NYSE : ZH
Zhihu Inc. — Financial statements
Communication Services · Internet Content & Information · China
Last price 2.92 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 222.80M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Zhihu Inc. (ZH) reported revenue of 2.64B 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 | 2.64B | 2.75B | 3.60B | 4.20B | 3.60B | 2.96B |
| Cost of Revenue | 1.11B | 1.10B | 1.42B | 1.90B | 1.80B | 1.41B |
| Gross Profit | 1.53B | 1.65B | 2.18B | 2.30B | 1.81B | 1.55B |
| Selling, General & Admin | 1.45B | 1.50B | 1.93B | 2.47B | 2.65B | 2.33B |
| Research & Development | 456.13M | 525.00M | 732.55M | 901.45M | 763.36M | 619.59M |
| Operating Expenses | 1.91B | 2.03B | 2.66B | 3.37B | 3.41B | 2.94B |
| Operating Income | -376.14M | -380.94M | -481.08M | -1.07B | -1.60B | -1.39B |
| Interest & Investment Income | 177.65M | 303.41M | 180.41M | 200.37M | 138.48M | 90.48M |
| Currency Exchange Gain (Loss) | -278.00K | -233.00K | 1.01M | 97.00K | 71.75M | -16.66M |
| Other Non Operating Income (Expenses) | 13.14M | 30.64M | 121.31M | 44.07M | -170.70M | 23.45M |
| EBT Excluding Unusual Items | -185.62M | -47.13M | -178.36M | -827.70M | -1.56B | -1.29B |
| Impairment of Goodwill | -126.34M | -126.34M | ||||
| Other Unusual Items | -170.59M | |||||
| Pretax Income | -311.97M | -173.47M | -178.36M | -827.70M | -1.56B | -1.46B |
| Income Tax Expense | -8.52M | 21.69M | -9.39M | 11.83M | 14.18M | 5.44M |
| Earnings From Continuing Operations | -303.45M | -195.16M | -168.97M | -839.53M | -1.58B | -1.47B |
| Minority Interest in Earnings | 2.24M | 2.26M | -2.83M | -4.11M | -2.75M | |
| Net Income | -301.21M | -192.90M | -171.80M | -843.64M | -1.58B | -1.47B |
| Net Income to Common | -301.21M | -192.90M | -171.80M | -843.64M | -1.58B | -1.47B |
| Shares Outstanding (Basic) | 78.01M | 80.01M | 91.19M | 99.71M | 101.61M | 80.06M |
| Shares Outstanding (Diluted) | 78.01M | 80.01M | 91.19M | 99.71M | 101.61M | 80.06M |
| EPS (Basic) | -3.86 | -2.41 | -1.88 | -8.46 | -15.56 | -18.35 |
| EPS (Diluted) | -3.86 | -2.41 | -1.89 | -8.46 | -15.57 | -18.36 |
| Free Cash Flow | -318.55M | -364.92M | -282.92M | -424.02M | -1.12B | -447.67M |
| Free Cash Flow Per Share | -4.08 | -4.56 | -3.10 | -4.25 | -10.98 | -5.59 |
| Gross Margin | 57.87% | 59.94% | 60.60% | 54.68% | 50.16% | 52.51% |
| Operating Margin | -14.22% | -13.86% | -13.37% | -25.54% | -44.49% | -46.99% |
| Profit Margin | -11.39% | -7.02% | -4.77% | -20.09% | -43.86% | -49.66% |
| Free Cash Flow Margin | -12.05% | -13.28% | -7.86% | -10.10% | -30.95% | -15.13% |
| EBITDA | -361.27M | -361.94M | -459.13M | -1.05B | -1.58B | -1.37B |
| EBITDA Margin | -13.66% | -13.17% | -12.76% | -24.94% | -43.79% | -46.27% |
| D&A For EBITDA | 14.87M | 19.00M | 21.95M | 24.89M | 25.21M | 21.45M |
| EBIT | -376.14M | -380.94M | -481.08M | -1.07B | -1.60B | -1.39B |
