GDS Holdings Limited (HKG:9698)

GDS Holdings Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash & Equivalents	13,444	7,868	7,355	8,608	9,968	16,259
Cash & Short-Term Investments	13,444	7,868	7,355	8,608	9,968	16,259
Cash Growth	42.89%	6.97%	-14.56%	-13.64%	-38.69%	179.81%
Accounts Receivable	2,868	3,022	2,493	2,406	1,733	1,480
Other Receivables	254.11	240.51	214.39	164.74	229.09	155.62
Receivables	3,122	3,262	2,707	2,571	1,962	1,636
Prepaid Expenses	694.72	-	-	186.81	202.74	163.99
Restricted Cash	-	67.42	39.37	158.08	2,014	86.83
Other Current Assets	-	415.53	882.03	427.3	316.94	172.58
Total Current Assets	17,261	11,613	10,984	11,951	14,464	18,319
Property, Plant & Equipment	44,301	45,398	45,409	52,551	44,654	32,656
Long-Term Investments	8,348	7,545	7.3	-	-	-
Goodwill	-	5,886	5,886	7,077	7,077	2,596
Other Intangible Assets	5,602	502.89	710.68	1,071	1,918	1,464
Long-Term Deferred Tax Assets	-	381.27	289.85	229	186.5	146.09
Long-Term Deferred Charges	-	-	-	47.4	80.74	-
Other Long-Term Assets	3,098	2,323	11,160	1,889	3,254	2,078
Total Assets	78,609	73,649	74,447	74,814	71,632	57,259
Accounts Payable	1,915	-	-	-	-	3,657
Accrued Expenses	1,544	855.23	870.53	844.41	695.18	219.39
Short-Term Debt	2,635	1,799	422.41	1,652	4,640	1,231
Current Portion of Long-Term Debt	-	2,544	2,160	4,056	1,308	922.63
Current Portion of Leases	774.18	753.5	680.66	629.6	844.88	340.67
Current Income Taxes Payable	-	118.61	166.92	202.59	139.67	102.68
Current Unearned Revenue	-	90.98	119.89	156.13	90.99	96.67
Other Current Liabilities	-	2,918	3,885	3,063	5,747	1,074
Total Current Liabilities	6,868	9,078	8,305	10,603	13,465	7,644
Long-Term Debt	35,182	30,483	31,523	27,813	20,180	12,495
Long-Term Leases	8,373	8,881	9,238	10,534	10,817	9,641
Long-Term Unearned Revenue	-	165.08	146.18	60.44	67.15	21.07
Long-Term Deferred Tax Liabilities	-	1,241	1,282	1,410	734.28	462.01
Other Long-Term Liabilities	1,402	132.14	3,827	207.81	472.15	328.19
Total Liabilities	51,826	49,980	54,323	50,629	45,736	30,591
Common Stock	0.56	0.53	0.52	0.52	0.51	0.51
Additional Paid-In Capital	31,154	29,596	29,337	29,049	28,983	28,729
Retained Earnings	-4,628	-6,044	-9,470	-5,180	-3,911	-2,724
Comprehensive Income & Other	-928.17	-1,094	-974.39	-848.36	-599.19	-439.64
Total Common Equity	25,599	22,458	18,893	23,021	24,474	25,566
Minority Interest	116.56	129.93	165.58	116.59	463.85	120.82
Shareholders' Equity	26,783	23,669	20,124	24,185	25,896	26,668
Total Liabilities & Equity	78,609	73,649	74,447	74,814	71,632	57,259
Total Debt	46,964	44,460	44,024	44,685	37,790	24,630
Net Cash (Debt)	-33,521	-36,592	-36,669	-36,077	-27,822	-8,371
Net Cash Per Share	-149.57	-198.45	-199.81	-197.08	-153.19	-53.42
Filing Date Shares Outstanding	192.71	194.4	194.4	190.55	186.9	186.9
Total Common Shares Outstanding	192.71	194.4	190.55	190.55	186.9	186.9
Working Capital	10,393	2,535	2,678	1,348	998.63	10,675
Book Value Per Share	132.83	115.53	99.15	120.81	130.95	136.79
Tangible Book Value	19,997	16,069	12,296	14,874	15,480	21,506
Tangible Book Value Per Share	103.76	82.66	64.53	78.06	82.82	115.07
Land	-	868.82	850.24	3,302	1,553	808.65
Buildings	-	16,126	15,140	13,848	12,178	9,553
Machinery	-	25,046	21,594	19,777	17,853	10,795
Construction In Progress	-	6,564	8,658	10,828	7,234	5,259
Leasehold Improvements	-	9,103	8,706	8,444	8,231	7,307

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.