Zhihu Inc.
ZH, ZHIHF · Services-Business Services, NEC · EDGAR filings ↗
Reference price $2.85 — last insider sale, 2026-06-05 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
D52gen composite 37pct→60; net + operating loss
Notable findings
- Cash burnNegative free cash flow (-52.2M)
- Net lossNet loss (net margin -7.1%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $625M cash & investments, ~48 quarters of runway
- Notable holderHeld by 3 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC (as of 2026-03-31)
- Revenue declineRevenue -20.3% YoY
Key metrics
Gross margin
59.9%
Operating margin
-18.5%
Net margin
-7.1%
Return on equity
-5.1%
Return on assets
-3.8%
ROIC
-10.4%
Revenue growth (QoQ)
-20.3%
Debt / equity
0.0×
Current ratio
3.7×
Free cash flow
-$52M
EBITDA
-$70M
Tangible book value
$540M
Cash & investments
$625M
Cash runway
48q
Stock comp / revenue
3.2%
Leadership & compensation
| Name | Role | Latest total comp |
|---|---|---|
| Wang Han | Chief Financial Officer | — |
| Chen Derek | Director | — |
| Cheng Li-Lan | Director | — |
| Ni Hope | Director | — |
Officers & directors from SEC filings (Form 4 + DEF 14A proxy); compensation is the latest reported fiscal year.
Insider transactions · last 6 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Cheng Li-Lan | Sell | 360 | $2.85 |
| 2026-05-27 | Ni Hope | Grant | 34K | $0.01 |
| 2026-05-27 | Cheng Li-Lan | Grant | 34K | $0.01 |
| 2026-04-17 | Wang Han | Grant | 330K | $0.01 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-17 | 2025-12-31 | 0001104659-26-044557 ↗ |
| 20-F | 2025-04-15 | 2024-12-31 | 0001410578-25-000729 ↗ |
| 20-F | 2024-04-26 | 2023-12-31 | 0001104659-24-052248 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001104659-23-051969 ↗ |
| 20-F | 2022-04-08 | 2021-12-31 | 0001104659-22-043847 ↗ |