Waterdrop (WDH) Gross Margin (2020 - 2025)

Waterdrop has reported Gross Margin for 6 years, with the latest figure at 64.09% in Q4 2025.

• For the quarter ending Q4 2025, Gross Margin fell 941.0% year-over-year to 64.09%; the trailing twelve-month figure through Dec 2025 stood at 71.62% (down 357.0% YoY), and the FY2025 full-year result was 70.81%, down 412.0% from the prior year.
• Gross Margin for Q4 2025 stood at 64.09%, down from 74.68% in the prior quarter.
• The five-year high for Gross Margin was 82.14% in Q3 2022, with the low at 32.53% in Q2 2021.
• Average Gross Margin over 5 years is 61.28%, with a median of 73.49% recorded in 2023.
• Year-over-year, Gross Margin tumbled 8315 bps in 2021 and surged 11194 bps in 2022.
• Tracing WDH's Gross Margin over 5 years: stood at 60.09% in 2021, then jumped by 33 bps to 79.72% in 2022, then declined by 8 bps to 73.49% in 2023, then gained by 0 bps to 73.5% in 2024, then fell by 13 bps to 64.09% in 2025.
• The last three Gross Margin figures came in at 64.09% (Q4 2025), 74.68% (Q3 2025), and 76.28% (Q2 2025), per Business Quant data.

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