Waterdrop Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Waterdrop Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	503	406	371	380	569
Research and development	59.5	42.2	42.1	29.7	33.3
Selling and marketing	487	90.5	104	95.2	160
General and administrative	83.3	56.3	56.7	50.4	44.3
Operating expenses	795	337	371	355	516
Operating income	-292	69.3	-0.95	24.4	53
Interest income	7.64	11.8	19.2	20.4	19.4
Other non-operating income	1.53	9.7	4.31	3.47	5.24
Pre-tax income	-282	91.4	23.1	49.4	77.7
Income tax	-34.7	3.33	0.08	1.33	-3.09
Net income	-247	88.1	23.6	50.3	81.4
EBITDA	-290	72.6	0.94	26	55
EPS, basic	-0.09	0.02	0.01	0.01	0.02
EPS, diluted	-0.09	0.02	0.01	0.01	0.02
Shares, basic (weighted)	2,991	3,921	3,770	3,651	3,615
Shares, diluted (weighted)	2,991	4,022	3,881	3,720	3,714

Balance sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	128	228	55.9	135	69.1
Short-term investments	309	309	422	221	75.9
Receivables	101	98	97.6	98.1	180
Other current assets	58	49.7	26.7	25	35.9
Total current assets	790	825	764	635	569
Property, plant and equipment	7.02	4.55	4.77	32.9	36.6
Lease right-of-use assets	9.27	2.68	8.43	6.42	3.43
Goodwill	0.54	0.5	11.4	11.1	11.5
Intangible assets	8.91	8.21	25	21	25.3
Long-term investments	1.85	1.74	29.8	153	327
Total assets	824	859	866	884	1,015
Deferred revenue	0.13
Short-term debt			19.4	27.2	6.72
Total current liabilities	196	163	193	203	271
Total liabilities	200	168	207	216	279
Paid-in capital	1,150	1,071	986	936	963
Retained earnings	-523	-395	-361	-301	-232
Treasury stock			-0	-0	-0
Other comprehensive income	-3.37	15.7	20.3	21.9	6.24
Shareholders' equity	624	691	646	657	737
Total equity	624	691	646	657	737
Total liabilities and equity	824	859	866	884	1,015
Shares outstanding	3,943	3,910	3,702	3,625	3,609

Cash flow statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	247	88.1	23.1	48.1	80.8
Depreciation and amortization	2.81	3.31	1.89	1.57	1.97
Stock-based compensation	35.5	16.2	18.9	11.9	7.4
Change in receivables	-16.3	-6.21	2.85	-4.81	-80.4
Cash from operations	-172	111	57.3	59.9	34.9
Capital expenditures	-5.6	-1.72	-1.91	-29.9	-4.24
Purchases of investments	-2,049	-10.1	-1,612	-883	-884
Cash from investing	-133	-20.3	-165	40	-32.1
Stock issued	0.47	1.41	1.65	0.99	0.92
Share buybacks	-2.6	-9.72	-74.1	-14.7	-13
Dividends paid				-21.7	-18.6
Cash from financing	333	-8.33	-53.1	-27.2	-53.5
Exchange rate effect	-2.21	5.47	3.69	0.35	-2.96
Net change in cash	25.4	87.9	-157	73	-53.7
Free cash flow	-178	109	55.4	30	30.6
Interest paid			0.03	0.26	0.04
Income taxes paid	0.4	0.25	0.18	0.27	0.05

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	9.3%	Operating income / revenue.
EBITDA margin	9.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.7%	Pre-tax income / revenue.
Net margin	14.3%	Net income / revenue.
FCF margin	5.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.1%	Cash from operations / revenue.
Effective tax rate	-4.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.6%	Net income / average total assets.
Return on invested capital (ROIC)	7.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.8%	Research and development expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	49.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	117.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	111.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-8.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	61.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	100.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	0.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-41.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-32.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	2.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-34.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	12.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	14.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.10x	Current assets / current liabilities.
Quick ratio	1.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	27.4%	Total liabilities / total assets.
Working capital	$298.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$699.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	16.4x	Revenue / average property, plant and equipment.
Receivables turnover	4.09x	Revenue / average receivables.
Days sales outstanding	89 days	365 x average receivables / revenue.
FCF conversion	37.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.02	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.15	Revenue / diluted weighted shares.
FCF per share	$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.01	Cash from operations / diluted weighted shares.
Book value per share	$0.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.19	Tangible book value / shares outstanding.
Cash per share	$0.04	(Cash + short-term investments) / shares outstanding.
Payout ratio	22.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	60.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	42.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$373.7M	Share price x shares outstanding.
Enterprise value	$228.7M	Market cap + total debt - cash - short-term investments.
P/E	4.59x	Market cap / net income. Only when net income is positive.
P/S	0.66x	Market cap / revenue.
P/B	0.51x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.53x	Market cap / tangible book value, when positive.
P/FCF	12.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.7x	Market cap / cash from operations, when positive.
EV/Sales	0.40x	Enterprise value / revenue.
EV/EBIT	4.31x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.16x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.46x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.2%	Free cash flow / market cap.
Earnings yield	21.8%	Net income / market cap (the inverse of P/E).
Dividend yield	5.0%	Dividends paid over the period / market cap.
Shareholder yield	8.5%	(Dividends paid + share buybacks) / market cap.

What was Waterdrop Inc.'s revenue in fiscal 2025?

Waterdrop Inc. reported revenue of $568.8M for fiscal 2025, 49.8% higher than the year before.

Was Waterdrop Inc. profitable in fiscal 2025?

Yes. Net income was $81.4M, a net margin of 14.3%.

How much free cash flow did Waterdrop Inc. generate in fiscal 2025?

Cash from operations of $34.9M minus capital expenditures of $4.2M left free cash flow of $30.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Waterdrop Inc.