Zhihu (ZHIHF) Equity Ratio (2019 - 2025)

Zhihu's Equity Ratio history runs 7 years deep, the most recent figure standing at 0.75 for Q4 2025.

• In Q4 2025, Equity Ratio rose 2.0% year-over-year to 0.75; the TTM figure through Dec 2025 stood at 0.75 (up 2.0% YoY), while the FY2025 annual figure was 0.73, up 1.58% from the prior year.
• Equity Ratio came in at 0.75 for Q4 2025 at Zhihu, roughly flat from 0.75 in the prior quarter.
• In the past five years, Equity Ratio ranged from a high of 0.85 in Q1 2021 to a low of 0.69 in Q1 2024.
• A 5-year average of 0.74 and a median of 0.73 in 2025 frame the typical range for Equity Ratio.
• Across the five-year window, Equity Ratio surged 155.95% in 2021 and decreased 12.16% in 2022, its largest moves.
• Zhihu's Equity Ratio stood at 0.77 in 2021, then dropped by 2.81% to 0.74 in 2022, then retreated by 6.97% to 0.69 in 2023, then increased by 5.78% to 0.73 in 2024, then rose by 2.0% to 0.75 in 2025.
• According to Business Quant data, Equity Ratio over the past three periods registered 0.75, 0.75, and 0.73 for Q4 2025, Q3 2025, and Q2 2025 respectively.

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