Zhihu Inc. ZH
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.11
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $393.1M | $493.0M | $591.4M | $522.7M | $464.4M | — | — |
| Cost of revenue | $157.5M | $194.3M | $268.0M | $260.5M | $220.5M | — | — |
| Gross profit | $235.6M | $298.8M | $323.4M | $262.1M | $243.8M | — | — |
| R&D | $75.1M | $100.4M | $127.0M | $110.7M | $97.2M | — | — |
| SG&A | $36.0M | $45.2M | $58.9M | $90.2M | $108.3M | — | — |
| Total operating expenses | $308.2M | $364.7M | $474.4M | $494.7M | $462.1M | — | — |
| Operating income | -$72.5M | -$65.9M | -$151.0M | -$232.5M | -$218.2M | — | — |
| Pre-tax income | -$24.8M | -$24.4M | -$116.6M | -$226.8M | -$203.0M | — | — |
| Income tax | $3.1M | $1.3M | $1.7M | $2.1M | $854.0K | — | — |
| Net income | -$27.9M | -$23.1M | -$118.2M | -$228.8M | -$203.8M | — | — |
| EPS, basic | -0.11 | -0.09 | -0.40 | -0.75 | -0.96 | — | — |
| EPS, diluted | -0.11 | -0.09 | -0.40 | -0.75 | -0.96 | — | — |
| Shares, diluted (wtd. avg.) | 240.0M | 273.6M | 299.1M | 304.8M | 240.2M | 65.3M | 62.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $481.8M | $572.0M | $288.6M | $637.5M | $312.8M | $150.3M | — |
| Short-term investments | $120.3M | $73.8M | $249.3M | $114.1M | $351.4M | — | — |
| Receivables | $51.2M | $57.6M | $93.6M | $121.0M | $130.5M | — | — |
| Total current assets | $676.7M | $751.4M | $898.3M | $1.06B | $1.31B | — | — |
| Property, plant and equipment | $765.0K | $1.2M | $1.5M | $1.1M | $1.5M | — | — |
| Goodwill | — | $17.3M | $26.9M | $18.3M | $11.6M | — | — |
| Other intangibles | $4.2M | $7.5M | $17.3M | $11.6M | $10.7M | — | — |
| Total assets | $742.3M | $785.4M | $957.1M | $1.11B | $1.38B | — | — |
| Accounts payable | $97.4M | $114.5M | $146.3M | $132.8M | $161.1M | — | — |
| Short-term debt | $5.0M | — | — | — | — | — | — |
| Total current liabilities | $181.4M | $208.9M | $274.0M | $264.6M | $297.8M | — | — |
| Total liabilities | $188.2M | $210.6M | $294.9M | $284.5M | $324.4M | — | — |
| Retained earnings | -$1.30B | -$1.22B | -$1.23B | -$1.14B | -$985.6M | — | — |
| Total equity | $544.0M | $566.6M | $647.9M | $819.7M | $1.06B | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$52.0M | -$38.4M | -$58.5M | -$161.7M | -$69.1M | — | — |
| Depreciation and amortisation | $2.7M | $3.0M | $3.5M | $3.7M | $3.4M | — | — |
| Stock-based compensation | $12.5M | $8.1M | $23.2M | $54.2M | $86.1M | — | — |
| Capital expenditure | $189.0K | $374.0K | $1.2M | $104.0K | $1.2M | — | — |
| Investing cash flow | -$16.6M | $351.1M | -$236.8M | $506.1M | -$492.2M | — | — |
| Financing cash flow | -$18.8M | -$55.3M | -$51.4M | -$15.7M | $765.2M | — | — |
| Buybacks | $23.9M | $54.9M | $52.1M | $18.6M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-044557.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | $464.4M | $522.7M | $591.4M | $493.0M | $393.1M |
| Gross profit | — | — | $243.8M | $262.1M | $323.4M | $298.8M | $235.6M |
| Net income | — | — | -$203.8M | -$228.8M | -$118.2M | -$23.1M | -$27.9M |
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