NYSE : WDH
Waterdrop Inc. — Financial statements
Financials · Insurance - Diversified · China
Last price 1.015 USD (Oct 30, 2026, 9:42 AM EDT) · Market cap 364.69M
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Financial statements
Waterdrop Inc. (WDH) reported revenue of 5.08B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.08B | 3.98B | 2.77B | 2.63B | 2.80B | 3.21B |
| Cost of Revenue | 2.18B | 1.94B | 1.31B | 1.20B | 1.02B | 1.05B |
| Gross Profit | 2.90B | 2.03B | 1.46B | 1.44B | 1.78B | 2.15B |
| Selling, General & Admin | 2.26B | 1.43B | 1.08B | 1.14B | 988.86M | 3.64B |
| Research & Development | 256.02M | 232.68M | 216.50M | 299.06M | 291.29M | 378.99M |
| Operating Expenses | 2.51B | 1.66B | 1.30B | 1.44B | 1.28B | 4.01B |
| Operating Income | 388.86M | 370.86M | 157.56M | -6.74M | 502.25M | -1.86B |
| Interest & Investment Income | 126.81M | 135.70M | 149.12M | 136.04M | 81.71M | 48.66M |
| Earnings From Equity Investments | -2.14M | |||||
| Currency Exchange Gain (Loss) | 26.00K | 276.00K | 8.02M | 4.34M | 4.06M | 9.35M |
| Other Non Operating Income (Expenses) | 28.83M | 36.62M | 25.30M | 32.77M | 66.93M | 10.73M |
| EBT Excluding Unusual Items | 542.40M | 543.45M | 339.99M | 166.41M | 654.96M | -1.79B |
| Gain (Loss) on Sale of Assets | -2.17M | -252.00K | ||||
| Asset Writedown | 20.60M | -24.27M | -717.00K | |||
| Other Unusual Items | -152.29M | |||||
| Pretax Income | 542.40M | 543.45M | 360.59M | 164.24M | 630.69M | -1.95B |
| Income Tax Expense | -3.02M | -21.61M | 9.71M | 555.00K | 22.98M | -220.99M |
| Earnings From Continuing Operations | 545.42M | 565.06M | 350.88M | 163.69M | 607.72M | -1.73B |
| Minority Interest in Earnings | -696.00K | 3.88M | 16.63M | 3.54M | ||
| Net Income | 544.73M | 568.94M | 367.51M | 167.22M | 607.72M | -1.73B |
| Net Income to Common | 544.73M | 568.94M | 367.51M | 167.22M | 607.72M | -1.73B |
| Shares Outstanding (Basic) | 360.51M | 361.53M | 365.05M | 376.97M | 392.14M | 299.05M |
| Shares Outstanding (Diluted) | 369.84M | 371.35M | 371.98M | 388.09M | 402.25M | 299.05M |
| EPS (Basic) | 1.51 | 1.57 | 1.01 | 0.44 | 1.55 | -5.77 |
| EPS (Diluted) | 1.40 | 1.50 | 1.00 | 0.40 | 1.50 | -5.80 |
| Free Cash Flow | 214.29M | 218.84M | 392.99M | 753.82M | -1.13B | |
| Free Cash Flow Per Share | 0.58 | 0.59 | 1.01 | 1.87 | -3.79 | |
| Dividend Per Share | 0.41 | 0.42 | 0.15 | |||
| Gross Margin | 57.13% | 51.15% | 52.57% | 54.55% | 63.62% | 67.11% |
| Operating Margin | 7.66% | 9.32% | 5.68% | -0.26% | 17.93% | -58.11% |
| Profit Margin | 10.73% | 14.30% | 13.26% | 6.36% | 21.69% | -53.85% |
| Free Cash Flow Margin | 5.39% | 7.90% | 14.94% | 26.91% | -35.32% | |
| EBITDA | 403.95M | 384.77M | 169.13M | 6.81M | 525.23M | -1.84B |
| EBITDA Margin | 7.96% | 9.67% | 6.10% | 0.26% | 18.75% | -57.54% |
| D&A For EBITDA | 15.08M | 13.91M | 11.57M | 13.55M | 22.98M | 18.09M |
| EBIT | 388.86M | 370.86M | 157.56M | -6.74M | 502.25M | -1.86B |
