The company maintains a conservative capital structure with a negligible debt-to-equity ratio of 0.02, supported by a substantial $3.4 billion cash position as of 2025Q4.
| Total Current Assets | 4.74B | 5.48B | 6.38B | 7.32B | 8.33B | 3.72B | 3.9B |
| Cash & Short-Term Investments | 4.24B | 4.86B | 5.46B | 6.26B | 7.21B | 3.1B | 3.54B |
| Cash Only | 3.37B | 4B | 2.11B | 4.53B | 2.16B | 957.82M | 900.35M |
| Short-Term Investments | 871.49M | 858.9M | 3.36B | 1.74B | 5.06B | 2.14B | 2.64B |
| Accounts Receivable | 412.21M | 496.17M | 682.93M | 859.05M | 988.96M | 499.89M | 251.87M |
| Days Sales Outstanding | 56.26 | 49.62 | 59.37 | 85.48 | 123.58 | 142.73 | 137.48 |
| Inventory | 0 | 0 | 22.19M | 10.35M | 4.6M | 0 | 27.15M |
| Days Inventory Outstanding | - | - | 4.26 | 2.07 | 1.21 | - | 27.74 |
| Other Current Assets | 78.93M | 6.99M | 117.65M | 92.61M | -1.43M | 51.71M | 62.13M |
| Total Non-Current Assets | 459.16M | 248.32M | 417.39M | 336.44M | 471M | 41.27M | 82.35M |
| Property, Plant & Equipment | 47.44M | 15.64M | 51.06M | 107.41M | 136.38M | 11.35M | 40.56M |
| Fixed Asset Turnover | 56.37x | 233.35x | 82.22x | 34.15x | 21.42x | 112.67x | 16.49x |
| Goodwill | 0 | 126.34M | 191.08M | 126.34M | 73.66M | 0 | 0 |
| Intangible Assets | 29.61M | 54.53M | 122.64M | 80.24M | 68.31M | 23.48M | 34.94M |
| Long-Term Investments | 368.71M | 51.18M | 44.62M | 0 | 178.52M | 0 | 0 |
| Other Non-Current Assets | 13.4M | 623K | 7.99M | 22.45M | 14.13M | 6.45M | 6.86M |
| Total Assets | 5.19B | 5.73B | 6.8B | 7.66B | 8.81B | 3.76B | 3.98B |
| Asset Turnover | 0.51x | 0.64x | 0.62x | 0.48x | 0.33x | 0.34x | 0.17x |
| Asset Growth % | -9.4% | -15.63% | -11.25% | -13.05% | 134.09% | -5.59% | - |
| Total Current Liabilities | 1.27B | 1.52B | 1.95B | 1.82B | 1.9B | 1.01B | 763.04M |
| Accounts Payable | 681.74M | 835.69M | 1.04B | 916.11M | 1.03B | 501.85M | 287.04M |
| Days Payables Outstanding | 232.28 | 212.09 | 199.22 | 182.88 | 270.1 | 325.96 | 293.25 |
| Short-Term Debt | 35M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 186.15M | 235.54M | 303.57M | 355.63M | 239.76M | 160M | 107.13M |
| Other Current Liabilities | 140.49M | 47.13M | 432.5M | 140.66M | 134.96M | 303.85M | 23.87M |
| Current Ratio | 3.73x | 3.60x | 3.28x | 4.01x | 4.39x | 3.67x | 5.11x |
| Quick Ratio | 3.73x | 3.60x | 3.27x | 4.01x | 4.39x | 3.67x | 5.08x |
| Cash Conversion Cycle | - | - | -135.59 | -95.34 | -145.31 | - | -128.03 |
| Total Non-Current Liabilities | 47.45M | 12.61M | 148.17M | 137.13M | 169.3M | 7.89B | 7.21B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 15.6M | 1.82M | 3.64M | 43.37M | 82.13M | 0 | 2.89M |
| Deferred Tax Liabilities | 27.19M | 6.83M | 22.57M | 11.63M | 14.03M | 0 | 0 |
| Other Non-Current Liabilities | 4.65M | 3.96M | 121.96M | 82.13M | 73.14M | 7.89B | 7.21B |
| Total Liabilities | 1.32B | 1.54B | 2.09B | 1.96B | 2.07B | 1.01B | 7.98B |
| Total Debt | 72.02M | 19.13M | 45.73M | 96.56M | 122.66M | 2.89M | 25.64M |
| Net Debt | -3.3B | -3.98B | -2.06B | -4.43B | -2.12B | -954.93M | -874.71M |
| Debt / Equity | 0.02x | 0.00x | 0.01x | 0.02x | 0.02x | 0.00x | - |
| Debt / EBITDA | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - |
| Total Equity | 3.88B | 4.2B | 4.7B | 5.69B | 6.75B | 2.75B | -3.99B |
| Equity Growth % | -7.58% | -10.76% | -17.43% | -15.59% | 145.58% | 168.81% | - |
| Book Value per Share | 48.46 | 45.89 | 47.20 | 56.66 | 85.20 | 29.81 | -40.30 |
| Total Shareholders' Equity | 3.81B | 4.14B | 4.6B | 5.65B | 6.74B | 2.75B | -3.99B |
