Waterdrop Inc.
WDH · Insurance Agents, Brokers & Service · EDGAR filings ↗
Grade
B72Profitable, fast-growing China online insurance marketplace with positive cash generation, held back by VIE/regulatory risk and only mid-pack ROE.
Strengths
- Strong growth (revenue +44%/84th pct, net income +55%/81st pct) with solid net margin (14%, 69th pct) and ROA (8%, 78th pct)
- Positive FCF (82nd pct) and $3.3B cash (94th pct)
Risks
- ROE only ~11% (mid-pack) and asset-light brokerage tied to evolving PRC internet-insurance rules (Circular 108)
- China VIE structure, HFCAA and CSRC overhang
Notable findings
- Strong balance sheetStrong balance sheet — $472M cash & investments
Key metrics
Operating margin
9.3%
Net margin
14.3%
Return on equity
11.0%
Return on assets
8.0%
Revenue growth (QoQ)
49.8%
Net-income growth
61.5%
Current ratio
2.1×
Free cash flow
$31M
Tangible book value
$700M
Cash & investments
$472M
Stock comp / revenue
1.3%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-28 | 2025-12-31 | 0001104659-26-049772 ↗ |
| 20-F | 2025-04-25 | 2024-12-31 | 0001410578-25-000891 ↗ |
| 20-F | 2024-04-25 | 2023-12-31 | 0001104659-24-051464 ↗ |
| 20-F | 2023-04-17 | 2022-12-31 | 0001193125-23-102905 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001193125-22-127542 ↗ |