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WDH

Waterdrop Inc.
CIK 0001823986 · EDGAR ↗
cleanelevatedtriggeredno dataplanned
83.9
composite · 3 signals · TRIGGERED

Every card below shows the score and the exact filing data it was computed from — no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded — never a guess.

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Signals

P-01 · FY 2025-12-31 · TRIGGERED53.5

Earnings quality

Beneish M-Score -1.63 exceeds the -1.78 manipulation threshold
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-28)
Evidence — inputs and thresholds
{
  "m_score": -1.629,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 1.226,
    "GMI": 1,
    "AQI": 1.652,
    "SGI": 1.498,
    "DEPI": 0.89,
    "SGAI": 1,
    "LVGI": 1.158,
    "TATA": 0
  },
  "defaulted_to_neutral": [
    "GMI",
    "SGAI",
    "TATA"
  ],
  "sloan_accruals": null,
  "inputs": {
    "revenue_t": 568812000,
    "revenue_t1": 379738000,
    "total_assets_t": 1015405000,
    "net_income_t": null,
    "cfo_t": 34881000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1823986/000110465926049772/0001104659-26-049772-index.htm",
    "form": "20-F",
    "filed": "2026-04-28"
  }
}
P-05 · FY 2025-12-31 · TRIGGERED100.0

Tax arbitrage

ETR -4.0% vs 21% statutory — gap persistent across 3 of 3 years
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-28)
Evidence — inputs and thresholds
{
  "etr_by_year": {
    "2025-12-31": -0.0398,
    "2024-12-31": 0.0269,
    "2023-12-31": 0.0034
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2025-12-31": 0.2498,
    "2024-12-31": 0.1831,
    "2023-12-31": 0.2066
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1823986/000110465926049772/0001104659-26-049772-index.htm",
    "form": "20-F",
    "filed": "2026-04-28"
  }
}
P-12 · FY 2025-12-31 · CLEAN25.8

Restatement predictor

F-Score 0.77 — at or below the population base rate
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-28)
Evidence — inputs and thresholds
{
  "f_score": 0.773,
  "probability": 0.00286,
  "components": {
    "rsst": null,
    "drec": 0.0865,
    "dinv": null,
    "soft": 0.896,
    "dcs": 0.2816,
    "droa": null,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1823986/000110465926049772/0001104659-26-049772-index.htm",
    "form": "20-F",
    "filed": "2026-04-28"
  }
}