Zhihu (ZHIHF) Invested Capital (2019 - 2025)

Zhihu's Invested Capital history runs 7 years deep, the most recent figure standing at $551.3 million for Q4 2025.

• In Q4 2025, Invested Capital fell 5.77% year-over-year to $551.3 million; the TTM figure through Dec 2025 stood at $551.3 million (down 5.77% YoY), while the FY2025 annual figure was $551.3 million, down 2.87% from the prior year.
• Invested Capital came in at $551.3 million for Q4 2025 at Zhihu, down from $579.7 million in the prior quarter.
• In the past five years, Invested Capital ranged from a high of $1.1 billion in Q1 2021 to a low of $551.3 million in Q4 2025.
• A 5-year average of $780.5 million and a median of $711.8 million in 2023 frame the typical range for Invested Capital.
• Across the five-year window, Invested Capital soared 238.69% in 2021 and fell 24.64% in 2022, its largest moves.
• Zhihu's Invested Capital stood at $1.1 billion in 2021, then dropped by 24.64% to $804.1 million in 2022, then declined by 18.35% to $656.6 million in 2023, then fell by 10.9% to $585.1 million in 2024, then declined by 5.77% to $551.3 million in 2025.
• According to Business Quant data, Invested Capital over the past three periods registered $551.3 million, $579.7 million, and $588.1 million for Q4 2025, Q3 2025, and Q2 2025 respectively.

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