Waterdrop Inc.

WDH

$1.00

+2.72%

2026-09-03 16:00:02 EDT+$0.03

Financial Services

Insurance - Brokers

NYSE

Active Trading

Waterdrop Inc., through its subsidiaries, provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance ...

Price Action of WDH

$1.00

+2.72%+$0.03

High—

Low—

52W High-52.5%

Rel. vol—

Interval

Range3.5h

Volume—SMA5SMA10

—

Waterdrop Inc. (NYSE: WDH) is a technology-driven financial services company headquartered in Beijing, focused on connecting consumers with insurance products and related healthcare services in China. Founded in April 2016 by Peng Shen, the company builds a digital marketplace and service infrastructure that aims to make insurance discovery, purchase, and ...Waterdrop Inc. (NYSE: WDH) is a technology-driven financial services company headquartered in Beijing, focused on connecting consumers with insurance products and related healthcare services in China. Founded in April 2016 by Peng Shen, the company builds a digital marketplace and service infrastructure that aims to make insurance discovery, purchase, and ongoing assistance more accessible—particularly for users seeking health and life insurance coverage. At the core of Waterdrop’s business is online insurance brokerage. The company matches and connects users with insurance products underwritten by insurance companies. It offers both short-term and long-term health and life insurance products and services. Rather than acting as an insurer itself, Waterdrop functions as a broker and technology-enabled service provider, leveraging data, user engagement, and partner networks to improve the fit between consumer needs and available insurance offerings. In addition to brokerage, Waterdrop operates healthcare-adjacent digital platforms. These include a medical crowdfunding platform designed to help individuals seek support for medical expenses, and E-Find, a clinical trial patient recruitment platform that helps pharmaceutical companies find and engage suitable patient participants for clinical trials. The company also provides technical services—such as customer relationship management (CRM)-related solutions—to insurance brokerage or agency companies, enabling those organizations to improve customer operations and engagement through technology. From an operational standpoint, Waterdrop’s scale is reflected in its employee base, listed as about 3,000 full-time employees (with industry/industry-site sources also suggesting a broader band). As a large consumer-facing platform, its model relies on growth of users, insurance partner relationships, and downstream service workflows (brokerage conversion, medical crowdfunding engagement, and clinical trial recruitment matching). On the financial/market side, the provided snapshot indicates a market capitalization of roughly $361.7M and valuation/quality indicators that can be consistent with insurance-brokerage technology firms. Reported margins in the dataset show profitability metrics such as gross margin around 0.54 and net profit margin around 0.125 (TTM). Liquidity appears supported by a current ratio around 1.95, and leverage indicators show relatively modest debt-to-assets (~0.038) and debt-to-equity (~0.058). The dataset also shows an enterprise value and valuation multiples (e.g., price-to-sales around 0.55) that suggest the market is pricing Waterdrop with specific growth and profitability expectations typical of marketplace-style financial services. Looking ahead, the company’s “technology + insurance + healthcare” approach implies ongoing investment in platform capabilities—such as user acquisition, underwriting/partner integration, clinical-trial and crowdfunding matching systems, and CRM tooling for brokerage partners—while balancing regulatory compliance and unit economics. Key leadership is anchored by founder and CEO Peng Shen, who has served as chairman and CEO since the company’s inception.ExpandCollapse

Founded

2016

Employees

3018

CEO

Peng Shen

Full Name

Waterdrop Inc.