| EBIT Margin | -14.22% | -13.86% | -13.37% | -25.54% | -44.49% | -46.99% |
| Advertising Expenses | 570.30M | 350.40M | 721.90M | 967.40M | 782.60M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.92B | 3.37B | 4.00B | 2.11B | 4.53B | 2.16B |
| Short-Term Investments | 1.39B | 870.94M | 858.90M | 3.36B | 1.74B | 5.06B |
| Cash & Short-Term Investments | 4.30B | 4.24B | 4.86B | 5.46B | 6.26B | 7.21B |
| Accounts Receivable | 424.27M | 383.57M | 462.22M | 682.93M | 859.05M | 849.82M |
| Other Receivables | 26.66M | 13.89M | 28.96M | 43.83M | 23.54M | 109.57M |
| Receivables | 450.93M | 397.46M | 491.18M | 726.77M | 882.59M | 959.39M |
| Inventory | 24.77M | 26.14M | 30.96M | 22.19M | 10.35M | 4.60M |
| Prepaid Expenses | 26.92M | 32.15M | 69.78M | 92.18M | 96.29M | 105.83M |
| Restricted Cash | 9.15M | 1.08M | 900.00K | |||
| Other Current Assets | 32.94M | 35.07M | 33.75M | 73.82M | 69.07M | 52.07M |
| Total Current Assets | 4.85B | 4.73B | 5.48B | 6.38B | 7.32B | 8.33B |
| Property, Plant & Equipment | 30.83M | 47.41M | 15.64M | 51.06M | 107.41M | 136.38M |
| Long-Term Investments | 137.76M | 368.48M | 51.18M | 44.62M | 178.52M | |
| Goodwill | 126.34M | 191.08M | 126.34M | 73.66M | ||
| Other Intangible Assets | 26.23M | 29.59M | 54.53M | 122.64M | 80.24M | 68.31M |
| Other Long-Term Assets | 9.36M | 13.39M | 623.00K | 7.99M | 22.45M | 14.13M |
| Total Assets | 5.05B | 5.19B | 5.73B | 6.80B | 7.66B | 8.81B |
| Accounts Payable | 711.08M | 697.44M | 842.51M | 1.06B | 940.97M | 1.11B |
| Accrued Expenses | 148.65M | 224.09M | 327.13M | 406.33M | 334.39M | 372.34M |
| Short-Term Debt | 104.06M | 35.00M | ||||
| Current Portion of Leases | 17.90M | 21.38M | 17.31M | 42.09M | 53.19M | 40.52M |
| Current Income Taxes Payable | 29.04M | 16.29M | 22.08M | 21.39M | 25.98M | 66.18M |
| Current Unearned Revenue | 208.35M | 186.03M | 235.54M | 303.57M | 355.63M | 239.76M |
| Other Current Liabilities | 79.51M | 88.19M | 80.08M | 107.53M | 114.69M | 68.78M |
| Total Current Liabilities | 1.30B | 1.27B | 1.52B | 1.95B | 1.82B | 1.90B |
| Long-Term Leases | 5.21M | 15.59M | 1.82M | 3.64M | 43.37M | 82.13M |
| Long-Term Deferred Tax Liabilities | 6.12M | 27.17M | 6.83M | 22.57M | 11.63M | 14.03M |
| Other Long-Term Liabilities | 6.34M | 4.65M | 3.96M | 121.96M | 82.13M | 73.14M |
| Total Liabilities | 1.32B | 1.32B | 1.54B | 2.09B | 1.96B | 2.07B |
| Common Stock | 208.00K | 207.00K | 203.00K | 241.00K | 249.00K | 241.00K |
| Additional Paid-In Capital | 13.18B | 13.18B | 13.11B | 13.49B | 13.62B | 13.35B |
| Retained Earnings | -9.12B | -9.07B | -8.88B | -8.71B | -7.86B | -6.28B |
| Treasury Stock | -302.49M | -275.06M | -112.06M | -161.64M | -33.81M | |
| Comprehensive Income & Other | -97.13M | -33.74M | 12.38M | -20.55M | -65.81M | -339.12M |
