Waterdrop Inc (WDH) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WDH SEC filings page.
Waterdrop Inc (WDH) reported $568.8M in revenue for fiscal year 2025, up 49.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Waterdrop’s rebound is profitable, but cash conversion and balance-sheet flexibility are weakening as receivables and liabilities expand.
FY2025’s cash conversion gap—5.4% free-cash-flow margin versus14.2% net margin—coincided with receivables nearly doubling from FY2024, indicating reported earnings are not converting into cash as efficiently as the rebound suggests.
Revenue rebounded to
Current ratio fell from 3.1x to 2.1x between FY2024 and FY2025, leaving less short-term cushion. Current liabilities reached
Financial Health Signals
Waterdrop Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Waterdrop Inc passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Waterdrop Inc generates $0.43 in operating cash flow ($34.9M OCF vs $80.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Waterdrop Inc held $69.1M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
WDH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
WDH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K |
|---|---|---|---|---|---|
| Total Assets | $1.0B+14.8% | $884.1M+2.1% | $866.0M+0.9% | $858.6M+4.2% | $823.9M |
| Current Assets | $569.2M-10.4% | $635.4M-16.9% | $764.3M-7.4% | $825.1M+4.5% | $789.8M |
| Cash & Equivalents | $69.1M-48.9% | $135.1M+141.7% | $55.9M-75.5% | $228.2M+77.9% | $128.3M |
| Short-Term Investments | $75.9M-65.7% | $220.9M-47.7% | $422.1M+36.6% | $308.9M-0.1% | $309.0M |
| Accounts Receivable | $180.2M+83.7% | $98.1M+0.5% | $97.6M-0.4% | $98.0M-3.0% | $101.0M |
| Long-Term Investments | $326.6M+114.0% | $152.6M+411.8% | $29.8M+1619.0% | $1.7M-6.4% | $1.9M |
| Goodwill | $11.5M+4.4% | $11.1M-2.7% | $11.4M+2193.1% | $496K-7.6% | $537K |
| Total Liabilities | $278.7M+28.7% | $216.5M+4.5% | $207.1M+23.5% | $167.6M-16.4% | $200.4M |
| Current Liabilities | $270.6M+33.0% | $203.4M+5.5% | $192.9M+18.6% | $162.6M-17.0% | $196.0M |
| Non-Current Liabilities | $8.1M-38.1% | $13.0M-8.0% | $14.2M+184.0% | $5.0M+13.4% | $4.4M |
| Total Equity | $736.7M+12.1% | $657.2M+1.8% | $645.9M-6.5% | $691.0M+10.8% | $623.5M |
| Retained Earnings | -$232.4M+22.7% | -$300.6M+16.7% | -$360.8M+8.7% | -$395.4M+24.4% | -$523.3M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
WDH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
WDH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Waterdrop Inc WDH | FY2025 | $568.8M | $80.8M | 14.2% | $350.6M | — |
| Intl Gnrl Insurance Hldngs Ltd IGIC | FY2025 | $516.9M | $127.2M | 24.6% | $1.1B | 58/100 |
| Fidelis Insurance Holdings FIHL | FY2025 | $2.5B | $225.5M | 9.0% | $1.8B | 47/100 |
| Heritage Insurance Hldgs Inc HRTG | FY2025 | $847.3M | $195.6M | 23.1% | $1.0B | 43/100 |
| Universal Ins Hldgs Inc UVE | FY2025 | $1.6B | $183.0M | 11.4% | $1.2B | 28/100 |
| Donegal Group DGICA | FY2025 | $978.0M | $79.3M | 8.1% | $711.6M | 37/100 |
Where Waterdrop Inc Ranks
Frequently Asked Questions
What is Waterdrop Inc's annual revenue?
Waterdrop Inc (WDH) reported $568.8M in total revenue for fiscal year 2025. This represents a 49.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Waterdrop Inc's revenue growing?
Waterdrop Inc (WDH) revenue grew by 49.8% year-over-year, from $379.7M to $568.8M in fiscal year 2025.
Is Waterdrop Inc profitable?
Yes, Waterdrop Inc (WDH) reported a net income of $80.8M in fiscal year 2025, with a net profit margin of 14.2%.
What is Waterdrop Inc's EBITDA?
Waterdrop Inc (WDH) had EBITDA of $55.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Waterdrop Inc's operating margin?
Waterdrop Inc (WDH) had an operating margin of 9.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Waterdrop Inc's net profit margin?
Waterdrop Inc (WDH) had a net profit margin of 14.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Waterdrop Inc's return on equity (ROE)?
Waterdrop Inc (WDH) has a return on equity of 11.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Waterdrop Inc's free cash flow?
Waterdrop Inc (WDH) generated $30.6M in free cash flow during fiscal year 2025. This represents a 2.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Waterdrop Inc's operating cash flow?
Waterdrop Inc (WDH) generated $34.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Waterdrop Inc's total assets?
Waterdrop Inc (WDH) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Waterdrop Inc's capital expenditures?
Waterdrop Inc (WDH) invested $4.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Waterdrop Inc spend on research and development?
Waterdrop Inc (WDH) invested $33.3M in research and development during fiscal year 2025.
What is Waterdrop Inc's current ratio?
Waterdrop Inc (WDH) had a current ratio of 2.10 as of fiscal year 2025, which is generally considered healthy.
What is Waterdrop Inc's debt-to-equity ratio?
Waterdrop Inc (WDH) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Waterdrop Inc's return on assets (ROA)?
Waterdrop Inc (WDH) had a return on assets of 8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Waterdrop Inc's P/E ratio?
Waterdrop Inc (WDH) trades at 4.3x earnings, its market capitalization divided by net income of $80.8M net income, FY2025. The market capitalization is $350.6M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Waterdrop Inc's price-to-sales ratio?
Waterdrop Inc (WDH) trades at 0.6x sales, its market capitalization divided by revenue of $568.8M revenue, FY2025. The market capitalization is $350.6M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Waterdrop Inc's Piotroski F-Score?
Waterdrop Inc (WDH) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Waterdrop Inc's earnings high quality?
Waterdrop Inc (WDH) has an earnings quality ratio of 0.43x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.