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Data is in US dollars, converted at the ECB reference rate of Oct 23, 2026.

Zhihu Inc.

ZH NYSE Services-Business Services, Nec Financials FY2019โ€“FY2025

Revenue Total sales reported in the income statement.
$382M
23.5% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’18.5%
5.1ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$27.2M
Free cash flow Cash from operations minus capital spending.
โˆ’$50.8M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
โ€”
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.33 EPS (TTM)

What Zhihu Inc. does

No business description yet.

Legal name
Zhihu Inc.
Fiscal year ends
December 31, 2025
Latest annual report
20-F ยท Apr 17, 2026
Accession ยท CIK
0001104659-26-044557
0001835724

Revenue and margins

Zhihu Inc. had $382M of revenue in fiscal 2025, down 23.5% on the year before.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$50.8M in fiscal 2025, โˆ’13.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Zhihu Inc. returned $23.2M to shareholders in fiscal 2025. The diluted share count fell 12.3%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Zhihu Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $692M$770M$546M$622M$601M
Debt incl. finance leases โ€”โ€”โ€”โ€”$5.0M
Debt / equity โ€”โ€”โ€”โ€”0.0x
Current ratio 4.4x4.0x3.3x3.6x3.7x
Quick ratio 4.4x4.0x3.3x3.6x3.7x
Total assets $1.4B$1.1B$956M$785M$741M
Total liabilities $325M$284M$295M$211M$188M
Shareholders' equity $1.1B$820M$647M$567M$543M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โˆ’$596M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โ€” โœ• โœ• โœ“ โœ“ โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ• โœ•
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โ€” โœ“ โœ• โœ• โœ“ โœ“
Share count didn't rise โ€” โœ• โœ• โœ• โœ“ โœ“ โœ“
Gross margin rose โ€” โœ“ โœ• โœ• โœ“ โœ“ โœ•
Revenue rose relative to assets โ€” โ€” โœ• โœ“ โœ“ โœ“ โœ•
F-score โ€” / 3โ€” / 52 / 82 / 85 / 85 / 82 / 8
Accruals ratio โ€”โˆ’6.9%โˆ’13.6%โˆ’5.5%โˆ’5.8%1.8%3.1%
Altman Z'' โ€”โˆ’5.914.842.941.341.741.08

