InsiderClue
Stocks · Financials · Insurance Agents, Brokers & Service

Waterdrop Inc.

WDH Clue Score62
Cayman Islands Fiscal year ends December CIK 0001823986
$1.04 +1.96% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $1.04 −56.67% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 7 May 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue1,511.0Operating income−194.5Net income−321.5Fiscal year 2020Revenue3,027.9 +100.4%Operating income−496.2Net income−663.9EPS, diluted−0.94Fiscal year 2021Revenue3,205.9 +5.9%Operating income−1,862.8Net income−1,574.1EPS, diluted−0.58Fiscal year 2022Revenue2,801.8 −12.6%Operating income478.0Net income607.7EPS, diluted0.15Fiscal year 2023Revenue2,630.7 −6.1%Operating income−6.7Net income167.2 −72.5%EPS, diluted0.04Fiscal year 2024Revenue2,771.8 +5.4%Operating income178.2Net income367.5 +119.8%EPS, diluted0.10Fiscal year 2025Revenue3,977.8 +43.5%Operating income370.9Net income568.9 +54.8%EPS, diluted0.15
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,511.0 3,027.9 3,205.9 2,801.8 2,630.7 2,771.8 3,977.8
Growth +100.4% +5.9% −12.6% −6.1% +5.4% +43.5%
Operating income −194.5 −496.2 −1,862.8 478.0 −6.7 178.2 370.9
Net income −321.5 −663.9 −1,574.1 607.7 167.2 367.5 568.9
Growth −72.5% +119.8% +54.8%
EPS, diluted n/a −0.94 −0.58 0.15 0.04 0.10 0.15

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2019Operating margin−12.9%Net margin−21.3%Free cash flow margin−36.1%Fiscal year 2020Operating margin−16.4%Net margin−21.9%Free cash flow margin−26.5%Fiscal year 2021Operating margin−58.1%Net margin−49.1%Free cash flow margin−35.3%Fiscal year 2022Operating margin17.1%Net margin21.7%Free cash flow margin26.9%Fiscal year 2023Operating margin−0.3%Net margin6.4%Free cash flow margin14.9%Fiscal year 2024Operating margin6.4%Net margin13.3%Free cash flow margin7.9%Fiscal year 2025Operating margin9.3%Net margin14.3%Free cash flow margin5.4%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −12.9% −16.4% −58.1% 17.1% −0.3% 6.4% 9.3%
Net margin −21.3% −21.9% −49.1% 21.7% 6.4% 13.3% 14.3%
Free cash flow margin −36.1% −26.5% −35.3% 26.9% 14.9% 7.9% 5.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow−532.9Capital expenditure−13.3Free cash flow−546.2Fiscal year 2020Operating cash flow−777.1Capital expenditure−26.7Free cash flow−803.8Fiscal year 2021Operating cash flow−1,096.7Capital expenditure−35.7Free cash flow−1,132.3Fiscal year 2022Operating cash flow765.7Capital expenditure−11.9Free cash flow753.8Fiscal year 2023Operating cash flow406.5Capital expenditure−13.5Free cash flow393.0 −47.9%Fiscal year 2024Operating cash flow437.3Capital expenditure−218.4Free cash flow218.8 −44.3%Dividends paid−158.7Fiscal year 2025Operating cash flow243.9Capital expenditure−29.6Free cash flow214.3 −2.1%Dividends paid−130.4
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −532.9 −777.1 −1,096.7 765.7 406.5 437.3 243.9
Capital expenditure −13.3 −26.7 −35.7 −11.9 −13.5 −218.4 −29.6
Free cash flow −546.2 −803.8 −1,132.3 753.8 393.0 218.8 214.3
Growth −47.9% −44.3% −2.1%
Dividends paid n/a n/a n/a n/a n/a −158.7 −130.4

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2019Cash964.5Shareholders’ equity−706.3Fiscal year 2020Cash1,062.0Shareholders’ equity−1,657.0Fiscal year 2021Cash817.7Shareholders’ equity3,973.4Fiscal year 2022Cash1,574.2Shareholders’ equity4,766.1Fiscal year 2023Cash396.9Shareholders’ equity4,585.7Fiscal year 2024Cash986.3Shareholders’ equity4,797.4Fiscal year 2025Cash483.0Shareholders’ equity5,151.9
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 964.5 1,062.0 817.7 1,574.2 396.9 986.3 483.0
Shareholders’ equity −706.3 −1,657.0 3,973.4 4,766.1 4,585.7 4,797.4 5,151.9

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−12.9% −16.4% −58.1% 17.1% −0.3% 6.4% 9.3%
−11.8% −20.3% −56.0% 22.5% 6.2% 13.0% 13.7%
−21.3% −21.9% −49.1% 21.7% 6.4% 13.3% 14.3%
−36.1% −26.5% −35.3% 26.9% 14.9% 7.9% 5.4%
Spending
14.2% 8.1% 11.8% 10.4% 11.4% 7.8% 5.8%
9.5% 13.4% 16.5% 13.9% 15.3% 13.3% 7.8%
0.9% 0.9% 1.1% 0.4% 0.5% 7.9% 0.7%
n/a n/a n/a 3.6% 0.3% 2.7% −4.0%
Returns
n/a n/a −39.6% 12.8% 3.6% 7.7% 11.0%
n/a −14.1% −30.0% 10.3% 2.7% 5.7% 8.0%
Balance and payout
n/a 32.4% 24.3% 19.5% 23.9% 24.5% 27.4%
n/a n/a n/a n/a n/a 43.2% 22.9%
n/a n/a n/a n/a n/a 72.5% 60.9%

Shown in CNY as filed; the screener converts to dollars.