GDS Holdings Ltd
HKEX:9698

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GDS Holdings Ltd
HKEX:9698
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Price: 40.66 HKD -1.98%
Market Cap: HK$63.2B

P/S

4.9
Current
80%
More Expensive
vs 3-y average of 2.7

Price to Sales (P/S) ratio shows how much investors pay for each dollar of a company`s sales. It`s calculated by dividing the company`s market value by its total revenue.

P/S
4.9
=
Market Cap
HK$67.9B
/
Revenue
¥11.4B

Price to Sales (P/S) ratio shows how much investors pay for each dollar of a company`s sales. It`s calculated by dividing the company`s market value by its total revenue.

P/S
4.9
=
Market Cap
HK$67.9B
/
Revenue
¥11.4B

Valuation Scenarios

GDS Holdings Ltd is trading above its 3-year average

If P/S returns to its 3-Year Average (2.7), the stock would be worth HK$22.63 (44% downside from current price).

Statistics
Positive Scenarios
1/4
Maximum Downside
-44%
Maximum Upside
+8%
Average Downside
27%
Scenario P/S Value Implied Price Upside/Downside
Current Multiple 4.9 HK$40.66
0%
3-Year Average 2.7 HK$22.63
-44%
5-Year Average 3.5 HK$29.55
-27%
Industry Average 5.3 HK$44.11
+8%
Country Average 2.8 HK$23.06
-43%

Forward P/S
Today’s price vs future revenue

Today's Market Cap Revenue Forward P/S
HK$67.9B
/
Jan 2026
¥11.4B
=
4.9
Current
HK$67.9B
/
Dec 2026
¥12.9B
=
5.3
Forward
HK$67.9B
/
Dec 2027
¥14.6B
=
4.6
Forward
HK$67.9B
/
Dec 2028
¥17.1B
=
4
Forward
HK$67.9B
/
Dec 2029
¥20.1B
=
3.4
Forward
HK$67.9B
/
Dec 2030
¥22.2B
=
3.1
Forward
HK$67.9B
/
Dec 2031
¥26.1B
=
2.6
Forward
HK$67.9B
/
Dec 2032
¥33.3B
=
2
Forward
HK$67.9B
/
Dec 2033
¥35B
=
1.9
Forward

Forward P/S shows whether today’s P/S still looks high or low once future revenue are taken into account.

Peer Comparison

All Multiples
P/S
P/E
All Countries
Close
Market Cap P/S P/E
CN
GDS Holdings Ltd
HKEX:9698
63.2B HKD 4.9 62.2
CA
Shopify Inc
NASDAQ:SHOP
157.9B USD 13.8 130
US
Cloudflare Inc
NYSE:NET
72.1B USD 33.3 -705.3
US
Snowflake Inc.
NYSE:SNOW
46.9B USD 10 -35.2
US
Snowflake Inc
XETRA:5Q5
40.2B EUR 9.9 -34.7
ID
DCI Indonesia Tbk PT
IDX:DCII
472.6T IDR 186.1 471.9
US
Verisign Inc
NASDAQ:VRSN
24.5B USD 14.5 29.1
US
Twilio Inc
NYSE:TWLO
22.6B USD 4.4 666.2
US
MongoDB Inc
NASDAQ:MDB
20.2B USD 8.2 -283.8
US
Akamai Technologies Inc
NASDAQ:AKAM
14.9B USD 3.6 33.2
US
Okta Inc
NASDAQ:OKTA
13.1B USD 4.5 55.6
P/S Multiple
Revenue Growth P/S to Growth
CN
GDS Holdings Ltd
HKEX:9698
Average P/S: 26.7
4.9
14%
0.3
CA
Shopify Inc
NASDAQ:SHOP
13.8
26%
0.5
US
Cloudflare Inc
NYSE:NET
33.3
28%
1.2
US
Snowflake Inc.
NYSE:SNOW
10
25%
0.4
US
Snowflake Inc
XETRA:5Q5
9.9
25%
0.4
ID
DCI Indonesia Tbk PT
IDX:DCII
186.1
N/A N/A
US
Verisign Inc
NASDAQ:VRSN
14.5
7%
2.1
US
Twilio Inc
NYSE:TWLO
4.4
10%
0.4
US
MongoDB Inc
NASDAQ:MDB
8.2
18%
0.5
US
Akamai Technologies Inc
NASDAQ:AKAM
3.6
8%
0.4
US
Okta Inc
NASDAQ:OKTA
4.5
10%
0.4
P/E Multiple
Earnings Growth PEG
CN
GDS Holdings Ltd
HKEX:9698
Average P/E: 206.9
62.2
-6%
N/A
CA
Shopify Inc
NASDAQ:SHOP
130
53%
2.5
US
Cloudflare Inc
NYSE:NET
Negative Multiple: -705.3 N/A N/A
US
Snowflake Inc.
NYSE:SNOW
Negative Multiple: -35.2 N/A N/A
US
Snowflake Inc
XETRA:5Q5
Negative Multiple: -34.7 N/A N/A
ID
DCI Indonesia Tbk PT
IDX:DCII
471.9
N/A N/A
US
Verisign Inc
NASDAQ:VRSN
29.1
9%
3.2
US
Twilio Inc
NYSE:TWLO
666.2
222%
3
US
MongoDB Inc
NASDAQ:MDB
Negative Multiple: -283.8 N/A N/A
US
Akamai Technologies Inc
NASDAQ:AKAM
33.2
42%
0.8
US
Okta Inc
NASDAQ:OKTA
55.6
54%
1

Market Distribution

In line with most companies in China
Percentile
67th
Based on 7 736 companies
67th percentile
4.9
Low
0 — 1.5
Typical Range
1.5 — 5.4
High
5.4 —
Distribution Statistics
China
Min 0
30th Percentile 1.5
Median 2.8
70th Percentile 5.4
Max 5 034 353.9

GDS Holdings Ltd
Glance View

In the bustling world of digital infrastructure, GDS Holdings Ltd. has carved a name for itself as a pivotal player in China’s burgeoning data center industry. Since its inception, GDS has primarily focused on designing, building, and operating high-performance data centers. These facilities act as the backbone of the digital age, providing essential infrastructure for cloud service providers, internet companies, financial institutions, and other large-scale enterprises. The company's strategic positioning in key economic hubs across China ensures that it is at the heart of its clients’ operations, allowing it to offer colocation, managed hosting, and other value-added services. GDS Holdings generates revenue through leasing data center space to its customers, often via long-term contracts that provide stable cash flow. Clients value the company's robust infrastructure capabilities, which include cutting-edge technology and sustainable practices designed to handle massive computing demands. Additionally, GDS innovatively expands its capacity by pursuing acquired growth and developing new facilities, often pre-leased to anchor clients, which mitigates financial risk. Through this method, GDS has built a resilient business model, able to capitalize on the rapid digital transformation trends while ensuring its services remain indispensable to an ever-growing client base.

Intrinsic Value
25.3 HKD
Overvaluation 38%
Intrinsic Value
Price HK$40.66
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