Recent News
On July 21, 2026 the Hong Kong Exchanges and Clearing Limited published findings of a corporate investigation relating to GDS Holdings. As of June 30, 2026 reported short interest stood at roughly 9.21% of float. An adjournment of shareholder meetings and related corporate notices appeared in late spring filings.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 10.27 indicates no established trend. DI+ at 22.67 with an increasing trend favors bullish pressure, while DI- at 24.6 showing a dip-and-reversal signals rising bearish pressure; the net suggests opposing directional forces without a clear trend.
MACD: MACD sits at -0.19 above its signal line at -0.33, indicating a bullish MACD cross and improving momentum despite the negative absolute level; momentum signals therefore lean toward short-term bullishness.
MRO (Momentum/Regression Oscillator): MRO at 20.64 (positive) places the price above the model target and implies a likelihood of downward pressure; the recent dip-and-reversal in MRO points to a renewed shift in regression-based momentum.
RSI: RSI at 46.66 with an increasing trend indicates recovering buying interest but lacks overbought conviction; momentum remains middling.
Price vs. moving averages and bands: Last close $32.63 trades above the 20-day average ($31.93) and the 50-day average ($32.41) but remains below the 200-day average ($37.85). The 12-day EMA shows a peak-and-reversal, a bearish signal for very-short-term price action. Bollinger band 1x bounds sit near $30.83–$33.03, placing current price near the upper half of the short-term range.
Volatility & beta: 42-day beta 1.12 and 52-week beta 2.01 signal above-market sensitivity over the year while short-term volatility measures remain moderate; volume sits near the 10-day average, so recent moves lack strong volume confirmation.
Fundamental Analysis
Revenue and margins: Total revenue $3,367,099,000 for the period; gross profit $1,131,519,000 and gross margin 33.61%. EBIT $1,004,177,000 produces an EBIT margin of 29.82%, above the industry peer mean (13.70%), industry peer median (13.56%) and above the industry peer high (20.75%). The operating margin registers 26.97% and also sits above the industry peer mean and median. These margins support a premium structural valuation despite other offsets.
Profitability growth and EPS: Reported net income $2,648,702,000 with EPS actual $8.65 versus estimate -$0.28 and an EPS difference of $8.93, corresponding to an EPS surprise of approximately 3,189.29% (per the supplied figures). QoQ and YoY margin change metrics show contractionary signals (EBIT margin QoQ -178.98%, YoY -43.33% when expressed as percentages from provided values), indicating volatile period-to-period swings.
Cash, leverage, and capital spend: Cash and short-term investments total $14,822,493,000; operating cash flow $447,691,000 and end-period cash flow $14,857,549,000. Capital expenditures totaled -$770,045,000 with capex-to-revenue at -22.87%. Total debt $47,186,341,000 produces debt-to-assets 56.08% and debt-to-equity 1.66; interest coverage about 2.64. Free cash flow was negative $322,354,000 with a free cash flow yield of -0.47% and net debt $23,568,435,000, underscoring meaningful leverage and capex intensity.
Efficiency and returns: Asset turnover measured 4.103% (assetTurnoverRatio 0.04103), below the industry peer mean (0.2531). Return on equity 9.32% and return on assets 3.23% show positive returns but limited asset efficiency relative to peers. Revenue growth shows mixed signals: overall revenue growth 15.24% while reported YoY growth figure in the supplied set reads -64.65% when expressed as a percentage (useful as an internal comparator only).