Sector

Financial Services

Industry

Insurance - Brokers

ROE

10.94%

Market Cap

$0.36B

Current Ratio

1.95

WACC

5.24%

ROIC

13.67%

Contact Information

https://www.waterdrop-inc.com

86 10 5339 4997

Wangjing Science and Technology Park, Beijing, BJ 100101

Key Metrics of WDH

Snapshot

Latest / TTM · 6 periods

Market Cap

$361.69M

ROCE

7.1%

EV / EBITDA

2.62x

+0.2% YoY

FCF Yield

0.0%

-44.6% YoY

Cash Conversion Cycle

41.0d

Current Ratio

1.95

Quick take

TTM —

Positive CCC

Financial Highlights of WDH

Profitability trend

Latest / TTM · 6 periods

Gross Margin

54.0%

Net Margin

12.5%

P/E Ratio

0.82x

n/a

Debt / Equity

0.06

n/a

Current Ratio

1.95

Dividend Yield

6.2%

Understanding

TTM —

Interest coverage is weak

Calendar of WDH

Upcoming

Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.00 · Revenue $1.27B
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $0.62 · Revenue $5.81B · 2 analysts
Dec 31, 2027
FY2027 · Estimated annual results
Est. EPS $0.73 · Revenue $7.20B · 2 analysts
Dec 31, 2028
FY2028 · Estimated annual results
Est. EPS $0.87 · Revenue $8.65B · 2 analysts

Recent history

Sep 3, 2026
Q2 FY2026 · Earnings report
May 20, 2026
Dividend payment
$0.42 per share
Apr 24, 2026
Ex-dividend date
$0.42 per share
Mar 31, 2026
Q1 FY2026 · Results reported
EPS ¥2.60 · Revenue ¥1.23B
Dec 31, 2025
FY2025 · Annual results
EPS ¥14.70 · Revenue ¥3.87B
Sep 30, 2025
Q3 FY2025 · Results reported
EPS ¥0.42 · Revenue ¥974.86M

Financial Statements of WDH

Next Earnings Date

Sep 3, 2026

EPS estimate unavailable · Fiscal period ending 2026-06-30

D+1

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$3.9B	+39.6%	-11.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$553.4M	+50.6%	-38.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+51.1%	-2.7%	+16.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+9.3%	+45.1%	+8.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+14.3%	+7.9%	-31.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$214.3M	-2.1%	—
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+5.5%	-29.9%	—
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	1.4%	-73.1%	+321.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	2.10x	-32.7%	-7.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$7.1B	+10.1%	+8.9%

Actual vs Estimate

A Dec 31Q Mar 31

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	14.70 vs 0.11	+12956.2%	—	—
Revenue Surprise	$3.9B vs $3.4B	+12.3%	$1.2B vs $1.2B	0.0%

Insider Transactions of WDH

Acquisitions (A)

Since Mar 17, 2026

Disposals (D)

Since Mar 17, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Jul 1, 2026	Chang Qianfei	director	Class A ordinary shares	—	0	—
Mar 30, 2026	Feng Heping	director	Class A ordinary shares	—	0	—
Mar 30, 2026	Feng Heping	director	Share Options (Right to Buy)	—	150,000	—
Mar 27, 2026	Huang Kai Victor	director:	—	—	0	—
Mar 18, 2026	YU Haiyang	director	No securities beneficially owned	—	0	—

Earnings Call Transcript of WDH

1 transcript segments

Q1 2026

Unknown Speaker

Tracy Lee: Good morning, everyone. This is Tracy Lee from Waterdrop Investor Relations. It's my pleasure to welcome everyone to Waterdrop's first quarter 206 earnings conference call. All participants are in listen-only mode in our English line. As a reminder, today's conference call is being recorded. Please note that discussion today will come from forward-looking statements made under the Safe Harbor Provision of the U.S. Service and the Litigation Reform Act of 1995. Forward-looking statements adapted to risk and insurgencies limit cost actual results to differ materially from our current expectations. Potential risk and insurgencies include, but not limited to, those outlined in our published findings, please add these. The company does not undertake any obligation to update any forward-looking statements except as required in the applicable law. Also, this call includes discussion of certain non-GAAP merits. Please refer to our earnings release for reconciliations between non-GAAP and GAAP. Joining us today on the call are Mr. Shen Peng, our founder, chairman, and CEO, Mr. Wei Ran, Director and GM of the insurance business, Ms. Xu, head of the finance department, and Ms. Li Wu, board secretary. We will take questions in the memory line at the end of the conference call. Now let's invite our CEO, Peng Shen to start. Peng Shen: Dear investors and analysts, thank you for joining Waterdrop's first quarter 206 earnings conference call. In the first quarter, we continued our last year's growth momentum with total revenue of 1.24 billion yuan at 64.8% year-on-year, and net profit attributable to ordinary shareholders of more than 98 million yuan. Since the first quarter of 2022, we have maintained a gap-proof visibility for 17 consecutive quarters. By second, our insurance business continues its user acquisition strategy with insurance-related income at 74.1% year-over-year. As these capabilities have been validated, we sharpened our focus on user experience while continuing to optimize our traffic channels and user-targeting efficiency. The Khorfani distance remains stable, having raised the medical cost for a cumulative 3.75 million patients by the end of the Q1. And our digital clinical trial solution business is the standard enrollment growth, with more than 15,500 patients enrolled to date. On the technology front, we are accelerating our shift toward an AI-native company. As of March 31, 2006, we had filed 75 LLM-related patent applications, including nine international ones and were recently granted two more national invention patents in intelligence, semantic understanding, and the multimodal recognition. These technologies will be progressively applied to the insurance scenario, such as intelligent customer service and claims, improving service quality and efficiency. On capital returns, we continue to share our growth with our shareholders. In early May, we completed our fifth cash dividend since our IPO, totaling approximately $10.8 …

