Zhihu Inc. (ZH) stock

ZHNYSEServices-Business Services, NECFiscal year ends December 31Also trades as ZHIHF

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026Score 2/30

$2.66+0.02 (+0.76%)

Close on Nov 13, 2026Market cap $239.28MP/E –Yield –

Zhihu statistics

70 measures from SEC filings and the closing price. Hover a name for the formula; the last column is the median of companies in the same industry group.

Important dates

Next earnings: –
Last ex-dividend date: No dividends
Fundamentals through: Dec 31, 2025
Share price as of: –

Valuation ratiosIndustry

Market Cap: CN¥1.60B; CN¥1.17B
Enterprise Value: -CN¥2.51B; CN¥124.60M
PS Ratio: 0.58; 0.99
PB Ratio: 0.42; 0.72
P/TBV Ratio: 0.42; 0.79

Enterprise valuationIndustry

EV / Sales: -0.91; 0.74

Share statisticsIndustry

Shares Outstanding: 270M; 814M
Shares Change (YoY): -12.3%; 0.57%
Float: 203M; 629M
Shares Held by Insiders: 24.8%; 18.0%
Shares Held by Institutions: 4.76%; 2.13%

Short sellingIndustry

Short Interest: 989,079; –
Short Interest Change: -3.20%; -0.01%
Days to Cover: 3.46; 3.46

Stock price statisticsIndustry

Price Change (1 Week): -3.27%; -3.27%
Price Change (1 Month): -24.0%; -7.34%
Price Change (3 Months): -16.6%; -18.5%
Price Change (6 Months): -14.7%; -28.8%
Price Change (YTD): -18.9%; -36.4%
Price Change (1 Year): -35.4%; -40.2%
Price Change (3 Years): -56.1%; -19.2%
Price Change (5 Years): -95.2%; -78.3%
Average Volume (10 Days): 228,108; –
Average Volume (20 Days): 257,444; –
Average Volume (90 Days): 329,457; –
Relative Volume: 0.31; 0.60
Relative Strength Index (14): 34.5; 40.9
Volatility (1 Year): 47.2%; 70.1%
Beta (5 Years): 1.14; 0.91

MarginsIndustry

Gross Margin: 59.9%; 33.5%
Operating Margin: -18.5%; -3.51%
Pretax Margin: -6.31%; 0.71%
EBITDA Margin: -17.8%; -0.11%
FCF Margin: -13.3%; -1.56%

Returns on capitalIndustry

Return on Capital Employed (ROCE): -12.9%; -1.59%

Financial positionIndustry

Current Ratio: 3.73; 1.76
Quick Ratio: 3.60; 1.10
Debt / Equity: 0.01; 0.24

GrowthIndustry

Revenue Growth (YoY): -23.6%; 3.30%
Revenue Growth (3Y CAGR): -8.64%; 5.29%
Revenue Growth (5Y CAGR): 15.2%; 3.56%

EfficiencyIndustry

Asset Turnover: 0.50; 0.56
Inventory Turnover: 38.57; 38.57
Revenue Per Employee: CN¥10.22M; CN¥1.55M
Employee Count: 269; 829
WACC: 10.7%; 9.25%

Income statement (TTM)Industry

Revenue: CN¥2.75B; CN¥1.45B
Gross Profit: CN¥1.65B; CN¥727.69M
Operating Income: -CN¥507.29M; -CN¥38.65M
Pretax Income: -CN¥173.47M; CN¥6.00M
EBITDA: -CN¥488.29M; CN¥706.00K
EPS (Diluted): -0.80 CNY; 0.00 CNY

Balance sheetIndustry

Cash & Short-Term Investments: CN¥4.21B; CN¥1.52B
Total Debt: CN¥35.00M; CN¥130.47M
Net Cash (Debt): CN¥4.18B; CN¥683.87M
Net Cash Per Share: 15.47 CNY; 1.84 CNY
Equity (Book Value): CN¥3.80B; CN¥1.61B
Book Value Per Share: 14.10 CNY; 14.10 CNY
Tangible Book Value: CN¥3.77B; CN¥1.41B
Working Capital: CN¥3.46B; CN¥700.54M

Cash flow (TTM)Industry

Operating Cash Flow: -CN¥363.61M; CN¥35.46M
Capital Expenditures: -CN¥1.32M; -CN¥35.72M
Free Cash Flow: -CN¥364.92M; -CN¥40.59M
FCF Per Share: -1.35 CNY; -0.02 CNY

Dividends and yieldsIndustry

FCF Yield: -22.8%; -5.18%
Buyback Yield: 10.5%; 0.63%
Shareholder Yield: 10.5%; 0.63%

Taxes and interestIndustry

Income Tax: CN¥21.69M; CN¥6.73M

Scores and fair valueIndustry

Altman Z-Score: -0.71; 0.60
Beneish M-Score: -1.97; -2.35

Total return vs. the S&P 500

Price change plus reinvested dividends, to the close on Nov 13, 2026. The S&P 500 is measured by the SPY fund.

Period	ZH	S&P 500	Difference	ZH per year	S&P 500 per year
1 month	-23.6%	-3.0%	−20.5 pts
3 months	-16.6%	-2.8%	−13.8 pts
Year to date	-18.9%	+11.5%	−30.4 pts
1 year	-34.8%	+13.5%	−48.3 pts
3 years	-55.7%	+77.7%	−133.4 pts	-23.7%	+21.1%
5 years	-95.2%	+72.6%	−167.8 pts	-45.6%	+11.5%

Short interest

Shares sold short and not yet covered, reported by brokers to FINRA twice a month. Latest settlement date Oct 30, 2026.

1M ZH shares were sold short on Oct 30, 2026, down 3.2% from the previous report. At recent volumes it would take 3.5 days to buy them back. Over the last 20 sessions, 37.4% of the volume reported to FINRA was short selling.

Settlement date	Shares short	Change	Avg. daily volume	Days to cover
Oct 30, 2026	989,079	-3.2%	285,547	3.5
Oct 15, 2026	1,021,799	+26.6%	297,952	3.4
Sep 30, 2026	806,975	-27.9%	828,512	1.0
Sep 15, 2026	1,119,596	+3.9%	425,338	2.6
Aug 31, 2026	1,077,445	+6.6%	285,665	3.8
Aug 14, 2026	1,010,586	+39.5%	159,698	6.3
Jul 31, 2026	724,550	-29.6%	186,290	3.9
Jul 15, 2026	1,029,120	-12.1%	153,659	6.7
Jun 30, 2026	1,170,919	-4.2%	269,233	4.3
Jun 15, 2026	1,222,551	-5.2%	208,826	5.8
May 29, 2026	1,289,857	-7.8%	184,345	7.0
May 15, 2026	1,399,128	-10.4%	189,453	7.4