Waterdrop Inc. is a US-listed company in the multi-line insurance industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $553m, up 43.7% on a year earlier, faster than the 3.6% growth a quarter earlier.
Our model value for Waterdrop is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Waterdrop Inc.'s trailing-twelve-month revenue grew 43.7% year on year, with a free-cash-flow margin of 5.4%. Where it stands out: revenue growth of 43.7% ranks 1 of 7 multi-line insurance companies we cover. Where it lags: change in share count of -0.2% ranks 7 of 7 multi-line insurance companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 43.7% (+40.1pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for WDH from the sources we follow. See filings →
No model value for Waterdrop Inc. at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Waterdrop Inc. as an insurer, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.62 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$0.2 ~$0.0–$0.5 | Left out: far from the other models (more than 3x away from their median) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$1.3 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$2.7 ~$2.4–$4.6 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$2.1 ~$1.9–$3.3 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Waterdrop Inc. with property, casualty and specialty insurers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: December 2, 2026, before the open.
No analyst estimates are published for Waterdrop Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2025 | $0.27 | $0.45 | +66.7% |
| Jun 2025 | $0.25 | $0.41 | +63.4% |
| Mar 2025 | $0.28 | $0.26 | −6.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q4 | $218.8M |
| FY20 Q4 | $438.9M |
| FY21 Q4 | $497M |
| FY22 Q4 | $417.2M |
| FY23 Q4 | $371.8M |
| FY24 Q4 | $385.2M |
| FY25 Q4 | $553.5M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | 100.6% |
| FY21 Q4 | 13.2% |
| FY22 Q4 | -16.1% |
| FY23 Q4 | -10.9% |
| FY24 Q4 | 3.6% |
| FY25 Q4 | 43.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY19 Q4 | -12.9% |
| FY20 Q4 | -16.4% |
| FY21 Q4 | -58.1% |
| FY22 Q4 | 17.1% |
| FY23 Q4 | -0.3% |
| FY24 Q4 | 6.4% |
| FY25 Q4 | 9.3% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY19 Q4 | -36.1% |
| FY20 Q4 | -26.5% |
| FY21 Q4 | -35.3% |
| FY22 Q4 | 26.9% |
| FY23 Q4 | 14.9% |
| FY24 Q4 | 7.9% |
| FY25 Q4 | 5.4% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 219 | 439 | 497 | 417 | 372 | 385 | 553 |
| EBITDA | −27 | −70 | −286 | 75 | 1 | 26 | 54 |
| Operating income | −28 | −72 | −289 | 71 | −1 | 25 | 52 |
| Net income | −47 | −96 | −244 | 90 | 24 | 51 | 79 |
| Diluted EPS | — | — | −$0.90 | $0.22 | $0.06 | $0.14 | $0.21 |
| Growth (year on year) | |||||||
| Revenue | — | +100.6% | +13.2% | −16.1% | −10.9% | +3.6% | +43.7% |
| EBITDA | — | — | — | — | −98.7% | — | +103.1% |
| Operating income | — | — | — | — | −101.3% | — | +108.4% |
| Net income | — | — | — | — | −73.9% | +116.1% | +55.0% |
| Diluted EPS | — | — | — | — | −74.7% | +145.9% | +50.2% |
| Margins | |||||||
| EBITDA margin | −12.4% | −16.0% | −57.5% | 17.9% | 0.3% | 6.8% | 9.7% |
| Operating margin | −12.9% | −16.4% | −58.1% | 17.1% | −0.3% | 6.4% | 9.3% |
