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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioGross MarginInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on Sales

Zhihu (ZH) Gross Margin (2020 - 2025)

Zhihu's Gross Margin history spans 6 years, with the latest figure at 53.58% for Q4 2025.

  • On a quarterly basis, Gross Margin fell 934.0% to 53.58% in Q4 2025 year-over-year; TTM through Dec 2025 was 59.22%, a 69.0% decrease, with the full-year FY2025 number at 59.94%, down 66.0% from a year prior.
  • Gross Margin hit 53.58% in Q4 2025 for Zhihu, down from 61.26% in the prior quarter.
  • Over the last five years, Gross Margin for ZH hit a ceiling of 63.92% in Q3 2024 and a floor of 45.15% in Q1 2022.
  • Historically, Gross Margin has averaged 55.66% across 5 years, with a median of 56.49% in 2024.
  • The widest YoY moves for Gross Margin: up 1542bps in 2021, down -1700bps in 2021.
  • Tracing ZH's Gross Margin over 5 years: stood at 47.08% in 2021, then rose by 20bps to 56.42% in 2022, then increased by 5bps to 59.13% in 2023, then grew by 6bps to 62.93% in 2024, then dropped by -15bps to 53.58% in 2025.
  • Business Quant data shows Gross Margin for ZH at 53.58% in Q4 2025, 61.26% in Q3 2025, and 62.52% in Q2 2025.