GDS Holdings Limited (GDS)

Nasdaq: GDS · Services-Computer Programming, Data Processing, Etc. · Shanghai, CN · filing with the SEC since 2016

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Grade4.7

◀ Past 5.5● Present 4.7▶ Future 4.3

1 est.

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The grade of GDS Holdings Limited

Nine metrics read from its own filings, by tense

Headline grade

4.7/10

◀ Past5.525% of the headline

● Present4.735% of the headline

▶ Future4.340% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.5/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed

7.0/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 22% of this tense · 70th percentile among 79 sector filers · read for itself

From the record

GDS Holdings Limited's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

6.7/10

What has it actually done, year after year?

+30.3% a year over 10 filed years; profitable in 2 of 10.

weight 45% of this tense · 67th percentile among 70 sector filers · read for its customers

From the record

GDS Holdings Limited's 10 filed years say what it did: revenue went from CNY 1.1 billion in fiscal 2016 to CNY 11 billion in fiscal 2025, up 30.3% a year; it rose in 9 of 9 years; it never fell from a peak; net income was positive in 2 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span30.3%top 24% of its family
the share of years revenue rosetop 21% of its family
the share of filed years with a profitbottom 36% of its family
the deepest fall from a revenue peak0.0%top 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

2.7/10

How has it treated the people who own it?

Share count grew 3.9% a year. 0% of cash flow returned. Insiders: 2 sales, 0 purchases.

weight 33% of this tense · 27th percentile among 41 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, GDS Holdings Limited's diluted share count grew about 3.9% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 2 sales and 0 purchases of their own stock on the open market in the year to 2026-10-16 (their Form 4 filings).

What it rests on

the share count over the yearsbottom 42% of its family
cash returned against operating cash flowbottom 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

4.7/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

3.5/10

Is it financially healthy right now?

ROE 4%: 4¢ of profit per shareholder dollar. Leverage 68%: owes 68¢ per asset dollar.

weight 45% of this tense · 35th percentile among 74 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, GDS Holdings Limited earned about 4 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 3 cents per dollar of everything the company owns. Leverage: it owed about 68 cents per dollar of assets, and net share issuance: its share count grew 11.5% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 34% of its family
return on equitytop 38% of its family
gross profit against assetsbottom 13% of its family
the share count against the year beforebottom 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

6.1/10

How strong is its position in its industry?

top 39% of 73 in its family; net margin 8.3%.

weight 33% of this tense · 61st percentile among 73 sector filers · read for its customers

From the record

GDS Holdings Limited's standing among 73 graded names in its industry family: revenue of CNY 11 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 8.3% ranks in the top 27%; revenue growth of 7.2% a year over the last 3 filed years ranks in the bottom 48% (its annual reports).

What it rests on

net margin8.3%top 27% of its family
three-year revenue growth7.2%bottom 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 42 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-16 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 42 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-16 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 42 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: GDS Holdings Limited's leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-16 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 42 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.3/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

1.7/10

How much room does it have to grow?

bottom 17% of 71 in its family for room to expand.

weight 22% of this tense · 17th percentile among 71 sector filers · read for itself

From the record

GDS Holdings Limited's room to grow, from the newest filed statements (fiscal 2025): cash of CNY 14 billion against debt of CNY 26 billion leaves -14.3% of its assets as net cash, bottom 25% of its family; cash from operations less capital spending is -11.6% of revenue (bottom 24%); a gross margin of 22.6% (bottom 15%); research spending of 0.3% of revenue (bottom 4%) (its annual report).

What it rests on

cash less debt against assets-14.3%bottom 25% of its family
cash from operations less capital spending against revenue-11.6%bottom 24% of its family
gross margin22.6%bottom 15% of its family
research spending against revenue0.3%bottom 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

3.4/10

What could actually drive growth from here?

bottom 34% of 70 in its family for growth drivers.

weight 45% of this tense · 34th percentile among 70 sector filers · read for its customers

From the record

GDS Holdings Limited's growth drivers, from the filed years to fiscal 2025: revenue grew 7.2% a year over the last three filed years against 30.3% over all 10, slowing (bottom 12% of its family); the newest year grew 10.8% (top 46%); research spending grew 0.8% a year (bottom 41%); capital spending grew -7.2% a year (bottom 32%) (its annual reports). GDS Holdings Limited reported 3 product lines in fiscal 2025: Colocation Services at CNY 10 billion (91%), Managed Service and Others at CNY 1.1 billion (9%), Equipment Sales at CNY 4 million (0%); 2 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-23.1 points a yearbottom 12% of its family
the newest year's revenue growth10.8%top 46% of its family
three-year growth of research spending0.8%bottom 41% of its family
three-year growth of capital spending-7.2%bottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

7.3/10

Did its newest year beat what its own record pointed to?

top 27% of 65 in its family for expectations against reality.

weight 33% of this tense · 73rd percentile among 65 sector filers · read for its shareholders

From the record

GDS Holdings Limited's newest year against its own record: revenue of CNY 11 billion in fiscal 2025 came in 5% above the CNY 11 billion its prior three years' pace pointed to (top 30% of its family); net income of CNY 950 million against a prior three-year average of CNY 711 million (top 16%); a net margin of 8.3% against -8.1% before (top 36%) (its annual reports).

What it rests on

revenue against the prior three years' pace5.0%top 30% of its family
net income against the prior three years' average+234%top 16% of its family
net margin against its prior average+16.4 pointstop 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton GDS · research, not advice