Valuation: Price multiples include PE 4.92, EV/revenue ~29.86, PS 20.25, forward PE ~1,038.73 (per supplied forward EPS), and enterprise multiple 54.76. WMDST values the stock as over-valued given the combination of stretched multiples against cash flow and leverage dynamics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-20 |
| NEXT REPORT DATE: | 2026-08-19 |
| CASH FLOW | Begin Period Cash Flow | $ 14.4 B |
| Operating Cash Flow | $ 447.7 M | |
| Capital Expenditures | $ -770.04 M | |
| Change In Working Capital | $ -1.02 B | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 416.5 M | |
| End Period Cash Flow | $ 14.9 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.4 B | |
| Forward Revenue | $ 830.5 K | |
| COSTS | ||
| Cost Of Revenue | $ 2.2 B | |
| Depreciation | $ 831.8 M | |
| Depreciation and Amortization | $ 831.8 M | |
| Research and Development | $ 9.6 M | |
| Total Operating Expenses | $ 2.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.1 B | |
| EBITDA | $ 1.8 B | |
| EBIT | $ 1.0 B | |
| Operating Income | $ 908.0 M | |
| Interest Income | — | |
| Interest Expense | $ 379.8 M | |
| Net Interest Income | $ -379.85 M | |
| Income Before Tax | $ 624.3 M | |
| Tax Provision | $ 108.7 M | |
| Tax Rate | 17.412 % | |
| Net Income | $ 2.6 B | |
| Net Income From Continuing Operations | $ 2.7 B | |
| EARNINGS | ||
| EPS Estimate | $ -0.28 | |
| EPS Actual | $ 8.65 | |
| EPS Difference | $ 8.93 | |
| EPS Surprise | 3189.286 % | |
| Forward EPS | $ 0.00 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 84.1 B | |
| Intangible Assets | $ 5.4 B | |
| Net Tangible Assets | $ 26.1 B | |
| Total Current Assets | $ 23.6 B | |
| Cash and Short-Term Investments | $ 14.8 B | |
| Cash | $ 14.8 B | |
| Net Receivables | $ 3.0 B | |
| Inventory | — | |
| Long-Term Investments | $ 3.1 B | |
| LIABILITIES | ||
| Accounts Payable | $ 1.9 B | |
| Short-Term Debt | $ 7.5 B | |
| Total Current Liabilities | $ 12.6 B | |
| Net Debt | $ 23.6 B | |
| Total Debt | $ 47.2 B | |
| Total Liabilities | $ 51.7 B | |
| EQUITY | ||
| Total Equity | $ 28.4 B | |
| Retained Earnings | $ -2.45 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 17.73 | |
| Shares Outstanding | 1.603 B | |
| Revenue Per-Share | $ 2.10 | |
| VALUATION | Market Capitalization | $ 68.2 B |
| Enterprise Value | $ 100.5 B | |
| Enterprise Multiple | 54.763 | |
| Enterprise Multiple QoQ | -106.082 % | |
| Enterprise Multiple YoY | 61.885 % | |
| Enterprise Multiple IPRWA | high: 80.076 GDS: 54.763 median: 49.935 mean: 39.745 low: -25.47 |
|
| EV/R | 29.861 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.96 | |
| Asset To Liability | 1.628 | |
| Debt To Capital | 0.624 | |
| Debt To Assets | 0.561 | |
| Debt To Assets QoQ | -5.592 % | |
| Debt To Assets YoY | -6.115 % | |
| Debt To Assets IPRWA | high: 0.985 GDS: 0.561 mean: 0.227 median: 0.124 low: 0.004 |
|
| Debt To Equity | 1.66 | |
| Debt To Equity QoQ | -9.929 % | |
| Debt To Equity YoY | -12.1 % | |
| Debt To Equity IPRWA | high: 4.218 GDS: 1.66 mean: 0.593 median: 0.267 low: -2.621 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.399 | |
| Price To Book QoQ | -6.486 % | |
| Price To Book YoY | 35.457 % | |
| Price To Book IPRWA | high: 8.621 median: 4.569 mean: 3.535 GDS: 2.399 low: -0.609 |
|
| Price To Earnings (P/E) | 4.917 | |
| Price To Earnings QoQ | -29.926 % | |
| Price To Earnings YoY | -36.066 % | |
| Price To Earnings IPRWA | high: 161.745 mean: 60.317 median: 58.364 GDS: 4.917 low: -23.928 |
|
| PE/G Ratio | 0.104 | |
| Price To Sales (P/S) | 20.249 | |
| Price To Sales QoQ | -10.552 % | |
| Price To Sales YoY | 34.019 % | |
| Price To Sales IPRWA | GDS: 20.249 high: 8.708 median: 6.016 mean: 5.844 low: 0.003 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 1038.725 | |
| Forward PE/G | 22.049 | |
| Forward P/S | 3340.082 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -12.53 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.041 | |
| Asset Turnover Ratio QoQ | 11.374 % | |
| Asset Turnover Ratio YoY | 10.832 % | |