| EBIT Margin | 7.66% | 9.32% | 5.68% | -0.26% | 17.93% | -58.11% |
| Effective Tax Rate | 2.69% | 0.34% | 3.64% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.05B | 483.00M | 986.32M | 396.90M | 1.57B | 817.72M |
| Short-Term Investments | 195.72M | 530.67M | 1.61B | 3.00B | 2.13B | 1.97B |
| Cash & Short-Term Investments | 1.25B | 1.01B | 2.60B | 3.39B | 3.70B | 2.79B |
| Accounts Receivable | 3.07B | 2.07B | 1.34B | 1.27B | 1.13B | 1.21B |
| Other Receivables | 320.00K | 73.46M | 16.89M | 19.62M | 14.91M | 83.35M |
| Receivables | 3.07B | 2.14B | 1.35B | 1.29B | 1.14B | 1.29B |
| Restricted Cash | 813.65M | 648.45M | 520.59M | 577.12M | 517.36M | 667.66M |
| Other Current Assets | 177.83M | 166.01M | 170.29M | 327.92M | 287.50M | |
| Total Current Assets | 5.44B | 3.98B | 4.64B | 5.43B | 5.69B | 5.03B |
| Property, Plant & Equipment | 273.50M | 279.65M | 286.90M | 93.73M | 49.84M | 103.84M |
| Long-Term Investments | 1.53B | 2.28B | 1.11B | 211.76M | 11.97M | 11.81M |
| Goodwill | 85.47M | 80.75M | 80.75M | 80.75M | 3.42M | 3.42M |
| Other Intangible Assets | 179.86M | 177.14M | 153.01M | 177.41M | 56.61M | 56.75M |
| Long-Term Accounts Receivable | 369.67M | 295.52M | 153.75M | 134.38M | 103.59M | 29.89M |
| Long-Term Deferred Tax Assets | 571.00K | 2.87M | 27.03M | 24.19M | 6.17M | 11.84M |
| Total Assets | 7.88B | 7.10B | 6.45B | 6.15B | 5.92B | 5.25B |
| Accounts Payable | 11.51M | 9.32M | 10.36M | 9.51M | 11.51M | 20.45M |
| Accrued Expenses | 1.98B | 1.66B | 1.09B | 1.04B | 915.11M | 1.00B |
| Short-Term Debt | 476.27M | 47.00M | 198.37M | 137.56M | ||
| Current Portion of Leases | 10.09M | 10.89M | 34.57M | 32.91M | 9.35M | 44.11M |
| Current Income Taxes Payable | 24.43M | 11.86M | 18.12M | 23.31M | 22.02M | |
| Current Unearned Revenue | 46.00M | 29.20M | 803.00K | |||
| Other Current Liabilities | 95.41M | 110.54M | 130.56M | 162.41M | 160.87M | |
| Total Current Liabilities | 2.48B | 1.89B | 1.48B | 1.37B | 1.12B | 1.25B |
| Long-Term Leases | 11.24M | 12.64M | 10.97M | 27.29M | 4.70M | 14.48M |
| Long-Term Deferred Tax Liabilities | 70.72M | 43.80M | 84.19M | 73.31M | 29.70M | 13.55M |
| Total Liabilities | 2.56B | 1.95B | 1.58B | 1.47B | 1.16B | 1.28B |
| Common Stock | 143.00K | 143.00K | 139.00K | 139.00K | 135.00K | 134.00K |
| Additional Paid-In Capital | 6.64B | 6.73B | 6.83B | 7.00B | 7.38B | 7.33B |
| Retained Earnings | -1.40B | -1.63B | -2.19B | -2.56B | -2.73B | -3.33B |
| Treasury Stock | -17.00K | -16.00K | -15.00K | -12.00K | -3.00K | |
| Comprehensive Income & Other | -38.02M | 43.62M | 159.55M | 144.11M | 108.25M | -21.49M |
| Total Common Equity | 5.20B | 5.15B | 4.80B | 4.59B | 4.77B | 3.97B |
| Minority Interest | 110.23M | 76.13M | 92.76M | |||
| Shareholders' Equity | 5.31B | 5.15B | 4.87B | 4.68B | 4.77B | 3.97B |
| Total Liabilities & Equity | 7.88B | 7.10B | 6.45B | 6.15B | 5.92B | 5.25B |
| Total Debt | 497.60M | 70.53M | 243.92M | 197.76M | 14.05M | 58.59M |
