GDSGDS Holdings Limited

$30.98-20% 1Y

Is it safe?

Mixed

Nothing alarming, nothing pristine: comfortable debt (A) and big price swings.

1 to watch, 1 neutral, 4 without data
Credit gradeAderived · Dec 31, 2019

Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.

Drawdown risk73% volderived · Oct 9, 2026

Large price swings, high volatility. Worst drawdown -96% · now 35% below its 52-week high.

Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.

Can GDS take a bad year?

GDS Holdings Limited carries $3.19B of net debt at 2.44× EBITDA: a load its earnings can carry.

$3.19B

Net debt · as at Q4 2019 · under two and a half years of EBITDA, comfortable

Net debt / EBITDA
2.44×

Net debt / EBITDA

Cash runway
1.2 years

Cash runway · burning $1.26B a quarter at the current rate

Annualised volatility
73%

Annualised volatility · three times the market's own swing

Details›
Total debtQ4 2019
$9.17B
Cash and short-term investments
$5.97B
Net debt
$3.19B
EBITDA, trailing twelve months
$1.31B
Operating profit, trailing twelve months
$345M
Debt / equity
0.89×
Total debt / EBITDA
6.99×
Annualised volatilitytwo years of daily moves
73%
Worst drawdown on file
−96%
Below its 52-week high
35%

Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.