Bilibili (BILI) AI Stock Analysis

• Market Cap: $13.75B
• Dividend Yield: N/A
• Average Volume (3M): 2.16M
• Price to Earnings (P/E): 129.1
• Beta (1Y): 1.22
• Revenue Growth: 16.84%
• EPS Growth: N/A
• Country: US
• Employees: 8,088
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 0.25
• Shares Outstanding: 335,018,100
• 10 Day Avg. Volume: 3,907,160
• 30 Day Avg. Volume: 2,162,982
• PEG Ratio: 0.57
• Price to Book (P/B): 3.90
• Price to Sales (P/S): 2.05
• P/FCF Ratio: 12.92
• Enterprise Value/Market Cap: 4.62
• Enterprise Value/Revenue: 2.16
• Enterprise Value/Gross Profit: 6.03
• Enterprise Value/Ebitda: 73.69
• 1Y Price Target: $30.25
• Price Target Upside: -8.67% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 1.13
• Revenue Forecast (FY): $4.73B

• Rating: 62 Neutral
• Price Target: $35.00 ▲(5.68% Upside)

Bilibili's overall score is driven by strong earnings call results and financial performance improvements, particularly in revenue and cash flow. However, high valuation metrics and technical indicators suggest caution. The company's profitability challenges and high P/E ratio are significant risks.

Positive Factors

User Engagement and Paying Users

Sustained growth in DAUs, MAUs and record monthly paying users indicates a durable, sticky community and effective monetization. High engagement (112 min/day) deepens network effects, supports recurring membership and ad revenue, and underpins long-term commercial scalability.

Advertising Revenue Growth and Margin Expansion

A structural shift toward higher-margin advertising, coupled with expanding gross margins, supports more sustainable profitability. If ad monetization retains relevance to its youth audience, this trend can steadily improve operating leverage and free cash generation over the medium term.

Improved Cash Generation

Positive free cash flow and strong cash conversion signal improving operational efficiency and reduced reliance on external funding. This durable cash generation enhances flexibility to fund content, AI and game investments, and to withstand cyclical revenue swings without sacrificing strategic initiatives.

Negative Factors

Persisting Negative GAAP Profitability

Negative GAAP margins reflect underlying structural gaps between revenues and operating costs despite top-line growth. Until operating expenses are consistently aligned with revenue, profitability remains fragile, limiting retained earnings, ROE improvement, and reinvestment capacity over the medium term.

Volatility in Gaming Revenue

A material decline in game revenue highlights concentration and product-cycle risk in a key monetization segment. Reliance on hit titles creates revenue volatility and makes cash flow and margin sustainability contingent on repeated successful launches, increasing execution risk over coming quarters.

Moderate Leverage and Negative ROE

While leverage is moderate, negative ROE indicates the company is not generating returns on equity, constraining investor returns and raising questions about capital efficiency. This structural profitability gap could limit ability to attract capital or necessitate higher-cost funding if growth requires more investment.

Bilibili Business Overview & Revenue Model

Company Description

Bilibili Inc. provides online entertainment services for the young generations in the People's Republic of China. Its platform offers a range of content, including video services, mobile games, and value-added service, as well as ACG-related comic and audio content. The company's video services include professional user generated videos, occupationally generated videos, and live broadcasting. Bilibili Inc. was founded in 2009 and is headquartered in Shanghai, the People's Republic of China.

How the Company Makes Money

Bilibili generates revenue through several key streams. The primary sources include advertising, premium memberships, and mobile gaming. Advertising revenue comes from display ads and sponsored content, leveraging its large user base for targeted marketing. Premium memberships, which offer enhanced features and ad-free experiences, contribute significantly to the company's income. Additionally, the mobile gaming segment, which includes both self-developed and licensed games, provides substantial revenue through in-game purchases. Partnerships with content creators, gaming companies, and media firms further bolster Bilibili's earnings, allowing it to expand its content library and attract more users.

Bilibili Financial Statement Overview

Summary

Bilibili shows strong revenue growth and improved cash flow generation. However, challenges remain with profitability due to negative profit margins and return on equity. The balance sheet is stable with moderate leverage.

Income Statement

Bilibili's revenue showed strong growth with a 19.1% increase from 2023 to TTM. However, the company is facing challenges with profitability as indicated by a negative EBIT margin of -5.0% and a negative net profit margin of -5.0% for TTM. The gross profit margin stands at 32.7%, showing ability to cover costs, but not enough to offset operating expenses leading to negative net income.

Balance Sheet

The company has a relatively balanced capital structure with a debt-to-equity ratio of 0.34, indicating moderate leverage. The equity ratio is 43.2%, suggesting a stable asset base funded by equity. However, the return on equity is negative due to net losses, which is a concern for investors looking for profitability.

