Zhihu Inc (2390) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Zhihu Inc HK$15.96, price HK$9.05, upside +76.4%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
53‑month range HK$6.61 – HK$32.45 · fair‑value band HK$10.53 – HK$19.95 · the HK$9.05 price screens below the HK$15.96 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Zhihu Inc., together with its subsidiaries, operates an online content community in the People's Republic of China. The company offers contents in various categories, including career development, science and technology, business and finance, consumer decision-making, lifestyle, entertainment, and others.
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Zhihu Inc., together with its subsidiaries, operates an online content community in the People's Republic of China. The company offers contents in various categories, including career development, science and technology, business and finance, consumer decision-making, lifestyle, entertainment, and others. It also provides Yan Selection membership program which provides premium content items, such as fictional stories and novels, other books and magazines, live and recorded lectures, and audio books. In addition, the company offers marketing services comprising online advertising services and content-commerce solutions; and content-related services, including vocational training and other content-based offering. Further, it is involved in the provision of technology, business support, consulting, and internet services, as well as holds audio-visual permit. The company was formerly known as Zhihu Technology Limited and changed its name to Zhihu Inc. in October 2020. Zhihu Inc. was founded in 2010 and is headquartered in Beijing, the People's Republic of China.
Stock analysis
Zhihu Inc (2390) currently trades at HK$9.05, while our model-based Fair Value estimate is HK$15.96, implying the stock looks roughly 43.3% undervalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 93/100, which puts the evidence level at low.
Scenario range: HK$10.53 (bear) to HK$19.95 (bull), the price of HK$9.05 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Zhihu Inc reported revenue of 2.7B CNY in FY2025 versus 3.0B CNY in FY2021, a compound −1.8%/yr. Reported net income was −193M CNY in FY2025.
Key figures
Market cap HK$2.1B (≈ $264M) · P/S ratio 0.77 · EPS (TTM) HK$0.0886 · Net margin −7.0% · Return on equity −4.9% · Return on assets (EBIT) −14.1% · Operating margin −9.7% · Revenue (TTM) 2.7B CNY.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at 76%, 2390 screens cheaper than that median.
Fair Value models
Bear HK$10.53Fair Value HK$15.96Bull HK$19.95
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (HK$0.0651 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.38/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−23.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.2%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.5%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−44.6% (2020) → −18.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Content & Information · 150 stocks
Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+78% · Top 25%
Profitability
Return on assets−5% · Bottom 25%
Net margin (TTM)−7% · Below median
Operating margin (TTM)−10% · Bottom 25%
Growth and dividend
Revenue growth−11% · Bottom 25%
Valuation Multiplesvs Internet Content & Information median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Zhihu Inc Fair Value". https://www.fairvalue-calculator.com/stock/2390
Frequently asked questions
Is Zhihu Inc (2390) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of HK$15.96 versus a price of HK$9.05, about +76% upside (undervalued).
What is the fair value of 2390?
Our model-based fair value for Zhihu Inc is HK$15.96 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$9.05.
What is the quality score of 2390?
Zhihu Inc has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zhihu Inc (2390)?
Our model-based price target is the fair value of HK$15.96 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario HK$10.53, optimistic scenario HK$19.95. It is a calculation from audited fundamentals, not an analyst target.
What is the Zhihu Inc stock forecast for 2026?
Our models put fair value at HK$15.96, about +76% upside versus a price of HK$9.05 (undervalued). Cautious scenario HK$10.53, optimistic scenario HK$19.95. The calculation is refreshed regularly with new filings.
What is the revenue of Zhihu Inc (2390)?
Zhihu Inc reported trailing-twelve-month revenue of about 2.7B CNY (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Zhihu Inc (2390)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zhihu Inc it is HK$15.96 per share (as of Sep 24, 2026), against a price of HK$9.05. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Zhihu Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2390 trades below its calculated fair value: price HK$9.05, fair value HK$15.96, a gap of about +76% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2390?
No. The price is what the market pays today (HK$9.05); the fair value is what the company's own numbers justify (HK$15.96). For Zhihu Inc the two are HK$6.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zhihu Inc worth?
The market values Zhihu Inc at about HK$2.1B (market capitalisation, as of Sep 24, 2026). Per share that is HK$9.05; our models calculate a fair value of HK$15.96 per share.
What do the bullish and bearish scenarios say about 2390?
Our models span a range for Zhihu Inc: cautious scenario HK$10.53, base HK$15.96, optimistic HK$19.95 per share (as of Sep 24, 2026, price HK$9.05). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Zhihu Inc (2390)?
Balance-sheet figures for Zhihu Inc (as of Sep 24, 2026): return on equity −4.9%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 2390 from its 52-week high?
Zhihu Inc trades at HK$9.05, about 35% below its 52-week high of HK$13.82 and 37% above the low of HK$6.61 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of HK$15.96 is for.
Which stocks are comparable to Zhihu Inc?
From the same area (Communication Services) we also value Alphabet Inc, Meta Platforms, Inc, Tencent Holdings, Spotify Technology S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zhihu Inc stock attractive at the current price?
The data as of Sep 24, 2026: price HK$9.05, calculated fair value HK$15.96 (+76%), Quality Score 52/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2390 calculated?
We run Zhihu Inc through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$15.96, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Zhihu Inc currently trades 76 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Zhihu Inc (2390)?
The closing price on Sep 24, 2026 was HK$9.05. Our model-based fair value is HK$15.96, about +76% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zhihu Inc right now?
The price is below even our cautious bear case (HK$10.53). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (HK$10.53 to HK$19.95) leaves room in how you read the outcome.
Key figures of Zhihu Inc
How large is the market capitalisation of Zhihu Inc (2390)?
The market capitalisation of Zhihu Inc is HK$2.1B (≈ $264M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zhihu Inc (2390)?
The price-to-sales ratio of Zhihu Inc is 0.77 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zhihu Inc (2390)?
Earnings per share at Zhihu Inc are HK$0.0886. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zhihu Inc (2390)?
The net margin of Zhihu Inc is −7.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Zhihu Inc (2390)?
The return on equity (ROE) of Zhihu Inc is −4.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zhihu Inc (2390)?
On an EBIT basis the return on assets of Zhihu Inc is −14.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zhihu Inc (2390)?
The operating margin of Zhihu Inc is −9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zhihu Inc (2390)?
Revenue at Zhihu Inc is growing −10.7% versus a year earlier (3y avg −8.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Zhihu Inc (2390) generate?
The free cash flow of Zhihu Inc is −355M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Zhihu Inc (2390) hold?
Zhihu Inc holds more cash than debt, 3.3B CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 24, 2026