Waterdrop Inc. (WDH) intrinsic value & 10-year financials
Waterdrop Inc. (WDH) has a Graham intrinsic value of $0.15 per share. Over the last 6 fiscal years revenue grew 3.1% a year to $568.8M, with an average return on invested capital of -5.0%.
- Graham intrinsic value
- $0.15
- Revenue (FY2025)
- $568.8M
- Revenue growth (6-yr CAGR)
- 3.1%
- ROIC (10-yr avg)
- -5.0%
- Free cash flow (FY2025)
- $30.6M
WDH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $568.8M | $80.8M | $0.02 | $30.6M | 9.3% | 8.6% |
| FY2024 | $379.7M | $48.1M | $0.01 | $30.0M | 6.4% | 4.1% |
| FY2023 | $370.5M | $23.1M | $0.01 | $55.4M | -0.3% | -0.2% |
| FY2022 | $406.2M | $88.1M | $0.02 | $109.3M | 17.1% | 13.9% |
| FY2021 | $503.1M | -$247.0M | — | -$177.7M | -58.1% | -51.5% |
| FY2020 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Waterdrop Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Waterdrop Inc. has historically struggled to out-earn its cost of capital, averaging just -5.0% ROIC.
Waterdrop Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Waterdrop Inc. is modeled at 0.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.15 per share.