GDS Holdings Limited

GDSNASDAQTechnology● Active

$34.69

+$0.69(+2.03%)

Market Cap$6.7B

P/E Ratio—

52W High$48.61

52W Low$24.57

Avg Volume2.0M

Open$33.71

Beta0.38

Free Cash Flow Financials Revenue

GDS Holdings Limited (GDS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

GDS · free cash flow · updated Jun 8, 2026

Core FCF metrics

GDS · FCF · TTM · margin & CAGR

Free cash flow was −$1.21B for FY2025 (fiscal year ending 2025-12-31), up 8.0% year-over-year The FCF margin was -10.6%.

FY2025 Free Cash Flow−$1.21B▲ +8.0% YoY

Trailing 12M (TTM)−$1.34Btrailing 4 quarters sum

FCF Margin-10.6%−$1.21B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

GDS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$3.27B(4.48B)−$1.21B▲ +8.0%-10.6%

FY2024$1.94B(3.25B)−$1.32B▲ +68.6%-12.8%

FY2023$2.07B(6.25B)−$4.19B▲ +15.3%-42.1%

FY2022$2.86B(7.80B)−$4.95B▲ +41.8%-53.0%

FY2021$1.20B(9.70B)−$8.50B▼ 10.4%-108.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

GDS · P/FCF · FCF yield · FCF per share

GDS Holdings Limited (GDS) reported negative free cash flow of −$1.21B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

GDS · cash flow statement · operating / investing / financing

For FY2025, GDS Holdings Limited generated $3.27B in operating cash flow and spent 4.48B in capital expenditures, yielding −$1.21B in free cash flow.

Operating Activities

+$3.27B

Cash from core business operations

2025-12-31

Investing Activities

−$2.96B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$5.94B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($3.27B) − |CapEx| (4.48B) = FCF (−$1.21B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

GDS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

GDS Holdings LimitedYOU

GDS

−$1.21B+8.0%-10.6%

Loss

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

GDS Holdings Limited (GDS) reported free cash flow of −$1.21B for FY2025 (fiscal year ending 2025-12-31), up 8.0% year-over-year. The FCF margin was -10.6%.

GDS Holdings Limited has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 12 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

GDS free cash flow · 8 questions

GDS Holdings Limited free cash flow was −$1.21B for FY2025, up 8.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$1.34B.

GDS free cash flowGDS FCFGDS FCF 2025GDS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · GDS Holdings Limited · GDS Holdings Limited SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026