Zhihu Inc. (ZH) intrinsic value & 10-year financials
Zhihu Inc. (ZH) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 8 fiscal years revenue grew 26.5% a year to CNY 2.7B, with an average return on invested capital of -69.7%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- CNY 2.7B
- Revenue growth (8-yr CAGR)
- 26.5%
- ROIC (10-yr avg)
- -69.7%
- Free cash flow (FY2025)
- -CNY 364.9M
ZH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | CNY 2.7B | -CNY 195.2M | -CNY 0.80 | -CNY 364.9M | -18.5% | -170.7% |
| FY2024 | CNY 3.6B | -CNY 169.0M | -CNY 0.63 | -CNY 282.9M | -13.4% | -34.6% |
| FY2023 | CNY 4.2B | -CNY 839.5M | -CNY 2.82 | -CNY 424.0M | -25.5% | -58.5% |
| FY2022 | CNY 3.6B | -CNY 1.6B | -CNY 5.19 | -CNY 1.1B | -44.5% | -55.0% |
| FY2021 | CNY 3.0B | -CNY 1.3B | -CNY 6.12 | -CNY 447.7M | -47.0% | -29.9% |
| FY2020 | CNY 1.4B | -CNY 517.5M | -CNY 18.36 | -CNY 246.4M | -44.6% | — |
| FY2019 | CNY 670.5M | -CNY 1.0B | -CNY 22.99 | -CNY 720.0M | -157.9% | — |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in CNY.
Executive summary
Zhihu Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Zhihu Inc. has historically struggled to out-earn its cost of capital, averaging just -35.9% ROIC.
Zhihu Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Zhihu Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-26.57 per share.