Waterdrop Inc. (WDH) 10-Year Financial Performance & Capital Metrics

WDH • • Insurance & Managed Care

Financial ServicesDiversified InsuranceDigital Insurance PlatformsChinese Digital Insurance Platforms

AboutWaterdrop Inc., through its subsidiaries, provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance companies in the People's Republic of China. The company offers short-term health and long-term health and life insurance products and services. It also operates a medical crowdfunding platform. The company was founded in 2016 and is headquartered in Beijing, the People's Republic of China.Show more

Revenue $2.77B +5.4%
Combined Ratio 93.57% -6.7%
Net Income $368M +119.8%
Return on Equity 7.69% +117.3%
Medical Cost Ratio 47.43% -21.3%
Operating Margin 6.43% +2607.6%
Net Margin 13.26% +108.6%
ROA 5.83% +110.5%
Equity / Assets 75.52% -0.8%
Book Value per Share 131.02 +8.7%
Tangible BV/Share 124.73 +9.5%
Debt/Equity 0.05 +18.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Profitable underwriting: 93.6% combined ratio
✓Strong Piotroski F-Score: 7/9
✓Low loss ratio of 47.4%
✓Share count reduced 4.2% through buybacks
✓Trading at only 0.0x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y12.9%

3Y-4.73%

TTM9.39%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM68.84%

EPS CAGR

10Y-

5Y-

3Y-

TTM74.29%

ROCE

10Y Avg-19.56%

5Y Avg-11.03%

3Y Avg4.79%

Latest3.66%

Peer Comparison

Chinese Digital Insurance Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZBAOZhibao Technology Inc. Class A Ordinary Shares	16.02M	0.97	16.74	28.86%	8.3%	42.39%		0.47
WDHWaterdrop Inc.	503.83M	1.79	0.18	5.36%	14.98%	8.92%	43.43%	0.05
YBYuanbao Inc. American Depositary Shares	658.52M	20.33	0.18	60.6%	23.34%		100%
HUIZHuize Holding Limited	19.48M	2.27	-1.77	4.46%	1.35%	4.21%		0.21
TIRXTian Ruixiang Holdings Ltd	12.13M	0.46	-3.87	158.74%	-11.06%	-12.03%	7.4%	0.03

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	238.15M	1.51B	3.03B	3.21B	2.8B	2.63B	2.77B
Revenue Growth %	-	5.34%	1%	0.06%	-0.13%	-0.06%	0.05%
Medical Costs & Claims+	45.93M	291.31M	742.26M	1.35B	1.34B	1.59B	1.31B
Medical Cost Ratio %	-	-	-	-	-	-	-
Gross Profit+	192.22M	1.22B	2.29B	1.86B	1.47B	1.04B	1.46B
Gross Margin %	-	-	-	-	-	-	-
Gross Profit Growth %	-	5.35%	0.87%	-0.19%	-0.21%	-0.29%	0.39%
Operating Expenses+	380.38M	1.41B	2.78B	3.72B	987.62M	1.05B	1.28B
OpEx / Revenue %	-	-	-	-	-	-	-
Depreciation & Amortization	1.98M	6.69M	13.06M	18.09M	22.98M	13.55M	13.55M
Combined Ratio %	-	-	-	-	-	-	-
Operating Income+	-188.16M	-194.48M	-496.25M	-1.86B	477.99M	-6.74M	178.16M
Operating Margin %	-	-	-	-	-	-	-
Operating Income Growth %	-	-0.03%	-1.55%	-2.75%	1.26%	-1.01%	27.42%
EBITDA+	-186.18M	-187.79M	-483.18M	-1.84B	500.96M	6.81M	191.71M
EBITDA Margin %	-	-	-	-	-	-	-
Interest Expense	0	0	0	0	0	0	0
Non-Operating Income	0	0	0	0	0	0	0
Pretax Income+	-187.69M	-179.01M	-613.71M	-1.8B	630.69M	164.24M	360.59M
Pretax Margin %	-	-	-	-	-	-	-
Income Tax+	21.5M	142.53M	50.16M	-220.99M	22.98M	555K	9.71M
Effective Tax Rate %	-	-	-	-	-	-	-
Net Income+	-209.19M	-321.54M	-663.87M	-1.57B	607.72M	167.22M	367.51M
Net Margin %	-	-	-	-	-	-	-
Net Income Growth %	-	-0.54%	-1.06%	-1.37%	1.39%	-0.72%	1.2%
EPS (Diluted)+	-6.50	-10.00	-34.50	-39.90	15.00	4.30	10.00
EPS Growth %	-	-0.54%	-2.45%	-0.16%	1.38%	-0.71%	1.33%
EPS (Basic)	-6.50	-10.00	-34.50	-39.90	15.50	4.00	10.00
Diluted Shares Outstanding	32.15M	32.15M	32.15M	39.43M	40.22M	38.81M	37.2M