Leadership Team of WDH

8 executives

Name	Title	Gender	Year Born	Status
Xiaobo Zhou	Head of Research & Development	Male	1981	Active
Jieru Li	Board Secretary, Head of Strategy & Capital Markets and VP of Finance	Female	1989	Active
Xiaolei Sun	VP of HR & Organization Development and Director	Female	1987	Active
Xiaoying Xu	VP of Finance & Head of Finance	Female	1980	Active
Nian Liu	Head of Legal	Female	1988	Active
Wei Ran	Partner, GM of Insurance Technology Business & Director	Male	1987	Active
Xiaojiao Cui	Investor Relations Officer	Male	—	Active
Peng Shen	Co-Founder, Chairman of the Board & Chief Executive Officer	Male	1988	Active

Recent News of WDH

Benzinga6/24/2026Neutral

Waterdrop Posts Strong Revenue Growth Amid Rising User Acquisition Costs

The online insurance broker's new technical services business boomed in the first quarter, but soaring user acquisition costs caused its profit to fall

PRNewsWire6/23/2026Neutral

Waterdrop Inc. Announces Appointment of New Independent Director

BEIJING, June 23, 2026 /PRNewswire/ -- Waterdrop Inc. (NYSE: WDH) ("Waterdrop" or the "Company"), a leading technology platform dedicated to insurance and healthcare services with a positive social impact, today announced the appointment of Ms. Qianfei Chang as an independent director of the Company's board of directors (the "Board"), the chairman of the audit committee of the Board, a member of the compensation committee of the Board and a member of the nominating and corporate governance committee of the Board, replacing Mr.

Seeking Alpha6/16/2026Neutral

Waterdrop Inc. (WDH) Q1 2026 Earnings Call Prepared Remarks Transcript

MarketBeat6/16/2026Neutral

Waterdrop Q1 Earnings Call Highlights

Waterdrop NYSE: WDH reported sharply higher first-quarter 2026 revenue as its insurance business continued to scale, while profit attributable to ordinary shareholders declined year over year amid increased marketing and technology investment.

PRNewsWire6/16/2026Neutral

Waterdrop Inc. Reports First Quarter 2026 Unaudited Financial Results, Q1 Net Revenue Up 64.8% Year-over-Year

BEIJING, June 16, 2026 /PRNewswire/ -- On June 16, 2026, Waterdrop Inc. (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare services with positive social impact, today announced its unaudited financial results for the first quarter ended March 31, 2026. In the first quarter of 2026, Waterdrop achieved net operating revenue of RMB1,242.2 million, representing a 64.8% year-over-year increase.

Historical Employee Count of WDH

Current

3,018

Change

-1.28%

Minimum

2,719

Maximum

3,057

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	3,018	20-F	Apr 28, 2026	View
Dec 31, 2024	3,057	20-F	Apr 25, 2025	View
Dec 31, 2023	2,960	20-F	Apr 25, 2024	View
Dec 31, 2022	2,719	20-F	Apr 17, 2023	View
Dec 31, 2021	2,936	20-F	Apr 28, 2022	View

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Waterdrop Inc.