GDS Holdings Ltd
GDS, GDHLF · Services-Computer Programming, Data Processing, Etc. · EDGAR filings ↗
Reference price $35.25 — last insider sale, 2026-06-10 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
C52Chinese data-center operator with positive operating cash flow but heavy capex burn and high leverage.
Strengths
- Positive operating cash flow — OCF margin 29.4% (73rd)
- Revenue growth — +10.8% (62nd)
Risks
- Heavy FCF burn — FCF -$1.33B (7th), FCF margin -11.6%
- High leverage — D/E 0.91 (67th)
- Falling earnings, low gross margin, VIE structure — net income -72.3% (31st), gross margin 22.6%
Notable findings
- Cash burnNegative free cash flow (-189.5M)
- Customer concentration~66% of revenue from one customer/distributor — As of December 31, 2025, we had an aggregate net floor area of 668,283 sqm in service, 93% of which was committed by customers, and an aggregate net floor area of 73,994 sqm under construction, 66
- Strong balance sheetStrong balance sheet — $3.5B cash & investments, ~74 quarters of runway
- Notable holderHeld by 3 notable fund(s): GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC, FMR LLC (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
22.6%
Operating margin
-0.5%
Net margin
8.3%
Return on equity
3.7%
Return on assets
1.2%
ROIC
-0.1%
Revenue growth (QoQ)
29.8%
Net-income growth
-71.1%
Debt / equity
0.9×
Net debt / EBITDA
-0.3×
Current ratio
2.6×
Free cash flow
-$189M
EBITDA
$486M
Tangible book value
$2.9B
Cash & investments
$3.5B
Cash runway
74q
Stock comp / revenue
2.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-10 | Qian Yixin | Sell | 10K | $35.25 |
| 2026-06-02 | Ye Judy Qing | Sell | 37K | $36.21 |
| 2026-05-22 | Zhang Kejing | Other | 17K | — |
| 2026-05-22 | Zhang Kejing | Tax withheld | 5.9K | $33.80 |
| 2026-05-15 | LIM AH DOO | Other | 1.4K | — |
| 2026-05-15 | Okada Satoshi | Other | 980 | — |
| 2026-05-15 | Sun Qiang Chang | Other | 980 | — |
| 2026-05-15 | SIO TAT HIANG | Other | 1.8K | — |
| 2026-05-15 | Liu Chee Ming | Other | 980 | — |
| 2026-05-15 | Ye Judy Qing | Other | 1.1K | — |
| 2026-05-15 | LOPEZ BRUNO | Other | 1.3K | — |
| 2026-05-15 | KING JONATHAN ALLEN | Other | 160 | — |
| 2026-05-15 | Wojtaszek Gary J | Other | 980 | — |
| 2026-05-15 | BAHARUDIN ZULKIFLI BIN | Other | 1.5K | — |
| 2026-05-15 | YU BIN | Other | 1.2K | — |
| 2026-04-30 | Newman Daniel Antony | Other | 161K | — |
| 2026-04-30 | Liang Yan | Other | 21K | — |
| 2026-04-30 | Qian Yixin | Other | 53K | — |
| 2026-04-30 | Huang William Wei | Other | 201K | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-29 | 2025-12-31 | 0001104659-26-051006 ↗ |
| 20-F | 2025-04-28 | 2024-12-31 | 0001410578-25-000935 ↗ |
| 20-F | 2024-04-29 | 2023-12-31 | 0001104659-24-053528 ↗ |
| 20-F | 2023-04-04 | 2022-12-31 | 0001104659-23-041218 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001104659-22-052232 ↗ |
| 20-F | 2021-04-12 | 2020-12-31 | 0001104659-21-049104 ↗ |
| 20-F | 2020-04-17 | 2019-12-31 | 0001104659-20-047853 ↗ |
| 20-F | 2019-03-13 | 2018-12-31 | 0001104659-19-014580 ↗ |
| 20-F | 2018-03-29 | 2017-12-31 | 0001104659-18-021281 ↗ |
| 20-F | 2017-04-19 | 2016-12-31 | 0001104659-17-024311 ↗ |