| Total Common Equity | 3.66B | 3.80B | 4.14B | 4.60B | 5.65B | 6.73B |
| Minority Interest | 73.86M | 70.91M | 59.56M | 101.80M | 40.57M | 7.50M |
| Shareholders' Equity | 3.74B | 3.88B | 4.20B | 4.70B | 5.69B | 6.74B |
| Total Liabilities & Equity | 5.05B | 5.19B | 5.73B | 6.80B | 7.66B | 8.81B |
| Total Debt | 127.17M | 71.97M | 19.13M | 45.73M | 96.56M | 122.66M |
| Net Cash (Debt) | 4.18B | 4.17B | 4.84B | 5.42B | 6.16B | 7.09B |
| Net Cash Per Share | 53.55 | 52.09 | 53.07 | 54.33 | 60.67 | 88.56 |
| Filing Date Shares Outstanding | 79.45M | 81.18M | 84.00M | 98.15M | 106.35M | 99.69M |
| Total Common Shares Outstanding | 79.45M | 81.18M | 84.00M | 98.15M | 106.35M | 99.69M |
| Working Capital | 3.55B | 3.46B | 3.96B | 4.43B | 5.49B | 6.44B |
| Book Value Per Share | 46.11 | 46.86 | 49.24 | 46.86 | 53.16 | 67.52 |
| Tangible Book Value | 3.64B | 3.77B | 3.96B | 4.29B | 5.45B | 6.59B |
| Tangible Book Value Per Share | 45.78 | 46.50 | 47.09 | 43.67 | 51.22 | 66.09 |
| Machinery | 23.36M | 23.31M | 24.07M | 25.77M | 23.95M | 22.65M |
| Leasehold Improvements | 22.20M | 22.12M | 21.47M | 19.38M | 14.02M | 13.70M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -301.21M | -192.90M | -171.80M | -843.64M | -1.58B | -1.30B |
| Depreciation & Amortization | 14.87M | 19.00M | 21.95M | 24.89M | 25.21M | 21.45M |
| Loss (Gain) From Sale of Assets | 66.00K | -392.00K | -4.93M | 402.00K | 77.00K | |
| Asset Writedown & Restructuring Costs | 136.80M | 136.80M | ||||
| Loss (Gain) From Sale of Investments | 20.89M | |||||
| Stock-Based Compensation | 107.17M | 87.28M | 59.26M | 164.66M | 373.89M | 548.47M |
| Provision & Write-off of Bad Debts | -973.00K | -26.80M | 36.73M | 29.92M | 34.46M | 32.63M |
| Other Operating Activities | -146.85M | -212.63M | -136.92M | -32.04M | 145.50M | -35.31M |
| Change in Accounts Receivable | -50.57M | 90.08M | 208.24M | 64.41M | -132.84M | -374.68M |
| Change in Accounts Payable | -54.09M | -154.34M | -183.37M | 220.24M | -15.87M | 524.25M |
| Change in Unearned Revenue | 6.24M | -48.81M | -59.53M | -87.06M | 78.22M | 79.40M |
| Change in Income Taxes | 9.95M | -5.80M | 955.00K | -4.69M | -40.85M | 59.02M |
| Change in Other Net Operating Assets | -39.10M | -55.10M | -50.78M | 47.38M | -22.49M | 3.41M |
| Operating Cash Flow | -317.71M | -363.61M | -280.19M | -415.53M | -1.11B | -440.23M |
| Capital Expenditures | -843.00K | -1.32M | -2.73M | -8.49M | -714.00K | -7.44M |
| Sale of Property, Plant & Equipment | -34.00K | 471.00K | 27.00K | 123.00K | ||
| Cash Acquisitions | -63.59M | -60.61M | -33.18M | |||
| Divestitures | 12.16M | |||||
| Sale (Purchase) of Intangibles | -137.00K | -137.00K | -381.00K | |||
| Investment in Securities | 330.97M | -115.32M | 2.55B | -1.61B | 3.70B | -3.13B |
| Other Investing Activities | -5.00K | -145.19M | 35.47M | |||
| Investing Cash Flow | 329.95M | -116.30M | 2.56B | -1.68B | 3.49B | -3.14B |
