Zhihu Inc. (ZH) 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 Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2025, filed Apr 17, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ZH SEC filings page.
Zhihu Inc. (ZH) reported $393.1M in revenue for fiscal year 2025, down 20.3% 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).
Zhihu’s revenue has contracted, while stable gross margins and recurring operating cash deficits show a leaner but not yet self-funding model.
In FY2025, operating cash flow of-$52.0M nearly matched free cash flow of-$52.2M , so reported losses were translating into an operating cash need rather than being mainly an accounting effect. With capital expenditures of only$189K , the cash deficit came primarily from running the platform, not from heavy reinvestment.
Gross margin resilience persisted near
Total assets fell from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Zhihu Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Zhihu Inc. has an operating margin of -18.4%, meaning the company loses $18 on every $100 of revenue. This results in a profitability score of 25/100. This is down from -13.4% the prior year.
Zhihu Inc.'s revenue declined 20.3% year-over-year, from $493.0M to $393.1M. This contraction results in a growth score of 5/100.
Zhihu Inc. carries a low D/E ratio of 0.35, meaning only $0.35 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.73, Zhihu Inc. holds $3.73 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 86/100.
Zhihu Inc.'s operations used $52.0M of cash, and capex of $189K added to the outflow, for a free cash flow shortfall of $52.2M. This results in a cash flow score of 12/100.
Zhihu Inc. posts a -5.1% return on equity (ROE), meaning it loses $5 for every $100 of shareholders' equity. This results in a returns score of 31/100. This is down from -4.1% the prior year.
Zhihu Inc. scores -0.52, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($288.0M) relative to total liabilities ($188.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Zhihu Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
Zhihu Inc. reported a net loss of $27.9M while operations used $52.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Zhihu Inc. held $481.8M 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.
ZH 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).
ZH 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 | Q4'2510-K | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K |
|---|---|---|---|---|---|
| Total Assets | $742.3M-5.5% | $785.4M-17.9% | $957.1M-13.8% | $1.1B-19.7% | $1.4B |
| Current Assets | $676.7M-9.9% | $751.4M-16.4% | $898.3M-15.4% | $1.1B-18.9% | $1.3B |
| Cash & Equivalents | $481.8M-12.1% | $547.9M+84.7% | $296.7M-54.8% | $656.2M+93.8% | $338.5M |
| Short-Term Investments | $120.3M+62.9% | $73.8M-70.4% | $249.3M+118.4% | $114.1M-67.5% | $351.4M |
| Accounts Receivable | $51.2M-11.2% | $57.6M-38.4% | $93.6M-22.6% | $121.0M-7.3% | $130.5M |
| Long-Term Investments | $22.7M+223.2% | $7.0M+11.6% | $6.3M | $0-100.0% | $3.0M |
| Goodwill | N/A | $17.3M-35.7% | $26.9M+46.9% | $18.3M+58.5% | $11.6M |
| Total Liabilities | $188.2M-10.7% | $210.6M-28.6% | $294.9M+3.7% | $284.5M-12.3% | $324.4M |
| Current Liabilities | $181.4M-13.2% | $208.9M-23.8% | $274.0M+3.6% | $264.6M-11.2% | $297.8M |
| Non-Current Liabilities | $6.8M+292.6% | $1.7M-91.7% | $20.9M+5.0% | $19.9M-25.2% | $26.6M |
| Total Equity | $544.0M-4.0% | $566.6M-12.5% | $647.9M-21.0% | $819.7M-22.4% | $1.1B |
| Retained Earnings | -$1.3B-6.6% | -$1.2B+0.8% | -$1.2B-7.6% | -$1.1B-15.7% | -$985.6M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
ZH 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.
ZH 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 |
|---|---|---|---|---|---|---|
| Zhihu Inc. ZH | FY2025 | $393.1M | -$27.9M | -7.1% | $288.0M | 38/100 |
| Perion Network Ltd. PERI | FY2025 | $439.9M | -$7.9M | -1.8% | $334.7M | 47/100 |
| Thryv Holdings, Inc. THRY | FY2025 | $785.0M | $307K | 0.0% | $66.2M | 25/100 |
| ZipRecruiter, Inc. ZIP | FY2025 | $449.0M | -$33.0M | -7.3% | $296.8M | 36/100 |
| Jiayin Group Inc. JFIN | FY2025 | $889.8M | $219.6M | 24.7% | $73.8M | 73/100 |
| Upexi, Inc. UPXI | FY2026 | $25.0M | -$246.1M | N/A | $94.4M | 12/100 |
Where Zhihu Inc. Ranks
Frequently Asked Questions
What is Zhihu Inc.'s annual revenue?
Zhihu Inc. (ZH) reported $393.1M in total revenue for fiscal year 2025. This represents a -20.3% 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 Zhihu Inc.'s revenue growing?
Zhihu Inc. (ZH) revenue declined by 20.3% year-over-year, from $493.0M to $393.1M in fiscal year 2025.
Is Zhihu Inc. profitable?
No, Zhihu Inc. (ZH) reported a net income of -$27.9M in fiscal year 2025, with a net profit margin of -7.1%.
What is Zhihu Inc.'s EBITDA?
Zhihu Inc. (ZH) had EBITDA of -$69.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zhihu Inc.'s gross margin?
Zhihu Inc. (ZH) had a gross margin of 59.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Zhihu Inc.'s operating margin?
Zhihu Inc. (ZH) had an operating margin of -18.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Zhihu Inc.'s net profit margin?
Zhihu Inc. (ZH) had a net profit margin of -7.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Zhihu Inc.'s return on equity (ROE)?
Zhihu Inc. (ZH) has a return on equity of -5.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zhihu Inc.'s free cash flow?
Zhihu Inc. (ZH) recorded an outflow of $52.2M in free cash flow during fiscal year 2025. This represents a -34.6% 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 Zhihu Inc.'s operating cash flow?
Zhihu Inc. (ZH) recorded an outflow of $52.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Zhihu Inc.'s total assets?
Zhihu Inc. (ZH) had $742.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zhihu Inc.'s capital expenditures?
Zhihu Inc. (ZH) invested $189K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Zhihu Inc. spend on research and development?
Zhihu Inc. (ZH) invested $75.1M in research and development during fiscal year 2025.
What is Zhihu Inc.'s current ratio?
Zhihu Inc. (ZH) had a current ratio of 3.73 as of fiscal year 2025, which is generally considered healthy.
What is Zhihu Inc.'s debt-to-equity ratio?
Zhihu Inc. (ZH) had a debt-to-equity ratio of 0.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zhihu Inc.'s return on assets (ROA)?
Zhihu Inc. (ZH) had a return on assets of -3.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zhihu Inc.'s P/E ratio?
Zhihu Inc. (ZH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $288.0M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Zhihu Inc.'s price-to-sales ratio?
Zhihu Inc. (ZH) trades at 0.7x sales, its market capitalization divided by revenue of $393.1M revenue, FY2025. The market capitalization is $288.0M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Zhihu Inc.'s Altman Z-Score?
Zhihu Inc. (ZH) has an Altman Z-Score of -0.52, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Zhihu Inc.'s Piotroski F-Score?
Zhihu Inc. (ZH) has a Piotroski F-Score of 1 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 Zhihu Inc.'s earnings high quality?
Zhihu Inc. (ZH) reported a net loss of $27.9M while operations used $52.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
How financially healthy is Zhihu Inc.?
Zhihu Inc. (ZH) scores 38 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.