Zhihu Inc. ZH

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2.77 USD +0.22 (+8.43%)

Nov 4, 2026, 12:04 PM EST

2.72 Day range 2.80
2.55 52-week range 4.52
YTD
-15.70%
1 year
-34.32%

Financial health

Altman Z-Score

1.75 Distress zone

Bankruptcy-risk model: below 1.81 distress, above 2.99 safe.

Piotroski F-Score

2 / 9 Weak

Nine pass/fail tests of profitability, leverage and efficiency.

FMP rating

C+2 / 5 overall

  • DCF 1
  • Return on Equity 1
  • Return on Assets 1
  • Debt / Equity 4
  • P/E 1
  • P/B 5

Valuation

P/E -9.7×
FY 2019: -35.1×FY 2020: -25.9×FY 2021: -11.5×FY 2022: -3.4×FY 2023: -4.7×FY 2024: -13.7×FY 2025: -9.7×
FY 2019 5y median -9.7× FY 2025
P/S 0.7×
FY 2019: 52.6×FY 2020: 24.0×FY 2021: 5.7×FY 2022: 1.5×FY 2023: 0.9×FY 2024: 0.6×FY 2025: 0.7×
FY 2019 5y median 0.9× FY 2025
P/B 0.5×
FY 2019: -8.8×FY 2020: 11.2×FY 2021: 2.5×FY 2022: 1.0×FY 2023: 0.9×FY 2024: 0.6×FY 2025: 0.5×
FY 2019 5y median 0.9× FY 2025
P/FCF -4.3×
FY 2019: -48.8×FY 2020: -124×FY 2021: -37.3×FY 2022: -4.8×FY 2023: -9.4×FY 2024: -8.3×FY 2025: -4.3×
FY 2019 5y median -8.3× FY 2025
EV/EBITDA 10.2×
FY 2019: -35.0×FY 2020: -63.4×FY 2021: -11.7×FY 2022: -0.6×FY 2023: -2.4×FY 2024: 10.2×FY 2025: 10.2×
FY 2019 5y median -0.6× FY 2025
EV/Sales -0.5×
FY 2019: 51.3×FY 2020: 23.2×FY 2021: 5.0×FY 2022: 0.3×FY 2023: 0.5×FY 2024: -0.4×FY 2025: -0.5×
FY 2019 5y median 0.3× FY 2025
FCF Yield -23.1%
FY 2019: -2.1%FY 2020: -0.8%FY 2021: -2.7%FY 2022: -20.6%FY 2023: -10.7%FY 2024: -12.0%FY 2025: -23.1%
FY 2019 5y median -12.0% FY 2025

Profitability

Gross Margin 59.9%
FY 2019: 46.6%FY 2020: 56.0%FY 2021: 52.5%FY 2022: 50.2%FY 2023: 54.7%FY 2024: 60.6%FY 2025: 59.9%
FY 2019 5y median 54.7% FY 2025
Operating Margin -13.9%
FY 2019: -157.9%FY 2020: -44.6%FY 2021: -47.0%FY 2022: -44.5%FY 2023: -25.5%FY 2024: -13.4%FY 2025: -13.9%
FY 2019 5y median -25.5% FY 2025
Net Margin -7.0%
FY 2019: -149.8%FY 2020: -38.3%FY 2021: -43.9%FY 2022: -43.9%FY 2023: -20.1%FY 2024: -4.8%FY 2025: -7.0%
FY 2019 5y median -20.1% FY 2025
ROE -4.9%
FY 2019: 25.1%FY 2020: -17.8%FY 2021: -19.0%FY 2022: -28.5%FY 2023: -18.3%FY 2024: -4.2%FY 2025: -4.9%
FY 2019 5y median -18.3% FY 2025
ROIC -9.3%
FY 2019: -32.5%FY 2020: -20.7%FY 2021: -19.8%FY 2022: -27.7%FY 2023: -21.9%FY 2024: -10.9%FY 2025: -9.3%
FY 2019 5y median -19.8% FY 2025
ROA -3.6%
FY 2019: -25.1%FY 2020: -13.0%FY 2021: -14.6%FY 2022: -21.0%FY 2023: -12.4%FY 2024: -3.0%FY 2025: -3.6%
FY 2019 5y median -12.4% FY 2025

Growth (YoY)

Revenue -26.7%
FY 2019: 0.0%FY 2020: 91.2%FY 2021: 128.5%FY 2022: 25.6%FY 2023: 14.5%FY 2024: -13.1%FY 2025: -26.7%
FY 2019 FY 2025
Operating Income 24.0%
FY 2019: 0.0%FY 2020: 46.0%FY 2021: -140.8%FY 2022: -18.9%FY 2023: 34.3%FY 2024: 54.5%FY 2025: 24.0%
FY 2019 FY 2025
EPS (diluted) -25.4%
FY 2019: 0.0%FY 2020: -27.0%FY 2021: -42.8%FY 2022: 14.6%FY 2023: 46.0%FY 2024: 77.7%FY 2025: -25.4%
FY 2019 FY 2025
Free Cash Flow -50.0%
FY 2019: 0.0%FY 2020: 65.8%FY 2021: -81.7%FY 2022: -149.2%FY 2023: 62.0%FY 2024: 33.3%FY 2025: -50.0%
FY 2019 FY 2025

Financial Health

Current Ratio 3.7×
FY 2019: 5.1×FY 2020: 3.7×FY 2021: 4.4×FY 2022: 4.0×FY 2023: 3.3×FY 2024: 3.6×FY 2025: 3.7×
FY 2019 5y median 3.7× FY 2025
Quick Ratio 3.7×
FY 2019: 5.1×FY 2020: 3.7×FY 2021: 4.4×FY 2022: 4.0×FY 2023: 3.3×FY 2024: 3.6×FY 2025: 3.7×
FY 2019 5y median 3.7× FY 2025
Debt / Equity 0.0×
FY 2019: -0.0×FY 2020: 0.0×FY 2021: 0.0×FY 2022: 0.0×FY 2023: 0.0×FY 2024: 0.0×FY 2025: 0.0×
FY 2019 5y median 0.0× FY 2025
Net Debt / EBITDA 22.9×
FY 2019: 0.9×FY 2020: 2.0×FY 2021: 1.6×FY 2022: 2.8×FY 2023: 2.6×FY 2024: 25.0×FY 2025: 22.9×
FY 2019 5y median 2.8× FY 2025
Interest Coverage 0.0×
FY 2019: 0.0×FY 2020: 0.0×FY 2021: 0.0×FY 2022: 0.0×FY 2023: 0.0×FY 2024: 0.0×FY 2025: 0.0×
FY 2019 5y median 0.0× FY 2025

Dividends

Dividend Yield 0.0%
FY 2019: 0.0%FY 2020: 0.0%FY 2021: 0.0%FY 2022: 0.0%FY 2023: 0.0%FY 2024: 0.0%FY 2025: 0.0%
FY 2019 5y median 0.0% FY 2025
Payout Ratio 0.0%
FY 2019: 0.0%FY 2020: 0.0%FY 2021: 0.0%FY 2022: 0.0%FY 2023: 0.0%FY 2024: 0.0%FY 2025: 0.0%
FY 2019 5y median 0.0% FY 2025

Annual · latest fiscal year ends 2025-12-31