Fundamentals snapshot
WDH · NYQ · Financial Services · Insurance - Diversified
Current price
$1.00
52-week range
$0.96 - $2.03
Market cap
$359.30M
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net cash $112.27M. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Waterdrop Inc. is an online insurance marketplace in China where people can find and buy different types of insurance, like health and life policies, that are actually provided by larger insurance companies. The main money comes from earning commissions on these insurance sales, and this matters because it shows how well they are connecting customers with the insurance they need.
Waterdrop Inc. started in 2016 with a focus on helping people access health-related services. It quickly expanded into offering insurance products, aiming to make insurance more accessible and understandable for everyday people in China. A key part of its early growth was its medical crowdfunding platform, which helped raise funds for individuals facing serious illnesses. This initial success in health services paved the way for its expansion into insurance brokerage, connecting users with policies from various insurance companies.
Waterdrop Inc. acts as a middleman, connecting people who need insurance with insurance companies that offer policies. Think of it like a digital insurance agent. They provide a platform where individuals can learn about, compare, and purchase different types of insurance, primarily focusing on health and life insurance. They also offer services that help patients find clinical trials and provide technology solutions for other insurance businesses.
This is Waterdrop's main business, where it connects users with insurance policies. They offer both short-term and long-term health insurance, as well as life insurance. The company earns commissions from the insurance companies for each policy sold through its platform. This segment is the largest part of Waterdrop's operations, making it the primary way the company generates revenue.
Waterdrop operates a platform where individuals can raise money from the public to help cover medical expenses for serious illnesses. While this service helped build the company's brand and user base, it's a smaller part of their overall business compared to insurance brokerage. The platform aims to provide a safety net for those facing unexpected and costly medical treatments.
This segment involves Waterdrop's E-Find platform, which helps pharmaceutical companies find suitable patients for their clinical trials. By connecting researchers with potential participants, Waterdrop facilitates the drug development process. This is a more specialized service and represents a smaller, distinct revenue stream for the company, leveraging its healthcare connections.
Waterdrop's management is focused on strengthening its core online insurance brokerage business. They aim to improve the user experience by offering more personalized insurance solutions and enhancing their technology platform. The company is also likely looking to expand its reach within China's large and growing insurance market. By focusing on innovation and customer service, Waterdrop seeks to solidify its position as a leading digital insurance intermediary.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net cash $112.3M - more cash than debt. Interest coverage 2.7x.
Waterdrop Inc.'s profit covers its interest bill about 2.7 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Total debt $74.73M Interest coverage 2.73x This is the baseline the peer rows are being compared against.
Total debt $412.36M Interest coverage 1.66x -39% vs WDH Carries about 1.6x less debt cushion than WDH.
Total debt $174.92M Interest coverage 3.16x +16% vs WDH Carries about 1.2x more debt cushion than WDH.
Total debt $1.62M Interest coverage 18.63x +582% vs WDH Carries about 6.8x more debt cushion than WDH.
Total debt $197.50M Interest coverage 2.94x +8% vs WDH Has roughly the same debt cushion as WDH.
Total debt $51.10M Interest coverage -0.85x -100% vs WDH This peer has almost no interest-payment cushion compared with WDH.
What you should know
The numbers
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Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know