| Common Stock | 207K | 203K | 241K | 249K | 241K | 193K | 46K |
| Retained Earnings | -9.07B | -8.88B | -8.71B | -7.86B | -6.28B | -4.95B | -3.94B |
| Treasury Stock | -275.06M | -112.06M | -161.64M | -33.81M | 0 | 0 | 0 |
| Accumulated OCI | -33.03M | 12.82M | -17.87M | -65.81M | -339.12M | -195.93M | -52.6M |
| Minority Interest | 70.95M | 59.56M | 101.8M | 40.57M | 7.5M | 0 | 0 |
Persistent Operating Cash Burn
As reported in recent financial filings, Zhihu's total assets have declined from $7.0 billion in 2023Q3 to $5.2 billion by 2025Q4, signaling a structural reduction in the company's balance sheet footprint as it navigates a period of sustained revenue contraction and operational rationalization.
The consistent decline in total assets suggests that the company is shedding non-core resources or experiencing a natural contraction in its capital base as growth stalls. Investors should monitor whether this reduction reflects a disciplined exit from underperforming business lines or a broader erosion of the company's competitive resource pool.
Based on the 2025Q4 reported figures, Zhihu maintains a robust liquidity position with $3.4 billion in cash and a current ratio of 3.73, providing a significant, albeit depleting, buffer against the company's ongoing operational cash burn and volatile market conditions in the Chinese internet sector.
While the high current ratio suggests ample short-term solvency, the reliance on this cash pile to fund persistent operating losses warrants caution. The liquidity profile appears strong in isolation, but it may be misleading if the company fails to achieve a self-sustaining business model before the cash reserves are significantly impaired.
According to the latest balance sheet data, Zhihu maintains a negligible debt-to-equity ratio of 0.02, indicating that the company has avoided reliance on external credit markets to fund its operations, which serves as a critical defensive feature during this period of significant revenue decline.
The near-absence of debt suggests that the company's financial distress is purely operational rather than structural or solvency-driven. This lack of leverage provides management with maximum flexibility, though it also highlights that the company's primary risk remains its inability to generate positive cash flow from its core business activities.
As indicated in the company's quarterly reports, deferred revenue has trended downward from $359.3 million in 2023Q3 to $186.2 million in 2025Q4, which may suggest a weakening in future service delivery obligations and a potential cooling of demand for the platform's paid membership and vocational offerings.
The contraction in deferred revenue is a concerning forward-looking indicator that implies a potential slowdown in future top-line growth. This trend warrants further investigation to determine if it reflects a shift in subscription duration or a fundamental decline in user willingness to commit to the platform's long-term services.
Quick answers to the most common questions about buying ZH stock.
As of 2025, Zhihu Inc. (ZH) had total assets of $5.19B including $4.74B in current assets.
Zhihu Inc. (ZH) carries total debt of $72.0M, offset by $4.24B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Zhihu Inc. (ZH) has total shareholders' equity (book value) of $3.81B ($48.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Zhihu Inc. (ZH) reported a current ratio of 3.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.