Zhihu (ZHIHF) EBITDA Margin (2020 - 2025)
Zhihu recorded quarterly EBITDA Margin of 41.0% in Q4 2025, down 170.69% quarter-over-quarter from 15.15% in Q3 2025, and down 138107386.0% year-over-year from N/an in Q4 2024.
Zhihu's EBITDA Margin history runs 6 years deep, the most recent figure standing at 41.0% for Q4 2025.
- In Q4 2025, EBITDA Margin fell 138107386.0% year-over-year to 41.0%; the TTM figure through Dec 2025 stood at 22.73% (up 307891681.0% YoY), while the FY2025 annual figure was 1.56%, up 1181.0% from the prior year.
- EBITDA Margin came in at 41.0% for Q4 2025 at Zhihu, down from 15.15% in the prior quarter.
- In the past five years, EBITDA Margin ranged from a high of 1381032.85% in Q4 2024 to a low of 9771664.93% in Q3 2024.
- A 5-year average of 419560.89% and a median of 30.95% in 2022 frame the typical range for EBITDA Margin.
- Across the five-year window, EBITDA Margin plunged 977163068 bps in 2024 and surged 977164978 bps in 2025, its largest moves.
- Zhihu's EBITDA Margin stood at 36.82% in 2021, then soared by 47 bps to 19.42% in 2022, then surged by 181 bps to 15.65% in 2023, then soared by 8823288 bps to 1381032.85% in 2024, then plunged by 100 bps to 41.0% in 2025.
- According to Business Quant data, EBITDA Margin over the past three periods registered 41.0%, 15.15%, and 12.82% for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,554.43 Bn | 4,338.81 Bn | 102.29 Bn | 36.12% |
| 2 | Meta Platforms | 1,602.78 Bn | 1,521.60 Bn | 46.09 Bn | 40.62% |
| 3 | Spotify Technology | 119.86 Bn | 109.62 Bn | 1.75 Bn | 15.77% |
| 4 | 33.71 Bn | 30.94 Bn | 511.94 Mn | 27.57% | |
| 5 | Nebius | 22.38 Bn | 22.38 Bn | 295.20 Mn | -32.08% |
| 6 | 12.76 Bn | 11.46 Bn | 768.96 Mn | -7.97% | |
| 7 | Kanzhun | 12.59 Bn | 10.49 Bn | 255.62 Bn | 30.02% |
| 8 | Snap | 9.64 Bn | 6.81 Bn | 1.29 Bn | -4.87% |
| 9 | Match | 8.43 Bn | 7.41 Bn | 653.28 Mn | 29.00% |
| 10 | Zhihu | - | - | 49.31 Bn | -41.00% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -41.00% |
| Sep 30, 2025 | -15.15% |
| Jun 30, 2025 | -12.82% |
| Mar 31, 2025 | -7.21% |
| Dec 31, 2024 | 1.38% |
| Sep 30, 2024 | -9.77% |
| Jun 30, 2024 | -19.69% |
| Mar 31, 2024 | -23.39% |
| Dec 31, 2023 | 15.65% |
| Sep 30, 2023 | -34.25% |
| Jun 30, 2023 | -31.34% |
| Mar 31, 2023 | -21.80% |
| Dec 31, 2022 | -19.42% |
| Sep 30, 2022 | -30.56% |
| Jun 30, 2022 | -55.10% |
| Mar 31, 2022 | -87.21% |
| Dec 31, 2021 | -36.82% |
| Sep 30, 2021 | -39.16% |
| Jun 30, 2021 | -54.91% |
| Mar 31, 2021 | -71.60% |
| Dec 31, 2020 | -20.10% |
| Sep 30, 2020 | -33.90% |
| Jun 30, 2020 | -60.31% |
| Mar 31, 2020 | -112.10% |