Waterdrop (WDH) Research & Development (2020 - 2025)
Waterdrop's quarterly Research & Development came in at -$9.5 million in Q4 2025, down 27.28% year-on-year from -$13.0 million in Q4 2024, and down 15.49% quarter-over-quarter from -$8.2 million in Q3 2025.
Waterdrop has reported Research & Development for 6 years, with the latest figure at -$9.5 million in Q4 2025.
- For the quarter ending Q4 2025, Research & Development fell 27.28% year-over-year to -$9.5 million; the trailing twelve-month figure through Dec 2025 stood at -$32.7 million (down 8.61% YoY), and the FY2025 full-year result was $33.3 million, up 12.18% from the prior year.
- Research & Development for Q4 2025 stood at -$9.5 million, down from -$8.2 million in the prior quarter.
- The five-year high for Research & Development was -$7.3 million in Q2 2025, with the low at -$16.0 million in Q3 2021.
- Average Research & Development over 5 years is -$10.3 million, with a median of -$10.3 million recorded in 2022.
- Year-over-year, Research & Development slumped 107.18% in 2021 and soared 38.63% in 2024.
- Tracing WDH's Research & Development over 5 years: stood at -$14.3 million in 2021, then climbed by 27.19% to -$10.4 million in 2022, then increased by 18.96% to -$8.4 million in 2023, then climbed by 11.74% to -$7.4 million in 2024, then retreated 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.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | American International | 39.62 Bn | 784.91 Mn | 2.60 Bn | - |
| 2 | Hartford Insurance | 34.97 Bn | 25.91 Bn | 2.15 Bn | - |
| 3 | Aegon | 34.55 Bn | 34.55 Bn | - | - |
| 4 | Arch Capital | 31.37 Bn | 30.45 Bn | 4.02 Bn | - |
| 5 | Fidelis Insurance Holdings | 2.04 Bn | 2.04 Bn | 386.80 Mn | - |
| 6 | International General Insurance Holdings | 1.03 Bn | 811.79 Mn | 70.90 Mn | - |
| 7 | Waterdrop | 762.05 Mn | 690.71 Mn | 129.34 Mn | -9.46 Mn |
| 8 | Exzeo | 1.28 Mn | -230.11 Mn | 32.74 Mn | 2.31 Mn |
| 9 | Sun Life Financial | 43.53 | -7.92 Bn | - | - |
| 10 | Sun Life Financial | - | - | - | - |
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 |
| Dec 31, 2020 | -10.21 Mn |
| Sep 30, 2020 | -7.71 Mn |
| Jun 30, 2020 | -7.85 Mn |
| Mar 31, 2020 | -9.69 Mn |