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Friday 6 November 2026
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Zhihu Inc. Sponsored ADR
ZH Communication Services Internet Content & Information
Zhihu Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $393.1 million, down 20.3% from fiscal 2024.
- Revenue
- +1.63%
- EPS
- −153.9%
- Free cash flow
- +68.1%
- Total debt
- +99.5%
Quarter to June 2026, against a year earlier
2.68
0.03
−1.11%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 98 | 207 | 464 | 523 | 591 | 493 | 393 | 389 | +26.1% | 398 | 414 | 428 | +2.9% | |
| Gross margin, % | — | — | — | 46.58 | 56.04 | 52.51 | 50.16 | 54.68 | 60.60 | 59.94 | 57.94 | +13.4 pt | ||||||
| EBT | — | — | — | (146) | (79) | (203) | (227) | (117) | (24) | (25) | (45) | (25.6%) | ||||||
| EBT margin, % | — | — | — | (149.87) | (38.20) | (43.71) | (43.39) | (19.71) | (4.96) | (6.31) | (11.45) | +143.6 pt | ||||||
| Net income | — | 0 | — | (146) | (79) | (204) | (229) | (118) | (23) | (28) | (43) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 4.70 | 9.52 | 5.80 | 5.14 | 5.93 | 5.41 | 4.91 | 5.08 | +0.7% | |||||
| Earnings | — | — | — | (10.04) | (8.44) | (2.88) | (2.28) | (1.20) | (0.26) | (0.34) | (0.55) | (43.1%) | ||||||
| Cash flow | — | — | — | (5.02) | (1.72) | (0.86) | (1.59) | (0.59) | (0.42) | (0.65) | (1.70) | (28.9%) | ||||||
| Capex | — | — | — | 0.00 | (0.01) | (0.01) | 0.00 | (0.01) | 0.00 | 0.00 | (0.01) | n/m | ||||||
| Free cash flow | — | — | — | (5.02) | (1.73) | (0.88) | (1.59) | (0.60) | (0.42) | (0.65) | (1.71) | (28.8%) | ||||||
| Book value | — | — | — | 22.27 | (36.23) | 13.20 | 8.12 | 6.64 | 6.30 | 6.93 | 7.20 | (17.7%) | ||||||
| Shares, m | — | — | — | 21 | 22 | 80 | 102 | 100 | 91 | 80 | 78 | +25.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | 0.00 | 0.00 | 5.73 | 1.63 | 0.90 | 0.65 | 0.67 | 0.53 | 1.4 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 2.52 | 1.03 | 0.80 | 0.56 | 0.47 | 0.37 | 0.8 | ||||||
| EV/Sales | — | — | — | 0.00 | 0.00 | 3.31 | (0.09) | (0.39) | (0.68) | (0.86) | (1.07) | 0.2 | ||||||
| EV/FCF | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.77 | 2.07 | 2.02 | 3.18 | 0.7 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | (104) | (37) | (69) | (162) | (59) | (38) | (52) | (130) | (10.9%) | |||||
| Capex | — | — | — | (1) | 0 | (1) | 0 | (1) | 0 | 0 | (1) | (25.6%) | ||||||
| Free cash flow | — | — | — | (104) | (38) | (70) | (162) | (60) | (39) | (52) | (131) | (10.9%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 451 | 415 | 1,010 | 797 | 624 | 543 | 495 | 523 | +1.6% | |||||
| Net debt | — | — | — | (505) | (474) | (1,125) | (900) | (769) | (666) | (601) | (620) | +2.9% | ||||||
| Shareholders’ equity | — | — | — | 462 | (788) | 1,057 | 826 | 662 | 575 | 554 | 551 | +3.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | (72.83) | (31.98) | (23.55) | (18.40) | (11.50) | (2.70) | (3.61) | (5.57) | +69.2 pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | — | 0.00 | 26.97 | (171.48) | (24.35) | (15.97) | (3.81) | (4.89) | (7.43) | (4.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 1,651 | 2,649 | 2,515 | 2,731 | 1,887 | 1,154 | — | (6.9%) | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.13 | 0.18 | 0.21 | 0.22 | 0.26 | 0.34 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Zhihu Inc. Sponsored ADR vs peers in Internet Content & Information (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MOMO Hello Group Inc. Sponsored ADR | $472.8M | 4.6× | 5.2× | +0.16% (above 0%: growing) | n/m | +193.28% (above 0%: growing) | 35.67% | 9.57% | Compare |
| GIBO GIBO Holdings Limited | $308.2M | — | — | — | — | −71,813.51% (below 0%: shrinking) | — | — | Compare |
| ZIP ZipRecruiter, Inc. | $305.9M | 10.8× | 9.0× | +5.19% (above 0%: growing) | n/m | +50.07% (above 0%: growing) | 89.34% | 3.50% | Compare |
| FVRR Fiverr International | $302.3M | 11.8× | 31.2× | −15.76% (below 0%: shrinking) | −77.00% (below 0%: shrinking) | −67.82% (below 0%: shrinking) | 81.25% | (0.73%) | Compare |
| ANGI Angi Inc. | $299.8M | — (loss-making) | — (loss-making) | −8.89% (below 0%: shrinking) | −86.29% (below 0%: shrinking) | +192.66% (above 0%: growing) | 95.60% | 6.39% | Compare |
| ZH Zhihu Inc. Sponsored ADR | $208.9M | — (loss-making) | — (loss-making) | +1.63% (above 0%: growing) | n/m | +68.08% (above 0%: growing) | 57.01% | (11.00%) | |
| DIBS 1stdibs.com, Inc. | $203.0M | — (loss-making) | — (loss-making) | +5.11% (above 0%: growing) | n/m | +292.69% (above 0%: growing) | 73.18% | (9.77%) | Compare |
| SSTK Shutterstock, Inc. | $113.4M | — (loss-making) | — (loss-making) | −33.14% (below 0%: shrinking) | n/m | −87.57% (below 0%: shrinking) | 51.86% | (114.46%) | Compare |
| DOYU DouYu International Holdings Limited Sponsored ADR | $113.3M | — (loss-making) | — (loss-making) | −1.72% (below 0%: shrinking) | n/m | +59.89% (above 0%: growing) | 16.21% | (2.17%) | Compare |
| Median of peers | $301.1M | 10.8× | 9.0× | −1.72% | — | +54.98% | 73.18% | (0.73%) |