Waterdrop Inc.(WDH)Earnings, Financials & Key Ratios
WDH•NYSE•Insurance & Managed Care
$1.59
$591M mkt cap·10.8× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryDiversified InsuranceSub-IndustryInsurance brokers and holding companies
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 Ratio93.57%-6.7%
- Net Income$368M+119.8%
- Return on Equity7.69%+117.3%
- Medical Cost Ratio47.43%-21.3%
- Operating Margin6.43%+2607.6%
- Net Margin13.26%+108.6%
- ROA5.83%+110.5%
- Equity / Assets75.52%-0.8%
- Book Value per Share13.10+8.7%
- Tangible BV/Share12.47+9.5%
- Debt/Equity0.05+18.4%
WDH Key Insights
Waterdrop Inc. (WDH) fundamental analysis — strengths, weaknesses & financial health based on 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%
- ✓Healthy dividend yield of 3.9%
- ✓Share count reduced 4.2% through buybacks
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
WDH Price & Volume
Waterdrop Inc. (WDH) stock price & volume — 10-year historical chart
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WDH Growth Metrics
Waterdrop Inc. (WDH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years12.9%
3 Years-4.73%
TTM9.39%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM68.84%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM74.29%
Return on Capital
10 Years-19.56%
5 Years-11.03%
3 Years4.79%
Last Year3.66%
WDH Recent Earnings
Waterdrop Inc. (WDH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/12 qtrs (57%)●Beat Revenue 5/12 qtrs (50%)
Q2 2026Latest
Mar 25, 2026EPS
$0.06
Est $0.04
+55.4%
Revenue
$202M
Est $118M
+71.4%
Q4 2025
Dec 3, 2025EPS
$0.06
Est $0.04
+58.2%
Revenue
$137M
Est $121M
+13.5%
Q4 2025
Sep 4, 2025EPS
$0.06
Est $0.19
-68.4%
Revenue
$117M
Est $880M
-86.7%
Q3 2025
Jun 5, 2025EPS
$0.05
Est $0.04
+25.0%
Revenue
$104M
Est $761M
-86.4%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 25, 2026 | $0.06vs $0.04+55.4% | $202Mvs $118M+71.4% |
| Q4 2025 | Dec 3, 2025 | $0.06vs $0.04+58.2% | $137Mvs $121M+13.5% |
| Q4 2025 | Sep 4, 2025 | $0.06vs $0.19-68.4% | $117Mvs $880M-86.7% |
| Q3 2025 | Jun 5, 2025 | $0.05vs $0.04+25.0% | $104Mvs $761M-86.4% |
Based on last 12 quarters of dataView full earnings history →
WDH Peer Comparison
Waterdrop Inc. (WDH) competitors in Insurance brokers and holding companies — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 ACMR | 3.67B | 55.38 | 40.42 | 15.24% | 10.44% | 6.11% | 0.16 | |
 HUYA | 493.27M | 3.28 | -106.48 | -13.09% | -2.51% | -2.41% | 0.01 | |
 ZH | 300.77M | 3.29 | -11.87 | -13.06% | 3.46% | 2.49% | 0.00 | |
 COHN | 85.43M | 13.92 | 3.20 | 249.63% | 15.1% | 4.37 | ||
 FUTU | 59.73B | 168.00 | 33.86 | 35.79% | 26.38% | 0.31 | ||
 UP | 217.73M | 6.01 | -0.72 | -7.02% | -39.95% | |||
 CLOV | 1.37B | 2.68 | -15.76 | 40.34% | -2.58% | -17.08% | ||
 ACGL | 33.74B | 94.70 | 8.15 | 14.27% | 22.07% | 19.02% | 0.11 |
Compare WDH vs Peers
Waterdrop Inc. (WDH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
WDH Income Statement
Waterdrop Inc. (WDH) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | 238.15M | 1.51B | 3.03B | 3.21B | 2.8B | 2.63B | 2.77B | 2.98B |
| Revenue Growth % | - | 534.46% | 100.4% | 5.88% | -12.61% | -6.11% | 5.36% | 9.39% |
| Medical Costs & Claims | 45.93M | 291.31M | 742.26M | 1.35B | 1.34B | 1.59B | 1.31B | 1.75B |
