Waterdrop Inc. balance sheet

At the end of fiscal 2025, Waterdrop Inc. had total assets of $1.02bn, total liabilities of $279m and shareholders' equity of $737m. It held $69.1m in cash against $6.7m of debt: net cash of $62.3m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Waterdrop Inc.: balance sheet, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	139	163	128	228	56	135	69
Receivables	—	83	101	98	98	98	180
Total current assets	—	695	790	825	764	635	569
Goodwill	—	0	1	0	11	11	12
Total assets	—	721	824	859	866	884	1,015
Deferred revenue (current)	—	3	0	—	—	4	7
Total current liabilities	—	195	196	163	193	203	271
Short-term debt	—	—	—	—	19	27	7
Total debt	0	0	0	0	19	27	7
Total liabilities	—	234	200	168	207	216	279
Shareholders' equity	−101	−254	624	691	646	657	737
Non-controlling interests and other (assets − liabilities − equity)	—	741	—	—	—	—	—
Net debt (negative = net cash)	−139	−163	−128	−228	−37	−108	−62
Shares outstanding	—	120m	—	391m	370m	362m	361m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Waterdrop Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Waterdrop Inc.