One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Zhihu Inc.
ZH · NYQ · Communication Services · Internet Content & Information
Current price
$2.71
52-week range
$2.55 - $4.52
Market cap
$225.53M
Balance sheet
Healthy
-5.32x Concerning
Net cash $627.14M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
1 Risk
0 rewards · 1 risks
View details ↓What this company does
Zhihu Inc.
Zhihu Inc. runs an online platform in China where people share and find information on topics ranging from careers to entertainment. The company makes most of its money from advertising and selling products directly on its site, similar to how a store might make money from customers browsing and buying things. This matters because how well they can attract advertisers and shoppers directly reflects how popular and useful people find their content community.
How the company got here
Zhihu Inc. started in 2010 as an online question-and-answer platform, inspired by platforms like Quora. It quickly grew into a major hub for knowledge sharing in China, covering a vast array of topics. The company officially changed its name from Zhihu Technology Limited to Zhihu Inc. in October 2020, marking its evolution into a more comprehensive content community. Its journey has been about building a community of users who share and consume information across many different subjects.
What it actually does
At its core, Zhihu is a massive online community where people ask questions and get answers from others. Think of it like a giant, crowd-sourced encyclopedia and forum rolled into one. Users can find information on almost anything, from how to fix a leaky faucet to complex scientific concepts or career advice. The platform hosts discussions, articles, and even live sessions, making it a go-to place for learning and discovery for millions in China.
Content Community
This is the heart of Zhihu, where users contribute and consume a wide variety of content. People ask questions on topics ranging from career development and technology to lifestyle and entertainment, and other users provide detailed answers and insights. This segment is the foundation of the platform, attracting a large user base and generating engagement through shared knowledge. It's the primary way Zhihu builds its community and establishes itself as a go-to source for information.
Yan Selection Membership Program
Zhihu offers a premium membership called Yan Selection, which unlocks access to exclusive content. This includes things like original fictional stories, novels, e-books, audiobooks, and live or recorded lectures. This segment aims to provide added value to its most engaged users, offering a curated selection of high-quality content beyond the general community discussions. It's a way for Zhihu to monetize its most dedicated users by offering them deeper, more specialized content experiences.
Marketing Services
Zhihu leverages its large and engaged user base to offer marketing and advertising solutions to businesses. This includes online advertising services, where companies can promote their products or services to Zhihu's users, and content-commerce solutions, which integrate commercial offerings within the platform's content. Essentially, Zhihu helps brands reach potential customers by placing ads or creating sponsored content within its community, turning its user traffic into revenue.
Content-related Services
Beyond advertising, Zhihu also provides other content-based services, such as vocational training. This segment focuses on offering educational and skill-building opportunities to users, capitalizing on the platform's expertise and community knowledge. By offering training programs, Zhihu aims to further engage its users and create additional revenue streams by providing valuable learning resources.
What management is betting on now
Zhihu's management is focused on evolving the platform beyond just a Q&A site into a more comprehensive content ecosystem. They are investing in diversifying revenue streams, particularly through their membership program and marketing services, to reduce reliance on any single income source. A key priority is to enhance the quality and breadth of content, encouraging more expert contributions and premium offerings. They are also looking to integrate e-commerce and educational services more deeply, aiming to capture more value from their user interactions and community.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-38.76M
FY2025 Q4
$-52.18M
Revenue
$393.10M
Net income
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Diluted EPS
-0.11
Operating cash flow
$-51.99M
Free cash flow
$-52.18M
Fetching…
Sources
Revenue
$493.05M
Net income
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Diluted EPS
-0.09
Operating cash flow
$-38.38M
Free cash flow
$-38.76M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $2.71
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $627.1M - more cash than debt. Interest coverage -5.3x.
Net debt
$-627.14M
Interest coverage
-5.32x
Zhihu Inc. is healthier than 0 of 1 peers on balance-sheet leverage.
Healthy
Worse cushion
Baseline
Better cushion
ZH
BASELINE
Zhihu Inc.
Total debt $19.09M Interest coverage -5.32x This is the baseline the peer rows are being compared against.
What you should know
The case for and against ZH
0 Rewards
1 Risk
Rewards
Risks
-
Return on equity was -7.6% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
48.83x
P/B
0.39x
P/S
0.09x
EV/EBITDA
10.75x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
57.9%
Operating margin
-11.0%
Net margin
-11.4%
ROE
-7.6%
ROA
-4.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.03x
Current ratio
3.73x
Quick ratio
3.66x
Total debt
$19.09M
Total cash
$646.23M
Growth
How the business has been compounding
Revenue TTM
$2.00B
Revenue 5Y CAGR
-4.1%
EPS TTM
-0.54
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-310.56M
Free CF TTM
$-52.18M
FCF margin
-2.6%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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