The company maintains a conservative capital structure with $5.0 billion in total equity against $1.5 billion in total liabilities, providing a substantial buffer against potential market volatility.
Waterdrop Inc. (WDH) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Assets | 7.88B | 7.11B | 6.45B | 6.15B | 5.92B | 5.25B | 4.71B | 2.56B | 706.72M |
| Asset Growth % | 39.18% | 10.1% | 4.96% | 3.82% | 12.79% | 11.59% | 84.09% | 261.66% | - |
| Total Investment Assets | 4M | 3.11B | 2.73B | 3.21B | 2.14B | 1.98B | 1.2B | 65.01M | 37.05M |
| Long-Term Investments | 6.45B | 2.58B | 1.11B | 211.76M | 11.97M | 11.81M | 2.74M | 4.73M | 2.67M |
| Short-Term Investments | 195.79M | 531.01M | 1.61B | 3B | 2.13B | 1.97B | 1.19B | 60.28M | 34.38M |
| Total Current Assets | 5.44B | 3.98B | 4.64B | 5.43B | 5.69B | 5.03B | 4.53B | 2.46B | 684.24M |
| Cash & Equivalents | 1.86B | 1.13B | 986.32M | 396.9M | 1.57B | 817.72M | 1.06B | 964.48M | 196.1M |
| Receivables | 7.32B | 2.07B | 1.34B | 1.27B | 1.13B | 1.21B | 1.36B | 870.19M | 194.25M |
| Other Current Assets | 308.8M | 251.24M | 520.85M | 767.03M | 860.19M | 143.51M | 1.37B | 723.88M | 259.52M |
| Goodwill & Intangibles | 966.61M | 258.06M | 233.76M | 258.16M | 60.03M | 60.17M | 56.15M | 18.32M | 11.98M |
| Goodwill | 85.5M | 80.8M | 80.75M | 80.75M | 3.42M | 3.42M | 3.12M | 1.47M | 0 |
| Intangible Assets | 179.92M | 177.25M | 153.01M | 177.41M | 56.61M | 56.75M | 53.03M | 16.85M | 11.98M |
| PP&E (Net) | 273.6M | 279.83M | 286.9M | 93.73M | 49.84M | 103.84M | 89.42M | 71.11M | 7.83M |
| Other Assets | 7 | 9 | 153.75M | 134.38M | 103.59M | 29.89M | 24.01M | 0 | 0 |
| Total Liabilities | 2.57B | 1.95B | 1.58B | 1.47B | 1.16B | 1.28B | 1.52B | 1.05B | 428.5M |
| Total Debt | 497.77M | 70.57M | 243.92M | 197.76M | 14.05M | 58.59M | 64.26M | 43.3M | 19.64M |
| Net Debt | -1.37B | -1.06B | -742.41M | -199.15M | -1.56B | -759.13M | -997.7M | -921.18M | -176.46M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 476.27M | 47M | 198.37M | 137.56M | 0 | 0 | 0 | -13.45M | 19.14M |
| Total Current Liabilities | 2.48B | 1.89B | 1.48B | 1.37B | 1.12B | 1.25B | 1.27B | 874.49M | 403.98M |
| Accounts Payable | 913.29M | 684.8M | 537.34M | 591.95M | 516.66M | 685.03M | 607.33M | 320.24M | 2.39M |
| Deferred Revenue | 0 | 46M | 0 | 0 | 0 | 803K | 37.32M | 53.81M | 0 |
| Other Current Liabilities | 878.13K | 65.09M | 108.41M | 1.06B | 185.72M | 39.31M | 103.4M | 166.5M | 167.19M |
| Deferred Taxes | 334.22M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Liabilities | 7 | 0 | 0 | 73.31M | 33.98M | 26.05M | 225.75M | 167.6M | 24.25M |
| Total Equity | 5.31B | 5.16B | 4.87B | 4.68B | 4.77B | 3.97B | 3.18B | 1.5B | 278.22M |
| Equity Growth % | 21.43% | 5.78% | 4.17% | -1.84% | 19.95% | 24.94% | 111.81% | 439.69% | - |
| Shareholders Equity | 5.2B | 5.16B | 4.8B | 4.59B | 4.77B | 3.97B | 3.18B | 1.5B | 278.22M |
| Minority Interest | 110.27M | 0 | 76.13M | 92.76M | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -1.46B | -1.63B | -2.19B | -2.56B | -2.73B | -3.33B | -1.67B | -733.6M | -338.92M |
| Common Stock | 143.05K | 143.09K | 139K | 139K | 135K | 134K | 41K | 41K | 41K |
| Accumulated OCI | 15.33M | 43.65M | 159.55M | 144.11M | 108.25M | -21.49M | 14.96M | 27.24M | -72.94M |
| Return on Equity (ROE) | 9.54% | 11.04% | 7.69% | 3.54% | 13.91% | -44.01% | -28.36% | -36.13% | -75.19% |
| Return on Assets (ROA) | 7.02% | 8.16% | 5.83% | 2.77% | 10.88% | -31.62% | -18.29% | -19.71% | -29.6% |
| Equity / Assets | 67.44% | 72.55% | 75.52% | 76.09% | 80.48% | 75.68% | 67.59% | 58.75% | 39.37% |
