Waterdrop Inc. key statistics and ratios

In fiscal 2025, Waterdrop Inc. had return on equity of 11.4%, an operating margin of 9.3%, debt equal to 0.9% of equity and a current ratio of 2.10. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Waterdrop Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on equity	—	—	−132.1%	13.8%	3.5%	7.8%	11.4%
Return on assets	—	−13.3%	−31.6%	10.8%	2.7%	5.8%	8.3%
Asset turnover	—	0.61	0.64	0.50	0.43	0.44	0.58
Current ratio	—	3.57	4.03	5.07	3.96	3.12	2.10
Debt to equity	—	—	0.0%	0.0%	3.0%	4.1%	0.9%
Effective tax rate	—	—	—	3.6%	0.3%	2.7%	−4.0%
R&D as % of revenue	14.2%	8.1%	11.8%	10.4%	11.4%	7.8%	5.8%
Capital spending as % of revenue	0.9%	0.9%	1.1%	0.4%	0.5%	7.9%	0.7%
Free cash flow ÷ net income	—	—	—	124.0%	235.0%	59.5%	37.7%
Dividends ÷ net income	—	—	—	—	—	43.2%	22.9%
Dividends and buybacks ÷ free cash flow	—	—	—	8.9%	133.9%	121.4%	103.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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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.