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Zhihu Inc (2390) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Zhihu Inc stock HK$14.17, price HK$7.02, upside +102.0%, quality 47 out of 100. Rating: strongly undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Communication Services HK · Based in China · ISIN KYG989MJ1017

ZI Zhihu Inc logo Thin data Nov 5, 2026

Zhihu Inc

2390 · HK
Cheap, value-trap risk

The stock costs 50% less than our calculation considers fair.

Fair value HK$14.17 · Strongly undervalued
Even on cautious assumptions the value is 33% above the price (HK$9.35).
Quality 47/100
Weak Growth (revenue 3y −8.6 %/yr in CNY)
Loss-making · -11.4% net margin (TTM)
Negative free cash flow
Trails peers (3/9)
Narrow moat 12/100
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$32.45 HK$6.61 Fair Value HK$14.17 Apr 2022 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

55‑month range HK$6.61 – HK$32.45 · fair‑value band HK$9.35 – HK$17.71 · the HK$7.02 price screens below the HK$14.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Zhihu Inc., together with its subsidiaries, operates an online content community in the People's Republic of China.

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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$7.02, while our model-based Fair Value estimate is HK$14.17, implying the stock looks roughly 50% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the data coverage at low.

Scenario range: HK$9.35 (bear) to HK$17.71 (bull), the price of HK$7.02 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 47/100 (below-average 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$2.2B (≈ $279M) Micro · P/S ratio 0.83 · EPS (TTM) HK$−0.3714 · Net margin −7.0% · Return on equity −7.6% · Return on assets (EBIT) −14.1% (5-year average) · Operating margin −11.0% · Revenue (TTM) 2.6B CNY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).

What moves the price

The share trades about 37% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at 11% fair-value upside, at 102%, 2390 screens cheaper than that median.

Fair Value models

Bear HK$9.35 Fair Value HK$14.17 Bull HK$17.71
Price HK$7.02 · Upside +102.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
NCAV (Graham) HK$10.99 HK$16.65 HK$20.82 52
All 1 models by family
Asset-Based
NCAV (Graham) HK$10.99 HK$16.65 HK$20.82 52

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 47/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 19
How much profit the company makes from its sales and capital
Quality Growth 26
Are margins and returns getting better?
Cashflow 30
Do the profits arrive as real cash?
Financial strength 75
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 64
How calm the share price moves, does not count
Price momentum 19
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 5
Distance to the 52-week high, does not count
New shares 50
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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%
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
not computed

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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 · 122 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 47 · Bottom 25%
Fair Value upside +102.4% · Top 25%
Profitability
Return on assets −3.7% · Below median
Net margin (12 months) −11.4% · Bottom 25%
Operating margin (12 months) −11.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −3.7% · Bottom 25%

Valuation Multiplesvs Internet Content & Information median · lower = cheaper

P/B 0.49× · Cheapest 25%
P/S (12 months) 0.71× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 47
FUTURE (revenue growth)0 · sector 33
PAST (return on equity)0 · sector 18
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)0 · sector 40

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Internet Content & Information stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Kuaishou Technology 1024 HK$28.92 HK$86.76 +200% vs 2390
Tencent Music Entertainment Group 1698 HK$37.28 HK$74.14 +99% vs 2390
Tencent Holdings 0700 HK$419.80 HK$710.45 +69% vs 2390
NAVER Corporation 035420 190,200 KRW 314,922 KRW +66% vs 2390
REA Group REA A$173.54 A$192.29 +11% vs 2390
Alphabet Inc GOOG $283.93 $312.32 +10% vs 2390
Meta Platforms, Inc META $610.15 $671.17 +10% vs 2390
Reddit, Inc RDDT $95.10 $104.61 +10% vs 2390
Spotify Technology S.A SPOT $603.01 $612.82 +2% vs 2390
Baidu, Inc BIDU $81.87 $54.07 −34% vs 2390

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Zhihu Inc: fair value per Fair Value Calculator

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 Nov 5, 2026, our model estimates a fair value of HK$14.17 versus a price of HK$7.02, about +102% upside (undervalued).
What is the fair value of 2390?
Our model-based fair value for Zhihu Inc is HK$14.17 (as of Nov 5, 2026), built from audited fundamentals. The current price: HK$7.02.
What is the quality score of 2390?
Zhihu Inc has a Quality Score of 47/100. 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$14.17 (as of Nov 5, 2026) from 1 valuation models. Cautious scenario HK$9.35, optimistic scenario HK$17.71. 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$14.17, about +102% upside versus a price of HK$7.02 (undervalued). Cautious scenario HK$9.35, optimistic scenario HK$17.71. 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 2.6B CNY (latest available figure, as of Nov 5, 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$14.17 per share (as of Nov 5, 2026), against a price of HK$7.02. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Zhihu Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 2390 trades below its calculated fair value: price HK$7.02, fair value HK$14.17, a gap of about +102% (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$7.02); the fair value is what the company's own numbers justify (HK$14.17). For Zhihu Inc the two are HK$7.15 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$2.2B (market capitalisation, as of Nov 5, 2026). Per share that is HK$7.02; our models calculate a fair value of HK$14.17 per share.
What do the bullish and bearish scenarios say about 2390?
Our models span a range for Zhihu Inc: cautious scenario HK$9.35, base HK$14.17, optimistic HK$17.71 per share (as of Nov 5, 2026, price HK$7.02). 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 Nov 5, 2026): return on equity −7.6%. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 2390 from its 52-week high?
Zhihu Inc trades at HK$7.02, about 37% below its 52-week high of HK$11.18 and 6% above the low of HK$6.61 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of HK$14.17 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 Nov 5, 2026: price HK$7.02, calculated fair value HK$14.17 (+102%), Quality Score 47/100, 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 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of HK$14.17 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Zhihu Inc currently trades 50% 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 Nov 9, 2026 was HK$7.02. Our model-based fair value is HK$14.17, about +102% 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 large discount to fair value meets weak quality (47/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (HK$9.35). 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. A fairly wide model range (HK$9.35 to HK$17.71) 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$2.2B (≈ $279M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zhihu Inc (2390)?
The price-to-sales ratio of Zhihu Inc is 0.83 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zhihu Inc (2390)?
Earnings per share at Zhihu Inc are HK$−0.3714. 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 −7.6% (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 −11.0% (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 −3.7% 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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