 13.6 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.9 B | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 2.2 B | |
| Depreciation | $ 860.9 M | |
| Depreciation and Amortization | $ 860.9 M | |
| Research and Development | $ 8.3 M | |
| Total Operating Expenses | $ 2.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 639.2 M | |
| EBITDA | $ 2.6 B | |
| EBIT | $ 1.7 B | |
| Operating Income | $ 362.4 M | |
| Interest Income | — | |
| Interest Expense | $ 375.5 M | |
| Net Interest Income | $ -375.47 M | |
| Income Before Tax | $ 1.4 B | |
| Tax Provision | $ 181.9 M | |
| Tax Rate | 13.26 % | |
| Net Income | $ 726.0 M | |
| Net Income From Continuing Operations | $ 728.6 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.42 | |
| EPS Actual | $ -2.47 | |
| EPS Difference | $ -2.05 | |
| EPS Surprise | -488.095 % | |
| Forward EPS | $ -0.15 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 78.6 B | |
| Intangible Assets | $ 5.6 B | |
| Net Tangible Assets | $ 21.1 B | |
| Total Current Assets | $ 17.3 B | |
| Cash and Short-Term Investments | $ 13.4 B | |
| Cash | $ 13.4 B | |
| Net Receivables | $ 2.9 B | |
| Inventory | — | |
| Long-Term Investments | $ 3.1 B | |
| LIABILITIES | ||
| Accounts Payable | $ 1.9 B | |
| Short-Term Debt | $ 2.6 B | |
| Total Current Liabilities | $ 6.9 B | |
| Net Debt | $ 24.4 B | |
| Total Debt | $ 47.0 B | |
| Total Liabilities | $ 51.8 B | |
| EQUITY | ||
| Total Equity | $ 25.6 B | |
| Retained Earnings | $ -4.63 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | — | |
| Shares Outstanding | — | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | — |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.071 | |
| Asset To Liability | 1.517 | |
| Debt To Capital | 0.647 | |
| Debt To Assets | 0.597 | |
| Debt To Assets QoQ | -1.011 % | |
| Debt To Assets YoY | 715.173 % | |
| Debt To Assets IPRWA | high: 0.964 GDS: 0.597 mean: 0.215 median: 0.125 low: 0.007 |
|
| Debt To Equity | 1.835 | |
| Debt To Equity QoQ | -6.345 % | |
| Debt To Equity YoY | 466.02 % | |
| Debt To Equity IPRWA | high: 4.178 GDS: 1.835 mean: 0.587 median: 0.218 low: -2.563 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | — | |
| Price To Book QoQ | — | |
| Price To Book YoY | — | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | -13.903 | |
| Price To Earnings QoQ | -80.13 % | |
| Price To Earnings YoY | -1117.508 % | |
| Price To Earnings IPRWA | high: 222.024 mean: 83.226 median: 81.203 GDS: -13.903 low: -68.555 |
|
| PE/G Ratio | -0.032 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -233.018 | |
| Forward PE/G | -0.533 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -685.049 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.037 | |
| Asset Turnover Ratio QoQ | -3.711 % | |
| Asset Turnover Ratio YoY | -0.381 % | |
| Asset Turnover Ratio IPRWA | high: 0.543 median: 0.269 mean: 0.261 low: 0.062 GDS: 0.037 |
|
| Receivables Turnover | 0.994 | |
| Receivables Turnover Ratio QoQ | 2.311 % | |
| Receivables Turnover Ratio YoY | 19.841 % | |
| Receivables Turnover Ratio IPRWA | high: 2.91 mean: 1.444 median: 1.316 GDS: 0.994 low: 0.366 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 91.784 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -3.259 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 85.55 median: 41.603 mean: 40.471 GDS: -3.259 low: -76.001 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.278 | |
