What is Waterdrop Inc's earnings per share (EPS)?

Waterdrop Inc (WDH) reported diluted earnings per share of $0.02 for fiscal year 2025. This represents a 100.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Waterdrop Inc Financials

WDH

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Waterdrop Inc (WDH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI WDH FY2024 2026-04-28

Waterdrop’s turnaround is being driven by a leaner cost base, with cash generation now supporting payouts and reinvestment despite modest sales growth.

FY2024 earnings quality improved: operating cash flow of $59.9M exceeded net income of $48.1M, so the return to profit was backed by cash rather than accounting timing. But the cash rebound was not purely operational; investing cash flow swung from -$165.2M in FY2023 to $40.0M in FY2024, meaning liquidity improved faster than free cash flow alone would suggest.

The profit recovery looks more like cost discipline than volume leverage. Revenue changed little between FY2023 and FY2024, but operating margin moved from -0.3% to 6.4% as selling and R&D expense came down, pointing to a leaner operating model rather than a demand surge.

The balance sheet still acts as a buffer. Even after returning $36.4M through dividends and buybacks in FY2024, the current ratio remained 3.1x, so distributions did not consume near-term liquidity; the shift from financing inflows in FY2021 to shareholder cash returns in FY2024 shows the company is no longer depending on outside funding to stabilize operations.

Financial Health Signals

Financial Profile 53/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Waterdrop Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Waterdrop Inc has an operating margin of 9.3%, meaning the company retains $9 of operating profit per $100 of revenue. This results in a moderate score of 37/100, indicating healthy but not exceptional operating efficiency. This is up from 6.4% the prior year.

Growth

Waterdrop Inc's revenue surged 49.8% year-over-year to $568.8M, reflecting rapid business expansion. This strong growth earns a score of 73/100.

Leverage

Waterdrop Inc carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Waterdrop Inc's current ratio of 2.10 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Waterdrop Inc has a free cash flow margin of 5.4%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Waterdrop Inc's ROE of 11.0% shows moderate profitability relative to equity, earning a score of 30/100. This is up from 7.3% the prior year.

Altman Z-Score Grey Zone

1.99

Waterdrop Inc scores 1.99, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($571.3M) relative to total liabilities ($278.7M). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral

5/9

Waterdrop Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.43x

For every $1 of reported earnings, Waterdrop Inc generates $0.43 in operating cash flow ($34.9M OCF vs $80.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$568.8M

YoY+49.8%

Waterdrop Inc generated $568.8M in revenue in fiscal year 2025. This represents an increase of 49.8% from the prior year.

EBITDA

$55.0M

YoY+111.7%

Waterdrop Inc's EBITDA was $55.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 111.7% from the prior year.

Net Income

$80.8M

YoY+68.1%

Waterdrop Inc reported $80.8M in net income in fiscal year 2025. This represents an increase of 68.1% from the prior year.

EPS (Diluted)

$0.02

YoY+100.0%

Waterdrop Inc earned $0.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 100.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$30.6M

YoY+2.2%

Waterdrop Inc generated $30.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 2.2% from the prior year.

Cash & Debt

$69.1M

YoY-48.9%

Waterdrop Inc held $69.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.00

Waterdrop Inc paid $0.00 per share in dividends in fiscal year 2025.

Shares Outstanding

3.61B

YoY-0.4%

Waterdrop Inc had 3.61B shares outstanding in fiscal year 2025. This represents a decrease of 0.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

9.3%

YoY+2.9pp

Waterdrop Inc's operating margin was 9.3% in fiscal year 2025, reflecting core business profitability. This is up 2.9 percentage points from the prior year.

Net Margin

14.2%

YoY+1.6pp

Waterdrop Inc's net profit margin was 14.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.6 percentage points from the prior year.

Return on Equity

11.0%

YoY+3.7pp

Waterdrop Inc's ROE was 11.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$33.3M

YoY+12.2%

Waterdrop Inc invested $33.3M in research and development in fiscal year 2025. This represents an increase of 12.2% from the prior year.

Share Buybacks

$13.0M

YoY-11.0%

Waterdrop Inc spent $13.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 11.0% from the prior year.

Capital Expenditures

$4.2M

YoY-85.8%

Waterdrop Inc invested $4.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 85.8% from the prior year.

WDH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$568.8M+49.8%	$379.7M+2.5%	$370.5M-8.8%	$406.2M-19.3%	$503.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$33.3M+12.2%	$29.7M-29.6%	$42.1M-0.3%	$42.2M-29.0%	$59.5M
SG&A Expenses	$44.3M-12.0%	$50.4M-11.1%	$56.7M+0.6%	$56.3M-32.3%	$83.3M
Operating Income	$53.0M+117.3%	$24.4M+2669.2%	-$950K-101.4%	$69.3M+123.7%	-$292.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	-$3.1M-332.3%	$1.3M+1605.1%	$78K-97.7%	$3.3M+109.6%	-$34.7M
Net Income	$80.8M+68.1%	$48.1M+108.5%	$23.1M-73.8%	$88.1M+135.7%	-$247.0M
EPS (Diluted)	$0.02+100.0%	$0.010.0%	$0.01-50.0%	$0.02	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

WDH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$1.0B+14.8%	$884.1M+2.1%	$866.0M+0.9%	$858.6M+4.2%	$823.9M
Current Assets	$569.2M-10.4%	$635.4M-16.9%	$764.3M-7.4%	$825.1M+4.5%	$789.8M
Cash & Equivalents	$69.1M-48.9%	$135.1M+141.7%	$55.9M-75.5%	$228.2M+77.9%	$128.3M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$180.2M+83.7%	$98.1M+0.5%	$97.6M-0.4%	$98.0M-3.0%	$101.0M
Goodwill	$11.5M+4.4%	$11.1M-2.7%	$11.4M+2193.1%	$496K-7.6%	$537K
Total Liabilities	$278.7M+28.7%	$216.5M+4.5%	$207.1M+23.5%	$167.6M-16.4%	$200.4M
Current Liabilities	$270.6M+33.0%	$203.4M+5.5%	$192.9M+18.6%	$162.6M-17.0%	$196.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$736.7M+12.1%	$657.2M+1.8%	$645.9M-6.5%	$691.0M+10.8%	$623.5M
Retained Earnings	-$232.4M+22.7%	-$300.6M+16.7%	-$360.8M+8.7%	-$395.4M+24.4%	-$523.3M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Total Assets	$1.0B+14.8%	$884.1M+2.1%	$866.0M+0.9%	$858.6M+4.2%	$823.9M
Current Assets	$569.2M-10.4%	$635.4M-16.9%	$764.3M-7.4%	$825.1M+4.5%	$789.8M
Cash & Equivalents	$69.1M-48.9%	$135.1M+141.7%	$55.9M-75.5%	$228.2M+77.9%	$128.3M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$180.2M+83.7%	$98.1M+0.5%	$97.6M-0.4%	$98.0M-3.0%	$101.0M
Goodwill	$11.5M+4.4%	$11.1M-2.7%	$11.4M+2193.1%	$496K-7.6%	$537K
Total Liabilities	$278.7M+28.7%	$216.5M+4.5%	$207.1M+23.5%	$167.6M-16.4%	$200.4M
Current Liabilities	$270.6M+33.0%	$203.4M+5.5%	$192.9M+18.6%	$162.6M-17.0%	$196.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$736.7M+12.1%	$657.2M+1.8%	$645.9M-6.5%	$691.0M+10.8%	$623.5M
Retained Earnings	-$232.4M+22.7%	-$300.6M+16.7%	-$360.8M+8.7%	-$395.4M+24.4%	-$523.3M

WDH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$34.9M-41.8%	$59.9M+4.6%	$57.3M-48.4%	$111.0M+164.5%	-$172.1M
Capital Expenditures	$4.2M-85.8%	$29.9M+1470.8%	$1.9M+10.6%	$1.7M-69.2%	$5.6M
Free Cash Flow	$30.6M+2.2%	$30.0M-45.8%	$55.4M-49.4%	$109.3M+161.5%	-$177.7M
Investing Cash Flow	-$32.1M-180.4%	$40.0M+124.2%	-$165.2M-715.0%	-$20.3M+84.7%	-$132.9M
Financing Cash Flow	-$53.5M-96.5%	-$27.2M+48.8%	-$53.1M-537.9%	-$8.3M-102.5%	$332.6M
Dividends Paid	$18.6M-14.2%	$21.7M	N/A	N/A	N/A
Share Buybacks	$13.0M-11.0%	$14.7M-80.2%	$74.1M+662.5%	$9.7M+274.3%	$2.6M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

WDH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	9.3%+2.9pp	6.4%+6.7pp	-0.3%-17.3pp	17.1%+75.2pp	-58.1%
Net Margin	14.2%+1.6pp	12.7%+6.4pp	6.2%-15.5pp	21.7%+70.8pp	-49.1%
Return on Equity	11.0%+3.7pp	7.3%+3.7pp	3.6%-9.2pp	12.8%+52.4pp	-39.6%
Return on Assets	8.0%+2.5pp	5.4%+2.8pp	2.7%-7.6pp	10.3%+40.2pp	-30.0%
Current Ratio	2.10-1.0	3.12-0.8	3.96-1.1	5.07+1.0	4.03
Debt-to-Equity	0.38+0.0	0.330.0	0.32+0.1	0.24-0.1	0.32
FCF Margin	5.4%-2.5pp	7.9%-7.0pp	14.9%-12.0pp	26.9%+62.2pp	-35.3%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.10-1.0	3.12-0.8	3.96-1.1	5.07+1.0	4.03
Debt-to-Equity	0.38+0.0	0.330.0	0.32+0.1	0.24-0.1	0.32
FCF Margin	N/A	N/A	N/A	N/A	N/A

Similar Companies

Intl Gnrl Insurance Hldngs Ltd IGIC

$1.1B

Fidelis Insurance Holdings FIHL

$1.8B

Heritage Insurance Hldgs Inc HRTG

$850.7M

Universal Ins Hldgs Inc UVE

$1.1B

Donegal Group DGICA

$637.2M

Frequently Asked Questions

What is Waterdrop Inc's annual revenue?

Waterdrop Inc (WDH) reported $568.8M in total revenue for fiscal year 2025. This represents a 49.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Waterdrop Inc's revenue growing?

Waterdrop Inc (WDH) revenue grew by 49.8% year-over-year, from $379.7M to $568.8M in fiscal year 2025.

Is Waterdrop Inc profitable?

Yes, Waterdrop Inc (WDH) reported a net income of $80.8M in fiscal year 2025, with a net profit margin of 14.2%.

What is Waterdrop Inc's EBITDA?

Waterdrop Inc (WDH) had EBITDA of $55.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Waterdrop Inc's operating margin?

Waterdrop Inc (WDH) had an operating margin of 9.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Waterdrop Inc's net profit margin?

Waterdrop Inc (WDH) had a net profit margin of 14.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Waterdrop Inc pay dividends?

Yes, Waterdrop Inc (WDH) paid $0.00 per share in dividends during fiscal year 2025.

What is Waterdrop Inc's return on equity (ROE)?

Waterdrop Inc (WDH) has a return on equity of 11.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Waterdrop Inc's free cash flow?

Waterdrop Inc (WDH) generated $30.6M in free cash flow during fiscal year 2025. This represents a 2.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Waterdrop Inc's operating cash flow?

Waterdrop Inc (WDH) generated $34.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Waterdrop Inc's total assets?

Waterdrop Inc (WDH) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Waterdrop Inc's capital expenditures?

Waterdrop Inc (WDH) invested $4.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Waterdrop Inc spend on research and development?

Waterdrop Inc (WDH) invested $33.3M in research and development during fiscal year 2025.

Does Waterdrop Inc buy back shares?

Yes, Waterdrop Inc (WDH) spent $13.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Waterdrop Inc have outstanding?

Waterdrop Inc (WDH) had 3.61B shares outstanding as of fiscal year 2025.

What is Waterdrop Inc's current ratio?

Waterdrop Inc (WDH) had a current ratio of 2.10 as of fiscal year 2025, which is generally considered healthy.

What is Waterdrop Inc's debt-to-equity ratio?

Waterdrop Inc (WDH) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Waterdrop Inc's return on assets (ROA)?

Waterdrop Inc (WDH) had a return on assets of 8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Waterdrop Inc's Altman Z-Score?

Waterdrop Inc (WDH) has an Altman Z-Score of 1.99, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Waterdrop Inc's Piotroski F-Score?

Waterdrop Inc (WDH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Waterdrop Inc's earnings high quality?

Waterdrop Inc (WDH) has an earnings quality ratio of 0.43x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Waterdrop Inc?

Waterdrop Inc (WDH) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.