GDS
GDS Holdings Limited
GDS's outlook is improving, though it still trails on the overall score.
MU
Micron Technology, Inc.
MU has the edge over GDS overall, supported by stronger valuation and stronger modeled upside.
GDS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Weak | |
| Weak |
GDS's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are weak.
MU Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
MU's revenue, profitability, cash flow and balance sheet are all currently strong.
GDS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 9.8x | $20.05 | — |
| Cheap | 11x | $22.42 | +12% |
| Fair | 21x | $43.89 | +119% |
| Expensive | 52x | $106 | +430% |
Historical ranges are pointers, not guarantees.
GDS has the edge over MU in the historical PE scenario, which offers more potential upside but is not a forecast.
MU PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.6x | $798 | — |
| Cheap | 10x | $777 | -2.7% |
| Current | 11x | $798 | — |
| Fair | 22x | $1,646 | +106% |
| Expensive | 32x | $2,404 | +201% |
Historical ranges are pointers, not guarantees.
MU's PE is in its cheap range at 11x. If earnings grow as analysts expect, today's price would be 4.6x next year's earnings.
GDS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect GDS to return to profit, with revenue growing.
MU Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for MU, with profitability improving.
GDS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2024 | -$3.24 | -$2.14 |
| Q2 2024 | -$3.43 | -$2.40 |
| Q1 2024 | -$3.43 | -$2.27 |
| Q4 2023 | -$3.54 | -$2.30 |
| Q3 2023 | -$1.10 | +$0.27 |
| Q2 2023 | -$1.03 | +$0.33 |
| Q1 2023 | -$1.16 | +$0.14 |
| Q4 2022 | -$1.24 | -$0.16 |
MU has the stronger earnings trend. Trailing diluted EPS is down 40% for GDS versus MU up 879%.
MU Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $174.95 | +135% |
| Q3 2026 | $74.33 | +879% |
| Q2 2026 | $44.17 | +693% |
| Q1 2026 | $21.18 | +405% |
| Q4 2025 | $10.52 | +201% |
| Q3 2025 | $7.59 | +984% |
| Q2 2025 | $5.57 | +$6.99 |
| Q1 2025 | $4.19 | +$7.64 |
| Q4 2024 | $3.49 | +$9.77 |
MU's earnings per share have climbed steadily: $74.33 over the past year, about 10 times what it earned the year before, and higher year over year for 10 quarters in a row.
GDS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $462.1M | +6.2% |
| Q1 2026 | $505.3M | +24% |
| Q4 2025 | $438.5M | +54% |
| Q3 2025 | $433.3M | +10% |
| Q2 2025 | $435.2M | +2.6% |
| Q1 2025 | $408.7M | +3.6% |
| Q4 2024 | $285.5M | -26% |
| Q3 2024 | $393.1M | +4% |
GDS's revenue has grown year over year for six quarters in a row: $462M last quarter, up 6.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 14% | -0.1 points |
| Q1 2026 | 27% | +14 points |
| Q4 2025 | 13% | -3.5 points |
| Q3 2025 | 13% | +0.9 points |
| Q2 2025 | 14% | +3.1 points |
| Q1 2025 | 13% | +5.1 points |
| Q4 2024 | 17% | +132 points |
| Q3 2024 | 12% | +8.4 points |
GDS's operating margin was 14% last quarter, about level with the same quarter a year ago.
MU Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $54.2B | +379% |
| Q2 2026 | $41.5B | +346% |
| Q1 2026 | $23.9B | +196% |
| Q4 2025 | $13.6B | +57% |
| Q3 2025 | $11.3B | +46% |
| Q2 2025 | $9.3B | +37% |
| Q1 2025 | $8.1B | +38% |
| Q4 2024 | $8.7B | +84% |
MU has the edge over GDS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 81% | +48 points |
| Q2 2026 | 80% | +57 points |
| Q1 2026 | 68% | +46 points |
| Q4 2025 | 45% | +20 points |
| Q3 2025 | 32% | +13 points |
| Q2 2025 | 23% | +13 points |
| Q1 2025 | 22% | +19 points |
| Q4 2024 | 25% | +49 points |
MU has the edge over GDS on profitability, with a higher operating margin.
