Zhihu Inc.
ZH NYSE· Services-Business Services, Nec
KIRA · Stoqly’s AI analyst, in plain words
- Zhihu Inc. had $382M of revenue in fiscal 2025, down 23.5% on the year before. Over five years, revenue changed +14.3% a year on average.
- Its operating margin was −18.5%, down 5.1 pts: of every 100 in sales, about −18 is left after running the business.
- Zhihu Inc. lost $27.2M in fiscal 2025.
- Free cash flow was −$50.8M in fiscal 2025, −13.3% of revenue.
- Zhihu Inc. returned $23.2M to shareholders in fiscal 2025. The diluted share count fell 12.3%.
- Zhihu Inc. has $596M more cash than debt.
Market cap
—
P/E
—
Revenue
$382M
Net income
−$27.2M
Free cash flow
−$50.8M
Operating margin
−18.5%
Zhihu Inc. in 30 seconds · fiscal 2025
Are sales growing?
−23.5%
No. Sales fell 23.5% last year.
Does it make a profit?
−7.1%
No. It lost money last year.
Does profit turn into cash?
−13.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
What Zhihu Inc. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 17, 2026
- Legal name
- Zhihu Inc.
- CIK
- 0001835724
Zhihu Inc. · ZH
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $459M | $535M | $593M | $500M | $382M |
| Revenue growth | 134.2% | 16.7% | 10.7% | −15.6% | −23.5% |
| Gross margin | 52.5% | 50.2% | 54.7% | 60.6% | 59.9% |
| Operating margin | −47.0% | −44.5% | −25.5% | −13.4% | −18.5% |
| Net income | −$201M | −$234M | −$119M | −$23.5M | −$27.2M |
| Net margin | −43.9% | −43.8% | −20.0% | −4.7% | −7.1% |
| Diluted EPS | −$2.85 | −$2.31 | −$1.19 | −$0.26 | −$0.33 |
| Cash | |||||
| Cash from operations | −$68.3M | −$166M | −$58.7M | −$38.9M | −$50.6M |
| Capital expenditure | $1.2M | $0.1M | $1.2M | $0.4M | $0.2M |
| Free cash flow | −$69.4M | −$166M | −$59.9M | −$39.3M | −$50.8M |
| FCF margin | −15.1% | −30.9% | −10.1% | −7.9% | −13.3% |
| Share buybacks | — | $19.0M | $52.2M | $55.7M | $23.2M |
| Share count change | 267.9% | 26.9% | −1.9% | −8.5% | −12.3% |
| Debt and strength | |||||
| Cash and short-term investments | $692M | $770M | $546M | $622M | $601M |
| Debt incl. finance leases | — | — | — | — | $5.0M |
| Shareholders' equity | $1.1B | $820M | $647M | $567M | $543M |
| Current ratio | 4.4x | 4.0x | 3.3x | 3.6x | 3.7x |
| Returns and quality | |||||
| Return on equity | −147.7% | −25.0% | −16.2% | −3.9% | −4.9% |
| Return on tangible equity | −22.0% | −29.7% | −19.7% | −4.4% | −5.0% |
| Piotroski F-score | 2 | 2 | 5 | 5 | 2 |
| Altman Z'' | 4.8 | 2.9 | 1.3 | 1.7 | 1.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
1 insider
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Zhihu Inc. · ZH
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Source: SEC EDGAR XBRL filings (CIK 0001835724). Data updated October 24, 2026. Filed in CNY under US GAAP and converted to US$: 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.