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GDS Holdings started as an IT service provider in 2001 then moved to the data center business with its first self-developed data center opening in 2010. The company now develops and operates data centers in China and also builds, operates and transfers data centers for other clients. It offers colocation and managed services and mainly targets hyperscale cloud service customers who take large areas of its data centers or even whole data centers under long-term contracts. It has aggressively raised capital over the past four years for expansion. Its data centers are located predominantly in and around the Tier 1 cities in China and it has also started an expanding into Southeast Asia. GDS listed on the Nasdaq in 2016 and completed a secondary listing in Hong Kong in 2020.
2006
2.3K+
LTM Revenue $1.5B
LTM EBITDA $689M
$9.1B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
GDS Holdings has a last 12-month revenue of $1.5B and a last 12-month EBITDA of $689M.
In the most recent fiscal year, GDS Holdings achieved revenue of $1.3B and an EBITDA of $176M.
GDS Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX
See GDS Holdings valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.3B | XXX | XXX | XXX |
| Gross Profit | $229M | $249M | XXX | XXX | XXX |
| Gross Margin | 19% | 19% | XXX | XXX | XXX |
| EBITDA | $539M | $176M | XXX | XXX | XXX |
| EBITDA Margin | 45% | 14% | XXX | XXX | XXX |
| Net Profit | -$153M | -$188M | XXX | XXX | XXX |
| Net Margin | -13% | -15% | XXX | XXX | XXX |
| Net Debt | $2.1B | $3.2B | XXX | XXX | XXX |
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As of April 15, 2025, GDS Holdings's stock price is HKD 20 (or $3).
GDS Holdings has current market cap of HKD 30.9B (or $4.0B), and EV of HKD 71.0B (or $9.1B).
See GDS Holdings trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $9.1B | $4.0B | XXX | XXX | XXX | XXX | $0.02 |
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Sign UpAs of April 15, 2025, GDS Holdings has market cap of $4.0B and EV of $9.1B.
GDS Holdings's trades at 6.2x LTM EV/Revenue multiple, and 13.3x LTM EBITDA.
Analysts estimate GDS Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for GDS Holdings and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $9.1B | XXX | XXX | XXX |
| EV/Revenue | 7.1x | XXX | XXX | XXX |
| EV/EBITDA | 52.0x | XXX | XXX | XXX |
| P/E | -7.2x | XXX | XXX | XXX |
| P/E/Growth | n/a | XXX | XXX | XXX |
| EV/FCF | -16.9x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpGDS Holdings's NTM/LTM revenue growth is 13%
GDS Holdings's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.1M for the same period.
Over next 12 months, GDS Holdings's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate GDS Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for GDS Holdings and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 7% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 14% | XXX | XXX | XXX | XXX |
| EBITDA Growth | -67% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 26% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.5M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.1M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 1% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 12% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | 0% | XXX | XXX | XXX | XXX |
| Opex to Revenue | 13% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| XXX | XXX | XXX | XXX | XXX | XXX | |
| Ctac | XXX | XXX | XXX | XXX | XXX | XXX |
| Mastech Digital | XXX | XXX | XXX | XXX | XXX | XXX |
| Atturra | XXX | XXX | XXX | XXX | XXX | XXX |
| Bravura Solutions | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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GDS Holdings acquired XXX companies to date.
Last acquisition by GDS Holdings was XXXXXXXX, XXXXX XXXXX XXXXXX . GDS Holdings acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was GDS Holdings founded? | GDS Holdings was founded in 2006. |
| Where is GDS Holdings headquartered? | GDS Holdings is headquartered in Hong Kong. |
| How many employees does GDS Holdings have? | As of today, GDS Holdings has 2.3K+ employees. |
| Who is the CEO of GDS Holdings? | GDS Holdings's CEO is Mr. Wei William Huang. |
| Is GDS Holdings publicy listed? | Yes, GDS Holdings is a public company listed on HKG. |
| What is the stock symbol of GDS Holdings? | GDS Holdings trades under 09698 ticker. |
| When did GDS Holdings go public? | GDS Holdings went public in 2020. |
| Who are competitors of GDS Holdings? | Similar companies to GDS Holdings include e.g. , Ctac, Mastech Digital, Atturra. |
| What is the current market cap of GDS Holdings? | GDS Holdings's current market cap is $4.0B |
| What is the current revenue of GDS Holdings? | GDS Holdings's last 12-month revenue is $1.5B. |
| What is the current EBITDA of GDS Holdings? | GDS Holdings's last 12-month EBITDA is $689M. |
| What is the current EV/Revenue multiple of GDS Holdings? | Current revenue multiple of GDS Holdings is 6.2x. |
| What is the current EV/EBITDA multiple of GDS Holdings? | Current EBITDA multiple of GDS Holdings is 13.3x. |
| What is the current revenue growth of GDS Holdings? | GDS Holdings revenue growth between 2023 and 2024 was 7%. |
| Is GDS Holdings profitable? | Yes, GDS Holdings is EBITDA-positive (as of the last 12 months). |
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