GDS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $24.3M | +$78.4M |
| Q1 2026 | -$48.4M | -$14M |
| Q4 2025 | -$2M | -100% |
| Q3 2025 | -$102.8M | -$80.8M |
| Q2 2025 | -$54.1M | +$172M |
| Q1 2025 | -$34.4M | +$125.9M |
| Q4 2024 | $625.5M | +$680.8M |
| Q3 2024 | -$22M | +$123.3M |
GDS has burned cash in almost every quarter: −$129M over the past year, against $515M the year before.
MU Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.9B | +45543% |
| Q2 2026 | $17.6B | +951% |
| Q1 2026 | $5.5B | +$5.6B |
| Q4 2025 | $3B | +7853% |
| Q3 2025 | $72M | -75% |
| Q2 2025 | $1.7B | +322% |
| Q1 2025 | -$113M | +$52M |
| Q4 2024 | $38M | +$433M |
MU has the edge over GDS on cash generation, producing positive trailing cash flow while its opponent burns cash.
GDS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.2% | +5.5M shares |
| 1 year | +15% | +34.8M shares |
| 3 years | +41% | +76.1M shares |
| 5 years | +44% | +78.8M shares |
GDS has 259M diluted shares, up 15% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
GDS hasn't bought back shares in the past year.
MU Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -2M shares |
| 1 year | +1.6% | +18M shares |
| 3 years | +4.6% | +50M shares |
| 5 years | +0.2% | +2M shares |
| Available history | +1.2% | +14M shares |
MU has the edge over GDS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $350M |
| Q4 2025 | $300M |
| Q3 2024 | $300M |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
MU has spent almost nothing on buybacks in the past year.
GDS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 5.8x | High |
| Q1 2026 | 5.7x | High |
| Q4 2025 | 5.5x | High |
| Q3 2025 | 4.6x | High |
| Q2 2025 | 5.9x | High |
| Q1 2025 | 6.3x | High |
| Q4 2024 | 8.0x | High |
| Q3 2024 | 25.7x | High |
GDS's net debt is about 5.8 years of its operating earnings (EBITDA), down from 5.9 years a year ago.
MU Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.1x | Net Cash |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
MU has the edge over GDS on leverage, with a lower net debt burden relative to earnings.
GDS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.5 | Neutral |
| Stochastic | 7.0 | Oversold |
GDS's weekly RSI is 31 (neutral) and its Stochastic is 7 (oversold).
MU Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.1 | Neutral |
| Stochastic | 26.9 | Neutral |
MU's weekly RSI is 47 (neutral) and its Stochastic is 27 (neutral).
GDS PE vs Technology Sector
| Metric | GDS | Sector median | Relative |
|---|---|---|---|
| PE | 9.8x | 28x | 65% below |
| PE % | 0 | 35 | 35 pts below |
GDS has the edge over MU on valuation relative to its sector.
MU PE vs Technology Sector
| Metric | MU | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 61% below |
| PE % | 18 | 35 | 17 pts below |
MU is trading at 11x earnings, a 61% discount to the Technology sector's median of 28x.
GDS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $25.1 | 20% below |
| 20 week MA | $29.3 | 32% below |
| 50 week MA | $35.6 | 44% below |
| 100 week MA | $33.1 | 39% below |
| 200 week MA | $23.0 | 13% below |
GDS is in a downtrend: it's below all five of its weekly moving averages, and 13% below its 200-week average.
MU Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $914.5 | 13% below |
| 20 week MA | $931.0 | 14% below |
| 50 week MA | $685.9 | 16% above |
| 100 week MA | $405.4 | 97% above |
| 200 week MA | $246.0 | 225% above |
MU has the edge over GDS on trend strength, trading above more of its moving averages.
GDS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.7 | $91.3 | +77% |
| 2021 | $91.3 | $47.1 | -48% |
| 2022 | $47.1 | $19.4 | -59% |
| 2023 | $19.4 | $9.12 | -53% |
| 2024 | $9.12 | $22.3 | +144% |
| 2025 | $22.3 | $35.4 | +59% |
| 2026 YTD | $35.4 | $20.1 | -43% |
GDS's yearly returns have swung widely, from +144% in 2024 to −59% in 2022. It's down 43% so far in 2026.
MU Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.0 | $70.6 | +31% |
| 2021 | $70.6 | $94.4 | +34% |
| 2022 | $94.4 | $50.2 | -47% |
| 2023 | $50.2 | $85.3 | +70% |
| 2024 | $85.3 | $88.6 | +3.9% |
| 2025 | $88.6 | $284.8 | +221% |
| 2026 YTD | $284.8 | $798.4 | +180% |
MU has the edge over GDS on returns for 2026, with the stronger performance.