Waterdrop Inc. (WDH) Financial Ratios
8 years of historical data (2018–2025) · Financial Services · Insurance - Diversified
EV/EBITDA
↓
5.49
↓-82% vs avg
5yr avg: 30.02
30Y Low30.0·High30.0
P/FCF
↓
14.55
↑+1033% vs avg
5yr avg: 1.28
30Y Low0.3·High2.0
P/B Ratio
↓
0.06
↓-50% vs avg
5yr avg: 0.12
30Y Low0.0·High0.3
ROE
↑
11.0%
↓+805% vs avg
5yr avg: -1.6%
30Y Low-75%·High14%
Debt/EBITDA
↑
0.19
↓-98% vs avg
5yr avg: 7.63
30Y Low0.0·High29.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WDH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Waterdrop Inc. trades at 0.6x earnings, 62% below its 5-year average of 1.5x, sitting at the 25th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 96%. On a free-cash-flow basis, the stock trades at 14.6x P/FCF, 1033% above the 5-year average of 1.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $460M | $71M | $439M | $404M | $1.3B | $544M | — | — | — |
| Enterprise Value | $304M | $-991043747 | $-303471960 | $204M | $-220634436 | $-215022378 | — | — | — |
| P/E Ratio → | 0.57 | 0.13 | 1.18 | 2.42 | 2.22 | — | — | — | — |
| P/S Ratio | 0.81 | 0.02 | 0.16 | 0.15 | 0.48 | 0.17 | — | — | — |
| P/B Ratio | 0.06 | 0.01 | 0.09 | 0.09 | 0.28 | 0.14 | — | — | — |
| P/FCF | 14.55 | 0.33 | 2.01 | 1.03 | 1.78 | — | — | — | — |
| P/OCF | 12.79 | 0.29 | 1.00 | 0.99 | 1.75 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
WDH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Waterdrop Inc.'s enterprise value stands at 5.5x EBITDA, 82% below its 5-year average of 30.0x. The Financial Services sector median is 11.4x, placing the stock at a 52% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.26 | -0.11 | 0.08 | -0.08 | -0.07 | — | — | — |
| EV / EBITDA | 5.49 | -2.65 | -1.58 | 30.02 | -0.44 | — | — | — | — |
| EV / EBIT | 5.70 | -2.75 | -1.70 | — | -0.46 | — | — | — | — |
| EV / FCF | — | -4.62 | -1.39 | 0.52 | -0.29 | — | — | — | — |
WDH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Waterdrop Inc. earns an operating margin of 9.3%, below the Financial Services sector average of 20.3%. Operating margins have expanded from -0.3% to 9.3% over the past 3 years, signaling improving operational efficiency. ROE of 11.0% is modest. ROIC of 6.6% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.1% | 51.1% | 52.6% | 39.7% | 52.3% | 57.9% | 75.5% | 80.7% | 80.7% |
| Operating Margin | 9.3% | 9.3% | 6.4% | -0.3% | 17.1% | -58.1% | -16.4% | -12.9% | -79.0% |
| Net Profit Margin | 14.3% | 14.3% | 13.3% | 6.4% | 21.7% | -49.1% | -21.9% | -21.3% | -87.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 7.7% | 3.5% | 13.9% | -44.0% | -28.4% | -36.1% | -75.2% |
| ROA | 8.2% | 8.2% | 5.8% | 2.8% | 10.9% | -31.6% | -18.3% | -19.7% | -29.6% |
| ROIC | 6.6% | 6.6% | 3.1% | -0.1% | 11.2% | -51.8% | -26.9% | -42.8% | -138.7% |
| ROCE | 7.1% | 7.1% | 3.7% | -0.1% | 10.9% | -50.1% | -19.4% | -19.6% | -62.2% |
WDH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Waterdrop Inc. carries a Debt/EBITDA ratio of 0.2x, which is very conservative (96% below the sector average of 4.3x). The company holds a net cash position — cash of $1.1B exceeds total debt of $71M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.05 | 0.04 | 0.00 | 0.01 | 0.02 | 0.03 | 0.07 |
| Debt / EBITDA | 0.19 | 0.19 | 1.27 | 29.03 | 0.03 | — | — | — | — |
| Net Debt / Equity | — | -0.21 | -0.15 | -0.04 | -0.33 | -0.19 | -0.31 | -0.61 | -0.63 |
| Net Debt / EBITDA | -2.83 | -2.83 | -3.87 | -29.23 | -3.11 | — | — | — | — |
| Debt / FCF | — | -4.95 | -3.39 | -0.51 | -2.07 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($1.1B) exceeds total debt ($71M)
WDH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Waterdrop Inc.'s current ratio of 2.10x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 3.96x to 2.10x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.10 | 2.10 | 3.12 | 3.96 | 5.07 | 4.03 | 3.57 | 2.82 | 1.69 |
| Quick Ratio | 2.10 | 2.10 | 3.12 | 3.96 | 5.07 | 3.49 | 3.22 | 2.35 | 1.69 |
| Cash Ratio | 0.88 | 0.88 | 1.75 | 2.48 | 3.30 | 2.23 | 1.77 | 1.17 | 0.57 |
| Asset Turnover | — | 0.54 | 0.43 | 0.43 | 0.47 | 0.61 | 0.64 | 0.59 | 0.34 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
WDH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Waterdrop Inc. returns 44.7% to shareholders annually — split between a 41.8% dividend yield and 2.9% buyback yield. The payout ratio of 23.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 100.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 41.8% | 100.0% | 36.1% | — | — | — | — | — | — |
| Payout Ratio | 23.6% | 23.6% | 43.2% | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 773.7% | 84.7% | 41.3% | 45.0% | — | — | — | — |
| FCF Yield | 6.9% | 303.7% | 49.9% | 97.4% | 56.3% | — | — | — | — |
| Buyback Yield | 2.9% | 100.0% | 24.4% | 100.0% | 5.0% | 3.0% | — | — | — |
| Total Shareholder Yield | 44.7% | 100.0% | 60.5% | 100.0% | 5.0% | 3.0% | — | — | — |
| Shares Outstanding | — | $37M | $372M | $388M | $402M | $394M | $322M | $322M | $322M |
Peer Comparison
Compare WDH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WDHYou | $460M | 0.6 | 5.5 | 14.6 | 51.1% | 9.3% | 11.0% | 6.6% | 0.2 |
 ACMR | $7B | 80.2 | 54.2 | — | 44.4% | 12.1% | 6.2% | 7.0% | 2.4 |
 HUYA | $517M | -31.9 | — | — | 13.4% | -2.5% | -1.8% | -2.3% | — |
 ZH | $255M | -8.9 | — | — | 59.9% | -13.9% | -4.6% | -70.1% | — |
 COHN | $73M | 2.7 | 7.4 | 2.8 | 93.8% | 22.3% | 14.9% | 12.2% | 7.2 |
 FUTU | $13B | 9.5 | -0.0 | 2.6 | 87.1% | 61.6% | 33.1% | 22.3% | 1.3 |
 UP | $284M | -0.9 | — | — | 2.2% | -34.3% | — | — | — |
 CLOV | $3B | -29.4 | — | — | 18.5% | -4.4% | -26.3% | -34.0% | — |
 ACGL | $32B | 7.8 | 6.6 | 5.3 | 37.2% | 25.0% | 19.5% | 15.4% | 0.5 |
 RGA | $14B | 11.9 | 9.7 | 3.4 | 25.4% | 6.8% | 9.7% | 8.3% | 3.6 |
 MET | $56B | 17.8 | 9.4 | 3.1 | 36.4% | 6.0% | 11.9% | 13.1% | 3.5 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 8 years · Updated daily
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WDH — Frequently Asked Questions
Quick answers to the most common questions about buying WDH stock.
What is Waterdrop Inc.'s P/E ratio?
Waterdrop Inc.'s current P/E ratio is 0.6x. The historical average is 1.5x. This places it at the 25th percentile of its historical range.
What is Waterdrop Inc.'s EV/EBITDA?
Waterdrop Inc.'s current EV/EBITDA is 5.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 30.0x.
What is Waterdrop Inc.'s ROE?
Waterdrop Inc.'s return on equity (ROE) is 11.0%. The historical average is -18.4%.
Is WDH stock overvalued?
Based on historical data, Waterdrop Inc. is trading at a P/E of 0.6x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Waterdrop Inc.'s dividend yield?
Waterdrop Inc.'s current dividend yield is 41.79% with a payout ratio of 23.6%.
What are Waterdrop Inc.'s profit margins?
Waterdrop Inc. has 51.1% gross margin and 9.3% operating margin.
How much debt does Waterdrop Inc. have?
Waterdrop Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.