$1.04+0.02 (+1.47%)
At close: Oct 2, 2026, 2:56 PM ET
Waterdrop Inc · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~3.1%/yr (FY21→FY25), net margin 14.2%; free cash flow runs at 38% of net income. Check the accrual gap. Worth your attention in FY25: Share count (+24.2%) and Returns vs FCF (107%). Both visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲49.8%
568.8
FY21→FY25CAGR +3.1%/yr
Net income ($M)▲68.1%
80.8
one-off year: see footnoteCAGR —
Free cash flow ($M)▲2.2%
30.6
FY21→FY25CAGR —
Diluted EPS▲56.2%
0.02
no value for 2 of 5 yearsCAGR +95.5%/yr
What the receipts whisper · what a headline number hides
Share count
+24.2%
3.0bn → 3.7bn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$4.2M
−85.8% YoY in FY25 · 0.7% of revenue.
Returns vs FCF
107%
$32.7M returned vs $30.6M of FCF in FY25. The gap comes off the balance sheet (see net cash).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
14¢ of every revenue dollar becomes profit.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 100.0% → 100.0%. Net margin 14.2% is below the sector median.
The receipt · income statement · FY21–FY25 USD thousands except per-share & ratios · hover a line for its definition
| Line item | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|
| Revenue & profitability | |||||||
Revenue | 568,812.3 | 379,737.9 | 370,527.3 | 406,218.2 | 503,077.9 | ▲49.8% | +3.1% |
Cost of revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | — |
Gross profit | 568,812.3 | 379,737.9 | 370,527.3 | 406,218.2 | 503,077.9 | ▲49.8% | +3.1% |
Research & development | 33,273.2 | 29,660.7 | 42,121.7 | 42,233.1 | 59,471.8 | ▲12.2% | −13.5% |
Selling, general & admin | 322,216.3 | 230,486.8 | 225,065.0 | 204,142.7 | 248,720.6 | ▲39.8% | +6.7% |
Total operating expenses | 515,780.3 | 355,330.4 | 371,477.1 | 336,916.6 | 795,398.4 | ▲45.2% | −10.3% |
Operating incomefeeds ROC rank | 53,032.0 | 24,407.5 | −949.7 | 69,301.6 | −292,320.6 | ▲117.3% | — |
Other income, net | 24,680.2 | 24,993.1 | 24,082.5 | 22,140.3 | 10,635.4 | — | — |
Pretax income | 77,712.2 | 49,400.6 | 23,132.7 | 91,441.9 | −281,685.2 | ▲57.3% | — |
Income tax | −3,089.9 | 1,329.9 | 78.2 | 3,331.2 | −34,677.7 | — | — |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 80,802.1 | 48,070.8 | 23,054.5 | 88,110.7 | −247,007.5 | ▲68.1% | — |
| Per share | |||||||
Diluted EPSbuyback-sensitive | 0.02 | 0.01 | 0.01 | — | — | — | +95.5% |
Diluted shares (bn) | 3.71 | 3.72 | 3.88 | 4.02 | 2.99 | ▼0.2% | +5.6% |
| Margins | |||||||
Gross margin78th pct in Financial Services | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ▲0.0pp | +0.0pp |
Operating margin | 9.3% | 6.4% | −0.3% | 17.1% | −58.1% | ▲2.9pp | +67.4pp |
Net margin33rd pct in Financial Services | 14.2% | 12.7% | 6.2% | 21.7% | −49.1% | ▲1.5pp | +63.3pp |
FY21 effective tax rate was 12% vs a 3% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-04-28 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.