| CapEx To Revenue | -0.492 | |
| CapEx To Depreciation | -1.651 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 61.8 B | |
| Net Invested Capital | $ 63.4 B | |
| Invested Capital | $ 63.4 B | |
| Net Tangible Assets | $ 21.1 B | |
| Net Working Capital | $ 10.4 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.957 | |
| Current Ratio | 2.513 | |
| Current Ratio QoQ | 25.85 % | |
| Current Ratio YoY | 110.565 % | |
| Current Ratio IPRWA | high: 3.07 GDS: 2.513 mean: 1.613 median: 1.42 low: 0.345 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 18.007 | |
| Cost Of Debt | 0.687 % | |
| Interest Coverage Ratio | 4.653 | |
| Interest Coverage Ratio QoQ | 343.19 % | |
| Interest Coverage Ratio YoY | 747.073 % | |
| Interest Coverage Ratio IPRWA | high: 63.267 median: 23.074 mean: 21.058 GDS: 4.653 low: -51.208 |
|
| Operating Cash Flow Ratio | 0.128 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 95.043 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.745 % | |
| Revenue Growth | -0.454 % | |
| Revenue Growth QoQ | -106.979 % | |
| Revenue Growth YoY | -109.209 % | |
| Revenue Growth IPRWA | high: 8.642 % mean: 0.322 % GDS: -0.454 % median: -0.742 % low: -9.629 % |
|
| Earnings Growth | 436.957 % | |
| Earnings Growth QoQ | -490.96 % | |
| Earnings Growth YoY | -123.54 % | |
| Earnings Growth IPRWA | GDS: 436.957 % high: 93.333 % mean: -22.236 % median: -35.53 % low: -162.5 % |
|
| MARGINS | ||
| Gross Margin | 22.141 % | |
| Gross Margin QoQ | -6.79 % | |
| Gross Margin YoY | -0.045 % | |
| Gross Margin IPRWA | high: 68.885 % mean: 32.147 % median: 31.887 % GDS: 22.141 % low: 2.919 % |
|
| EBIT Margin | 60.514 % | |
| EBIT Margin QoQ | 312.755 % | |
| EBIT Margin YoY | 510.636 % | |
| EBIT Margin IPRWA | GDS: 60.514 % high: 19.722 % median: 11.971 % mean: 11.579 % low: -9.64 % |
|
| Return On Sales (ROS) | 12.552 % | |
| Return On Sales QoQ | -12.193 % | |
| Return On Sales YoY | 26.66 % | |
| Return On Sales IPRWA | high: 18.799 % GDS: 12.552 % mean: 11.966 % median: 10.395 % low: -5.051 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -685.33 M | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | 71.471 % | |
| Free Cash Growth QoQ | -3.854 % | |
| Free Cash Growth YoY | 43.47 % | |
| Free Cash Growth IPRWA | high: 560.368 % GDS: 71.471 % mean: 51.29 % median: 8.277 % low: -866.027 % |
|
| Free Cash To Net Income | -0.944 | |
| Cash Flow Margin | 30.561 % | |
| Cash Flow To Earnings | 1.215 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | 0.92 % | |
| Return On Assets QoQ | -1068.421 % | |
| Return On Assets YoY | -486.555 % | |
| Return On Assets IPRWA | high: 5.843 % mean: 1.905 % median: 1.601 % GDS: 0.92 % low: -5.216 % |
|
| Return On Capital Employed (ROCE) | 2.435 % | |
| Return On Equity (ROE) | 0.028 | |
| Return On Equity QoQ | -1058.108 % | |
| Return On Equity YoY | -374.54 % | |
| Return On Equity IPRWA | high: 0.176 mean: 0.045 median: 0.043 GDS: 0.028 low: -0.101 |
|
| DuPont ROE | 2.904 % | |
| Return On Invested Capital (ROIC) | 2.39 % | |
| Return On Invested Capital QoQ | 371.4 % | |
| Return On Invested Capital YoY | -128.623 % | |
| Return On Invested Capital IPRWA | high: 9.634 % mean: 3.631 % median: 3.447 % GDS: 2.39 % low: -1.884 % |
|