Waterdrop Inc. American Depositary Shares (WDH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 25	$0.42	$0.36	-14.3%	—	$1.4B	—
Q3 25	$0.27	$0.45	+66.7%	—	$974.9M	—
Q2 25	$0.25	$0.41	+64.0%	—	$838M	—
Q1 25	$0.28	$0.26	-7.1%	—	$753.7M	—
Q4 24	$0.2	$0.29	+45.0%	—	$686.8M	—
Q3 24	$0.25	$0.34	+36.0%	—	$99.6M	—
Q2 24	$0.2	$0.29	+45.0%	—	$94.7M	—
Q1 24	$0.1	$0.02	-80.0%	—	$704.7M	—
Q3 23	$0.13	$0.02	-84.6%	—	$686.5M	—
Q2 23	$0.17	$0.01	-94.1%	—	$678.7M	—
Q1 23	$0.02	$0.03	+50.0%	—	$606.2M	—
Q4 22	$0.03	$0.06	+100.0%	—	$679.5M	—
Q3 22	$0.03	$0.09	+200.0%	—	$772.2M	—
Q4 21	-$0.54	-$0.16	+70.4%	—	$603.9M	—
Q3 21	-$0.67	-$0.12	+82.1%	—	$779.3M	—
Q2 21	-$0.52	-$0.21	+59.6%	—	$939.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.6	—	—	$4B	—
FY24	—	$1	—	—	$2.8B	—
FY23	—	$0.4	—	—	$2.6B	—
FY22	—	$1.5	—	—	$2.8B	—
FY21	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$238.1M	$1.5B	$3B	$3.2B	$2.8B	$2.6B	$2.8B	$4B
YoY change	—	+534.5%	+100.4%	+5.88%	-12.6%	-6.11%	+5.36%	+43.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	238.1M	1.5B	3B	3.2B	2.8B	2.6B	2.8B	4B
Cost of revenue	45.9M	291.3M	742.3M	1.3B	1.3B	1.6B	1.6B	2.2B
Gross profit	192.2M	1.2B	2.3B	1.9B	1.5B	1B	1.2B	1.7B
Gross margin	80.7%	80.7%	75.5%	57.9%	52.3%	39.7%	41.8%	44%
Research & development	69.2M	214.6M	244.2M	379M	291.3M	299.1M	216.5M	232.7M
Selling, general & administrative	311.2M	1.2B	2.5B	3.3B	696.3M	752.3M	765M	1.1B
Operating expenses	380.4M	1.4B	2.8B	3.7B	987.6M	1.1B	981.5M	1.4B
Operating income	-188.2M	-194.5M	-496.2M	-1.9B	478M	-6.7M	178.2M	370.9M
Operating margin	-79%	-12.9%	-16.4%	-58.1%	17.1%	-0.26%	6.43%	9.32%
Non-operating income, net	-1.9M	5M	-144M	19.1M	71M	34.9M	33.3M	36.9M
Pretax income	-187.6M	-179M	-613.7M	-1.8B	630.7M	164.2M	360.6M	543.4M
Income tax	21.5M	142.5M	50.2M	-221M	23M	555K	9.7M	-21.6M
Net income	-209.2M	-321.5M	-663.9M	-1.6B	607.7M	163.7M	350.9M	565.1M
Net margin	-87.8%	-21.3%	-21.9%	-49.1%	21.7%	6.22%	12.7%	14.2%
EBITDA	-186.2M	-191.9M	-331.2M	-1.9B	496.9M	2.5M	181.7M	384.5M
EPS	-0.72	-1.43	-3.45	-5.8	1.5	0.4	1	1.6
Diluted EPS	-0.72	-1.43	-3.45	-5.8	1.5	0.4	1	1.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	686.5M	659.4M	704.7M	94.7M	99.6M	686.8M	753.7M	838M	974.9M	1.4B	1.2B	1.4B
Cost of revenue	312.3M	692.7M	331.2M	44.7M	48.2M	621.3M	374.2M	416.5M	475.1M	963.4M	486.8M	537.3M
Gross profit	374.2M	-33.3M	373.5M	50M	51.4M	65.5M	379.5M	421.5M	499.7M	447.9M	755.4M	910.9M
Gross margin	54.5%	-5.05%	53%	52.8%	51.6%	9.54%	50.3%	50.3%	51.3%	31.7%	60.8%	62.9%
Research & development	73.9M	59.8M	56M	7.5M	7.5M	54.3M	56.2M	51.9M	58.3M	66.2M	62.7M	68.8M
Selling, general & administrative	302.3M	-119.8M	271.1M	35.2M	40.2M	-41.7M	247.3M	272.2M	327.7M	297.8M	612.8M	730.9M
Operating expenses	376.3M	-60M	327.1M	42.7M	47.7M	12.6M	303.6M	324.1M	386M	364M	675.5M	799.7M
Operating income	-2.1M	26.6M	46.4M	7.3M	3.7M	53M	75.9M	97.3M	113.8M	83.9M	80M	111.3M
Operating margin	-0.3%	4.04%	6.58%	7.74%	3.76%	7.71%	10.1%	11.6%	11.7%	5.94%	6.44%	7.68%
Non-operating income, net	4M	9.8M	3M	119.9K	3.5M	4.6M	7.9M	10.5M	16.8M	1.7M	-1.8M	12.2M
Pretax income	34.8M	71.1M	89.1M	12.7M	12.4M	93.4M	117.6M	137.4M	168.1M	120.4M	107.2M	148.8M
Income tax	-1.5M	15.2M	8.6M	983.9K	-1.1M	1.9M	13.3M	-2.9M	9.6M	-41.7M	6.8M	22.3M
Net income	36.3M	55.9M	80.6M	11.7M	13.5M	91.5M	104.3M	140.2M	158.5M	162.1M	98.3M	126.6M
Net margin	5.29%	8.48%	11.4%	12.4%	13.5%	13.3%	13.8%	16.7%	16.3%	11.5%	7.91%	8.74%
EBITDA	1.7M	19.7M	44.9M	7.4M	2.6M	53.9M	78M	94.7M	114.2M	83.8M	79.9M	111M
EPS	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.3	0.3
Diluted EPS	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.3	0.3