| Net margin | −21.3% | −21.9% | −49.1% | 21.7% | 6.4% | 13.3% | 14.3% |
| Free-cash-flow margin | −36.1% | −26.5% | −35.3% | 26.9% | 14.9% | 7.9% | 5.4% |
| Cash flow | |||||||
| Cash from operations | −77 | −113 | −170 | 114 | 57 | 61 | 34 |
| Capital spending | 2 | 4 | 6 | 2 | 2 | 30 | 4 |
| Free cash flow | −79 | −117 | −176 | 112 | 56 | 30 | 30 |
| Stock-based pay | 4 | 33 | 35 | 17 | 19 | 12 | 7 |
| Free cash flow after stock pay | −83 | −150 | −211 | 96 | 37 | 18 | 23 |
| Balance sheet | |||||||
| Cash | 139 | 163 | 128 | 228 | 56 | 135 | 69 |
| Total debt | 0 | 0 | 0 | 0 | 19 | 27 | 7 |
| Net debt (negative = net cash) | −139 | −163 | −128 | −228 | −37 | −108 | −62 |
| Diluted shares | 120m | 117m | 299m | 402m | 388m | 372m | 371m |
| Returned to shareholders | |||||||
| Dividends | — | — | — | — | — | 22 | 18 |
| Buybacks | — | — | 3 | 10 | 74 | 15 | 13 |
| Total returned | — | — | 3 | 10 | 74 | 37 | 31 |
| Last 12 months unless stated | WDH | IGIC | HMN | AIZ | L | AIG | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $553m | $517m | $1.7bn | $13.5bn | $18.8bn | $26.6bn | $13.5bn |
| Revenue growth, last 12 months | 43.7% | −4.1% | 5.9% | 9.4% | 2.8% | −4.2% | 5.9% |
| Revenue growth, 3-year average | — | — | 7.7% | 8.4% | 6.8% | 19.7% | 8.0% |
| Revenue growth, latest quarter | — | — | 7.7% | 9.4% | 1.9% | −0.1% | 4.8% |
| Operating margin | 9.3% | −69.3% | — | — | — | — | −30.0% |
| Net margin | 14.3% | 24.6% | 10.2% | 7.9% | 7.9% | 11.1% | 10.2% |
| Cash from operations / revenue | 6.1% | 20.9% | 32.4% | 13.9% | 13.9% | 14.5% | 13.9% |
| Free-cash-flow margin | 5.4% | 20.7% | 30.9% | 12.3% | 9.0% | 14.5% | 12.3% |
| Free-cash-flow margin, 3-year average | — | — | 27.1% | 10.4% | 12.2% | 16.7% | 12.2% |
| Stock pay / revenue | 1.3% | 1.3% | 0.5% | 0.7% | 0.2% | — | 0.7% |
| Change in share count | −0.2% | −2.4% | −0.3% | −1.4% | −2.9% | −11.1% | −2.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 43.7% | 5.9% | 1 of 7 |
| Change in growth rate Growth | +40.1pp | +0.3pp | 1 of 7 |
| Net margin Profitability | 14.3% | 10.2% | 2 of 7 |
| Stock pay as % of revenue Cash generation | 1.3% | 0.7% | 4 of 5 |
| Change in share count Balance sheet | -0.2% | -2.4% | 7 of 7 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Boundless Plain Holdings Ltd | $13M | 11.5M | 46.1% | 0.0% |
| Idg China Capital Fund Iii Associates L.P. | $6.5M | 5.7M | 23.0% | 0.0% |
| Morgan Stanley | $3.7M | 3.3M | 13.1% | ▼ 3.8% |
| Baader Bank Aktiengesellschaft | $1.8M | 1.6M | 6.4% | 0.0% |
| Avenir Tech Ltd | $970,898 | 859K | 3.4% | 0.0% |
| Acadian Asset Management LLC | $332,000 | 300K | 1.2% | ▲ 137.0% |
| Idg China Capital Fund Gp Iii Associates Ltd. | $319,988 | 283K | 1.1% | 0.0% |
| Citadel Advisors LLC | $261,868 | 232K | 0.9% | ▲ 660.6% |
| Gsa Capital Partners LLP | $251,000 | 222K | 0.9% | New |
| Goldman Sachs Group Inc | $185,817 | 164K | 0.7% | ▼ 2.2% |
| Renaissance Technologies LLC | $151,790 | 134K | 0.5% | ▲ 131.8% |
| Invesco Ltd. | $110,369 | 98K | 0.4% | ▼ 12.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Waterdrop Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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