| Net Cash (Debt) | 747.57M | 943.14M | 2.36B | 3.20B | 3.69B | 2.73B |
| Net Cash Per Share | 2.02 | 2.54 | 6.33 | 8.23 | 9.17 | 9.12 |
| Filing Date Shares Outstanding | 358.98M | 359.30M | 361.66M | 368.94M | 390.99M | 394.28M |
| Total Common Shares Outstanding | 358.98M | 360.88M | 362.48M | 370.16M | 390.99M | 394.28M |
| Working Capital | 2.95B | 2.09B | 3.15B | 4.06B | 4.57B | 3.78B |
| Book Value Per Share | 14.49 | 14.28 | 13.24 | 12.39 | 12.19 | 10.08 |
| Tangible Book Value | 4.94B | 4.89B | 4.56B | 4.33B | 4.71B | 3.91B |
| Tangible Book Value Per Share | 13.75 | 13.56 | 12.59 | 11.69 | 12.04 | 9.93 |
| Buildings | 234.98M | 212.80M | ||||
| Machinery | 26.24M | 23.89M | 24.45M | 22.53M | 27.97M | |
| Leasehold Improvements | 49.70M | 46.26M | 43.71M | 37.77M | 32.05M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 568.94M | 367.51M | 167.22M | 607.72M | -1.57B | |
| Depreciation & Amortization | 13.91M | 11.57M | 13.55M | 22.98M | 18.09M | |
| Loss (Gain) From Sale of Assets | 380.00K | 662.00K | 3.73M | 1.38M | 800.00K | |
| Asset Writedown & Restructuring Costs | 24.27M | 3.12M | 372.00K | 40.50M | ||
| Stock-Based Compensation | 51.77M | 86.87M | 133.87M | 112.03M | 226.16M | |
| Provision & Write-off of Bad Debts | 18.04M | 12.62M | 9.63M | 23.50M | ||
| Other Operating Activities | -13.17M | -41.29M | -27.72M | -7.94M | ||
| Change in Accounts Receivable | -891.52M | -101.29M | -79.63M | -3.00M | 151.00M | |
| Change in Unearned Revenue | -803.00K | -21.21M | ||||
| Change in Other Net Operating Assets | 517.88M | 68.28M | 184.87M | -12.36M | 287.05M | |
| Operating Cash Flow | 243.92M | 437.25M | 406.52M | 765.71M | -1.10B | |
| Capital Expenditures | -29.63M | -218.41M | -13.52M | -11.88M | -35.66M | |
| Sale of Property, Plant & Equipment | 112.00K | 164.00K | 227.00K | 902.00K | 27.00K | |
| Cash Acquisitions | -17.00M | -195.91M | 765.00K | |||
| Divestitures | 121.00K | -1.29M | ||||
| Sale (Purchase) of Intangibles | -816.00K | |||||
| Investment in Securities | -250.88M | 437.93M | -962.47M | -128.84M | -811.22M | |
| Other Investing Activities | 72.54M | 71.96M | ||||
| Investing Cash Flow | -224.74M | 291.64M | -1.17B | -139.82M | -846.90M | |
| Short-Term Debt Issued | 110.00M | 246.94M | 167.20M | |||
| Total Debt Issued | 110.00M | 246.94M | 167.20M | |||
| Short-Term Debt Repaid | -261.55M | -187.10M | -30.10M | |||
| Long-Term Debt Repaid | -19.00K | -164.00K | -192.00K | |||
| Total Debt Repaid | -261.55M | -187.10M | -30.12M | -164.00K | -192.00K | |
| Net Debt Issued (Repaid) | -151.55M | 59.85M | 137.08M | -164.00K | -192.00K | |
| Issuance of Common Stock | 6.43M | 7.22M | 11.71M | 9.73M | 2.14B | |
| Repurchase of Common Stock | -91.23M | -106.98M | -526.02M | -67.02M | -16.55M | |
| Common Dividends Paid | -130.41M | |||||
| Other Financing Activities | -7.17M | |||||
| Financing Cash Flow | -373.93M | -198.58M | -377.24M | -57.46M | 2.12B | |
