Waterdrop (ADR)
Connects insurance brokerage, medical crowdfunding, and clinical-trial patient recruitment in China.
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Profile
Operates an online insurance brokerage marketplace, medical-crowdfunding service, and E-Find clinical-trial patient recruitment platform in China. The insurance marketplace receives some traffic from medical crowdfunding.
Connects users directly with insurance products through its online insurance brokerage marketplace, while Waterdrop Medical Crowdfunding helps people seek financial assistance for medical costs. E-Find recruits patients for clinical-trial programs. Its insurance marketplace followed the group's 2016 acquisition of Shuidi Insurance Brokerage. The group began operating in 2016 and ended its Mutual Aid platform in 2021 to focus on core businesses.
Operations are concentrated in China, with substantially all employees there. The insurance marketplace receives some traffic from medical crowdfunding, and crowdfunding user acquisition substantially relies on sharing through Weixin.
Company facts
Categories
Key statistics
Year to date −47.7% · Average volume (30d) 191.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| Sep 29, 2025 | Goldman Sachs | Target | $2 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jun 16, 2026Q1 FY26 | — | $0.04 | — | $179.4M | $180.0M | +0.4% | +2.34% |
| Mar 25, 2026Q4 FY25 | $0.04 | $0.06 | +55.4% | $117.7M | $201.8M | +71.4% | −1.21% |
| Dec 3, 2025Q3 FY25 | $0.04 | $0.06 | +58.2% | $120.6M | $136.9M | +13.5% | −3.70% |
| Sep 4, 2025Q2 FY25 | $0.19 | $0.06 | −68.4% | $880.2M | $116.9M | −86.7% | −0.55% |
Financial highlights
| 12 quarters | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $102.2M | $112.1M | $124.7M | $145.1M | $207.1M | $183.7M | |
| Gross profit | $9.8M | $56.5M | $62.7M | $74.4M | $107.7M | $111.7M | |
| Operating income | $7.9M | $11.3M | $14.5M | $16.9M | $12.3M | $11.8M | |
| Net income | $15.7M | $16.1M | $20.9M | $23.6M | $23.8M | $14.5M | |
| Diluted EPS | $0.04 | $0.04 | $0.06 | $0.06 | $0.58 | $0.39 | |
| Gross margin | 9.5% | 50.3% | 50.3% | 51.3% | 52.0% | 60.8% | |
| Operating margin | 7.7% | 10.1% | 11.6% | 11.7% | 5.9% | 6.4% |
Fiscal years (4-quarter sums)FY21 $477.0M · FY22 $416.9M · FY23 $391.4M · FY24 $412.4M · FY25 $589.0M
Revenue by product · FY25
Balance sheet, Mar 31, 2026Cash & short-term investments $271.4M · Total debt $43.8M · Total assets $1.15B · Shareholders' equity $758.4M
Dividends
Last raised to $0.03 from $0.02 in Oct 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Apr 24, 2026 | Apr 24 | May 20 | $0.03 | |
| Oct 10, 2025 | Oct 10 | Nov 7 | $0.03 | raised from $0.02 |
| Apr 11, 2025 | Apr 11 | May 2 | $0.02 | |
| Oct 11, 2024 | Oct 11 | Nov 8 | $0.016 | special dividend |
| Apr 18, 2024 | Apr 19 | May 3 | $0.04 | special dividend |
Ownership
Shares outstanding 361.72M · Float —
Float — provider float is below the insider stake.
Insiders — filings are in the shares behind the receipt.
This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Boundless Plain Holdings Ltd | 11.49M | 3.18% | 13F | May 12, 2026 |
| Idg China Capital Fund Iii Associates L.P. | 5.73M | 1.58% | 13F | May 1, 2026 |
| Morgan Stanley | 3.40M | 0.94% | 13F | May 15, 2026 |
| Baader Bank Aktiengesellschaft | 1.60M | 0.44% | 13F | May 8, 2026 |
| Avenir Tech Ltd | 859.2K | 0.24% | 13F | May 15, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Huize (ADR)
Digital insurance platform connecting consumers and carriers
- AIFU
Independent insurance-intermediary platform using AI-enabled services
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Waterdrop (ADR) | $1.02 | +2.74% | $359.0M | 0.9 | — | 0.5 | +73.9% |
| Huize (ADR) | $1.64 | +0.61% | $842.6K | 1.4 | — | 0.0 | +91.5% |
| AIFU | $22.00 | +2.85% | $126.5M | — | 0.7 | 1.5 | — |
| Median | 1.4 | 0.7 | 0.8 | +91.5% |