Waterdrop (WDH) Research & Development (2020 - 2025)
Waterdrop (WDH) recorded quarterly Research & Development of -$9.5 million in Q4 2025, down 15.49% quarter-over-quarter from -$8.2 million in Q3 2025, and down 27.28% on a YoY basis from -$13.0 million in Q4 2024.
Waterdrop (WDH) Research & Development (2020 - 2025) Analysis & Trends
Waterdrop's Research & Development history runs 6 years deep, the most recent figure standing at -$9.5 million for Q4 2025.
- In Q4 2025, Research & Development fell 27.28% year-over-year to -$9.5 million; the TTM figure through Dec 2025 stood at -$32.7 million (down 8.61% YoY), while the FY2025 annual figure was $33.3 million, up 12.18% from the prior year.
- Research & Development was -$9.5 million for Q4 2025 at Waterdrop, down from -$8.2 million in the prior quarter.
- In the past five years, Research & Development ranged from a high of -$7.3 million in Q2 2025 to a low of -$16.0 million in Q3 2021.
- Historically, Research & Development has averaged -$10.3 million across 5 years, with a median of -$10.3 million in 2022.
- The sharpest annual moves came in 2021 and 2024: Research & Development slumped 107.18% in 2021, then jumped 38.63% in 2024.
- A 5-year view of Research & Development shows it stood at -$14.3 million in 2021, then advanced by 27.19% to -$10.4 million in 2022, then grew by 18.96% to -$8.4 million in 2023, then advanced by 11.74% to -$7.4 million in 2024, then fell by 27.28% to -$9.5 million in 2025.
- The last three Research & Development figures came in at -$9.5 million (Q4 2025), -$8.2 million (Q3 2025), and -$7.3 million (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | American International | 39.85 Bn | 1.02 Bn | 2.60 Bn | - |
| 2 | Hartford Insurance | 35.40 Bn | 26.34 Bn | 2.15 Bn | - |
| 3 | Arch Capital | 32.21 Bn | 31.30 Bn | 4.02 Bn | - |
| 4 | Brookfield Wealth Solutions | 9.95 Bn | -3.21 Bn | 4.62 Bn | - |
| 5 | FIHL | 2.04 Bn | 2.04 Bn | - | - |
| 6 | International General Insurance Holdings | 1.03 Bn | 811.79 Mn | 111.10 Mn | - |
| 7 | Waterdrop | 632.07 Mn | 560.72 Mn | 129.34 Mn | -9.46 Mn |
| 8 | Sun Life Financial | 48.32 Mn | -8.02 Bn | - | - |
| 9 | Exzeo | 1.16 Mn | -230.22 Mn | 32.74 Mn | 2.31 Mn |
| 10 | Aegon | 5,067.42 | 5,067.42 | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -9.46 Mn |
| Sep 30, 2025 | -8.19 Mn |
| Jun 30, 2025 | -7.25 Mn |
| Mar 31, 2025 | -7.75 Mn |
| Dec 31, 2024 | -7.43 Mn |
| Sep 30, 2024 | -7.55 Mn |
| Jun 30, 2024 | -7.33 Mn |
| Mar 31, 2024 | -7.75 Mn |
| Dec 31, 2023 | -8.42 Mn |
| Sep 30, 2023 | -10.14 Mn |
| Jun 30, 2023 | -11.95 Mn |
| Mar 31, 2023 | -11.45 Mn |
| Dec 31, 2022 | -10.39 Mn |
| Sep 30, 2022 | -11.02 Mn |
| Jun 30, 2022 | -10.51 Mn |
| Mar 31, 2022 | -11.17 Mn |
| Dec 31, 2021 | -14.28 Mn |
| Sep 30, 2021 | -15.97 Mn |
| Jun 30, 2021 | -15.53 Mn |
| Mar 31, 2021 | -12.95 Mn |