What is Zhihu Inc. (ZH)'s fair-value range?

EvidInvest does not publish a fair-value range for Zhihu Inc. (ZH). Financials are filed in CNY; our prices are in USD, so these methods need a conversion we do not yet publish. The filed statements, the filing citations and the growth history are all available at https://evidinvest.com/valuation/ZH. Not investment advice.

How is Zhihu Inc. (ZH)'s fair value calculated?

Zhihu Inc. (ZH)'s fair value is computed with several independent methods — a discounted cash flow (DCF) model, the Graham number, earnings power value (EPV), and valuation multiples (PE, EV/EBITDA, P/S, P/B) benchmarked against its industry — using data from SEC filings.

What is Zhihu Inc. (ZH)'s PE ratio versus its industry?

EvidInvest shows Zhihu Inc. (ZH)'s current and historical PE ratio alongside its sector and industry averages, so you can see whether the stock trades at a premium or discount to peers. Full breakdown at https://evidinvest.com/valuation/ZH.

Fair value · Zhihu Inc. (ZH) · updated 2026-09-13 · from 20-F FY2025

Zhihu trades at $2.84. We are not reading assumptions out of that price: financials are filed in CNY; our prices are in USD, so these methods need a conversion we do not yet publish.

Everything below is unaffected: the filed statements, the filing they came from, and ZH’s growth history are all as reported.

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The filing behind these numbers

Zhihu Inc.

Revenue: CNY 2.7B
Diluted EPS: CNY -0.80
Free cash flow: CNY -364.9M; operating cash flow − capital expenditure
Diluted shares: 240.0M; weighted average

20-F FY2025 · fiscal year ended 2025-12-31 · filed 2026-04-17 · accession 0001104659-26-044557

Open this filing on sec.gov

Valuation tool: build your own ZH range

Fair Value Summary

Daily Price — ZH

$2.84 -46.2% (1Y)

Your range0 of 7 methods

At least two methods need a usable value to draw a range with these inputs.

Range with preset inputs

No preset range for this company yet.

The two ranges are identical because every input sits on a preset.

We don’t tell you what ZH is worth. Every tab OPENS on what today’s price implies for that method’s key assumption; you decide whether that assumption is reasonable — the growth matrix has ZH’s filed history and the AI chat will reason it through with you — and the range you build is yours. Our presets are filed history and reference settings, never a recommendation.

Discounted cash flow

N/A

Financials are filed in CNY; our prices are in USD, so these methods need a conversion we do not yet publish.

Preset inputs — revenue-driven DCF from the latest filing

Implied by today’s price

Financials are filed in CNY; our prices are in USD, so these methods need a conversion we do not yet publish.

Not solvable from the price — Financials are filed in CNY; our prices are in USD, so these methods need a conversion we do not yet publish. Showing preset inputs.

This method has no key input to read out of the price. The others below do, and you set them yourself: the growth matrix shows what ZH has actually filed, and the AI chat will reason it through with you.

Your inputs

Free cash flow grows at your stage-1 rate, then your stage-2 rate, then a terminal rate; everything is discounted at your WACC.

Stage-1 growth5.0%

Yearly free-cash-flow growth for the first stage. Starts below zero so a shrinking-cash-flow case — and the rate today’s price implies — can be set.

-20.0%60.0%

Stage-1 years5 yrs

How long stage-1 growth lasts.

1 yrs10 yrs

Stage-2 growth2.5%

Slower growth after stage 1, before the terminal phase.

-20.0%30.0%

Stage-2 years5 yrs

0 yrs10 yrs

Terminal growth2.5%

Growth forever after the two stages. Above ~3% is rarely justified.

0.0%5.0%

Discount rate (WACC)6.11%

The return you require. Default is the WACC EvidInvest computed for this company. Higher discount rate, lower value.

3.00%15.00%

Net debt ($M)Debt minus cash, from the balance sheet. Subtracted from enterprise value.

Starting FCF ($M)Latest free cash flow from the filing (operating cash flow minus capex).

Shares (M)Diluted shares, from the filing.

Year by year (two-stage model, $M)

PV explicit $-3,331M · PV terminal $-8,270M · EV $-11,601M · equity $-8,274M

Year	Stage	FCF	Present value
1	Stage 1	$-383M	$-361M
2	Stage 1	$-402M	$-357M
3	Stage 1	$-423M	$-354M
4	Stage 1	$-444M	$-350M
5	Stage 1	$-466M	$-346M
6	Stage 2	$-477M	$-335M
7	Stage 2	$-489M	$-323M
8	Stage 2	$-502M	$-312M
9	Stage 2	$-514M	$-302M
10	Stage 2	$-527M	$-291M

Inputs from the filing

Financials are filed in CNY; our prices are in USD, so these methods need a conversion we do not yet publish.

Free cash flow: CNY -364.9M; latest full year
EBIT: CNY -507.3M; latest annual
Shares: 240.0M
Total debt: CNY 42.0M
Cash: CNY 3.4B
Net debt: CNY -3.3B; debt − cash

20-F FY2025 · period ended 2025-12-31 · filed 2026-04-17 · accession 0001104659-26-044557 · sec.gov

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Zhihu trades at $2.84. We are not reading assumptions out of that price: financials are filed in CNY; our prices are in USD, so these methods need a conversion we do not yet publish.

The filing behind these numbers

Valuation tool: build your own ZH range

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Year by year (two-stage model, $M)

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Valuation tool: build your own ZH range

Daily Price — ZH

Your range0 of 7 methods

Range with preset inputs

Your inputs

Year by year (two-stage model, $M)

More on ZH

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