Waterdrop Inc.
WDH NYSE· Insurance Agents, Brokers & Service
Last close · Oct 27, 2026
$1.00
KIRA · Stoqly’s AI analyst, in plain words
- Waterdrop Inc. had $553M of revenue in fiscal 2025, up 43.7% on the year before. Over five years, revenue changed +4.8% a year on average.
- Its operating margin was 9.3%, up 2.9 pts: of every 100 in sales, about 9 is left after running the business.
- Waterdrop Inc. made $79.2M of net profit in fiscal 2025.
- Free cash flow was $29.8M in fiscal 2025, 5.4% of revenue.
- Waterdrop Inc. returned $18.1M to shareholders in fiscal 2025, 61% of free cash flow. The diluted share count fell 0.2%.
- Waterdrop Inc. has $138M more cash than debt.
Market cap
$371M
P/E
4.8x
Revenue
$553M
Net income
$79.2M
Free cash flow
$29.8M
Operating margin
9.3%
Waterdrop Inc. in 30 seconds · fiscal 2025
Are sales growing?
+43.7%
Yes. Sales grew 43.7% last year.
Does it make a profit?
14.3%
Yes. It keeps 14.3% of every sale as profit.
Does profit turn into cash?
5.4%
Partly. 5.4% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 8
Mixed. It passes 6 of 8 health tests.
How is the share priced?
4.8x
One share costs 4.8 times its yearly profit per share.
What Waterdrop Inc. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 28, 2026
- Legal name
- Waterdrop Inc.
- CIK
- 0001823986
Waterdrop Inc. · WDH
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $497M | $416M | $371M | $385M | $553M |
| Revenue growth | 13.3% | −16.3% | −10.7% | 3.7% | 43.7% |
| Operating margin | −58.1% | 17.1% | −0.3% | 6.4% | 9.3% |
| Net income | −$244M | $90.3M | $23.6M | $51.1M | $79.2M |
| Net margin | −49.1% | 21.7% | 6.4% | 13.3% | 14.3% |
| Diluted EPS | −$0.90 | $0.22 | $0.06 | $0.14 | $0.21 |
| Cash | |||||
| Cash from operations | −$170M | $114M | $57.4M | $60.8M | $33.9M |
| Capital expenditure | $5.5M | $1.8M | $1.9M | $30.3M | $4.1M |
| Free cash flow | −$176M | $112M | $55.5M | $30.4M | $29.8M |
| FCF margin | −35.3% | 26.9% | 14.9% | 7.9% | 5.4% |
| Dividends paid | — | — | — | $22.0M | $18.1M |
| Share count change | 154.6% | 34.5% | −3.5% | −4.2% | −0.2% |
| Debt and strength | |||||
| Cash and short-term investments | $439M | $537M | $478M | $356M | $145M |
| Debt incl. finance leases | — | — | $19.4M | $27.2M | $6.7M |
| Shareholders' equity | $626M | $691M | $645M | $657M | $736M |
| Net debt / EBITDA | — | — | −486.4x | −12.5x | −2.6x |
| Current ratio | 4.0x | 5.1x | 4.0x | 3.1x | 2.1x |
| Returns and quality | |||||
| Return on capital | — | — | −0.5% | 7.3% | 8.6% |
| Return on equity | −131.2% | 13.7% | 3.5% | 7.8% | 11.4% |
| Return on tangible equity | −43.5% | 13.2% | 3.9% | 8.2% | 11.3% |
| Piotroski F-score | 2 | 5 | 4 | 6 | 6 |
| Altman Z'' | 3.6 | 8.4 | 6.2 | 5.5 | 4.3 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Waterdrop Inc. · WDH
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $1.00 a share, the company is worth $371M: 4.8 times its earnings of the last four quarters.
Source: SEC EDGAR XBRL filings (CIK 0001823986). Data updated October 24, 2026. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.