Last 25 quarters of trend data · Communication Services · Internet Content & Information
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -9.47 | — | — | — | 1.14 | — | 0.95 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 0.68 | 0.09 | 0.10 | 0.15 | 0.11 | 0.12 | 0.09 | 0.11 | 0.07 | 0.10 | 0.12 | 0.15 | 0.16 | 0.19 | 0.18 | 0.17 | 0.32 | 0.48 | 0.80 | 1.64 | 3.08 |
| — | -27.2% | +9.4% | +44.2% | +66.0% | +21.4% | -23.5% | -28.4% | -57.1% | -48.7% | -33.6% | -12.1% | -50.9% | -60.3% | -77.2% | -89.7% | -89.6% | -79.6% | — | — | — | |
| P/B Ratio | 0.46 | 0.06 | 0.07 | 0.10 | 0.08 | 0.08 | 0.08 | 0.08 | 0.06 | 0.08 | 0.12 | 0.12 | 0.13 | 0.14 | 0.14 | 0.11 | 0.18 | 0.23 | 0.48 | 0.77 | 1.11 |
| — | -23.5% | -13.9% | +21.2% | +31.6% | -0.9% | -32.9% | -34.1% | -54.6% | -39.1% | -16.4% | +13.2% | -28.8% | -38.7% | -71.5% | -85.9% | -83.9% | -63.5% | — | — | — | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | 3.24 | 3.43 | 4.60 | 3.58 | 6.56 | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | -50.6% | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | — | — | — | — | -10.75 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | -6.61 | — | -10.75 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.9% | 57.0% | 53.6% | 61.3% | 62.5% | 61.8% | 62.9% | 63.9% | 59.6% | 56.6% | 59.1% | 53.7% | 53.8% | 51.5% | 56.4% | 48.7% | 47.8% | 45.1% | 47.1% | 51.6% | 59.0% |
| — | -7.8% | -14.8% | -4.2% | +4.9% | +9.3% | +6.4% | +19.1% | +10.7% | +9.8% | +4.8% | +10.1% | +12.6% | +14.1% | +19.8% | -5.5% | -19.0% | -20.8% | -26.5% | -10.2% | +41.8% | |
| Operating Margin | -13.9% | -11.0% | -21.4% | -15.1% | -12.7% | -7.2% | 1.4% | -10.0% | -19.7% | -23.4% | -15.7% | -34.3% | -31.3% | -21.8% | -19.4% | -30.6% | -55.1% | -87.2% | -36.8% | -39.2% | -54.9% |
| — | -52.6% | -1647.4% | -51.8% | +35.5% | +69.2% | +108.8% | +70.9% | +37.2% | -7.3% | +19.4% | -12.1% | +43.1% | +75.0% | +47.3% | +22.0% | -0.3% | -21.8% | -83.1% | -15.5% | +51.0% | |
| Net Margin | -7.0% | -5.4% | -32.4% | -7.1% | 10.1% | -1.4% | 10.0% | -1.2% | -8.9% | -17.2% | -9.1% | -27.3% | -26.8% | -18.2% | -16.1% | -32.9% | -58.3% | -82.7% | -37.6% | -32.8% | -50.3% |
| — | -292.0% | -422.9% | -470.3% | +214.1% | +91.9% | +210.1% | +95.4% | +66.9% | +5.9% | +43.5% | +17.2% | +54.0% | +77.9% | +57.1% | -0.5% | -15.8% | -21.7% | -117.1% | -14.0% | +53.0% |
| Metric | TTM | Q2 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.6% | -1.0% | -5.1% | -1.1% | 1.7% | -0.2% | 2.1% | -0.2% | -1.9% | -3.6% | -2.1% | -5.4% | -5.3% | -3.2% | -3.0% | -5.2% | -7.9% | -9.4% | -5.5% | -3.8% | -4.4% |
| — | -306.3% | -350.8% | -377.3% | +192.1% | +93.3% | +197.7% | +95.7% | +64.9% | -10.9% | +29.5% | -4.4% | +33.0% | +65.4% | +46.3% | -36.8% | -79.2% | -44.8% | -75.3% | -7.1% | +30.3% | |
| ROA | -3.4% | -0.7% | -3.8% | -0.8% | 1.3% | -0.2% | 1.5% | -0.2% | -1.3% | -2.5% | -1.5% | -3.8% | -3.8% | -2.4% | -2.2% | -3.8% | -5.9% | -7.1% | -4.4% | -3.1% | -3.7% |
| — | -312.6% | -357.9% | -389.7% | +195.7% | +92.9% | +201.6% | +95.6% | +65.3% | -4.2% | +33.6% | +0.0% | +35.6% | +66.6% | +49.1% | -23.2% | -58.2% | -35.3% | -83.5% | -6.8% | — | |
| ROIC | -70.1% | -7.5% | -9.6% | -5.4% | -5.9% | -6.2% | 1.3% | -4.9% | -7.5% | -6.8% | -5.8% | -16.1% | -17.8% | -12.0% | -8.0% | -6.6% | -8.7% | -11.1% | -5.5% | -4.0% | -6.8% |
| — | -20.2% | -852.7% | -9.7% | +21.6% | +8.2% | +122.1% | +69.5% | +57.6% | +43.4% | +28.2% | -142.9% | -104.7% | -7.8% | -47.2% | -63.9% | -28.6% | +29.9% | -41.2% | -89.3% | -91.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.03 | 0.02 | 0.04 | 0.05 | 0.03 | 0.00 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 |
| — | +10.4% | +307.3% | +125.6% | +205.2% | +279.6% | -53.1% | +57.0% | +18.3% | -52.4% | -42.6% | -42.1% | -22.3% | -18.3% | +182.2% | +36.4% | +79.7% | +111.6% | +470.6% | +750.4% | — | |
| Debt / EBITDA | — | — | — | — | — | — | 0.23 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 3.73 | 3.73 | 3.73 | 3.69 | 3.48 | 3.49 | 3.60 | 3.51 | 3.48 | 3.24 | 3.28 | 3.46 | 3.42 | 3.73 | 4.01 | 3.98 | 3.40 | 4.32 | 4.39 | 5.19 | 5.42 |
| — | +7.0% | +3.7% | +5.1% | +0.1% | +7.8% | +9.7% | +1.3% | +1.5% | -13.3% | -18.3% | -12.9% | +0.8% | -13.5% | -8.7% | -23.4% | -37.3% | -36.6% | +19.8% | +21.1% | — | |
| Quick Ratio | 3.73 | 3.73 | 3.73 | 3.69 | 3.48 | 3.49 | 3.60 | 3.51 | 3.48 | 3.24 | 3.27 | 3.46 | 3.42 | 3.73 | 4.01 | 3.98 | 3.40 | 4.32 | 4.33 | 5.19 | 5.42 |
| — | +7.0% | +3.7% | +5.1% | +0.1% | +7.8% | +10.1% | +1.3% | +1.5% | -13.3% | -18.4% | -12.9% | +0.8% | -13.5% | -7.4% | -23.4% | -37.3% | -36.6% | +20.3% | +21.1% | — | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying ZH stock.
Zhihu Inc.'s current P/E is -9.5x. The average P/E over the last 1 quarters is 1.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Zhihu Inc.'s current operating margin is -13.9%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Zhihu Inc.'s business trajectory between earnings reports.