Waterdrop (WDH) Net Margin (2020 - 2025)
Waterdrop (WDH) recorded quarterly Net Margin of 11.49% in Q4 2025, down 29.33% quarter-over-quarter from 16.25% in Q3 2025, and down 302.0% on a YoY basis from 5.69% in Q4 2024.
Waterdrop (WDH) Net Margin (2020 - 2025) Analysis & Trends
Waterdrop's Net Margin history runs 6 years deep, the most recent figure standing at 11.49% for Q4 2025.
- In Q4 2025, Net Margin fell 302.0% year-over-year to 11.49%; the TTM figure through Dec 2025 stood at 14.28% (up 125.0% YoY), while the FY2025 annual figure was 14.3%, up 104.0% from the prior year.
- Net Margin was 11.49% for Q4 2025 at Waterdrop, down from 16.25% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 29.5% in Q2 2022 to a low of 74.28% in Q2 2021.
- Historically, Net Margin has averaged 1.06% across 5 years, with a median of 12.27% in 2025.
- The sharpest annual moves came in 2021 and 2022: Net Margin slumped 4203 bps in 2021, then jumped 10378 bps in 2022.
- A 5-year view of Net Margin shows it stood at 11.79% in 2021, then surged by 258 bps to 18.57% in 2022, then sank by 52 bps to 8.96% in 2023, then soared by 62 bps to 14.51% in 2024, then retreated by 21 bps to 11.49% in 2025.
- The last three Net Margin figures came in at 11.49% (Q4 2025), 16.25% (Q3 2025), and 16.73% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | American International | 39.85 Bn | 1.02 Bn | 2.60 Bn | 12.57% |
| 2 | Hartford Insurance | 35.40 Bn | 26.34 Bn | 2.15 Bn | 13.85% |
| 3 | Arch Capital | 32.21 Bn | 31.30 Bn | 4.02 Bn | 22.94% |
| 4 | Brookfield Wealth Solutions | 9.95 Bn | -3.21 Bn | 4.62 Bn | -2.52% |
| 5 | FIHL | 2.04 Bn | 2.04 Bn | - | - |
| 6 | International General Insurance Holdings | 1.03 Bn | 811.79 Mn | 111.10 Mn | 20.05% |
| 7 | Waterdrop | 632.07 Mn | 560.72 Mn | 129.34 Mn | 11.49% |
| 8 | Sun Life Financial | 48.32 Mn | -8.02 Bn | - | - |
| 9 | Exzeo | 1.16 Mn | -230.22 Mn | 32.74 Mn | 36.75% |
| 10 | Aegon | 5,067.42 | 5,067.42 | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 11.49% |
| Sep 30, 2025 | 16.25% |
| Jun 30, 2025 | 16.73% |
| Mar 31, 2025 | 14.35% |
| Dec 31, 2024 | 14.51% |
| Sep 30, 2024 | 13.18% |
| Jun 30, 2024 | 13.06% |
| Mar 31, 2024 | 11.44% |
| Dec 31, 2023 | 8.96% |
| Sep 30, 2023 | 5.35% |
| Jun 30, 2023 | 3.20% |
| Mar 31, 2023 | 8.20% |
| Dec 31, 2022 | 18.57% |
| Sep 30, 2022 | 21.97% |
| Jun 30, 2022 | 29.50% |
| Mar 31, 2022 | 16.18% |
| Dec 31, 2021 | -11.79% |
| Sep 30, 2021 | -61.21% |
| Jun 30, 2021 | -74.28% |
| Mar 31, 2021 | -54.39% |