5 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $569M | $81M | 0.0% | 9.3% | $31M | — | $69M |
| 2024 | $380M | $48M | 0.0% | 6.4% | $30M | — | $135M |
| 2023 | $371M | $23M | 0.0% | -0.3% | $55M | — | $56M |
| 2022 | $406M | $88M | 0.0% | 17.1% | $109M | — | $228M |
| 2021 | $503M | $247M | 0.0% | -58.1% | -$178M | — | $128M |
How the market has priced WDH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 4 years, Waterdrop Inc.'s revenue has grown 3.1% per year, and net income declined 24.4% per year. These are computed facts, not advice.
As of FY2025, Waterdrop Inc. reported — of total debt against $69M of cash.
In FY2025, gross margin was —, operating margin 9.3%, and net margin 14.2%.
As of Jun '26, Waterdrop Inc. traded at a price-to-earnings ratio of about 50.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.