WDH

MKT CAP:$608M

Waterdrop Inc.

Market Cap

$608M

Financial Services·Insurance - Diversified·🇨🇳 China·NYSE

Financials·Insurance·🇨🇳·NYSE

Stock Price

$1.69-$0.21 (-11.05%)

Apr 23, 2026

Company Details

Waterdrop Inc., through its subsidiaries, provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance companies in the People's Republic of China. The company offers shor...

CEO

Xiaoying Xu

IPO Date

May 7, 2021

Website

www.waterdrop-inc.com

Key Metrics TTM

Revenue

$578M

+42.8% YoY

Net Income

$83M

EPS (Diluted)

$0.73

Free Cash Flow

$0

Revenue / Share

$15.60

Gross Margin

51.1%

Operating Margin

9.3%

Net Margin

14.3%

FCF Margin

0.0%

P/S

1.1x

P/E

7.3x

Earnings Reports

FY 2025

Dec 30, 2025

$565M+39.6%EPS $2.15

Q4 2025

Dec 30, 2025

$203M+102.6%EPS $0.57

Q3 2025

Dec 3, 2025

$142M+38.4%EPS $0.06

Q2 2025

Sep 4, 2025

$122M+23.9%EPS $0.06

Q1 2025

Jun 5, 2025

$110M+7.0%EPS $0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$95M	$72M	$17M
Q2 22	$102M	$67M	$23M
Q3 22	$113M	$63M	$19M
Q4 22	$99M	$59M	$11M
Q1 23	$89M	$52M	$2M
Q2 23	$99M	$50M	-$6M
Q3 23	$100M	$55M	-$302.2K
Q4 23	$96M	-$5M	$4M
Q1 24	$103M	$55M	$7M
Q2 24	$99M	$52M	$8M
Q3 24	$103M	$53M	$4M
Q4 24	$100M	$10M	$8M
Q1 25	$110M	$55M	$11M
Q2 25	$122M	$62M	$14M
Q3 25	$142M	$73M	$17M
Q4 25	$203M	$106M	$12M

Valuation

Quarter	P/S	P/E
Q1 22	1.3x	—
Q2 22	1.3x	—
Q3 22	1.1x	7.1x
Q4 22	3.0x	13.6x
Q1 23	2.8x	14.2x
Q2 23	1.9x	13.9x
Q3 23	1.1x	12.5x
Q4 23	1.0x	15.4x
Q1 24	1.4x	19.7x
Q2 24	1.0x	10.8x
Q3 24	1.1x	9.3x
Q4 24	1.1x	8.0x
Q1 25	1.3x	9.3x
Q2 25	1.1x	7.5x
Q3 25	1.5x	9.3x
Q4 25	1.2x	8.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$40M	-$41M
Q4 21	-$40M	-$41M
Q1 22	$0	$0
Q2 22	$0	$0
Q3 22	$0	$0
Q4 22	$198M	$202M
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 21	$1M
Q4 21	$1M
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$4M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-26.6%	-60.4%
Q2 22	-25.3%	-68.9%
Q3 22	-0.9%	-50.5%
Q4 22	+12.5%	-10.5%
Q1 23	-6.6%	+12.0%
Q2 23	-3.2%	+32.1%
Q3 23	-11.1%	+7.6%
Q4 23	-3.0%	+4.3%
Q1 24	+16.3%	+10.5%
Q2 24	-0.4%	-13.4%
Q3 24	+2.6%	-1.6%
Q4 24	+4.2%	+0.2%
Q1 25	+7.0%	+3.0%
Q2 25	+23.9%	+18.7%
Q3 25	+38.4%	+27.1%
Q4 25	+102.6%	+106.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$8M	7.3%
Q4 21	$33M	37.5%
Q1 22	$3M	3.5%
Q2 22	$4M	3.7%
Q3 22	$4M	3.3%
Q4 22	$6M	5.6%
Q1 23	$7M	7.7%
Q2 23	$4M	4.3%
Q3 23	$5M	5.1%
Q4 23	$3M	3.5%
Q1 24	$3M	2.7%
Q2 24	$3M	3.0%
Q3 24	$4M	3.7%
Q4 24	$3M	3.2%
Q1 25	$3M	2.6%
Q2 25	$3M	2.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$10M	$15M	$30M	—
Q2 22	$10M	$13M	$21M	—
Q3 22	$11M	$12M	$20M	—
Q4 22	$10M	$17M	$20M	—
Q1 23	$11M	$14M	$25M	—
Q2 23	$13M	$15M	$29M	—
Q3 23	$11M	$17M	$27M	—
Q4 23	$9M	$14M	—	—
Q1 24	$8M	$13M	$27M	—
Q2 24	$8M	$14M	$23M	—
Q3 24	$8M	$16M	$25M	—
Q4 24	$8M	$11M	—	—
Q1 25	$8M	$11M	$25M	—
Q2 25	$8M	$11M	$29M	—
Q3 25	$9M	$12M	$36M	—
Q4 25	$10M	—	—	$84M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$49M	$378M	$427M
Q2 22	$127M	$354M	$480M
Q3 22	$87M	$437M	$524M
Q4 22	$230M	$311M	$541M
Q1 23	$106M	$420M	$526M
Q2 23	$94M	$403M	$497M
Q3 23	$64M	$394M	$459M
Q4 23	$58M	$438M	$496M
Q1 24	$47M	$462M	$509M
Q2 24	$105M	$324M	$429M
Q3 24	$65M	$280M	$344M
Q4 24	$144M	$236M	$380M
Q1 25	$169M	$114M	$283M
Q2 25	$105M	$138M	$243M
Q3 25	$50M	$161M	$212M
Q4 25	$165M	$78M	$243M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	402M	+2.1%	+1.9%
Q2 22	401M	-0.3%	+40.4%
Q3 22	400M	-0.2%	+1.5%
Q4 22	407M	+1.7%	+3.4%
Q1 23	403M	-1.0%	+0.2%
Q2 23	395M	-1.9%	-1.4%
Q3 23	381M	-3.6%	-4.8%
Q4 23	376M	-1.2%	-7.5%
Q1 24	376M	-0.2%	-6.7%
Q2 24	373M	-0.6%	-5.4%
Q3 24	369M	-1.2%	-3.1%
Q4 24	370M	+0.3%	-1.7%
Q1 25	371M	+0.3%	-1.2%
Q2 25	371M	-0.0%	-0.6%
Q3 25	372M	+0.4%	+1.0%
Q4 25	37M	-90.0%	-90.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$18.9K	5K
Q2 22	$20.5K	5K
Q3 22	$22.5K	5K
Q4 22	$23.1K	4K
Q1 23	$20.6K	4K
Q2 23	$23.1K	4K
Q3 23	$23.4K	4K
Q4 23	$32.8K	3K
Q1 24	$35.1K	3K
Q2 24	$33.7K	3K
Q3 24	$35.0K	3K
Q4 24	$36.9K	3K
Q1 25	$40.5K	3K
Q2 25	$45.0K	3K
Q3 25	$52.4K	3K
Q4 25	$74.8K	3K

Revenue / Employee