| Short-Term Debt Issued | 196.29M | 51.77M | ||||
| Total Debt Issued | 139.06M | 196.29M | 51.77M | |||
| Short-Term Debt Repaid | -161.29M | -51.77M | ||||
| Total Debt Repaid | -196.29M | -161.29M | -51.77M | |||
| Net Debt Issued (Repaid) | -57.24M | 35.00M | ||||
| Issuance of Common Stock | 369.00K | 431.00K | 1.16M | 4.51M | 19.61M | 4.88B |
| Repurchase of Common Stock | -172.84M | -167.06M | -400.71M | -369.57M | -127.96M | |
| Other Financing Activities | -4.31M | |||||
| Financing Cash Flow | -229.71M | -131.63M | -403.86M | -365.06M | -108.35M | 4.88B |
| Foreign Exchange Rate Adjustments | -54.84M | -18.29M | 14.85M | 42.51M | 101.53M | -100.17M |
| Net Cash Flow | -272.30M | -629.83M | 1.89B | -2.42B | 2.37B | 1.20B |
| Free Cash Flow | -318.55M | -364.92M | -282.92M | -424.02M | -1.12B | -447.67M |
| Free Cash Flow Margin | -12.05% | -13.28% | -7.86% | -10.10% | -30.95% | -15.13% |
| Free Cash Flow Per Share | -4.08 | -4.56 | -3.10 | -4.25 | -10.98 | -5.59 |
| Levered Free Cash Flow | -237.27M | -293.92M | -329.87M | -214.37M | -625.89M | 40.32M |
| Unlevered Free Cash Flow | -237.27M | -293.92M | -329.87M | -214.37M | -625.89M | 40.32M |
| Change in Working Capital | -127.57M | -173.97M | -84.48M | 240.28M | -133.83M | 291.40M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 222.80M | 276.06M | 299.01M | 560.91M | 809.85M | 3.11B |
| Enterprise Value | -392.19M | -307.14M | -395.23M | -194.93M | -102.09M | 2.07B |
| Last Close Price | 2.92 | 3.28 | 3.54 | 5.62 | 7.80 | 33.24 |
| Forward PE | 99.01 | 280.48 | ||||
| PS Ratio | 0.57 | 0.70 | 0.61 | 0.95 | 1.55 | 6.68 |
| PB Ratio | 0.43 | 0.50 | 0.52 | 0.85 | 0.98 | 2.93 |
| P/TBV Ratio | 0.42 | 0.51 | 0.55 | 0.93 | 1.02 | 3.00 |
| EV/Sales Ratio | 4.45 | |||||
| Debt / Equity Ratio | 0.03 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 |
| Net Debt / Equity Ratio | -1.12 | -1.08 | -1.15 | -1.15 | -1.08 | -1.05 |
| Net Debt / EBITDA Ratio | 11.56 | 11.52 | 10.54 | 5.17 | 3.90 | 5.18 |
| Net Debt / FCF Ratio | 13.11 | 11.42 | 17.10 | 12.78 | 5.53 | 15.84 |
| Asset Turnover | 0.49 | 0.50 | 0.57 | 0.58 | 0.44 | 0.47 |
| Inventory Turnover | 42.07 | 38.57 | 53.37 | 116.99 | 240.38 | |
| Quick Ratio | 3.66 | 3.66 | 3.51 | 3.18 | 3.92 | 4.31 |
| Current Ratio | 3.73 | 3.73 | 3.60 | 3.28 | 4.01 | 4.39 |
| Return on Equity (ROE) | -7.64% | -4.84% | -3.80% | -16.15% | -25.39% | -30.99% |
| Return on Assets (ROA) | -4.35% | -4.36% | -4.80% | -9.27% | -12.18% | -13.83% |
| Return on Capital Employed (ROCE) | -10.00% | -9.70% | -11.40% | -22.10% | -27.50% | -20.10% |
| Earnings Yield | -19.46% | -9.99% | -7.87% | -21.21% | -28.31% | -7.44% |
| FCF Yield | -21.50% | -18.90% | -12.96% | -10.66% | -19.97% | -2.27% |
| Buyback Yield / Dilution | 8.95% | 12.25% | 8.55% | 1.87% | -26.92% | -267.91% |