Valuation
Is the price right?Insufficient data
Insufficient data: 0 of 3 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.
Bringing the fundamentals into focus…
ZH Communication ServicesBeta data
Zhihu Inc.
$2.55-4.14%
Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026
Basics
- Sector
- Communication Services
- Industry
- Internet Content & Information
- Country
- China
- Market cap
- 215.3M USD
- Enterprise value
- -322.2M USD
- Full-time employees
- 1,149
Growth
Is it growing?5/100
Weak
2/3 inputs reported · Partial data
Since last year: ▼ Weaker
- 12-month revenue fell 23.6%
Why
Compare with peers Weaker than most peers on:
- ▼ Revenue growth
- ▼ 3-yr revenue
Behind the score
Revenue and earnings-per-share growth over one year, and revenue growth over three years.
Earnings per share growthUnavailable
Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0878 · MAD: 0.31263-year revenue growth-8.6%
SEC filings · 3 years to Dec 2025Reported value33% base weight · Z-score -1.71Sector median: 0.0303 · MAD: 0.0683Revenue growth-23.6%
SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.36Sector median: 0.0299 · MAD: 0.0720Profitability
Does it earn well?5/100
Weak
3/3 inputs reported · High confidence
Since last year: ▼ Weaker
- Operating margin fell 5.1 points to -18.5%
Why
Compare with peers Weaker than most peers on:
- ▼ ROIC
- ▼ Operating margin
- ▼ ROA
Behind the score
Return on invested capital, operating margin, and return on assets.
Operating margin-18.5%
SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -3.38Sector median: 0.0818 · MAD: 0.0789Return on assets-3.8%
SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -2.03Sector median: 0.0272 · MAD: 0.0318Return on invested capital-92.1%
SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.34Sector median: 0.0598 · MAD: 0.0706Other data (not scored)
Gross margin57.9%
Yahoo Finance · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4656 · MAD: 0.1827Return on equity-7.6%
Yahoo Finance · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.0529 · MAD: 0.1007Risk
Debt, liquidity, price swingsLower
Lower relative risk
3/3 inputs reported · High confidence
Since last year: No major change
Why
Compare with peers Stronger than most peers on:
- ▲ Current ratio
- ▲ Beta
- ▲ Debt / equity
Behind the score
Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.
Beta0.26
Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 1.37Sector median: 0.6525 · MAD: 0.2880Current ratio3.73×
Yahoo FinanceReported value33% base weight · Z-score 3.38Sector median: 1.3848 · MAD: 0.6948Debt / equity0.03×
Yahoo FinanceReported value33% base weight · Z-score 1.01Sector median: 0.3697 · MAD: 0.3335Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Zhihu
- Is Zhihu getting weaker?
- Its latest SEC filing (Apr 17, 2026) got weaker in some ways: operating margin fell 5.1 points to -18.5%; 12-month revenue fell 23.6%. Its overall score is unchanged at 34/100 since Oct 28, 2026.
- How is Zhihu valued vs its peers?
- Insufficient data: 0 of 3 inputs reported (at least 2 needed).
- Is Zhihu growing?
- More slowly than most of its peers. Growth scores 5/100 against 512 communication services peers. Revenue growth -23.6% vs a peer median of 3.0% (weaker than 100% of peers).Revenue growth -23.6% vs peers 3.0% (weaker than 100% of peers).
- How profitable is Zhihu?
- Less profitable than most of its peers. Profitability scores 5/100 against 512 communication services peers. Return on invested capital -92.1% vs a peer median of 6.0% (weaker than 100% of peers).Return on invested capital -92.1% vs peers 6.0% (weaker than 100% of peers).
- How risky is Zhihu?
- Lower risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Current ratio 3.73× vs a peer median of 1.38× (stronger than 87% of peers).Current ratio 3.73× vs peers 1.38× (stronger than 87% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Year ended Dec 31, 2025 · filed Apr 17, 2026 · compared with the year ended Dec 31, 2024Got weaker
- Operating margin fell 5.1 points to -18.5%
- 12-month revenue fell 23.6%
Worth watching: Zhihu is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
| Previous year | Latest year | Change | |
|---|---|---|---|
| Revenue (12 months) | 3.6B CNY | 2.7B CNY | −23.6% |
| Net income (12 months) | −169.0M CNY | −195.2M CNY | +15.5% |
| Operating margin | -13.4% | -18.5% | −5.1 pts |
| Free cash flow (12 months) | −282.9M CNY | −364.9M CNY | +29.0% |
| Cash | 4.0B CNY | 3.4B CNY | −15.8% |
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.
Financials
Fiscal years from SEC annual filings · change vs the prior year · amounts in CNY, as reported| Key ratios | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | Change |
|---|---|---|---|---|---|---|
| Gross margin | 52.5% | 50.2% | 54.7% | 60.6% | 59.9% | ▼ 0.7 pts |
| Operating margin | -47.0% | -44.5% | -25.5% | -13.4% | -18.5% | ▼ 5.1 pts |
| Net margin | -43.9% | -43.8% | -20.0% | -4.7% | -7.1% | ▼ 2.4 pts |
| Return on assets (ROA) | -14.8% | -20.6% | -12.4% | -2.9% | -3.8% | ▼ 0.8 pts |
| Return on equity (ROE) | -19.3% | -27.9% | -18.3% | -4.1% | -5.1% | ▼ 1.0 pts |
| Free cash flow margin | -15.1% | -30.9% | -10.1% | -7.9% | -13.3% | ▼ 5.4 pts |
| Current ratio | 4.39× | 4.01× | 3.28× | 3.60× | 3.73× | ▲ 3.7% |
| Quick ratio | 4.39× | 4.01× | 3.27× | 3.58× | 3.71× | ▲ 3.7% |
| Debt to equity | — | — | — | — | 0.01× | — |
ZH price history
Price history is added with the daily price update and will appear after the next one.