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MARKETS / NYSE / WDH
NYSE · INSURANCE AGENTS, BROKERS & SERVICE · MID CAP

Waterdrop Inc. WDH

7 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 4.0B
▲ 43.5% YoY
CNY 568.9M
▲ 54.8% YoY
CNY 214.3M
▼ 2.1% YoY
In brief

What this company does

Waterdrop sells insurance policies underwritten by insurance carriers through its platform, and is generally paid commissions calculated as a percentage of the premiums paid. As of December 31, 2025, the cumulative number of insurance consumers served, including those served through Shenlanbao Insurance Marketplace, was approximately 123.4 million, of which 38.9 million were paying insurance consumers. It works with 103 insurance carriers to offer 2,379 types of health and life insurance products on Waterdrop Insurance Marketplace, split between short-term health insurance and long-term health and life insurance. Waterdrop Medical Crowdfunding, a platform launched in July 2016 on which patients raise money for medical costs, had drawn cumulative donations of RMB72.3 billion from around 490 million people to 3.68 million patients. An offline crowdfunding consultant team serves patients across 31 provinces and 311 cities, alongside an online team for direct users, and these consultants handle enquiries, conduct initial patient verification and review campaigns. Since late 2021 the company has run E-Find Patient Recruitment, a digital platform through which pharmaceutical companies find matches for clinical trials. In 2025 it cooperated with 298 pharmaceutical companies and CROs, and its patient recruitment services cover Phase I to Phase III clinical trials in therapeutic areas including oncology, chronic diseases and rare diseases.

Written from the business description in Waterdrop Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 28 April 2026. Every sentence was checked against that document before publication.

Growth
CNY 4.0B
Revenue, FY2025 · full 7-year series below
Revenue CNY B Net income CNY B
FY2025 · Revenue 4.0 · Net income 0.6
2.0B-0.8B2019202020212022202320242025
Compound annual growth
+12.4%
+5.6%
−2.2%
+0.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +5.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
14 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 9.3% · Net 14.2%
10%20%-20%-40%2019202020212022202320242025
ROE
FY2025 · ROE 11.4%
-50%-100%2019202020212022202320242025

Each CNY of equity produced 11 cents of profit this year.

Cash & shareholders
CNY 130.4M
returned in FY2025 · dividends + net buybacks
Free cash flow CNY B
FY2025 · FCF 0.2
0.4B-0.4B-0.8B2019202020212022202320242025
Net buybacks CNY M Dividends CNY M
FY2025 · Dividends 130.4 · Net buybacks —
80M20242025

CNY 130.4M in dividends — 23% of the year's profit went back to shareholders.

Total assetsCNY 7.1B
EquityCNY 5.2B
CashCNY 483.0M
Gross debtCNY 47.0M
Net debtCNY -436.0M
Current ratio2.10×

The company holds more cash than debt.

The 7-year record
7 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019
Revenue CNY B4.02.82.62.83.23.01.5
Operating income CNY B0.40.2−0.00.5−1.9−0.5−0.2
EBITDA CNY B0.40.20.00.5−1.8−0.5−0.2
Income tax CNY B−0.00.00.00.0−0.20.10.1
Net income CNY B0.60.40.20.6−1.6−0.7−0.3
Free cash flow CNY B0.20.20.40.8−1.1−0.8−0.5
EPS, diluted CNY 0.150.100.040.15−0.58−0.94−0.38
Dividend / sh CNY ·······
Payout %2343·····
ROE %11.47.83.613.9−135.9··
Shares out B3.613.623.703.913.941.20·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 26 reconciliationsAUDITED

Reconciled in 7 of 19 fiscal years. 50 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityInsurance Agents, Brokers & Service
Listed onNYSE
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2019

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