| Asset Turnover Ratio IPRWA | high: 0.554 median: 0.263 mean: 0.253 low: 0.057 GDS: 0.041 |
|
| Receivables Turnover | 1.241 | |
| Receivables Turnover Ratio QoQ | 13.35 % | |
| Receivables Turnover Ratio YoY | 37.932 % | |
| Receivables Turnover Ratio IPRWA | high: 4.795 mean: 1.571 median: 1.266 GDS: 1.241 low: 0.356 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 73.507 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -2.442 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 93.482 mean: 44.46 median: 42.935 GDS: -2.442 low: -31.316 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.308 | |
| CapEx To Revenue | -0.229 | |
| CapEx To Depreciation | -0.926 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 62.4 B | |
| Net Invested Capital | $ 66.8 B | |
| Invested Capital | $ 66.8 B | |
| Net Tangible Assets | $ 26.1 B | |
| Net Working Capital | $ 10.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.173 | |
| Current Ratio | 1.866 | |
| Current Ratio QoQ | -28.271 % | |
| Current Ratio YoY | 27.275 % | |
| Current Ratio IPRWA | high: 4.157 GDS: 1.866 mean: 1.511 median: 1.336 low: 0.681 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 25.701 | |
| Cost Of Debt | 0.662 % | |
| Interest Coverage Ratio | 2.644 | |
| Interest Coverage Ratio QoQ | -235.855 % | |
| Interest Coverage Ratio YoY | -18.554 % | |
| Interest Coverage Ratio IPRWA | high: 65.133 median: 26.312 mean: 25.741 GDS: 2.644 low: -2.188 |
|
| Operating Cash Flow Ratio | 0.235 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 75.949 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.17 % | |
| Revenue Growth | 15.244 % | |
| Revenue Growth QoQ | 1172.454 % | |
| Revenue Growth YoY | -64.653 % | |
| Revenue Growth IPRWA | high: 24.483 % GDS: 15.244 % mean: -0.994 % median: -3.02 % low: -23.829 % |
|
| Earnings Growth | 47.109 % | |
| Earnings Growth QoQ | -43.364 % | |
| Earnings Growth YoY | -155.62 % | |
| Earnings Growth IPRWA | high: 68.0 % GDS: 47.109 % mean: -13.478 % median: -25.635 % low: -158.14 % |
|
| MARGINS | ||
| Gross Margin | 33.605 % | |
| Gross Margin QoQ | 60.322 % | |
| Gross Margin YoY | 41.919 % | |
| Gross Margin IPRWA | high: 77.164 % GDS: 33.605 % mean: 29.953 % median: 29.678 % low: -1.85 % |
|
| EBIT Margin | 29.823 % | |
| EBIT Margin QoQ | -178.978 % | |
| EBIT Margin YoY | -43.326 % | |
| EBIT Margin IPRWA | GDS: 29.823 % high: 20.745 % mean: 13.699 % median: 13.561 % low: -3.536 % |
|
| Return On Sales (ROS) | 26.966 % | |
| Return On Sales QoQ | 99.852 % | |
| Return On Sales YoY | -48.755 % | |
| Return On Sales IPRWA | GDS: 26.966 % high: 20.513 % mean: 13.354 % median: 12.227 % low: -4.12 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -322.35 M | |
| Free Cash Flow Yield | -0.473 % | |
| Free Cash Flow Yield QoQ | 2152.381 % | |
| Free Cash Flow Yield YoY | -15.081 % | |
| Free Cash Flow Yield IPRWA | high: 15.167 % median: 2.572 % mean: 1.433 % GDS: -0.473 % low: -14.236 % |
|
| Free Cash Growth | 2273.042 % | |
| Free Cash Growth QoQ | -2419.005 % | |
| Free Cash Growth YoY | -2254.542 % | |
| Free Cash Growth IPRWA | GDS: 2273.042 % high: 263.938 % mean: 39.173 % median: -14.516 % low: -330.782 % |
|
| Free Cash To Net Income | -0.122 | |
| Cash Flow Margin | 88.212 % | |
| Cash Flow To Earnings | 1.121 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 3.228 % | |
| Return On Assets QoQ | -648.048 % | |
| Return On Assets YoY | 211.283 % | |
| Return On Assets IPRWA | high: 7.862 % GDS: 3.228 % median: 2.77 % mean: 2.175 % low: -4.758 % |
|
| Return On Capital Employed (ROCE) | 1.404 % | |
| Return On Equity (ROE) | 0.093 | |
| Return On Equity QoQ | -614.578 % | |
| Return On Equity YoY | 183.77 % | |
| Return On Equity IPRWA | high: 0.186 GDS: 0.093 median: 0.058 mean: 0.055 low: -0.091 |
|
| DuPont ROE | 9.773 % | |
| Return On Invested Capital (ROIC) | 1.241 % | |
| Return On Invested Capital QoQ | -196.351 % | |
| Return On Invested Capital YoY | -37.481 % | |
| Return On Invested Capital IPRWA | high: 11.32 % median: 4.249 % mean: 4.242 % GDS: 1.241 % low: -1.984 % |
|