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	3B	—	2.9B	—	686.9M	686.9M
Enterprise value	—	—	—	268.6M	—	-339.3M	—	-256.2M	-256.2M
Shares outstanding	2.3B	2.3B	2.3B	2.2B	2.8B	2.7B	365.1M	361.5M	361.5M

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	17.5	—	1.22	1.22
P/S	—	—	—	0.93	—	1.09	—	0.17	0.17
P/B	—	—	—	0.75	—	0.61	—	0.13	0.13
EV/EBITDA	—	—	—	-0.14	—	-137.4	—	-0.67	-0.67
EV/Sales	—	—	—	0.08	—	-0.13	—	-0.06	-0.06
Earnings yield	—	—	—	—	—	5.73%	—	82.3%	82.3%
FCF yield	—	—	—	-37.8%	—	13.8%	—	31.2%	31.2%

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	80.7%	80.7%	75.5%	57.9%	52.3%	39.7%	41.8%	44%	44%
Operating margin	-79%	-12.9%	-16.4%	-58.1%	17.1%	-0.26%	6.43%	9.32%	9.32%
Net margin	-87.8%	-21.3%	-21.9%	-49.1%	21.7%	6.22%	12.7%	14.2%	14.2%
ROE	—	-21.4%	-20.9%	-39.6%	12.8%	3.5%	7.2%	11%	11%
ROA	—	-12.6%	-14.1%	-30%	10.3%	2.66%	5.44%	7.96%	7.96%
ROIC	—	-37.4%	-50.2%	-149.6%	42.8%	-0.45%	6.88%	8.81%	8.81%
Return on tangible assets	—	-12.8%	-14.5%	-30.7%	10.5%	2.91%	5.86%	8.58%	8.58%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	2.82	3.57	4.03	5.07	3.96	3.12	2.1	2.1
Quick ratio	—	2.82	3.57	4.03	5.07	3.96	3.12	2.1	2.1
Debt / equity	—	0.03	0.02	0.01	0	0.04	0.05	0.01	0.01
Debt / assets	—	0.02	0.01	0.01	0	0.03	0.04	0.01	0.01
Net debt / EBITDA	—	5.11	6.62	1.47	-7.43	-1.3K	-13	-2.45	-2.45
Effective tax rate	0%	0%	0%	0%	3.64%	0.34%	2.69%	0%	0%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.1	0.65	1.3	1.48	0.98	0.96	7.59	11	11
EPS (basic)	-0.72	-1.43	-3.45	-5.8	1.5	0.4	1	1.6	1.6
EPS (diluted)	-0.72	-1.43	-3.45	-5.8	1.5	0.4	1	1.5	1.5
Book value per share	—	0.64	1.36	1.83	1.67	1.7	13.4	14.3	14.3
FCF per share	-0.09	-0.23	-0.34	-0.52	0.26	0.14	0.6	0.59	0.59
Cash per share	—	0.44	0.97	1.28	1.3	1.24	7.12	2.8	2.8
Capex per share	0	0.01	0.01	0.02	0	0	0.6	—	—

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.14%	0.88%	0.88%	1.11%	0.39%	0.51%	7.87%	—	—
Capex / operating cash flow	-5.68%	-1.94%	-4.53%	-2.66%	1.89%	4.32%	76.9%	—	—
Payout ratio	—	—	—	—	—	—	45.2%	23.1%	23.1%
Dividend yield	—	—	—	—	—	—	—	19%	19%

Yield

—

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.03

ex-dividend Apr 24, 2026

Payout ratio

23%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 24, 2026	$0.03
Apr 11, 2025	$0.02
Oct 11, 2024	$0.02
Apr 18, 2024	$0.04

