Waterdrop Inc. (WDH)
Waterdrop Inc., through its subsidiaries, provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance companies in the People’s Republic of China. The company offers short-term and long-term health and life insurance products and services. It also operates a medical crowdfunding platform; and E-Find, a clinical trial patient recruitment platform for pharmaceutical companies to find matches for clinical trials. In addition, the company provides technical services to insurance brokerage or agency companies through customer relationship management system. Waterdrop Inc. was founded in 2016 and is headquartered in Beijing, the People’s Republic of China.
Sector: Insurance Agents, Brokers & Service
Industry: Insurance - Brokers
Waterdrop Inc.
NYSE:WDHFinancial Services · Insurance - Brokers
+0.99%$1.02
AH Close$1.02+0.00%vs close
AH Close$1.02+0.00%vs close
Mkt Cap$366.49M
Float359.3M
O/S359.3M
Inst Own6.9%
SI<0.1%
Div Yield5.88%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$580.1M
Net Income$82.97M
Total Assets$1.07B
Free Cash Flow$32.13M
Debt & Equity
Debt 1%
Equity 99%
Total Debt$10.58M
Total Equity$772.87M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in WDH's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$1.07B
Liabilities$292.36M
Accounts Receivable$310.17M
Accounts Payable$102.66M
Inventory$0
PP&E (Net)$41.95M
Goodwill$12.11M
Intangible Assets$26.57M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Revenue | $580.1M | $415.55M | $394.39M | $420.04M | $480.63M | $453.95M | $226.52M | $35.7M |
| YoY Growth | 39.6% | 5.4% | -6.1% | -12.6% | 5.9% | 100.4% | 534.5% | - |
| Cost of Revenue | $283.38M | $197.11M | $237.78M | $200.32M | $202.38M | $111.28M | $43.67M | $6.89M |
| Gross Profit | $296.72M | $218.45M | $156.61M | $219.72M | $278.25M | $342.67M | $182.85M | $28.82M |
| Gross Margin | 51.1% | 52.6% | 39.7% | 52.3% | 57.9% | 75.5% | 80.7% | 80.7% |
| Research and Development | $33.93M | $32.46M | $44.83M | $43.67M | $56.82M | $36.61M | $32.18M | $10.37M |
| Selling, General, and Administrative | $208.7M | $159.28M | $112.79M | $104.39M | $500.71M | $380.45M | $179.83M | $46.65M |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $242.63M | $191.74M | $157.62M | $148.06M | $557.53M | $417.07M | $212.01M | $57.03M |
| Operating Income (EBIT) | $54.08M | $26.71M | -$1.01M | $71.66M | -$279.28M | -$74.4M | -$29.16M | -$28.21M |
| Operating Margin | 9.3% | 6.4% | -0.3% | 17.1% | -58.1% | -16.4% | -12.9% | -79.0% |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $19.79M | $22.36M | $20.4M | $12.25M | $7.3M | $3.98M | $1.58M | $364K |
| Other Income (Expense) | $25.17M | $27.35M | $25.63M | $22.89M | $10.16M | -$17.61M | $2.32M | $71K |
| Income Before Tax (EBT) | $79.25M | $54.06M | $24.62M | $94.55M | -$269.12M | -$92.01M | -$26.84M | -$28.14M |
| Income Tax Expense | -$3.15M | $1.46M | $83K | $3.44M | -$33.13M | $7.52M | $21.37M | $3.22M |
| Net Income | $82.97M | $55.1M | $25.07M | $91.11M | -$235.99M | -$99.53M | -$48.2M | -$31.36M |
| Net Income Margin | 14.3% | 13.3% | 6.4% | 21.7% | -49.1% | -21.9% | -21.3% | -87.8% |
| Supplementary Data | ||||||||
| EPS | 15.40 | 1.00 | 0.43 | 1.55 | -3.99 | -3.45 | -1.00 | -0.65 |
| Diluted EPS | 14.70 | 1.00 | 0.43 | 1.50 | -3.99 | -3.45 | -1.00 | -0.65 |
| Weighted Average OS | 36.15M | 367.51M | 388.09M | 390.99M | 394.28M | 321.51M | 321.51M | 321.51M |
| EBITDA | $56.17M | $28.44M | $1.02M | $75.1M | -$276.56M | -$72.44M | -$28.15M | -$27.91M |
