WDHNYSEInsurance Agents, Brokers & ServiceFiscal year ends December 31
Waterdrop Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 28, 2026
$1.01+0.00 (0.00%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
9.3%+25.7 pts over 5 years
Net margin
14.3%+36.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +43.5% | +12.4% | +5.6% | – | |
| Operating income | +108.2% | -8.1% | – | – | |
| Net income | +54.8% | -2.2% | – | – | |
| EPS, diluted | +50.0% | 0.0% | – | – | |
| Free cash flow | -2.1% | -34.2% | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 56.2% | 11.4% | |
| Return on assets | – | – | 8.4% | |
| Current ratio | – | 3.57 | 2.10 | |
| Capex to revenue | – | 0.9% | 0.7% | |
| Diluted shares | – | 1.17B | 3.71B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Waterdrop generated CN¥2.95B from operations and spent CN¥1.41B on capital expenditure, dividends and share buybacks. 22% of that went back into the business.
Generated
CN¥2.95B
Used
CN¥1.41B
Capital expenditureCN¥309.11M22%DividendsCN¥289.08M21%Share buybacksCN¥807.81M57%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin14.3%
×Asset turnover0.59×
×Equity multiplier1.36×
=Return on equity, FY202511.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.3% | 0.59× | 1.36× | 11.4% |
| FY2024 | 13.3% | 0.44× | 1.34× | 7.8% |
| FY2023 | 6.4% | 0.44× | 1.29× | 3.6% |
| FY2022 | 21.7% | 0.50× | 1.28× | 13.9% |
| FY2021 | -49.1% | 0.64× | 4.30× | -135.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥568.94M
- Cash generatingOperating cash flow above zeroCN¥243.92M
- Return on assets improvedROA up on the prior year6.0% → 8.8%
- Earnings backed by cashOperating cash flow above net incomeCN¥243.92M vs CN¥568.94M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.12 → 2.10
- No dilutionShare count did not rise3.72B → 3.71B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.45 → 0.62