Waterdrop (WDH) Gross Margin (2020 - 2025)
Waterdrop (WDH) recorded quarterly Gross Margin of 64.09% in Q4 2025, down 14.63% quarter-over-quarter from 75.08% in Q3 2025, and down 941.0% on a YoY basis from 7.62% in Q4 2024.
Waterdrop (WDH) Gross Margin (2020 - 2025) Analysis & Trends
Waterdrop's Gross Margin history runs 6 years deep, the most recent figure standing at 64.09% for Q4 2025.
- In Q4 2025, Gross Margin fell 941.0% year-over-year to 64.09%; the TTM figure through Dec 2025 stood at 71.75% (down 319.0% YoY), while the FY2025 annual figure was 70.81%, down 412.0% from the prior year.
- Gross Margin was 64.09% for Q4 2025 at Waterdrop, down from 75.08% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 82.14% in Q3 2022 to a low of 32.53% in Q2 2021.
- Historically, Gross Margin has averaged 61.1% across 5 years, with a median of 73.49% in 2023.
- The sharpest annual moves came in 2021 and 2022: Gross Margin tumbled 8315 bps in 2021, then soared 11194 bps in 2022.
- A 5-year view of Gross Margin shows it stood at 60.09% in 2021, then soared by 33 bps to 79.72% in 2022, then dropped by 8 bps to 73.49% in 2023, then rose by 0 bps to 73.5% in 2024, then declined by 13 bps to 64.09% in 2025.
- The last three Gross Margin figures came in at 64.09% (Q4 2025), 75.08% (Q3 2025), and 76.28% (Q2 2025), per Business Quant data.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | American International | 39.85 Bn | 1.02 Bn | 2.60 Bn | 42.77% |
| 2 | Hartford Insurance | 35.40 Bn | 26.34 Bn | 2.15 Bn | 34.94% |
| 3 | Arch Capital | 32.21 Bn | 31.30 Bn | 4.02 Bn | 88.98% |
| 4 | Brookfield Wealth Solutions | 9.95 Bn | -3.21 Bn | 4.62 Bn | 151.38% |
| 5 | FIHL | 2.04 Bn | 2.04 Bn | - | - |
| 6 | International General Insurance Holdings | 1.03 Bn | 811.79 Mn | 111.10 Mn | 99.91% |
| 7 | Waterdrop | 632.07 Mn | 560.72 Mn | 129.34 Mn | 64.09% |
| 8 | Sun Life Financial | 48.32 Mn | -8.02 Bn | - | - |
| 9 | Exzeo | 1.16 Mn | -230.22 Mn | 32.74 Mn | 58.96% |
| 10 | Aegon | 5,067.42 | 5,067.42 | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 64.09% |
| Sep 30, 2025 | 75.08% |
| Jun 30, 2025 | 76.28% |
| Mar 31, 2025 | 77.13% |
| Dec 31, 2024 | 73.50% |
| Sep 30, 2024 | 75.41% |
| Jun 30, 2024 | 76.72% |
| Mar 31, 2024 | 74.15% |
| Dec 31, 2023 | 73.49% |
| Sep 30, 2023 | 72.66% |
| Jun 30, 2023 | 69.86% |
| Mar 31, 2023 | 71.39% |
| Dec 31, 2022 | 79.72% |
| Sep 30, 2022 | 82.14% |
| Jun 30, 2022 | 79.41% |
| Mar 31, 2022 | 68.50% |
| Dec 31, 2021 | 60.09% |
| Sep 30, 2021 | -0.30% |
| Jun 30, 2021 | -32.53% |
| Mar 31, 2021 | 5.29% |