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Waterdrop Valuation Multiples
Discover revenue and EBITDA valuation multiples for Waterdrop and similar public comparables like AMERISAFE, Tiptree, Donegal Group, American Coastal and more.
Waterdrop Overview
About Waterdrop
Waterdrop Inc is a technology platform dedicated to insurance and healthcare service. The Company is mainly engaged in operating an independent third-party insurance platform dedicated to providing insurance and healthcare service. The Company’s main businesses are the insurance marketplace, medical crowdfunding, and mutual aid. The insurance marketplace business is collaborated with insurance carriers to offer health and life insurance products to ensure a smooth and friendly user experience throughout the process from underwriting to claim services. The medical crowdfunding business enabled people with medical costs.
Founded
2018
HQ
Employees
3.1K
Website
Financials (LTM)
EV
$487M
Waterdrop Financials
Waterdrop reported last 12-month revenue of $605M and EBITDA of $68M.
In the same LTM period, Waterdrop generated $68M in EBITDA and $87M in net income.
Revenue (LTM)
Waterdrop P&L
In the most recent fiscal year, Waterdrop reported revenue of $406M and EBITDA of $28M.
Waterdrop expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $605M | XXX | $406M | XXX | XXX | XXX |
| Gross Profit | — | XXX | $170M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 42% | XXX | XXX | XXX |
| EBITDA | $68M | XXX | $28M | XXX | XXX | XXX |
| EBITDA Margin | 11% | XXX | 7% | XXX | XXX | XXX |
| EBIT Margin | 10% | XXX | 6% | XXX | XXX | XXX |
| Net Profit | $87M | XXX | $54M | XXX | XXX | XXX |
| Net Margin | 14% | XXX | 13% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Waterdrop Stock Performance
Waterdrop has current market cap of $626M, and enterprise value of $487M.
Market Cap Evolution
Waterdrop's stock price is $1.73.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $487M | $626M | 0.0% | XXX | XXX | XXX | $0.15 |
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Start Free TrialWaterdrop Valuation Multiples
Waterdrop trades at 0.8x EV/Revenue multiple, and 7.2x EV/EBITDA.
EV / Revenue (LTM)
Waterdrop Financial Valuation Multiples
As of April 20, 2026, Waterdrop has market cap of $626M and EV of $487M.
Equity research analysts estimate Waterdrop's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Waterdrop has a P/E ratio of 7.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $626M | XXX | $626M | XXX | XXX | XXX |
| EV (current) | $487M | XXX | $487M | XXX | XXX | XXX |
| EV/Revenue | 0.8x | XXX | 1.2x | XXX | XXX | XXX |
| EV/EBITDA | 7.2x | XXX | 17.5x | XXX | XXX | XXX |
| EV/EBIT | 7.7x | XXX | 18.7x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 2.9x | XXX | XXX | XXX |
| P/E | 7.2x | XXX | 11.6x | XXX | XXX | XXX |
| EV/FCF | — | XXX | 15.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Waterdrop Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Waterdrop Margins & Growth Rates
Waterdrop's revenue in the last 12 month grew by 14%.
Waterdrop's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.0M for the same period.
Waterdrop's rule of 40 is 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Waterdrop's rule of X is 54% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Waterdrop Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 14% | XXX | 42% | XXX | XXX | XXX |
| EBITDA Margin | 11% | XXX | 7% | XXX | XXX | XXX |
| EBITDA Growth | 38% | XXX | 111% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 30% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 54% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.0M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 14% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 13% | XXX | XXX | XXX |
| R&D Expenses to Revenue | — | XXX | 8% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 35% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Waterdrop Public Comps
See public comps and valuation multiples for other Insurance Brokers and Insurance Carriers comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Waterdrop | XXX | XXX | XXX | XXX | XXX | XXX |
| AMERISAFE | XXX | XXX | XXX | XXX | XXX | XXX |
| Tiptree | XXX | XXX | XXX | XXX | XXX | XXX |
| Donegal Group | XXX | XXX | XXX | XXX | XXX | XXX |
| American Coastal | XXX | XXX | XXX | XXX | XXX | XXX |
| RÃmac Seguros | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Waterdrop M&A Activity
Waterdrop acquired XXX companies to date.
Last acquisition by Waterdrop was on XXXXXXXX, XXXXX. Waterdrop acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Waterdrop
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialWaterdrop Investment Activity
Waterdrop invested in XXX companies to date.
Waterdrop made its latest investment on XXXXXXXX, XXXXX. Waterdrop invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Waterdrop
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Waterdrop
| When was Waterdrop founded? | Waterdrop was founded in 2018. |
| Where is Waterdrop headquartered? | Waterdrop is headquartered in China. |
| How many employees does Waterdrop have? | As of today, Waterdrop has over 3K employees. |
| Who is the CEO of Waterdrop? | Waterdrop's CEO is Peng Shen. |
| Is Waterdrop publicly listed? | Yes, Waterdrop is a public company listed on NYSE. |
| What is the stock symbol of Waterdrop? | Waterdrop trades under WDH ticker. |
| When did Waterdrop go public? | Waterdrop went public in 2021. |
| Who are competitors of Waterdrop? | Waterdrop main competitors are AMERISAFE, Tiptree, Donegal Group, American Coastal. |
| What is the current market cap of Waterdrop? | Waterdrop's current market cap is $626M. |
| What is the current revenue of Waterdrop? | Waterdrop's last 12 months revenue is $605M. |
| What is the current revenue growth of Waterdrop? | Waterdrop revenue growth (NTM/LTM) is 14%. |
| What is the current EV/Revenue multiple of Waterdrop? | Current revenue multiple of Waterdrop is 0.8x. |
| Is Waterdrop profitable? | Yes, Waterdrop is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Waterdrop? | Waterdrop's last 12 months EBITDA is $68M. |
| What is Waterdrop's EBITDA margin? | Waterdrop's last 12 months EBITDA margin is 11%. |
| What is the current EV/EBITDA multiple of Waterdrop? | Current EBITDA multiple of Waterdrop is 7.2x. |
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