GDS vs HUYA
GDS Holdings Ltd. and Huya Inc., side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | GDS | HUYA |
|---|---|---|
| Revenue | CNY 11.4B | CNY 6.5B |
| Net income | CNY 949.6M | CNY -112.6M |
| Gross margin | 22.6% | 13.4% |
| Net margin | 8.4% | −1.7% |
| Return on equity | 3.9% | −1.8% |
| Diluted EPS | CNY 0.55 | −CNY 0.49 |
| Dividend / share | · | · |
| Payout ratio | · | −2138.6% |
| Free cash flow | CNY -1.3B | CNY -344.0M |
| Equity | CNY 25.8B | CNY 4.9B |
| Net debt / equity | 0.45× | · |
| Current ratio | 2.60× | 2.84× |
| Revenue CAGR 5y | 14.8% | −9.8% |
| Profit CAGR 5y | · | · |
GDS bills 1.8× the revenue of HUYA, and HUYA closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | GDS | HUYA |
|---|---|---|
| FY2025 | CNY 11.4B | CNY 6.5B |
| FY2024 | CNY 10.3B | CNY 6.1B |
| FY2023 | CNY 9.8B | CNY 7.0B |
| FY2022 | CNY 9.3B | CNY 9.3B |
| FY2021 | CNY 7.8B | CNY 11.4B |
| FY2020 | CNY 5.7B | CNY 10.9B |
| FY2019 | CNY 4.1B | CNY 8.4B |
| FY2018 | CNY 2.8B | CNY 4.7B |
| FY2017 | CNY 1.6B | CNY 2.2B |
| FY2016 | CNY 1.1B | CNY 796.9M |
Bottom line
| Fiscal year | GDS | HUYA |
|---|---|---|
| FY2025 | CNY 949.6M | CNY -112.6M |
| FY2024 | CNY 3.4B | CNY -48.0M |
| FY2023 | CNY -4.3B | CNY -204.5M |
| FY2022 | CNY -1.3B | CNY -547.7M |
| FY2021 | CNY -1.2B | CNY 583.5M |
| FY2020 | CNY -666.4M | CNY 884.2M |
| FY2019 | CNY -442.1M | CNY 468.2M |
| FY2018 | CNY -430.3M | CNY -1.9B |
| FY2017 | CNY -326.9M | CNY -81.0M |
| FY2016 | CNY -276.4M | CNY -625.6M |
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 4,929,874,000 | GDS |
| FY2024 | +CNY 4,242,953,000 | GDS |
| FY2023 | +CNY 2,788,120,000 | GDS |
| FY2022 | +CNY 3,750,000 | GDS |
| FY2021 | −CNY 3,532,765,000 | HUYA |
| FY2020 | −CNY 5,175,402,000 | HUYA |
| FY2019 | −CNY 4,252,096,000 | HUYA |
| FY2018 | −CNY 1,871,363,000 | HUYA |
| FY2017 | −CNY 568,650,000 | HUYA |
| FY2016 | +CNY 259,056,000 | GDS |
The higher-revenue side has changed between GDS and HUYA over this period. The gap has widened since the earliest year compared.
10 of 12 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +10.1 pp | GDS |
| FY2024 | +32.8 pp | GDS |
| FY2023 | −40.9 pp | HUYA |
| FY2022 | −7.7 pp | HUYA |
| FY2021 | −20.4 pp | HUYA |
| FY2020 | −19.8 pp | HUYA |
| FY2019 | −16.3 pp | HUYA |
| FY2018 | +26.1 pp | GDS |
| FY2017 | −16.5 pp | HUYA |
| FY2016 | +52.3 pp | GDS |
The higher net margin has changed hands between GDS and HUYA over this period.
10 of 12 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
HUYA's net margin has been more volatile than GDS's over the 10 comparable fiscal years — 25.9 percentage points of standard deviation against 19.1.
10 of 12 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between GDS and HUYA over these 10 fiscal years — GDS led in 4 and HUYA in 6.
10 of 12 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
HUYA's return on equity has been more volatile than GDS's over the 8 comparable fiscal years — 23.5 percentage points of standard deviation against 9.9.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between GDS and HUYA over these 8 fiscal years — GDS led in 3 and HUYA in 5.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.