| Debt / Equity | 0.09x | 0.01x | 0.05x | 0.04x | 0.00x | 0.01x | 0.02x | 0.03x | 0.07x |
| Book Value per Share | 144.69 | 138.82 | 13.10 | 12.06 | 11.85 | 10.08 | 9.89 | 4.67 | 0.87 |
| Tangible BV per Share | 137.47 | 131.87 | 12.47 | 11.39 | 11.70 | 9.93 | 9.72 | 4.61 | 0.83 |
Quick answers to the most common questions about buying WDH stock.
As of 2025, Waterdrop Inc. (WDH) had total assets of $7.11B including $3.98B in current assets.
Waterdrop Inc. (WDH) carries total debt of $70.6M, offset by $1.66B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Waterdrop Inc. (WDH) has total shareholders' equity (book value) of $5.16B ($138.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Waterdrop Inc. (WDH) reported a current ratio of 2.10x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Regulatory and Policy Lapse
Capital Base Expansion Amid Growth
As reported in financial statements, Waterdrop's total equity grew to $5.0 billion by 2025Q2, reflecting a steady accumulation of retained earnings that suggests the company is successfully scaling its brokerage operations while maintaining a conservative capital structure in the face of evolving Chinese insurance market dynamics.
The consistent expansion of the equity base from $4.6 billion in 2023Q3 to $5.0 billion in 2025Q2 indicates a disciplined approach to capital retention. This trajectory suggests that the company is prioritizing balance sheet resilience, which may be a strategic necessity given the inherent volatility of its digital-first lead generation model.
Reserve Volatility Reflects Underwriting Exposure
Based on reported figures, Waterdrop's claims reserves reached $416.5 million in 2025Q2, following a period of significant fluctuation that saw reserves peak at $692.7 million in 2023Q4, which may indicate underlying sensitivity to loss severity spikes within the company's insurance partner network.
The erratic nature of these reserve levels suggests that the company's exposure to insurance risk is not entirely linear, potentially complicating the predictability of future earnings. Investors should monitor whether these reserve swings are indicative of broader shifts in the risk profile of the policies being brokered.
Conservative Leverage Supports Solvency Profile
According to recent SEC filings, Waterdrop maintains a robust capital position with total liabilities of $1.5 billion against $6.5 billion in total assets, suggesting that the company operates with a significant buffer that may protect it against potential regulatory shocks or sudden market downturns.
The low debt-to-equity profile appears to provide the company with substantial flexibility to navigate the current regulatory environment in China. This capitalization structure warrants further investigation into how management intends to deploy this excess capital, particularly as the firm pivots toward more complex, long-term insurance products.
Hidden Risks in Asset Composition
As indicated by the provided data, the lack of transparency regarding the composition of the $6.5 billion in total assets suggests that a significant portion may be tied to non-liquid or intangible items, which could limit the company's ability to meet sudden liquidity demands during periods of stress.
While the headline asset figure appears strong, the absence of detailed investment portfolio disclosures makes it difficult to assess the quality of the underlying assets. This ambiguity may mask potential credit or market risks that could materialize if the company's primary brokerage revenue streams face unexpected regulatory headwinds.