7 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $97.0M $196M $459M $535M $593M $500M $382M
Gross profit $45.2M $110M $241M $269M $324M $303M $229M
Research and development $50.8M $47.8M $96.1M $113M $127M $102M $73.0M
Operating income โˆ’$153M โˆ’$87.3M โˆ’$216M โˆ’$238M โˆ’$151M โˆ’$66.8M โˆ’$70.6M
Pretax income โˆ’$145M โˆ’$74.8M โˆ’$201M โˆ’$232M โˆ’$117M โˆ’$24.8M โˆ’$24.1M
Income tax $0.0M $0.2M $0.8M $2.1M $1.7M โˆ’$1.3M $3.0M
Net income โˆ’$145M โˆ’$75.0M โˆ’$201M โˆ’$234M โˆ’$119M โˆ’$23.5M โˆ’$27.2M
Net income to common โˆ’$207M โˆ’$174M โˆ’$228M โˆ’$235M โˆ’$119M โˆ’$23.9M โˆ’$26.8M
Diluted EPS โˆ’$9.98 โˆ’$7.98 โˆ’$2.85 โˆ’$2.31 โˆ’$1.19 โˆ’$0.26 โˆ’$0.33
Diluted shares 0.02B 0.02B 0.08B 0.10B 0.10B 0.09B 0.08B
Cash flow
Cash from operations โˆ’$104M โˆ’$35.4M โˆ’$68.3M โˆ’$166M โˆ’$58.7M โˆ’$38.9M โˆ’$50.6M
Capital expenditure $0.7M $0.3M $1.2M $0.1M $1.2M $0.4M $0.2M
Free cash flow โˆ’$104M โˆ’$35.7M โˆ’$69.4M โˆ’$166M โˆ’$59.9M โˆ’$39.3M โˆ’$50.8M
Depreciation and amortization $2.9M $2.8M $3.3M $3.7M $3.5M $3.0M $2.6M
Stock-based compensation $26.0M $26.1M $85.0M $55.5M $23.2M $8.2M $12.1M
Share buybacks โ€” โ€” โ€” $19.0M $52.2M $55.7M $23.2M
Dividends and buybacks โ€” โ€” โ€” $19.0M $52.2M $55.7M $23.2M
Balance sheet
Cash and short-term investments $129M $306M $692M $770M $546M $622M $601M
Total debt โ€” โ€” โ€” โ€” โ€” โ€” $5.0M
Current assets โ€” $569M $1.3B $1.1B $898M $751M $676M
Current liabilities โ€” $155M $299M $265M $274M $209M $181M
Inventory โ€” โ€” $0.7M $1.5M $3.1M $4.2M $3.7M
Property and equipment, net โ€” $1.2M $1.6M $1.1M $1.5M $1.2M $0.8M
Goodwill โ€” โ€” $11.6M $18.3M $26.9M $17.3M โ€”
Intangible assets โ€” $3.6M $10.8M $11.6M $17.3M $7.5M $4.2M
Total assets โ€” $575M $1.4B $1.1B $956M $785M $741M
Total liabilities โ€” $155M $325M $284M $295M $211M $188M
Shareholders' equity โˆ’$573M โˆ’$787M $1.1B $820M $647M $567M $543M
Margins
Gross margin 46.6% 56.0% 52.5% 50.2% 54.7% 60.6% 59.9%
Operating margin โˆ’157.9% โˆ’44.6% โˆ’47.0% โˆ’44.5% โˆ’25.5% โˆ’13.4% โˆ’18.5%
EBITDA margin โˆ’154.8% โˆ’43.1% โˆ’46.3% โˆ’43.8% โˆ’24.9% โˆ’12.8% โˆ’17.8%
Net margin โˆ’149.8% โˆ’38.3% โˆ’43.9% โˆ’43.8% โˆ’20.0% โˆ’4.7% โˆ’7.1%
FCF margin โˆ’107.4% โˆ’18.2% โˆ’15.1% โˆ’30.9% โˆ’10.1% โˆ’7.9% โˆ’13.3%
Returns
Return on capital employed โ€” โˆ’20.8% โˆ’19.8% โˆ’28.2% โˆ’22.2% โˆ’11.6% โˆ’12.6%
Return on equity โ€” โ€” โˆ’147.7% โˆ’25.0% โˆ’16.2% โˆ’3.9% โˆ’4.9%
Return on assets โ€” โˆ’13.0% โˆ’20.5% โˆ’18.8% โˆ’11.5% โˆ’2.7% โˆ’3.6%
Return on tangible equity โ€” โ€” โˆ’22.0% โˆ’29.7% โˆ’19.7% โˆ’4.4% โˆ’5.0%
Growth
Revenue growth โ€” 101.9% 134.2% 16.7% 10.7% โˆ’15.6% โˆ’23.5%
Share count change โ€” 4.9% 267.9% 26.9% โˆ’1.9% โˆ’8.5% โˆ’12.3%
Financial health
Debt / equity โ€” โ€” โ€” โ€” โ€” โ€” 0.0x
Current ratio โ€” 3.7x 4.4x 4.0x 3.3x 3.6x 3.7x
Quick ratio โ€” 3.7x 4.4x 4.0x 3.3x 3.6x 3.7x
Capital allocation
Capex / revenue 0.7% 0.1% 0.3% 0.0% 0.2% 0.1% 0.0%
Stock comp / revenue 26.8% 13.3% 18.5% 10.4% 3.9% 1.6% 3.2%
Quality scores
Piotroski F-score โ€” โ€” 2.0 2.0 5.0 5.0 2.0
Altman Z'' โ€” โˆ’5.9 4.8 2.9 1.3 1.7 1.1
Accruals ratio โ€” โˆ’6.9% โˆ’13.6% โˆ’5.5% โˆ’5.8% 1.8% 3.1%

Source: SEC EDGAR XBRL filings (CIK 0001835724). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. 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. Per-share figures are per US-listed share (1 ADS = 3 ordinary shares). For information only โ€” not investment advice. Check the original filings before relying on any figure.

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