| EBITDA Margin | 9.7% | 6.8% | 0.3% | 17.9% | -57.5% | -16.0% | -12.4% | -78.2% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $169.74M | $147.87M | $59.5M | $236M | $122.59M | $159.21M | $144.59M | $29.4M |
| Short-Term Investments | $79.61M | $241.76M | $449.24M | $319.39M | $295.25M | $178.88M | $9.04M | $5.15M |
| Cash and Short-Term Investments | $249.34M | $389.63M | $508.74M | $555.38M | $417.84M | $338.09M | $153.63M | $34.55M |
| Accounts Receivable | $310.17M | $200.24M | $189.8M | $168.79M | $181.02M | $204.54M | $130.46M | $29.12M |
| Inventory | $0 | $0 | $0 | $0 | $100.1M | $65.18M | $60.41M | $0 |
| Other Current Assets | $37.67M | $78.08M | $114.99M | $128.96M | $21.51M | $205.9M | $108.52M | $38.91M |
| Total Current Assets | $597.18M | $695.34M | $813.53M | $853.14M | $754.55M | $679.55M | $369.06M | $102.58M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $41.95M | $43.01M | $14.05M | $7.47M | $15.57M | $13.41M | $10.66M | $1.17M |
| Goodwill | $12.11M | $12.11M | $12.11M | $513K | $513K | $468K | $221K | $0 |
| Intangible Assets | $26.57M | $22.94M | $26.6M | $8.49M | $8.51M | $7.95M | $2.53M | $1.8M |
| Long-Term Investments | $386.98M | $167.03M | $31.75M | $1.79M | $1.77M | $411K | $710K | $401K |
| Deferred Tax Assets | $431K | $4.05M | $3.63M | $924K | $1.78M | $0 | $0 | $0 |
| Other Long-Term Assets | $1 | $23.05M | $20.15M | $15.53M | $4.48M | $3.6M | $0 | $0 |
| Total Long-Term Assets | $468.05M | $272.19M | $108.27M | $34.72M | $32.62M | $25.83M | $14.12M | $3.37M |
| Other Assets | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $1.07B | $967.53M | $921.81M | $887.86M | $787.17M | $705.38M | $383.18M | $105.95M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $102.66M | $80.56M | $88.75M | $77.46M | $102.7M | $91.05M | $48.01M | $358K |
| Short-Term Debt | $7.05M | $29.74M | $20.62M | $0 | $0 | $0 | -$2.02M | $2.87M |
| Current Income Tax Payable | $0 | $1.78M | $2.72M | $3.49M | $3.3M | $2.03M | $1.15M | $0 |
| Current Unearned Revenue | $6.9M | $0 | $0 | $0 | $120K | $5.59M | $8.07M | $0 |
| Other Current Liabilities | $9.76M | $16.25M | $158.55M | $27.84M | $5.89M | $15.5M | $24.96M | $25.06M |
| Total Current Liabilities | $283.9M | $222.62M | $205.33M | $168.16M | $187.27M | $190.59M | $131.1M | $60.56M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | -$10.99M | -$5.09M | -$3.9M | -$33.84M | -$6.28M | $0 |
| Long-Term Deferred Tax Liabilities | $6.57M | $12.62M | $10.99M | $4.45M | $2.03M | $33.84M | $6.28M | $0 |
| Other Long-Term Liabilities | $0 | $0 | $10.99M | $5.09M | $3.9M | $33.84M | $25.13M | $3.64M |
| Total Long-Term Liabilities | $8.47M | $14.27M | $15.08M | $5.16M | $4.2M | $38M | $26.97M | $3.68M |
| Other Liabilities | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $292.36M | $236.89M | $220.41M | $173.32M | $191.47M | $228.59M | $158.07M | $64.24M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $725.21M | $331M | $97.63M |
| Common Stock | $21K | $21K | $21K | $20K | $20K | $6K | $6K | $6K |
| Retained Earnings | -$243.85M | -$328.99M | -$384.09M | -$408.82M | -$499.93M | -$250.67M | -$109.98M | -$50.81M |
| Comprehensive Income & Other | $6.54M | $23.92M | $21.6M | $16.23M | -$3.22M | $2.24M | $4.08M | -$10.94M |
| Other Stockholders' Equity | $1.02B | $1.05B | $1.07B | $1.12B | $1.1B | $727.45M | $335.08M | $92.52M |
| Total Equity | $772.87M | $719.23M | $687.49M | $714.54M | $595.69M | $476.79M | $225.11M | $41.71M |
| Minority Interest | $0 | $11.41M | $13.91M | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $1.07B | $956.12M | $907.9M | $887.86M | $787.17M | $705.38M | $383.18M | $105.95M |
| Supplementary Data | ||||||||
| Total Debt | $10.58M | $36.57M | $29.65M | $2.11M | $8.78M | $9.63M | $6.49M | $2.94M |
| Net Debt | -$159.15M | -$111.3M | -$29.86M | -$233.89M | -$113.81M | -$149.58M | -$138.1M | -$26.45M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | $84.71M | $52.6M | $24.54M | $91.11M | -$235.99M | -$99.53M | -$48.2M | -$31.36M |
| Depreciation & Amortization | $2.09M | $1.73M | $2.03M | $3.44M | $2.71M | $1.96M | $1M | $297K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | -$1.78M | $0 | $0 | $0 |
| Stock-Based Compensation | $7.76M | $13.02M | $20.07M | $16.79M | $33.91M | $34.16M | $4.2M | $7.17M |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | -$133.66M | -$15.18M | $3.04M | -$6.42M | -$15.6M | -$43M | -$22.09M | -$15.13M |
| Inventory | $0 | $0 | $0 | $0 | $68.06M | -$83.78M | -$57.77M | -$25.1M |
| Accounts Payable | $22.11M | -$8.19M | $11.29M | -$25.24M | $11.65M | $43.04M | $23.13M | $23.79M |
| Other Working Capital | $52.19M | $19.63M | $1.13M | $32.51M | -$35.34M | $8.06M | $19.84M | $8.7M |
| Total Working Capital Change | -$59.36M | -$3.74M | $15.46M | $850K | $28.77M | -$75.68M | -$36.89M | -$7.75M |
| Other Non-Cash Items | $1.37M | $1.93M | -$1.15M | $2.6M | $7.97M | $22.59M | $6K | $9K |
| Net Cash from Operating | $36.57M | $65.55M | $60.94M | $114.79M | -$164.41M | -$116.5M | -$79.89M | -$31.64M |
| Investing Activities | ||||||||
| Capital Expenditures | -$4.44M | $0 | -$2.03M | -$1.78M | -$5.47M | -$4M | -$1.99M | -$1.12M |
| Acquisitions | -$2.53M | $0 | -$29.56M | $0 | $115K | -$3.05M | -$760K | $0 |
| Purchases of Investments | -$1.12B | $0 | -$1.75B | -$2.57B | -$1.96B | -$192.26M | -$79.58M | -$69.94M |
| Sales of Investments | $1.09B | $0 | $1.6B | $2.55B | $1.84B | $16.49M | $75.45M | $75.86M |
| Other Investing Activities | $17K | $43.72M | $34K | $135K | $4K | $269K | -$13K | $5.91M |
| Net Cash from Investing | -$33.69M | $43.72M | -$175.85M | -$20.96M | -$126.97M | -$182.56M | -$6.89M | $4.8M |
| Financing Activities | ||||||||
| Debt Repaid | - | - | $3K | $25K | $29K | $25K | $10K | $5K |
| Common Stock Issuance | $964K | $0 | $0 | $0 | $319.84M | $0 | $0 | $0 |
| Common Stock Repurchases | -$13.68M | -$16.04M | -$78.86M | -$10.05M | -$2.48M | $0 | $0 | -$1.14M |
| Dividends Paid | -$19.55M | -$23.79M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$1.07M | $1.08M | $1.76M | $1.46M | $445K | $311K | -$2.87M | $51.51M |
| Net Cash from Financing | -$56.06M | -$29.77M | -$56.56M | -$8.61M | $317.78M | $307.47M | $220.8M | $54.37M |
| Forex Effect | -$3.1M | $386K | $3.92M | $5.66M | -$2.11M | -$4.03M | $4.1M | -$296K |
| Net Change in Cash | -$56.29M | $79.89M | -$167.54M | $90.87M | $24.29M | $4.38M | $138.12M | $27.23M |
| Supplementary Data | ||||||||
| Operating Cash Flow | $36.57M | $65.55M | $60.94M | $114.79M | -$164.41M | -$116.5M | -$79.89M | -$31.64M |
| Capital Expenditure | -$4.44M | -$32.74M | -$2.03M | -$1.78M | -$5.47M | -$4M | -$1.99M | -$1.12M |
| Free Cash Flow | $32.13M | $32.81M | $58.92M | $113.01M | -$169.88M | -$120.51M | -$81.88M | -$32.76M |
| Cash at Beginning | $225.92M | $146.03M | $313.56M | $222.69M | $198.4M | $194.02M | $55.9M | $28.67M |
| Cash at End | $169.63M | $225.92M | $146.03M | $313.56M | $222.69M | $198.4M | $194.02M | $55.9M |