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WDH

Waterdrop Inc.

WDH

Waterdrop Inc. • NYSE
$1.80 ▲ 2.27% (+0.04)
Market Cap $65.13 M
52w High $2.18
52w Low $1.08
Dividend Yield 0.06%
P/E 10.59
Volume 177.58K
Outstanding Shares 36.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $837.959M ▲ $324.13M ▲ $140.159M ▲ 16.726% ▲ $3.9 ▲ $97.336M ▲
Q1-2025 $753.694M ▲ $303.583M ▲ $108.195M ▲ 14.355% ▼ $3 ▲ $75.893M ▲
Q4-2024 $686.824M ▼ $12.577M ▼ $105.783M ▲ 15.402% ▲ $2.8 ▲ $52.96M ▲
Q3-2024 $704.141M ▲ $337.111M ▲ $92.805M ▲ 13.18% ▲ $2.6 ▲ $26.47M ▼
Q2-2024 $676.156M $304.691M $88.29M 13.058% $2 $55.753M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $1.664B ▼ $6.523B ▲ $1.51B ▼ $5.013B ▲
Q1-2025 $1.936B ▼ $6.488B ▲ $1.555B ▼ $4.861B ▲
Q4-2024 $2.599B ▲ $6.454B ▲ $1.58B ▲ $4.797B ▲
Q3-2024 $2.355B ▼ $6.229B ▲ $1.517B ▲ $4.621B ▼
Q2-2024 $2.933B $6.081B $1.342B $4.651B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $140.159M ▲ $0 $0 $0 $0 $0
Q1-2025 $108.195M ▲ $0 $0 $0 $0 $0
Q4-2024 $99.615M ▲ $0 $0 $0 $0 $0
Q3-2024 $92.805M ▲ $0 $0 $0 $0 $0
Q2-2024 $88.29M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Waterdrop’s income statement shows a business that has moved from heavy losses to consistent profitability while keeping revenue relatively stable. Sales have dipped slightly from earlier peaks but have held in a fairly tight range, which suggests the company has focused more on quality and efficiency than pure volume growth. Profitability has improved meaningfully: gross margins recovered after a weaker patch, and the company now generates positive operating and net income after sizeable losses around the IPO period. This points to tighter cost control and a more disciplined approach to marketing and operations. The main watchpoint is that revenue growth has not yet clearly re-accelerated, so future performance still depends on finding new growth engines, not just cost optimization.

Balance Sheet

Balance Sheet The balance sheet looks solid and conservative. Total assets and shareholders’ equity have grown over time, indicating that the company has been building its financial base rather than eroding it with losses. Debt levels are very low, so the business is not heavily reliant on borrowing, which reduces financial risk in downturns. Cash balances have moved around but remain meaningful, suggesting a comfortable liquidity cushion even after periods of investment and restructuring. Overall, Waterdrop appears to have a healthy, equity-rich balance sheet with limited leverage pressure.

Cash Flow

Cash Flow Cash flow has shifted from a weak spot to a clear strength. A few years ago, the company was burning cash in its core operations; more recently it has consistently generated positive operating cash flow, which supports day-to-day needs without depending on external funding. Free cash flow is also positive, helped by the fact that the business model is asset-light and requires only modest spending on physical assets. This pattern indicates that reported profits are increasingly backed by real cash generation, not just accounting gains. The key risk is maintaining this cash discipline if the company ramps up spending again for growth or new initiatives.

Competitive Edge

Competitive Edge Waterdrop operates in a tough but attractive space at the intersection of insurance and healthcare in China, and it has carved out a differentiated position. Its medical crowdfunding platform feeds users into its insurance marketplace, creating a unique funnel that many rivals do not have and making customer acquisition more efficient. The company’s large user base and data pool provide a real edge in understanding health and insurance needs, which supports better product design and risk assessment. At the same time, it faces intense competition from traditional insurers and large tech platforms, plus regulatory and reputational risks given its role in healthcare financing. The durability of its competitive edge will depend on how well it continues to leverage data, maintain trust, and deepen its ecosystem around users’ healthcare journeys.

Innovation and R&D

Innovation and R&D Innovation is at the center of Waterdrop’s strategy, especially its “All in AI” approach. The company is embedding artificial intelligence into underwriting, claims handling, customer service, and sales tools, aiming to lower costs and offer more tailored insurance products. It is also branching into adjacent areas like digital clinical trial recruitment and broader healthcare services, which could diversify revenue and tighten its links to the healthcare system. Proprietary tools such as its own large language model and family insurance diagnostic system show a push toward building in-house technology rather than relying on generic solutions. The opportunity is significant, but success depends on turning these advanced tools into scalable, profitable products while carefully managing data privacy and regulatory expectations.

Summary

Overall, Waterdrop looks like a business that has successfully stabilized after a difficult, loss-making phase and is now running more profitably on a lean, asset-light model. Its financial foundations—growing equity, low debt, and positive free cash flow—give it room to keep investing in technology and new services without overextending itself. Strategically, its combination of medical crowdfunding, insurance, and healthcare services, powered by AI, provides a differentiated platform in a large market. The main uncertainties lie in reigniting clear top-line growth, navigating competitive and regulatory pressures in China’s insurance and healthcare sectors, and proving that its innovative products and AI capabilities can deliver durable, large-scale revenue over time.

NEWS

November 19, 2025 · 5:00 AM UTC

Waterdrop Inc. to Report Third Quarter 2025 Financial Results on December 3, 2025

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September 25, 2025 · 12:52 AM UTC

Waterdrop Inc. Published 2024 ESG Report: Expanding Support to Vulnerable Groups, Providing Rural Medical Clinic Access to Over 500 Thousand Beneficiaries

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September 4, 2025 · 8:14 AM UTC

Waterdrop Inc. Announces Second Quarter 2025 Unaudited Financial Results and a Cash Dividend, Net profit rises 58.7% year-on-year

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September 4, 2025 · 6:00 AM UTC

Waterdrop Inc. Announces Second Quarter 2025 Unaudited Financial Results and a Cash Dividend

Read more