ZHNYSEServices-Business Services, NECFiscal year ends December 31Also trades as ZHIHF
Zhihu Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026
$3.44+0.05 (+1.47%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
59.9%+3.9 pts over 5 years
Operating margin
-18.5%+26.1 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -23.6% | -8.6% | +15.2% | – | |
| Gross profit | -24.4% | -3.0% | +16.8% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | – | 3.67 | 3.73 | |
| Inventory turnover | – | – | 38.6× | |
| Capex to revenue | – | 0.1% | 0.0% | |
| Diluted shares | – | 65M | 240M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Zhihu generated CN¥2.61B from operations and spent CN¥1.09B on capital expenditure, dividends and share buybacks. 2% of that went back into the business.
Generated
CN¥2.61B
Used
CN¥1.09B
Capital expenditureCN¥20.69M2%DividendsCN¥00%Share buybacksCN¥1.07B98%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-43.9%
×Asset turnover0.47×
×Equity multiplier7.92×
=Return on equity, FY2021-163.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2021 | -43.9% | 0.47× | 7.92× | -163.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero-CN¥363.61M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income-CN¥363.61M vs –
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.60 → 3.73
- No dilutionShare count did not rise274M → 240M
- Gross margin improvedGross margin up on the prior year60.60% → 59.94%
- More efficientAsset turnover rose0.53 → 0.48