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	2.3B	2.8B	3.7B	3.4B	2.6B	1B
Receivables	252.5M	539.8M	643.8M	675.8M	693.1M	716.2M	1.3B
Inventory	—	—	—	—	—	—	—
Total current assets	2.5B	4.5B	5B	5.7B	5.4B	4.6B	4B
Property, plant & equipment	71.1M	89.4M	103.8M	49.8M	93.7M	74.1M	44.7M
Goodwill & intangibles	36.6M	112.3M	120.3M	120.1M	516.3M	467.5M	515.8M
Total assets	2.6B	4.7B	5.3B	5.9B	6.1B	6.5B	7.1B
Accounts payable	320.2M	607.3M	685M	516.7M	592M	537.3M	684.8M
Short-term debt	31M	36.6M	44.1M	9.4M	170.5M	232.9M	57.9M
Total current liabilities	874.5M	1.3B	1.2B	1.1B	1.4B	1.5B	1.9B
Long-term debt	12.3M	27.7M	14.5M	4.7M	27.3M	11M	12.6M
Total liabilities	1.1B	1.5B	1.3B	1.2B	1.5B	1.6B	1.9B
Shareholders' equity	1.5B	3.2B	4B	4.8B	4.7B	4.9B	5.2B
Total debt	43.3M	64.3M	58.6M	14.1M	197.8M	243.9M	70.5M
Net debt	-921.2M	-997.7M	-759.1M	-1.6B	-199.1M	-742.4M	-412.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.1B	3.4B	3.5B	410.8M	333.1M	2.6B	1.9B	1.7B	1.4B	1B	895.7M	1.2B
Receivables	817.6M	693.1M	726.8M	100.5M	106.9M	716.2M	768.9M	838.6M	833.4M	1.3B	1.8B	2.2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	5.3B	5.4B	5.4B	695.2M	623.7M	4.6B	4.1B	4B	3.8B	4B	4.8B	5.4B
Property, plant & equipment	103.8M	93.7M	101.5M	13.2M	41.4M	74.1M	277.8M	263.8M	280M	44.7M	275M	273.5M
Goodwill & intangibles	516.6M	516.3M	508.8M	71.2M	66.1M	467.5M	467.5M	467.4M	467.3M	515.8M	519.9M	530.7M
Total assets	6B	6.1B	6.1B	851.6M	881M	6.5B	6.5B	6.5B	6.6B	7.1B	7.8B	7.9B
Accounts payable	571.6M	592M	405.7M	73M	69.8M	537.3M	624.2M	609M	511.8M	684.8M	1B	913.3M
Short-term debt	33M	170.5M	109.5M	5.2M	26.1M	232.9M	31M	74.9M	73M	57.9M	284.4M	486.4M
Total current liabilities	1.3B	1.4B	1.3B	170.9M	199.8M	1.5B	1.5B	1.4B	1.5B	1.9B	2.5B	2.5B
Long-term debt	33.2M	27.3M	33.5M	3.7M	2.6M	11M	5.7M	4.9M	12.1M	12.6M	11M	11.2M
Total liabilities	1.4B	1.5B	1.4B	188M	214.6M	1.6B	1.6B	1.5B	1.5B	1.9B	2.5B	2.6B
Shareholders' equity	4.6B	4.7B	4.7B	663.6M	666.5M	4.9B	4.9B	5B	5.1B	5.2B	5.2B	5.3B
Total debt	66.1M	197.8M	143M	8.9M	28.7M	243.9M	36.7M	79.8M	85.1M	70.5M	295.5M	497.6M
Net debt	-375M	-199.1M	-178.8M	-91.8M	-33.8M	-742.4M	-1.1B	-642.2M	-259.4M	-412.5M	-456.5M	-551.8M

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-209.2M	-321.5M	-663.9M	-1.6B	607.7M	163.7M	350.9M	565.1M
Depreciation & amortization	2M	6.7M	13.1M	18.1M	23M	13.6M	11.6M	13.9M
Stock-based compensation	47.8M	28M	227.8M	226.2M	112M	133.9M	86.9M	51.8M
Change in working capital	28M	-395.7M	-166.7M	-10.9M	-164.5M	-3.3M	-149M	-766.3M
Operating cash flow	-131.4M	-682.6M	-589.7M	-1.3B	580.4M	307.8M	283.7M	243.9M
Capital expenditure	-7.5M	-13.3M	-26.7M	-35.6M	-11M	-13.3M	-218.3M	—
Investing cash flow	32M	-46M	-1.2B	-846.1M	-139.8M	-1.2B	291.6M	-195.2M
Dividends paid	—	—	—	—	—	—	-158.7M	-130.4M
Share repurchases	-7.6M	0	0	-16.5M	-67M	-526M	-107M	-91.2M
Financing cash flow	362.7M	1.5B	2B	2.1B	-67.2M	-419M	-392.9M	-641.9M
Net change in cash	263.2M	725.1M	241.5M	-70.1M	373.4M	-1.3B	182.4M	-593.2M
Free cash flow	-218.5M	-546.2M	-803.8M	-1.1B	753.8M	393M	218.8M	214.3M

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Waterdrop Inc. American Depositary Shares Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement