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 | $393M | -$28M | 59.9% | -18.5% | -$52M | — | $482M |
| 2024 | $493M | -$23M | 60.6% | -13.4% | -$39M | — | $548M |
| 2023 | $591M | -$118M | 54.7% | -25.5% | -$60M | — | $297M |
| 2022 | $523M | -$229M | 50.2% | -44.5% | -$162M | — | $656M |
| 2021 | $464M | -$204M | 52.5% | -47.0% | -$70M | — | $339M |
How the market has priced ZH 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, Zhihu Inc.'s revenue has declined 4.1% per year. These are computed facts, not advice.
As of FY2025, Zhihu Inc. reported — of total debt against $482M of cash.
In FY2025, gross margin was 59.9%, operating margin -18.5%, and net margin -7.1%.
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.