Zhihu Inc. (ZH) Financial Ratios
6 years of historical data (2019–2024) · Communication Services · Internet Content & Information
EV/EBITDA
N/A
—
5yr avg: N/A
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↓
0.50
↑+178% vs avg
5yr avg: 0.18
30Y Low0.1·High0.4
ROE
↑
-3.9%
↓+78% vs avg
5yr avg: -18.2%
30Y Low-27%·High-4%
Debt/EBITDA
N/A
—
5yr avg: N/A
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ZH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Zhihu Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Market Cap | $310M | $324M | $560M | $784M | $2.6B | — | — |
| Enterprise Value | $-275200429 | $-3656400472 | $-1501092753 | $-3645430966 | $515M | — | — |
| P/E Ratio → | -12.20 | — | — | — | — | — | — |
| P/S Ratio | 0.58 | 0.09 | 0.13 | 0.21 | 0.90 | — | — |
| P/B Ratio | 0.50 | 0.08 | 0.12 | 0.14 | 0.39 | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
ZH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -1.00 | -0.36 | -0.99 | 0.18 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
ZH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Zhihu Inc. earns an operating margin of -13.4%. Operating margins have expanded from -44.5% to -13.4% over the past 3 years, signaling improving operational efficiency. A negative ROE of -3.9% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 60.6% | 60.6% | 54.7% | 50.2% | 52.5% | 56.0% | 46.6% |
| Operating Margin | -13.4% | -13.4% | -25.5% | -44.5% | -47.0% | -44.6% | -157.9% |
| Net Profit Margin | -4.8% | -4.8% | -20.1% | -43.9% | -43.9% | -38.3% | -149.8% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| ROE | -3.9% | -3.9% | -16.2% | -25.9% | -27.0% | -17.8% | — |
| ROA | -2.8% | -2.8% | -11.7% | -19.5% | -20.4% | -12.6% | -25.1% |
| ROIC | -25.6% | -25.6% | -41.2% | -41.0% | -31.7% | -23.9% | — |
| ROCE | -10.8% | -10.8% | -20.1% | -25.6% | -28.4% | -19.1% | -32.8% |
ZH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $4.0B exceeds total debt of $19M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.01 | 0.02 | 0.02 | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.95 | -0.44 | -0.78 | -0.31 | -0.35 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — |
Net cash position: cash ($4.0B) exceeds total debt ($19M)
ZH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Zhihu Inc.'s current ratio of 3.60x 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 4.01x to 3.60x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.60 | 3.60 | 3.28 | 4.01 | 4.39 | 3.67 | 5.11 |
| Quick Ratio | 3.60 | 3.60 | 3.27 | 4.01 | 4.39 | 3.67 | 5.08 |
| Cash Ratio | 3.19 | 3.19 | 2.81 | 3.43 | 3.80 | 3.05 | 4.64 |
| Asset Turnover | — | 0.64 | 0.62 | 0.48 | 0.33 | 0.34 | 0.17 |
| Inventory Turnover | 85.77 | — | 85.77 | 176.71 | 301.37 | — | 13.16 |
| Days Sales Outstanding | — | 49.62 | 59.37 | 85.48 | 123.58 | 142.73 | 137.48 |
ZH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Zhihu Inc. returns 19.0% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 19.0% | 100.0% | 66.0% | 16.3% | 0.0% | — | — |
| Total Shareholder Yield | 19.0% | 100.0% | 66.0% | 16.3% | 0.0% | — | — |
| Shares Outstanding | — | $91M | $100M | $100M | $79M | $92M | $99M |
Peer Comparison
Compare ZH 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 |
|---|---|---|---|---|---|---|---|---|---|
 ZHYou | $310M | -12.2 | — | — | 60.6% | -13.4% | -3.9% | -25.6% | — |
 MOMO | $2B | 9.3 | 6.9 | 21.9 | 37.6% | 12.7% | 7.0% | 10.9% | 0.1 |
 JOYY | $3B | -22.7 | — | 14.1 | 36.0% | -18.1% | -2.9% | -6.7% | — |
 DOYU | $142M | -3.3 | — | — | 7.6% | -13.2% | -5.5% | -15.4% | — |
 HUYA | $481M | -103.7 | — | — | 13.3% | -3.1% | -0.5% | -1.7% | — |
 BIDU | $49B | 14.4 | 10.8 | 25.4 | 50.3% | 16.0% | 8.7% | 4.8% | 2.2 |
 WB | $1B | 7.3 | 2.4 | 2.3 | 78.9% | 28.2% | 8.5% | 10.3% | 3.4 |
 BILI | $7B | -46.3 | 38.6 | 11.7 | 32.7% | -5.0% | -9.4% | -8.4% | 4.4 |
 IQ | $1B | 10.7 | 10.3 | 4.1 | 24.9% | 6.2% | 6.0% | 5.8% | 7.8 |
 QFIN | $4B | 2.1 | 3.0 | 2.8 | 61.8% | 43.9% | 27.1% | 23.1% | 0.2 |
 BABA | $340B | 17.9 | 13.5 | 29.6 | 40.0% | 14.1% | 11.8% | 9.6% | 1.4 |
| Communication Services Median | — | 15.4 | 9.0 | 11.8 | 48.3% | 0.7% | 2.2% | 3.0% | 3.5 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 6 years · Updated daily
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Start ComparisonZH — Frequently Asked Questions
Quick answers to the most common questions about buying ZH stock.
What is Zhihu Inc.'s P/E ratio?
Zhihu Inc.'s current P/E ratio is -12.2x. This places it at the 50th percentile of its historical range.
What is Zhihu Inc.'s ROE?
Zhihu Inc.'s return on equity (ROE) is -3.9%. The historical average is -18.2%.
Is ZH stock overvalued?
Based on historical data, Zhihu Inc. is trading at a P/E of -12.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Zhihu Inc.'s profit margins?
Zhihu Inc. has 60.6% gross margin and -13.4% operating margin.