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Waterdrop Inc. (WDH) stock analysis

WDHNYSEInsurance Agents, Brokers & ServiceFiscal year ends December 31
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 28, 2026Score 9/30
$1.01+0.01 (+1.00%)

Close on Nov 13, 2026Market cap $364.49MP/E 4.5Yield –

StockData Score

Prices as of Nov 13, 2026How the score works

Value0Growth2Performance4Health3Dividend0

Mixed9 of 30 checks passed

Waterdrop passes 9 of the 30 checks behind our score; 18 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
4/6
Financial health
3/6
Dividend
0/6

What stands out

  • Low debt

    Debt is 0.9% of shareholders' equity, under the 40% we consider low.

  • Revenue growing 10%+ a year

    Revenue grew 12.4% a year over the last three fiscal years.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 519% of total debt.

  • Growing faster than the industry

    Revenue grew 43.5% over the last twelve months; the Insurance Agents, Brokers, and Service median is 9.2%.

What to watch

  • Return on equity under 15%

    Return on equity was 11.4% over the last twelve months and averaged -19.8% over five years; we look for 15% on both.

  • EPS growing under 10% a year

    Diluted EPS grew 0.0% a year over the last three fiscal years.

  • No dividend

    Waterdrop has not paid a dividend in the last twelve months.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • P/S against the industry

    Not enough revenue data to compare.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 12.4% a year over the last three fiscal years.

  • EPS growing under 10% a year

    Diluted EPS grew 0.0% a year over the last three fiscal years.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 43.5% over the last twelve months; the Insurance Agents, Brokers, and Service median is 9.2%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    Banks and insurers do not report gross profit.

Past performance4/6

  • Return on equity under 15%

    Return on equity was 11.4% over the last twelve months and averaged -19.8% over five years; we look for 15% on both.

  • Return on assets over 1%

    Return on assets was 8.4%; for a bank or insurer, 1% or more is considered good.

  • Return on equity above the industry

    Waterdrop's return on equity of 11.4% is above the Insurance Agents, Brokers, and Service median of 9.3%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was 14.3% over the last twelve months, against a 5-year average of 1.3%.

  • Net margin above the industry

    Waterdrop's net margin of 14.3% is above the Insurance Agents, Brokers, and Service median of 4.9%.

Financial health3/6

  • Low debt

    Debt is 0.9% of shareholders' equity, under the 40% we consider low.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 519% of total debt.

  • Interest coverage

    Interest expense is not reported separately.

  • Short-term assets cover short-term debts

    Current assets are 2.10 times current liabilities.

  • Bankruptcy risk (Altman Z)

    The Altman model does not apply to insurers.

Dividend0/6

  • No dividend

    Waterdrop has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Waterdrop. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day
$234.29K
Value traded per 1% price move
$325.36K

Downside

Medium risk

Typical loss in a bad month
22.8%
Volatility (annualized)
37%
Sharpe ratio, 1 year
-1.16
Beta to the S&P 500 (5Y)
0.60

Typical bad-month loss, week by week

25%: high

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

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