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NYSE · Industrials

Zhihu Inc. (ZH)

As-reported financials and SEC filings for Zhihu Inc. The latest annual period is FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Zhihu Inc.

Zhihu Inc. operates an online question-and-answer platform that allows users to ask questions, share knowledge, and engage in discussions. The company provides services primarily to internet users seeking information and community interaction. Its platform supports content creation and social networking features.

Snapshot

Revenue
$393.1M
Revenue growth (YoY)
-20.3%
Net income
$-27.9M
Diluted EPS
$-0.11
Gross margin
59.9%
Operating margin
-18.5%
Net margin
-7.1%
FCF margin
-13.3%
ROE
-5.0%
net income / fiscal-year-end equity
P/E
n/m
not meaningful: a reported loss in the fiscal year or the trailing twelve months
Market cap
$291.9M
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Zhihu

  • Revenue fell 20.3% to $393M in FY2025, after a 16.6% decline the year before.
  • Operating margin is -18.5% in FY2025, +28.5 pp against -47.0% in FY2021.
  • Free cash flow was negative $52M in FY2025.
  • Net loss widened to $28M in FY2025, from $23M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Zhihu’s fundamentals sit among the 668 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin59.9%
93rd percentile of 455
Operating margin-18.5%
10th percentile of 598
Net margin-7.1%
16th percentile of 630
FCF margin-13.3%
10th percentile of 546
Revenue growth (YoY)-20.3%
7th percentile of 652
ROE-5.0%
26th percentile of 590
Short interest1.00d
1st percentile of 661

Zhihu’s gross margin of 59.9% ranks in the 93rd percentile of the 455 Industrials companies reporting it. Zhihu’s revenue growth of -20.3% ranks in the 7th percentile of the 652 Industrials companies reporting it. Zhihu’s operating margin of -18.5% ranks in the 10th percentile of the 598 Industrials companies reporting it.

No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 3 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+3 quant / multi-strat
Initiated / added
3
0 new, 3 added
Reduced / exited
2
1 trimmed, 1 exited
Combined position
$2.4M
reported long value
InvestorAs ofPosition valueSharesChange
Dodge & CoxQ2 2026$1.6M501.1KAdded
Citadel AdvisorsquantQ2 2026$349,984111.8KAdded
Two Sigma InvestmentsquantQ2 2026$311,30499.5KAdded
Millennium ManagementquantQ2 2026$203,04064.9KReduced

No longer held by: Point72 Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
0
—
Reported activity
Quiet
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-06-05
filed 2026-06-12
Li-Lan ChengDirectorSell360$2.85$1K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
807.0K
settled 2026-09-30
Change vs prior
-27.9%
vs previous settlement
Days to cover
1.00
at avg daily volume
Avg daily volume
828.5K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-30807.0K-27.9%1.00
2026-09-151.1M+3.9%2.63
2026-08-311.1M+6.6%3.77
2026-08-141.0M+39.5%6.33
2026-07-31724.5K-29.6%3.89
2026-07-151.0M-12.1%6.70
2026-06-301.2M-4.2%4.35
2026-06-151.2M-5.2%5.85

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$393.1M$493.0M$591.4M$522.7M$464.4M
Gross profit
Operating income$-72.5M$-65.9M$-151.0M$-232.5M$-218.2M
Net income$-27.9M$-23.1M$-118.2M$-228.8M$-203.8M
Diluted EPS$-0.11$-0.09$-0.40$-0.75$-0.96

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$481.8M$547.9M$296.7M$656.2M$338.5M
Current assets$676.7M$751.4M$898.3M$1.06B$1.31B
Total assets$742.3M$785.4M$957.1M$1.11B$1.38B
Current liabilities$181.4M$208.9M$274.0M$264.6M$297.8M
Long-term debt—————
Total liabilities$188.2M$210.6M$294.9M$284.5M$324.4M
Total equity$554.1M$574.8M$662.2M$825.6M$1.06B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-52.0M$-38.4M$-58.5M$-161.7M$-69.1M
Capital expenditure$189,000$374,000$1.2M$104,000$1.2M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Company facts

ExchangeNYSE
SectorIndustrials
SIC industryServices-Business Services, NEC
Latest annual periodFY2025 (ended December 31, 2025)
Oldest indexed filing2021
SEC CIK1835724

Selected SEC filings

20-F2026-04-17
View on EDGAR →
6-K2026-10-16
View on EDGAR →
6-K2026-10-13
View on EDGAR →
6-K2026-10-05
View on EDGAR →
6-K2026-09-28
View on EDGAR →

Largest Industrials peers

All Industrials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.