| Medical Cost Ratio % | 19.29% | 19.28% | 24.51% | 42.11% | 47.69% | 60.29% | 47.43% | 58.76% |
| Gross Profit | 192.22M▲ 0% | 1.22B▲ 534.5% | 2.29B▲ 87.4% | 1.86B▼ 18.8% | 1.47B▼ 21.0% | 1.04B▼ 28.7% | 1.46B▲ 39.5% | 1.23B▲ 0% |
| Gross Margin % | 80.71% | 80.72% | 75.49% | 57.89% | 52.31% | 39.71% | 52.57% | 41.24% |
| Gross Profit Growth % | - | 534.52% | 87.4% | -18.8% | -21.03% | -28.72% | 39.48% | - |
| Operating Expenses | 380.38M | 1.41B | 2.78B | 3.72B | 987.62M | 1.05B | 1.28B | 977.4M |
| OpEx / Revenue % | 159.72% | 93.59% | 91.88% | 116% | 35.25% | 39.97% | 46.14% | 32.77% |
| Depreciation & Amortization | 1.98M | 6.69M | 13.06M | 18.09M | 22.98M | 13.55M | 13.55M | 0 |
| Combined Ratio % | 179.01% | 112.87% | 116.39% | 158.11% | 82.94% | 100.26% | 93.57% | 91.53% |
| Operating Income | -188.16M▲ 0% | -194.48M▼ 3.4% | -496.25M▼ 155.2% | -1.86B▼ 275.4% | 477.99M▲ 125.7% | -6.74M▼ 101.4% | 178.16M▲ 2742.1% | 252.66M▲ 0% |
| Operating Margin % | -79.01% | -12.87% | -16.39% | -58.11% | 17.06% | -0.26% | 6.43% | 8.47% |
| Operating Income Growth % | - | -3.36% | -155.17% | -275.39% | 125.66% | -101.41% | 2742.12% | - |
| EBITDA | -186.18M | -187.79M | -483.18M | -1.84B | 500.96M | 6.81M | 191.71M | 252.66M |
| EBITDA Margin % | -78.18% | -12.43% | -15.96% | -57.54% | 17.88% | 0.26% | 6.92% | 8.47% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -187.69M▲ 0% | -179.01M▲ 4.6% | -613.71M▼ 242.8% | -1.8B▼ 192.5% | 630.69M▲ 135.1% | 164.24M▼ 74.0% | 360.59M▲ 119.6% | 435.67M▲ 0% |
| Pretax Margin % | -78.81% | -11.85% | -20.27% | -55.99% | 22.51% | 6.24% | 13.01% | 14.61% |
| Income Tax | 21.5M | 142.53M | 50.16M | -220.99M | 22.98M | 555K | 9.71M | 4.57M |
| Effective Tax Rate % | -11.46% | -79.62% | -8.17% | 12.31% | 3.64% | 0.34% | 2.69% | 1.05% |
| Net Income | -209.19M▲ 0% | -321.54M▼ 53.7% | -663.87M▼ 106.5% | -1.57B▼ 137.1% | 607.72M▲ 138.6% | 167.22M▼ 72.5% | 367.51M▲ 119.8% | 446.94M▲ 0% |
| Net Margin % | -87.84% | -21.28% | -21.92% | -49.1% | 21.69% | 6.36% | 13.26% | 14.98% |
| Net Income Growth % | - | -53.7% | -106.47% | -137.11% | 138.61% | -72.48% | 119.78% | 68.84% |
| EPS (Diluted) | -0.65▲ 0% | -1.00▼ 53.8% | -3.45▼ 245.0% | -3.99▼ 15.7% | 1.50▲ 137.6% | 0.43▼ 71.3% | 1.00▲ 132.6% | 1.20▲ 0% |
| EPS Growth % | - | -53.85% | -245% | -15.65% | 137.59% | -71.33% | 132.56% | 74.29% |
| EPS (Basic) | -0.65 | -1.00 | -3.45 | -3.99 | 1.55 | 0.40 | 1.00 | - |
| Diluted Shares Outstanding | 321.51M | 321.51M | 321.51M | 394.28M | 402.25M | 388.09M | 371.98M | 371.11M |
WDH Balance Sheet
Waterdrop Inc. (WDH) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|
| Total Assets | 706.72M | 2.56B | 4.71B | 5.25B | 5.92B | 6.15B | 6.45B | 6.52B |
| Asset Growth % | - | 261.66% | 84.09% | 11.59% | 12.79% | 3.82% | 4.96% | 21.98% |
| Total Investment Assets | 37.05M | 65.01M | 1.2B | 1.98B | 2.14B | 3.21B | 2.73B | 4M |
| Long-Term Investments | 2.67M | 4.73M | 2.74M | 11.81M | 11.97M | 211.76M | 1.11B | 5.67B |
| Short-Term Investments | 34.38M | 60.28M | 1.19B | 1.97B | 2.13B | 3B | 1.61B | 942.29M |
| Total Current Assets | 684.24M | 2.46B | 4.53B | 5.03B | 5.69B | 5.43B | 4.64B | 4.02B |
| Cash & Equivalents | 196.1M | 964.48M | 1.06B | 817.72M | 1.57B | 396.9M | 986.32M | 722.01M |
| Receivables | 194.25M | 870.19M | 1.36B | 1.21B | 1.13B | 1.27B | 1.34B | 5.64B |