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	706.72M	2.56B	4.71B	5.25B	5.92B	6.15B	6.45B
Asset Growth %	-	2.62%	0.84%	0.12%	0.13%	0.04%	0.05%
Total Investment Assets+	37.05M	65.01M	1.2B	1.98B	2.14B	3.21B	2.73B
Long-Term Investments	2.67M	4.73M	2.74M	11.81M	11.97M	211.76M	1.11B
Short-Term Investments	34.38M	60.28M	1.19B	1.97B	2.13B	3B	1.61B
Total Current Assets+	684.24M	2.46B	4.53B	5.03B	5.69B	5.43B	4.64B
Cash & Equivalents	196.1M	964.48M	1.06B	817.72M	1.57B	396.9M	986.32M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	259.52M	723.88M	1.37B	143.51M	860.19M	767.03M	520.85M
Goodwill & Intangibles+	11.98M	18.32M	56.15M	60.17M	60.03M	258.16M	233.76M
Goodwill	0	1.47M	3.12M	3.42M	3.42M	80.75M	80.75M
Intangible Assets	11.98M	16.85M	53.03M	56.75M	56.61M	177.41M	153.01M
PP&E (Net)	7.83M	71.11M	89.42M	103.84M	49.84M	93.73M	286.9M
Other Assets	0	0	24.01M	29.89M	103.59M	134.38M	153.75M
Total Liabilities	428.5M	1.05B	1.52B	1.28B	1.16B	1.47B	1.58B
Total Debt+	19.64M	43.3M	64.26M	58.59M	14.05M	197.76M	243.92M
Net Debt	-176.46M	-921.18M	-997.7M	-759.13M	-1.56B	-199.15M	-742.41M
Long-Term Debt	0	0	0	0	0	0	0
Short-Term Debt	19.14M	-13.45M	0	0	0	137.56M	198.37M
Total Current Liabilities+	403.98M	874.49M	1.27B	1.25B	1.12B	1.37B	1.48B
Accounts Payable	2.39M	320.24M	607.33M	685.03M	516.66M	591.95M	537.34M
Deferred Revenue	0	53.81M	37.32M	803K	0	0	0
Other Current Liabilities	167.19M	166.5M	103.4M	39.31M	185.72M	1.06B	108.41M
Deferred Taxes	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	24.25M	167.6M	225.75M	13.55M	29.7M	73.31M	0
Total Equity+	278.22M	1.5B	3.18B	3.97B	4.77B	4.68B	4.87B
Equity Growth %	-	4.4%	1.12%	0.25%	0.2%	-0.02%	0.04%
Shareholders Equity	278.22M	1.5B	3.18B	3.97B	4.77B	4.59B	4.8B
Minority Interest	0	0	0	0	0	92.76M	76.13M
Retained Earnings	-338.92M	-733.6M	-1.67B	-3.33B	-2.73B	-2.56B	-2.19B
Common Stock	41K	41K	41K	134K	135K	139K	139K
Accumulated OCI	-72.94M	27.24M	14.96M	-21.49M	108.25M	144.11M	159.55M
Return on Equity (ROE)	-0.75%	-0.36%	-0.28%	-0.44%	0.14%	0.04%	0.08%
Return on Assets (ROA)	-0.3%	-0.2%	-0.18%	-0.32%	0.11%	0.03%	0.06%
Equity / Assets	-	-	-	-	-	-	-
Debt / Equity	0.07x	0.03x	0.02x	0.01x	0.00x	0.04x	0.05x
Book Value per Share	8.65	46.70	98.92	100.78	118.49	120.55	131.02
Tangible BV per Share	-	-	-	-	-	-	-

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-211.03M	-532.89M	-777.11M	-1.1B	765.71M	406.52M	437.25M
Operating CF Growth %	-	-1.53%	-0.46%	-0.41%	1.7%	-0.47%	0.08%
Operating CF / Revenue %	-	-	-	-	-	-	-
Net Income	-209.19M	-321.54M	-663.87M	-1.57B	607.72M	163.69M	350.88M
Depreciation & Amortization	1.98M	6.69M	13.06M	18.09M	22.98M	13.55M	0
Stock-Based Compensation	47.81M	28M	227.83M	226.16M	112.03M	133.87M	86.87M
Deferred Taxes	0	0	0	-11.84M	0	0	0
Other Non-Cash Items	58K	41K	150.7M	53.14M	17.32M	-7.7M	24.46M
Working Capital Changes	-51.69M	-246.08M	-504.83M	191.87M	5.67M	103.1M	-24.97M
Cash from Investing+	31.99M	-45.95M	-1.22B	-846.9M	-139.82M	-1.17B	291.64M
Capital Expenditures	-7.47M	-13.27M	-26.71M	-36.48M	-11.88M	-13.52M	0
Acquisitions	0	-5.07M	-20.36M	765K	0	-197.2M	0
Purchase of Investments	-466.55M	-530.79M	-1.28B	-13.06B	-17.15B	-11.65B	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Investing	39.45M	-87K	1.79M	27K	902K	227K	291.64M
Cash from Financing+	362.67M	1.47B	2.05B	2.12B	-57.46M	-377.24M	-198.58M
Dividends Paid	0	0	0	0	0	0	-158.67M
Share Repurchases	-7.6M	0	0	-16.55M	-67.02M	-526.02M	-106.98M
Stock Issued	0	0	0	2.13B	0	0	0
Debt Issuance (Net)	1000K	-68K	-169K	-192K	-164K	1000K	1000K
Other Financing	343.56M	-19.14M	2.07M	2.97M	9.73M	11.71M	7.22M
Net Change in Cash+	181.66M	921.27M	29.2M	162.03M	606.15M	-1.12B	532.88M
Exchange Rate Effect	-1000K	1000K	-1000K	-1000K	1000K	1000K	1000K
Cash at Beginning	191.23M	372.88M	1.29B	1.32B	1.49B	2.09B	974.03M
Cash at End	372.88M	1.29B	1.32B	1.49B	2.09B	974.03M	1.51B
Free Cash Flow+	-218.5M	-546.16M	-803.82M	-1.13B	753.82M	392.99M	218.84M
FCF Growth %	-	-1.5%	-0.47%	-0.41%	1.67%	-0.48%	-0.44%
FCF Margin %	-	-	-	-	-	-	-
FCF per Share	-6.8	-16.99	-25	-28.74	18.74	10.13	5.88

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	179.01%	112.87%	116.39%	158.11%	82.94%	100.26%	93.57%
Medical Cost Ratio	19.29%	19.28%	24.51%	42.11%	47.69%	60.29%	47.43%
Return on Equity (ROE)	-75.19%	-36.13%	-28.36%	-44.01%	13.91%	3.54%	7.69%
Return on Assets (ROA)	-29.6%	-19.71%	-18.29%	-31.62%	10.88%	2.77%	5.83%
Equity / Assets	39.37%	58.75%	67.59%	75.68%	80.48%	76.09%	75.52%
Book Value / Share	8.65	46.7	98.92	100.78	118.49	120.55	131.02
Debt / Equity	0.07x	0.03x	0.02x	0.01x	0.00x	0.04x	0.05x
Revenue Growth	-	534.46%	100.4%	5.88%	-12.61%	-6.11%	5.36%

Revenue by Segment

	2021	2022	2023	2024
Other Revenues	132.16M	27.35M	26.61M	49.33M
Other Revenues Growth	-	-79.31%	-2.69%	85.35%
Technical Service Income	243.54M	215.83M	135.75M	40.94M
Technical Service Income Growth	-	-11.38%	-37.10%	-69.84%
Management Fee Income	2.75M	-	-	-
Management Fee Income Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

Waterdrop Inc. (WDH) has a price-to-earnings (P/E) ratio of 0.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Waterdrop Inc. (WDH) grew revenue by 5.4% over the past year. This is steady growth.

Yes, Waterdrop Inc. (WDH) is profitable, generating $446.9M in net income for fiscal year 2024 (13.3% net margin).

Dividend & Returns

Yes, Waterdrop Inc. (WDH) pays a dividend with a yield of 100.00%. This makes it attractive for income-focused investors.

Waterdrop Inc. (WDH) has a return on equity (ROE) of 7.7%. This is below average, suggesting room for improvement.

Industry Metrics

Waterdrop Inc. (WDH) has a combined ratio of 93.6%. A ratio below 100% indicates underwriting profitability.

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