Bilibili (BILI)
NASDAQ:BILI
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Bilibili
(NASDAQ:BILI)
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Rating:65Neutral
Price Target:
$37.00
▲(51.21% Upside)
Action:UpgradedDate:01/29/26
The score is driven primarily by improving fundamentals (positive free cash flow, strong revenue growth) and a constructive earnings narrative (engagement and advertising strength with improving margins). This is balanced by still-negative GAAP profitability and a demanding valuation (very high P/E), while technicals are supportive but appear overbought.
Positive Factors
Strong user engagement
Sustained gains in DAUs, MAUs and record time spent signal deep platform stickiness and network effects. High engagement supports diversified monetization (ads, subscriptions, in‑app spends) and reduces churn risk, underpinning durable revenue growth and pricing power over months.
Negative Factors
Negative operating and net margins
Persistently negative operating and net margins show operating expenses still outpacing gross profit despite revenue growth. Structural cost or monetization gaps could constrain sustainable profitability and ROE, requiring continued margin improvement to convert engagement into durable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong user engagement
Sustained gains in DAUs, MAUs and record time spent signal deep platform stickiness and network effects. High engagement supports diversified monetization (ads, subscriptions, in‑app spends) and reduces churn risk, underpinning durable revenue growth and pricing power over months.
Read all positive factors
Bilibili (BILI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.81B
Dividend YieldN/A
Average Volume (3M)2.52M
Price to Earnings (P/E)62.0
Beta (1Y)1.39
Revenue Growth16.84%
EPS GrowthN/A
CountryUS
Employees8,088
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.28
Shares Outstanding336,923,650
10 Day Avg. Volume1,516,621
30 Day Avg. Volume2,516,811
Financial Highlights & Ratios
PEG Ratio0.57
Price to Book (P/B)3.90
Price to Sales (P/S)2.05
P/FCF Ratio12.92
Enterprise Value/Market Cap7.01
Enterprise Value/Revenue2.34
Enterprise Value/Gross Profit6.52
Enterprise Value/Ebitda79.69
Forecast
1Y Price Target
$31.21Price Target Upside27.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)7.15
Revenue Forecast (FY)$33.27B
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...
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 ...
Bilibili Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down earnings across different business areas, highlighting which segments drive growth and where the company might face challenges or opportunities.
Breaks down earnings across different business areas, highlighting which segments drive growth and where the company might face challenges or opportunities.
Data provided by:
The Fly
The FlyBilibili Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The call communicated strong positive momentum across community growth, engagement, advertising monetization and overall profitability — including the company’s first full year of GAAP profit, sustained margin expansion and robust cash generation. Key risks noted include Q4 game revenue seasonality, moderated VAS growth, and planned reinvestment in AI which could temper near-term margin gains; advertising concentration in fast-growing but potentially cyclical verticals (notably AI) also poses some volatility risk. On balance, the call emphasized durable user and creator-driven fundamentals and accelerating commercial execution.Positive Updates
First Full-Year GAAP Profitability and Strong Financials
Full-year 2025 total revenues RMB 30.3 billion, up 13% YoY; reported GAAP net profit RMB 1.2 billion (first full year of GAAP profitability). Q4 revenues RMB 8.3 billion, up 8% YoY. Q4 gross profit rose 11% YoY and gross margin expanded to 37.0% (14th consecutive quarter of margin expansion). Q4 operating profit RMB 504 million, up 299% YoY; adjusted operating profit RMB 838 million with adjusted operating margin 10.1% (vs 6.0% a year ago). Adjusted net profit in Q4 nearly doubled to RMB 878 million with adjusted net profit margin 10.6%.
Negative Updates
Quarterly Game Revenue Decline
Game revenues in Q4 were RMB 1.5 billion, down 14% YoY (attributed to a high prior-year base from the San Mou title), highlighting some volatility in the games segment quarter-to-quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
First Full-Year GAAP Profitability and Strong Financials
Full-year 2025 total revenues RMB 30.3 billion, up 13% YoY; reported GAAP net profit RMB 1.2 billion (first full year of GAAP profitability). Q4 revenues RMB 8.3 billion, up 8% YoY. Q4 gross profit rose 11% YoY and gross margin expanded to 37.0% (14th consecutive quarter of margin expansion). Q4 operating profit RMB 504 million, up 299% YoY; adjusted operating profit RMB 838 million with adjusted operating margin 10.1% (vs 6.0% a year ago). Adjusted net profit in Q4 nearly doubled to RMB 878 million with adjusted net profit margin 10.6%.
Read all positive updates
Company Guidance
Management guided that gross profit should improve slightly quarter‑over‑quarter in Q1 2026 and that adjusted operating margin should continue to improve year‑over‑year in Q1, while reiterating confidence in continued advertising growth and market‑share gains (noting strong demand from gaming and AI advertisers); they said they will modestly increase AI investment in 2026 and reinvest part of incremental profit into AI initiatives, and remain on track toward their mid‑ to long‑term targets of a 40–45% gross profit margin and a 15–20% adjusted operating margin.Bilibili Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
65
Positive
Cash Flow
70
Positive
| 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
Neutral
24.47
Price Trends
26.99
Negative
27.31
Negative
26.33
Negative
Market Momentum
-0.84
Negative
49.03
Neutral
73.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BILI, the sentiment is Neutral. The current price of 24.47 is above the 20-day moving average (MA) of 23.81, below the 50-day MA of 26.99, and below the 200-day MA of 26.33, indicating a neutral trend. The MACD of -0.84 indicates Negative momentum. The RSI at 49.03 is Neutral, neither overbought nor oversold. The STOCH value of 73.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BILI.
Bilibili Risk Analysis
Bilibili disclosed 105 risk factors in its most recent earnings report. Bilibili reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bilibili Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $69.92B | 18.20 | 22.14% | 2.19% | 5.69% | 32.87% | |
70 Outperform | $50.74B | 145.12 | 11.05% | 0.37% | -1.45% | -11.99% | |
65 Neutral | $9.81B | 62.04 | 8.04% | ― | 16.84% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $36.49B | -126.36 | -126.41% | ― | 13.98% | -6.71% | |
52 Neutral | $391.56M | 1.12 | 35.19% | ― | -4.80% | ― | |
52 Neutral | $39.40B | -52.47 | -290.61% | ― | 32.70% | 12.57% |
* Communication Services Sector Average
BILI
Bilibili
24.47
7.69
45.83%
EA
Electronic Arts
202.56
57.57
39.71%
NTES
NetEase
113.41
17.67
18.45%
SOHU
Sohu
14.75
6.60
80.98%
TTWO
Take-Two
201.36
-13.24
-6.17%
RBLX
Roblox
57.66
-1.22
-2.07%
Bilibili Corporate Events
Bilibili Reports Minor Change in Class Y Share Count in December 2025 Monthly Return
Jan 8, 2026
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 ...
Bilibili Announces Share Changes Following Incentive Plan Exercises
Dec 11, 2025
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 202...
Bilibili Reports Stable Share Capital for November 2025
Dec 5, 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 chan...
Bilibili Reports Strong Q3 2025 Financial Growth and Management Change
Nov 13, 2025
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...
Bilibili Reports Stable Share Structure for October 2025
Nov 7, 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 chan...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.