| Other Current Assets | 259.52M | 723.88M | 1.37B | 143.51M | 860.19M | 767.03M | 520.85M | 840.27M |
| Goodwill & Intangibles | 11.98M | 18.32M | 56.15M | 60.17M | 60.03M | 258.16M | 233.76M | 934.98M |
| Goodwill | 0 | 1.47M | 3.12M | 3.42M | 3.42M | 80.75M | 80.75M | 80.75M |
| Intangible Assets | 11.98M | 16.85M | 53.03M | 56.75M | 56.61M | 177.41M | 153.01M | 152.95M |
| PP&E (Net) | 7.83M | 71.11M | 89.42M | 103.84M | 49.84M | 93.73M | 286.9M | 263.8M |
| Other Assets | 0 | 0 | 24.01M | 29.89M | 103.59M | 134.38M | 153.75M | 195.9M |
| Total Liabilities | 428.5M | 1.05B | 1.52B | 1.28B | 1.16B | 1.47B | 1.58B | 1.51B |
| Total Debt | 19.64M | 43.3M | 64.26M | 58.59M | 14.05M | 197.76M | 243.92M | 79.81M |
| Net Debt | -176.46M | -921.18M | -997.7M | -759.13M | -1.56B | -199.15M | -742.41M | -642.19M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 19.14M | -13.45M | 0 | 0 | 0 | 137.56M | 198.37M | 63M |
| Total Current Liabilities | 403.98M | 874.49M | 1.27B | 1.25B | 1.12B | 1.37B | 1.48B | 1.42B |
| Accounts Payable | 2.39M | 320.24M | 607.33M | 685.03M | 516.66M | 591.95M | 537.34M | 608.99M |
| Deferred Revenue | 0 | 53.81M | 37.32M | 803K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 167.19M | 166.5M | 103.4M | 39.31M | 185.72M | 1.06B | 108.41M | 0 |
| Deferred Taxes | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 349.18M |
| Other Liabilities | 24.25M | 167.6M | 225.75M | 26.05M | 33.98M | 73.31M | 0 | 0 |
| Total Equity | 278.22M▲ 0% | 1.5B▲ 439.7% | 3.18B▲ 111.8% | 3.97B▲ 24.9% | 4.77B▲ 20.0% | 4.68B▼ 1.8% | 4.87B▲ 4.2% | 5.01B▲ 0% |
| Equity Growth % | - | 439.69% | 111.81% | 24.94% | 19.95% | -1.84% | 4.17% | 16.9% |
| Shareholders Equity | 278.22M | 1.5B | 3.18B | 3.97B | 4.77B | 4.59B | 4.8B | 5.01B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 92.76M | 76.13M | 0 |
| Retained Earnings | -338.92M | -733.6M | -1.67B | -3.33B | -2.73B | -2.56B | -2.19B | -1.95B |
| Common Stock | 41K | 41K | 41K | 134K | 135K | 139K | 139K | 141K |
| Accumulated OCI | -72.94M | 27.24M | 14.96M | -21.49M | 108.25M | 144.11M | 159.55M | 111.05M |
| Return on Equity (ROE) | -75.19% | -36.13% | -28.36% | -44.01% | 13.91% | 3.54% | 7.69% | 9.15% |
| Return on Assets (ROA) | -29.6% | -19.71% | -18.29% | -31.62% | 10.88% | 2.77% | 5.83% | 6.96% |
| Equity / Assets | 39.37% | 58.75% | 67.59% | 75.68% | 80.48% | 76.09% | 75.52% | 76.84% |
| Debt / Equity | 0.07x | 0.03x | 0.02x | 0.01x | 0.00x | 0.04x | 0.05x | 0.05x |
| Book Value per Share | 0.87 | 4.67 | 9.89 | 10.08 | 11.85 | 12.06 | 13.10 | 13.51 |
| Tangible BV per Share | 0.83 | 4.61 | 9.72 | 9.93 | 11.70 | 11.39 | 12.47 | 12.88 |
WDH Cash Flow Statement
Waterdrop Inc. (WDH) cash flow — operating, investing & free cash flow history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -211.03M | -532.89M | -777.11M | -1.1B | 765.71M | 406.52M | 437.25M | 437.25M |
| Operating CF Growth % | - | -152.52% | -45.83% | -41.12% | 169.82% | -46.91% | 7.56% | 0% |
| Operating CF / Revenue % | -88.61% | -35.27% | -25.66% | -34.21% | 27.33% | 15.45% | 15.77% | 14.66% |
| Net Income | -209.19M | -321.54M | -663.87M | -1.57B | 607.72M | 163.69M | 350.88M | 446.94M |
| Depreciation & Amortization | 1.98M | 6.69M | 13.06M | 18.09M | 22.98M | 13.55M | 0 | 0 |
| Stock-Based Compensation | 47.81M | 28M | 227.83M | 226.16M | 112.03M | 133.87M | 86.87M | 87.39M |