| Foreign Exchange Rate Adjustments | -20.70M | 2.58M | 26.17M | 37.72M | -14.09M | |
| Net Cash Flow | -375.46M | 532.88M | -1.12B | 606.15M | 162.03M | |
| Free Cash Flow | 214.29M | 218.84M | 392.99M | 753.82M | -1.13B | |
| Free Cash Flow Margin | 5.39% | 7.90% | 14.94% | 26.91% | -35.32% | |
| Free Cash Flow Per Share | 0.58 | 0.59 | 1.01 | 1.87 | -3.79 | |
| Levered Free Cash Flow | -77.58M | 25.23M | 169.55M | 604.22M | -954.55M | |
| Unlevered Free Cash Flow | -77.58M | 25.23M | 169.55M | 604.22M | -954.55M | |
| Cash Interest Paid | 283.00K | 1.88M | 236.00K | |||
| Cash Income Tax Paid | 362.00K | 1.99M | 1.28M | 1.70M | 2.53M | |
| Change in Working Capital | -395.94M | -24.97M | 103.10M | 5.67M | 191.87M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 359.30M | 687.16M | 435.35M | 395.50M | 1.31B | 543.89M |
| Enterprise Value | 249.25M | 495.53M | 141.44M | -12.38M | 811.63M | 149.20M |
| Last Close Price | 1.00 | 1.83 | 1.11 | 0.94 | 3.00 | 1.25 |
| PE Ratio | 4.85 | 8.45 | 8.65 | 16.77 | 14.90 | |
| Forward PE | 4.85 | 8.82 | 7.80 | 7.78 | 18.87 | |
| PS Ratio | 0.48 | 1.21 | 1.15 | 1.07 | 3.23 | 1.08 |
| PB Ratio | 0.47 | 0.93 | 0.65 | 0.60 | 1.90 | 0.87 |
| P/TBV Ratio | 0.49 | 0.98 | 0.70 | 0.65 | 1.92 | 0.88 |
| P/FCF Ratio | 11.18 | 22.43 | 14.52 | 7.14 | 12.01 | |
| P/OCF Ratio | 19.70 | 7.27 | 6.90 | 11.83 | ||
| PEG Ratio | 0.39 | 7.95 | 7.95 | 7.95 | ||
| EV/Sales Ratio | 0.33 | 0.87 | 0.37 | 2.00 | 0.30 | |
| EV/EBITDA Ratio | 4.19 | 9.01 | 6.10 | 10.66 | ||
| EV/EBIT Ratio | 4.35 | 9.35 | 6.55 | 11.15 | ||
| EV/FCF Ratio | 7.75 | 16.17 | 4.72 | 7.43 | ||
| Debt / Equity Ratio | 0.09 | 0.01 | 0.05 | 0.04 | 0.00 | 0.01 |
| Debt / EBITDA Ratio | 1.17 | 0.17 | 1.15 | 3.79 | 0.02 | |
| Debt / FCF Ratio | 0.33 | 1.11 | 0.50 | 0.02 | ||
| Net Debt / Equity Ratio | -0.14 | -0.18 | -0.48 | -0.68 | -0.77 | -0.69 |
| Net Debt / EBITDA Ratio | -1.85 | -2.45 | -13.93 | -469.12 | -7.03 | 1.48 |
| Net Debt / FCF Ratio | -4.40 | -10.76 | -8.13 | -4.90 | 2.41 | |
| Asset Turnover | 0.70 | 0.59 | 0.44 | 0.44 | 0.50 | 0.64 |
| Quick Ratio | 1.74 | 1.67 | 2.66 | 3.42 | 4.32 | 3.27 |
| Current Ratio | 2.19 | 2.10 | 3.12 | 3.96 | 5.07 | 4.03 |
| Return on Equity (ROE) | 10.56% | 11.27% | 7.35% | 3.47% | 13.91% | -48.27% |
| Return on Assets (ROA) | 3.38% | 3.42% | 1.56% | -0.07% | 5.62% | -23.39% |
| Return on Invested Capital (ROIC) | 8.46% | 11.03% | 7.66% | -0.53% | 41.71% | -166.74% |
| Return on Capital Employed (ROCE) | 7.20% | 7.10% | 3.20% | -0.10% | 10.50% | -46.60% |
| Earnings Yield | 20.62% | 11.84% | 11.56% | 5.96% | 6.71% | -49.96% |
| FCF Yield | 8.95% | 4.46% | 6.89% | 14.01% | 8.32% | -32.77% |
| Dividend Yield | 6.00% | 3.15% | 1.67% | |||
| Payout Ratio | 23.28% | 22.92% | ||||
| Buyback Yield / Dilution | 0.12% | 0.17% | 4.15% | 3.52% | -34.51% | -154.60% |
| Total Shareholder Return | 6.12% | 3.32% | 5.82% | 3.52% | -34.51% | -154.60% |