Cash Flow

Bilibili's free cash flow turned positive in the TTM, indicating improved cash-generating ability. The operating cash flow to net income ratio is strong at 1.77, showing effective cash conversion. The free cash flow to net income ratio also improved, suggesting operational efficiencies despite net income losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	29.38B	26.83B	22.53B	21.90B	19.38B	12.00B
Gross Profit	10.55B	8.77B	5.44B	3.85B	4.04B	2.84B
EBITDA	863.01M	1.19B	-1.67B	-3.59B	-3.95B	-1.07B
Net Income	220.34M	-1.35B	-4.82B	-7.51B	-6.81B	-3.01B
Balance Sheet
Total Assets	38.79B	32.70B	33.16B	41.83B	52.05B	23.87B
Cash, Cash Equivalents and Short-Term Investments	22.29B	16.68B	15.12B	19.60B	30.32B	12.81B
Total Debt	9.82B	5.15B	7.64B	15.54B	19.22B	8.59B
Total Liabilities	24.64B	18.59B	18.75B	26.59B	30.34B	16.08B
Stockholders Equity	14.16B	14.11B	14.39B	15.24B	21.70B	7.60B
Cash Flow
Free Cash Flow	3.29B	4.26B	-1.06B	-6.65B	-6.33B	-1.49B
Operating Cash Flow	3.29B	6.01B	266.62M	-3.91B	-2.65B	753.10M
Investing Cash Flow	-7.18B	-138.09M	1.76B	10.61B	-24.58B	-8.91B
Financing Cash Flow	4.30B	-2.83B	-5.07B	-4.35B	30.39B	8.34B

Bilibili Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 33.12
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BILI, the sentiment is Positive. The current price of 33.12 is above the 20-day moving average (MA) of 27.14, above the 50-day MA of 26.55, and above the 200-day MA of 23.46, indicating a bullish trend. The MACD of 1.72 indicates Negative momentum. The RSI at 79.14 is Negative, neither overbought nor oversold. The STOCH value of 92.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BILI.

Bilibili Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NTES	81 Outperform	$86.77B	17.76	24.65%	2.19%	5.69%	32.87%
EA	66 Neutral	$51.07B	59.68	13.20%	0.37%	-1.45%	-11.99%
BILI	62 Neutral	$13.75B	129.12	5.30%	―	16.84%	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
SOHU	56 Neutral	$490.67M	3.27	14.73%	―	-4.80%	―
TTWO	53 Neutral	$45.36B	-10.82	-86.61%	―	13.98%	-6.71%
RBLX	51 Neutral	$58.17B	―	-324.24%	―	32.70%	12.57%

Bilibili Corporate Events

Bilibili Reports Minor Change in Class Y Share Count in December 2025 Monthly Return

On January 8, 2026, Bilibili Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission and submitted a corresponding monthly return to the Hong Kong Stock Exchange detailing movements in its share capital for the month ended December 31, 2025. The filing shows that Bilibili’s authorized share capital across its various share classes remained unchanged in December, while its issued Class Y weighted voting right (WVR) ordinary shares decreased by 1,000,000 to 79,700,010, and issued Class Z WVR ordinary shares listed in Hong Kong remained stable, with no treasury shares reported; the disclosure provides transparency for investors on the company’s capital structure but signals no major corporate action or dilution over the period.

The most recent analyst rating on (BILI) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Bilibili stock, see the BILI Stock Forecast page.

Bilibili Announces Share Changes Following Incentive Plan Exercises

On December 11, 2025, Bilibili Inc. announced changes in its issued shares, primarily through the exercise of share options under its 2018 Share Incentive Plan. This involved the issuance of Class Z ordinary shares on several dates in December 2025, resulting in a slight increase in the total number of issued shares. The conversion of Class Y ordinary shares to Class Z ordinary shares also contributed to this change. These actions reflect Bilibili’s ongoing efforts to incentivize employees and align their interests with the company’s growth, potentially impacting shareholder value and market perception.

The most recent analyst rating on (BILI) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Bilibili stock, see the BILI Stock Forecast page.

Bilibili Reports Stable Share Capital for November 2025

On December 5, 2025, Bilibili Inc. submitted a monthly return form to The Stock Exchange of Hong Kong Limited detailing the movements in its authorized share capital and issued shares for November 2025. The report indicated that there were no changes in the number of authorized or issued shares during the month, maintaining stability in its capital structure. This stability in share capital suggests a steady operational phase for Bilibili, which could reassure investors and stakeholders of the company’s current market positioning.

The most recent analyst rating on (BILI) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Bilibili stock, see the BILI Stock Forecast page.

Bilibili Reports Strong Q3 2025 Financial Growth and Management Change

Bilibili Inc. reported its financial results for the third quarter of 2025, showing significant growth in user engagement and financial performance. The company achieved a net profit of RMB469.4 million, a substantial turnaround from a net loss in the same period of 2024, driven by a 5% increase in total revenues and a 23% rise in advertising revenues. The company’s strategic focus on enhancing monetization efficiency and reducing operating expenses contributed to a 233% increase in adjusted net profit. Additionally, Bilibili announced a change in its joint company secretary, with Ms. Lai Ying Tung taking over the role effective November 13, 2025.

The most recent analyst rating on (BILI) stock is a Hold with a $29.00 price target. To see the full list of analyst forecasts on Bilibili stock, see the BILI Stock Forecast page.

Bilibili Reports Stable Share Structure for October 2025

On November 7, 2025, Bilibili Inc. submitted a monthly return form to The Stock Exchange of Hong Kong Limited, detailing the movements in its authorized share capital and issued shares for October 2025. The report indicates that there were no changes in the number of authorized or issued shares during this period, reflecting stability in the company’s share structure.

The most recent analyst rating on (BILI) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Bilibili stock, see the BILI Stock Forecast page.