| Deferred Taxes | 0 | 0 | 0 | -11.84M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 58K | 41K | 150.7M | 53.14M | 17.32M | -7.7M | 24.46M | -528.16M |
| Working Capital Changes | -51.69M | -246.08M | -504.83M | 191.87M | 5.67M | 103.1M | -24.97M | 0 |
| Cash from Investing | 31.99M | -45.95M | -1.22B | -846.9M | -139.82M | -1.17B | 291.64M | 0 |
| Capital Expenditures | -7.47M | -13.27M | -26.71M | -36.48M | -11.88M | -13.52M | 0 | 0 |
| Acquisitions | 0 | -5.07M | -20.36M | 765K | 0 | -197.2M | 0 | 0 |
| Purchase of Investments | -466.55M | -530.79M | -1.28B | -13.06B | -17.15B | -11.65B | 0 | 0 |
| Sale/Maturity of Investments | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Other Investing | 39.45M | -87K | 1.79M | 27K | 902K | 227K | 291.64M | 0 |
| Cash from Financing | 362.67M | 1.47B | 2.05B | 2.12B | -57.46M | -377.24M | -198.58M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -158.67M | 0 |
| Share Repurchases | -7.6M | 0 | 0 | -16.55M | -67.02M | -526.02M | -106.98M | 0 |
| Stock Issued | 0 | 0 | 0 | 2.13B | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 1000K | -68K | -169K | -192K | -164K | 1000K | 1000K | 0 |
| Other Financing | 343.56M | -19.14M | 2.07M | 2.97M | 9.73M | 11.71M | 7.22M | 0 |
| Net Change in Cash | 181.66M▲ 0% | 921.27M▲ 407.2% | 29.2M▼ 96.8% | 162.03M▲ 455.0% | 606.15M▲ 274.1% | -1.12B▼ 284.4% | 532.88M▲ 147.7% | 0▲ 0% |
| Exchange Rate Effect | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 0 |
| Cash at Beginning | 191.23M | 372.88M | 1.29B | 1.32B | 1.49B | 2.09B | 974.03M | 0 |
| Cash at End | 372.88M | 1.29B | 1.32B | 1.49B | 2.09B | 974.03M | 1.51B | 0 |
| Free Cash Flow | -218.5M▲ 0% | -546.16M▼ 150.0% | -803.82M▼ 47.2% | -1.13B▼ 41.0% | 753.82M▲ 166.5% | 392.99M▼ 47.9% | 218.84M▼ 44.3% | 0▲ 0% |
| FCF Growth % | - | -149.97% | -47.18% | -40.97% | 166.53% | -47.87% | -44.32% | - |
| FCF Margin % | -91.75% | -36.15% | -26.55% | -35.34% | 26.91% | 14.94% | 7.89% | 0% |
| FCF per Share | -0.68 | -1.7 | -2.5 | -2.87 | 1.87 | 1.01 | 0.59 | 0.59 |
WDH Key Ratios
Waterdrop Inc. (WDH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|---|
| Combined Ratio | 112.87% | 116.39% | 158.11% | 82.94% | 100.26% | 93.57% | 91.53% |
| Medical Cost Ratio | 19.28% | 24.51% | 42.11% | 47.69% | 60.29% | 47.43% | 58.76% |
| Return on Equity (ROE) | -36.13% | -28.36% | -44.01% | 13.91% | 3.54% | 7.69% | 9.15% |
| Return on Assets (ROA) | -19.71% | -18.29% | -31.62% | 10.88% | 2.77% | 5.83% | 6.96% |
| Equity / Assets | 58.75% | 67.59% | 75.68% | 80.48% | 76.09% | 75.52% | 76.84% |
| Book Value / Share | 4.67 | 9.89 | 10.08 | 11.85 | 12.06 | 13.1 | 13.51 |
| Debt / Equity | 0.03x | 0.02x | 0.01x | 0.00x | 0.04x | 0.05x | 0.05x |
| Revenue Growth | 534.46% | 100.4% | 5.88% | -12.61% | -6.11% | 5.36% | 9.39% |
WDH Frequently Asked Questions
Waterdrop Inc. (WDH) stock FAQ — growth, dividends, profitability & financials explained
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 3.94%. 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.
Explore More WDH
Waterdrop Inc. (WDH) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
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Dividend History
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Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates