Zhihu Inc.(ZH)Earnings, Financials & Key Ratios
ZH•NYSE
$3.25
$297M mkt cap·Price updated May 6, 2026
SectorCommunication ServicesIndustryInternet ServicesSub-IndustrySocial, Video, and Streaming Platforms
AboutZhihu Inc. operates an online content community in the People's Republic of China. Its community allows people to seek inspiration, find solutions, make decisions, and have fun. The company also offers technology, business support, and consulting services; information transmission, software, and information technology services; information and marketing services; vocational training; and internet services, as well as holds audio-visual permit. The company was founded in 2010 and is headquartered in Beijing, the People's Republic of China.Show more
- Revenue$3.65B-13.1%
- EBITDA-$466M+55.5%
- Net Income-$174M+79.3%
- EPS (Diluted)-1.89+77.7%
- Gross Margin60.6%+10.8%
- EBITDA Margin-12.76%+48.9%
- Operating Margin-13.37%+47.7%
- Net Margin-4.77%+76.2%
- ROE-3.92%+75.9%
- ROIC-25.62%+37.8%
- Debt/Equity0.00-53.1%
ZH Key Insights
Zhihu Inc. (ZH) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 40.4%
- ✓Share count reduced 8.2% through buybacks
- ✓Trading at only 0.5x book value
✗Weaknesses
- ✗Negative free cash flow
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
ZH Price & Volume
Zhihu Inc. (ZH) stock price & volume — 10-year historical chart
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ZH Growth Metrics
Zhihu Inc. (ZH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years40.41%
3 Years7.71%
TTM-22.78%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM128.45%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM128.76%
Return on Capital
10 Years-22.8%
5 Years-20.8%
3 Years-18.82%
Last Year-10.77%
ZH Recent Earnings
Zhihu Inc. (ZH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (88%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
Mar 25, 2026EPS
$0.37
Est $0.01
-3127.4%
Revenue
$92M
Est $92M
+0.1%
Q4 2025
Nov 25, 2025EPS
$0.03
Est $0.08
+62.5%
Revenue
$93M
Est $640M
-85.5%
Q3 2025
Aug 27, 2025EPS
$0.15
Est $0.12
+225.0%
Revenue
$100M
Est $752M
-86.7%
Q2 2025
May 27, 2025EPS
$0.01
Est $0.03
+131.6%
Revenue
$100M
Est $782M
-87.2%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 25, 2026 | $0.37vs $0.01-3127.4% | $92Mvs $92M+0.1% |
| Q4 2025 | Nov 25, 2025 | $0.03vs $0.08+62.5% | $93Mvs $640M-85.5% |
| Q3 2025 | Aug 27, 2025 | $0.15vs $0.12+225.0% | $100Mvs $752M-86.7% |
| Q2 2025 | May 27, 2025 | $0.01vs $0.03+131.6% | $100Mvs $782M-87.2% |
Based on last 12 quarters of dataView full earnings history →
ZH Peer Comparison
Zhihu Inc. (ZH) competitors in Social, Video, and Streaming Platforms — 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 |
|---|---|---|---|---|---|---|---|---|
 MOMO | 2.14B | 6.27 | 9.25 | -5.86% | 7.77% | 7.21% | 4.61% | 0.01 |
 JOYY | 3.16B | 58.75 | -22.60 | -1.33% | -6.53% | -2.82% | 7.1% | 0.01 |
 DOYU | 144.86M | 4.80 | -3.39 | -22.78% | -4.81% | -6.48% | 0.00 | |
 HUYA | 478.23M | 3.18 | -103.23 | -13.09% | -2.51% | -2.41% | 0.01 | |
 BIDU | 44.15B | 126.24 | 13.06 | -1.09% | 6.9% | 3.13% | 4.35% | 0.28 |
 WB | 1.32B | 8.38 | 7.22 | -0.29% | 21.11% | 10.31% | 43.96% | 0.53 |
 BILI | 7.17B | 21.55 | -45.48 | 19.1% | 0.75% | 1.56% | 8.71% | 0.36 |
 IQ | 1.17B | 1.21 | 10.67 | -8.31% | -1.44% | -2.92% | 24.28% | 1.06 |
Compare ZH vs Peers
Zhihu Inc. (ZH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ZH Income Statement
Zhihu Inc. (ZH) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 668.7M | 1.28B | 2.92B | 3.67B | 4.2B | 3.65B | 2.97B |
| Revenue Growth % | - | 91.17% | 128.49% | 25.58% | 14.45% | -13.06% | -22.78% |
| Cost of Goods Sold | 357.27M | 561.95M | 1.39B | 1.83B | 1.9B | 1.44B | 1.12B |
| COGS % of Revenue | 53.43% | 43.96% | 47.49% | 49.84% | 45.32% | 39.4% | - |
| Gross Profit | 311.43M▲ 0% | 716.43M▲ 130.0% | 1.53B▲ 114.1% | 1.84B▲ 20.0% | 2.3B▲ 24.8% | 2.21B▼ 3.7% | 1.85B▲ 0% |
| Gross Margin % | 46.57% | 56.04% | 52.51% | 50.16% | 54.68% | 60.6% | 62.19% |
| Gross Profit Growth % | - | 130.05% | 114.09% | 19.95% | 24.77% | -3.65% | - |
| Operating Expenses | 1.37B | 1.29B | 2.91B | 3.47B | 3.37B | 2.7B | 2.08B |
| OpEx % of Revenue | 204.43% | 100.63% | 99.5% | 94.64% | 80.21% | 73.96% | - |
| Selling, General & Admin | 1.02B | 974.64M | 2.29B | 2.69B | 2.47B | 1.96B | 1.53B |
| SG&A % of Revenue | 152.08% | 76.24% | 78.57% | 73.47% | 58.74% | 53.61% | - |
| Research & Development | 350.06M | 311.76M | 611.56M | 776.77M | 901.33M | 742.93M | 549.09M |
| R&D % of Revenue | 52.35% | 24.39% | 20.94% | 21.18% | 21.47% | 20.35% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 8 |
| Operating Income | -1.06B▲ 0% | -569.97M▲ 46.0% | -1.37B▼ 140.8% | -1.63B▼ 18.9% | -1.07B▲ 34.3% | -487.9M▲ 54.5% | -230.41M▲ 0% |
| Operating Margin % | -157.86% | -44.59% | -46.99% | -44.49% | -25.54% | -13.37% | -7.76% |
| Operating Income Growth % | - | 46.01% | -140.84% | -18.88% | 34.31% | 54.49% | - |
| EBITDA | -1.04B | -551.44M | -1.35B | -1.61B | -1.05B | -465.64M | -147.99M |
| EBITDA Margin % | -154.85% | -43.14% | -46.27% | -43.79% | -24.94% | -12.76% | -4.98% |
| EBITDA Growth % | - | 46.74% | -145.09% | -18.85% | 34.81% | 55.53% | 70.64% |
| D&A (Non-Cash Add-back) | 20.15M | 18.53M | 21.17M | 25.65M | 24.89M | 22.26M | 9.44M |
| EBIT | -1B | -488.28M | -1.28B | -1.59B | -827.58M | -180.89M | 75.07M |
| Net Interest Income | 28.67M | 24.75M | 31.3M | 68.1M | 158.67M | 114.96M | 84.47M |
| Interest Income | 28.67M | 24.75M | 31.3M | 68.1M | 158.67M | 114.96M | 84.47M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 54.15M | 81.69M | 96.01M | 40.23M | 244.5M | 307.01M | 359.4M |
| Pretax Income | -1B▲ 0% | -488.28M▲ 51.2% | -1.28B▼ 161.5% | -1.59B▼ 24.7% | -827.58M▲ 48.0% | -180.89M▲ 78.1% | 128.99M▲ 0% |
| Pretax Margin % | -149.76% | -38.19% | -43.71% | -43.39% | -19.71% | -4.96% | 4.34% |
| Income Tax | 39.89K | 1.02M | 5.37M | 14.43M | 11.83M | -9.52M | 26.32M |
| Effective Tax Rate % | -0% | -0.21% | -0.42% | -0.91% | -1.43% | 5.27% | 20.4% |
| Net Income | -1B▲ 0% | -489.3M▲ 51.1% | -1.28B▼ 162.0% | -1.61B▼ 25.5% | -843.53M▲ 47.6% | -174.24M▲ 79.3% | 102.65M▲ 0% |
| Net Margin % | -149.77% | -38.27% | -43.89% | -43.86% | -20.09% | -4.77% | 3.46% |
| Net Income Growth % | - | 51.14% | -162.02% | -25.5% | 47.57% | 79.34% | 128.45% |
| Net Income (Continuing) | -1B | -489.3M | -1.28B | -1.61B | -839.41M | -171.36M | 102.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 7.5M | 40.57M | 101.8M | 59.56M | 69.67M |
| EPS (Diluted) | -10.12▲ 0% | -12.85▼ 27.0% | -18.35▼ 42.8% | -15.68▲ 14.6% | -8.47▲ 46.0% | -1.89▲ 77.7% | 1.29▲ 0% |
| EPS Growth % | - | -26.98% | -42.8% | 14.55% | 45.98% | 77.69% | 128.76% |
| EPS (Basic) | -10.12 | -12.85 | -18.35 | -15.68 | -8.47 | -1.89 | - |
| Diluted Shares Outstanding | 99.06M | 92.14M | 79.18M | 100.5M | 99.61M | 91.42M | 79.83M |
| Basic Shares Outstanding | 99.06M | 92.14M | 79.18M | 100.5M | 99.61M | 91.42M | 79.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
ZH Balance Sheet
Zhihu Inc. (ZH) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 3.9B | 3.72B | 8.33B | 7.32B | 6.38B | 5.48B | 4.87B |
| Cash & Short-Term Investments | 3.54B | 3.1B | 7.21B | 6.26B | 5.46B | 4.86B | 4.37B |
| Cash Only | 900.35M | 957.82M | 2.16B | 4.53B | 2.11B | 4B | 2.73B |
| Short-Term Investments | 2.64B | 2.14B | 5.06B | 1.74B | 3.36B | 858.9M | 1.64B |
| Accounts Receivable | 251.87M | 499.89M | 988.96M | 859.05M | 682.93M | 496.17M | 350.1M |
| Days Sales Outstanding | 137.48 | 142.73 | 123.58 | 85.48 | 59.37 | 49.62 | 52.1 |
| Inventory | 27.15M | 0 | 4.6M | 10.35M | 22.19M | 0 | 0 |
| Days Inventory Outstanding | 27.74 | - | 1.21 | 2.07 | 4.26 | - | - |
| Other Current Assets | 62.13M | 51.71M | -1.43M | 92.61M | 117.65M | 6.99M | 149.78M |
| Total Non-Current Assets | 82.35M | 41.27M | 471M | 336.44M | 417.39M | 248.32M | 629.27M |
| Property, Plant & Equipment | 40.56M | 11.35M | 136.38M | 107.41M | 51.06M | 15.64M | 52.35M |
| Fixed Asset Turnover | 16.49x | 112.67x | 21.42x | 34.15x | 82.22x | 233.35x | 57.76x |
| Goodwill | 0 | 0 | 73.66M | 126.34M | 191.08M | 126.34M | 126.34M |
| Intangible Assets | 34.94M | 23.48M | 68.31M | 80.24M | 122.64M | 54.53M | 43.7M |
| Long-Term Investments | 0 | 0 | 178.52M | 0 | 44.62M | 51.18M | 1.09B |
| Other Non-Current Assets | 6.86M | 6.45M | 14.13M | 22.45M | 7.99M | 623K | 23.85M |
| Total Assets | 3.98B▲ 0% | 3.76B▼ 5.6% | 8.81B▲ 134.1% | 7.66B▼ 13.0% | 6.8B▼ 11.2% | 5.73B▼ 15.6% | 5.5B▲ 0% |
| Asset Turnover | 0.17x | 0.34x | 0.33x | 0.48x | 0.62x | 0.64x | 0.52x |
| Asset Growth % | - | -5.59% | 134.09% | -13.05% | -11.25% | -15.63% | -43.04% |
| Total Current Liabilities | 763.04M | 1.01B | 1.9B | 1.82B | 1.95B | 1.52B | 1.32B |
| Accounts Payable | 287.04M | 501.85M | 1.03B | 916.11M | 1.04B | 835.69M | 684.29M |
| Days Payables Outstanding | 293.25 | 325.96 | 270.1 | 182.88 | 199.22 | 212.09 | 245.14 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 105.51M |
| Deferred Revenue (Current) | 107.13M | 160M | 239.76M | 355.63M | 0 | 235.54M | 861.65M |
| Other Current Liabilities | 23.87M | 303.85M | 134.96M | 140.66M | 432.5M | 47.13M | 132.88M |
| Current Ratio | 5.11x | 3.67x | 4.39x | 4.01x | 3.28x | 3.60x | 3.60x |
| Quick Ratio | 5.08x | 3.67x | 4.39x | 4.01x | 3.27x | 3.60x | 3.60x |
| Cash Conversion Cycle | -128.03 | - | -145.31 | -95.34 | -135.59 | - | -193.04 |
| Total Non-Current Liabilities | 7.21B | 7.89B | 169.3M | 137.13M | 148.17M | 12.61M | 59.11M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.89M | 0 | 82.13M | 43.37M | 3.64M | 1.82M | 84.32M |
| Deferred Tax Liabilities | 0 | 0 | 14.03M | 11.63M | 22.57M | 6.83M | 82.64M |
| Other Non-Current Liabilities | 7.21B | 7.89B | 73.14M | 82.13M | 121.96M | 3.96M | 15.31M |
| Total Liabilities | 7.98B | 1.01B | 2.07B | 1.96B | 2.09B | 1.54B | 1.38B |
| Total Debt | 25.64M | 2.89M | 122.66M | 96.56M | 45.73M | 19.13M | 150.71M |
| Net Debt | -874.71M | -954.93M | -2.12B | -4.43B | -2.06B | -3.98B | -2.58B |
| Debt / Equity | - | 0.00x | 0.02x | 0.02x | 0.01x | 0.00x | 0.00x |
| Debt / EBITDA | - | - | - | - | - | - | -1.02x |
| Net Debt / EBITDA | - | - | - | - | - | - | 17.43x |
| Interest Coverage | - | - | - | - | - | - | - |
| Total Equity | -3.99B▲ 0% | 2.75B▲ 168.8% | 6.75B▲ 145.6% | 5.69B▼ 15.6% | 4.7B▼ 17.4% | 4.2B▼ 10.8% | 4.12B▲ 0% |
| Equity Growth % | - | 168.81% | 145.58% | -15.59% | -17.43% | -10.76% | -28.01% |
| Book Value per Share | -40.30 | 29.81 | 85.20 | 56.66 | 47.20 | 45.89 | 51.63 |
| Total Shareholders' Equity | -3.99B | 2.75B | 6.74B | 5.65B | 4.6B | 4.14B | 4.05B |
| Common Stock | 46K | 193K | 241K | 249K | 241K | 203K | 4.05B |
| Retained Earnings | -3.94B | -4.95B | -6.28B | -7.86B | -8.71B | -8.88B | 0 |
| Treasury Stock | 0 | 0 | 0 | -33.81M | -161.64M | -112.06M | 0 |
| Accumulated OCI | -52.6M | -195.93M | -339.12M | -65.81M | -17.87M | 12.82M | 0 |
| Minority Interest | 0 | 0 | 7.5M | 40.57M | 101.8M | 59.56M | 69.67M |
ZH Cash Flow Statement
Zhihu Inc. (ZH) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -715.52M | -244.42M | -440.23M | -1.11B | -415.53M | -280.19M | -280.19M |
| Operating CF Margin % | -107% | -19.12% | -15.07% | -30.39% | -9.9% | -7.68% | - |
| Operating CF Growth % | - | 65.84% | -80.11% | -153.26% | 62.73% | 32.57% | 0% |
| Net Income | -1B | -517.55M | -1.3B | -1.58B | -839.53M | -168.97M | 102.65M |
| Depreciation & Amortization | 20.24M | 19.61M | 21.45M | 25.21M | 24.89M | 21.95M | 0 |
| Stock-Based Compensation | 179.69M | 180.09M | 548.47M | 373.89M | 164.66M | 59.26M | 60.76M |
| Deferred Taxes | 0 | 0 | -1.09M | -2.4M | -3.81M | -3.02M | 0 |
| Other Non-Cash Items | 3.35M | 83.49M | -1.58M | 200.58M | 126.47M | -104.93M | -162.77M |
| Working Capital Changes | 85.42M | -10.06M | 291.4M | -133.83M | 111.79M | -84.48M | 0 |
| Change in Receivables | -62.63M | -257.07M | -374.68M | -132.84M | 64.41M | 208.24M | 0 |
| Change in Inventory | 54.38M | 37.26M | 29.23M | 0 | 0 | 0 | 0 |
| Change in Payables | 38.64M | 214.81M | 524.25M | -15.87M | 220.24M | -183.37M | 0 |
| Cash from Investing | -2.1B | 430.11M | -3.14B | 3.49B | -1.68B | 2.56B | 0 |
| Capital Expenditures | -5.75M | -1.95M | -7.44M | -714K | -8.49M | -2.73M | 0 |
| CapEx % of Revenue | 0.86% | 0.15% | 0.25% | 0.02% | 0.2% | 0.07% | - |
| Acquisitions | 1.22M | 0 | -33.18M | -60.61M | -63.59M | 12.16M | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -1.04M | 9K | 0 | 123K | -381K | 27K | 0 |
| Cash from Financing | 3B | 9.29M | 4.88B | -108.35M | -365.06M | -403.86M | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1000K | 0 | 1000K | -1000K | -1000K | -1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -127.96M | -369.57M | -400.71M | 0 |
| Other Financing | -13.5M | 9.29M | 22.95M | 19.61M | 4.51M | -3.15M | 0 |
| Net Change in Cash | 187.06M▲ 0% | 57.47M▼ 69.3% | 1.2B▲ 1986.9% | 2.37B▲ 97.5% | -2.42B▼ 202.1% | 1.89B▲ 178.3% | 0▲ 0% |
| Free Cash Flow | -721.27M▲ 0% | -246.37M▲ 65.8% | -447.67M▼ 81.7% | -1.12B▼ 149.2% | -424.4M▲ 62.0% | -282.92M▲ 33.3% | 0▲ 0% |
| FCF Margin % | -107.86% | -19.27% | -15.33% | -30.41% | -10.11% | -7.75% | - |
| FCF Growth % | - | 65.84% | -81.71% | -149.21% | 61.96% | 33.34% | - |
| FCF per Share | -7.28 | -2.67 | -5.65 | -11.10 | -4.26 | -3.09 | -3.09 |
| FCF Conversion (FCF/Net Income) | 0.71x | 0.50x | 0.34x | 0.69x | 0.49x | 1.61x | 0.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 3.5M | 16.92M | 11.14M | 1.78M | 0 |
ZH Key Ratios
Zhihu Inc. (ZH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -17.81% | -27.01% | -25.87% | -16.23% | -3.92% | 2.49% |
| Return on Invested Capital (ROIC) | -23.86% | -31.66% | -40.96% | -41.17% | -25.62% | -25.62% |
| Gross Margin | 56.04% | 52.51% | 50.16% | 54.68% | 60.6% | 62.19% |
| Net Margin | -38.27% | -43.89% | -43.86% | -20.09% | -4.77% | 3.46% |
| Debt / Equity | 0.00x | 0.02x | 0.02x | 0.01x | 0.00x | 0.00x |
| FCF Conversion | 0.50x | 0.34x | 0.69x | 0.49x | 1.61x | 0.00x |
| Revenue Growth | 91.17% | 128.49% | 25.58% | 14.45% | -13.06% | -22.78% |
ZH Frequently Asked Questions
Zhihu Inc. (ZH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Zhihu Inc. (ZH) reported $2.97B in revenue for fiscal year 2024. This represents a 344% increase from $668.7M in 2019.
Zhihu Inc. (ZH) saw revenue decline by 13.1% over the past year.
Yes, Zhihu Inc. (ZH) is profitable, generating $102.6M in net income for fiscal year 2024 (-4.8% net margin).
Dividend & Returns
Zhihu Inc. (ZH) has a return on equity (ROE) of -3.9%. Negative ROE indicates the company is unprofitable.
Zhihu Inc. (ZH) had negative free cash flow of $282.9M in fiscal year 2024, likely due to heavy capital investments.
Explore More ZH
Zhihu Inc. (ZH) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
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