Bilibili Inc (BILI)
NASDAQ:BILI
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Bilibili
(NASDAQ:BILI)
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Rating:65Neutral
Price Target:
$27.00
▲(7.36% Upside)
Action:ReiteratedDate:04/22/26
The score is driven primarily by improving financial performance—especially the profitability turnaround and strong, expanding cash flow—supported by a constructive earnings call with guidance for continued margin progress. These positives are tempered by an expensive valuation (high P/E, no dividend support) and mixed technicals (negative MACD and trading below key longer-term moving averages).
Positive Factors
Strong operating cash flow and expanding free cash flow
Sustained, materially positive operating cash flow and rapidly expanding free cash flow provide durable internal funding for product investment, AI reinvestment, share buybacks and working capital. This reduces reliance on external financing and increases resilience to revenue volatility over the next several quarters.
Negative Factors
Rising leverage reduces financial flexibility
Re-leveraging after prior deleveraging increases interest and refinancing risk, reducing the firm’s buffer against adverse revenue or margin shocks. With debt higher, management has less runway to sustain aggressive reinvestment or absorb a games/ad downturn without cutting costs or raising capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating cash flow and expanding free cash flow
Sustained, materially positive operating cash flow and rapidly expanding free cash flow provide durable internal funding for product investment, AI reinvestment, share buybacks and working capital. This reduces reliance on external financing and increases resilience to revenue volatility over the next several quarters.
Read all positive factors
Bilibili (BILI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.08B
Dividend YieldN/A
Average Volume (3M)2.17M
Price to Earnings (P/E)35.5
Beta (1Y)1.31
Revenue Growth13.28%
EPS GrowthN/A
CountryUS
Employees8,088
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.53
Shares Outstanding336,923,650
10 Day Avg. Volume1,886,934
30 Day Avg. Volume2,173,104
Financial Highlights & Ratios
PEG Ratio-0.33
Price to Book (P/B)4.62
Price to Sales (P/S)2.44
P/FCF Ratio13.54
Enterprise Value/Market Cap6.88
Enterprise Value/Revenue2.13
Enterprise Value/Gross Profit5.93
Enterprise Value/Ebitda72.45
Forecast
1Y Price Target
$31.21Price Target Upside24.11% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)7.15
Revenue Forecast (FY)$33.26B
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 primarily generates revenue through a mix of (1) advertising, (2) value-added services (VAS), and (3) mobile games, with additional revenue from other/ancillary services.
1) Advertising revenue: Bilibili sells performance and brand adver...
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
72
Positive
Balance Sheet
63
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.38B | 29.52B | 26.83B | 22.53B | 21.90B | 19.38B |
| Gross Profit | 10.55B | 10.95B | 8.77B | 5.44B | 3.85B | 4.04B |
| EBITDA | 863.01M | 1.09B | 1.19B | -1.67B | -3.59B | -3.95B |
| Net Income | 220.34M | 1.16B | -1.35B | -4.82B | -7.51B | -6.81B |
Balance Sheet | ||||||
| Total Assets | 38.79B | 41.19B | 32.70B | 33.16B | 41.83B | 52.05B |
| Cash, Cash Equivalents and Short-Term Investments | 22.29B | 24.22B | 16.68B | 15.12B | 19.60B | 30.32B |
| Total Debt | 9.82B | 9.64B | 5.15B | 7.64B | 15.54B | 19.22B |
| Total Liabilities | 24.64B | 25.64B | 18.59B | 18.75B | 26.59B | 30.34B |
| Stockholders Equity | 14.16B | 15.58B | 14.11B | 14.39B | 15.24B | 21.70B |
Cash Flow | ||||||
| Free Cash Flow | 3.29B | 5.32B | 4.26B | -1.06B | -6.65B | -6.33B |
| Operating Cash Flow | 3.29B | 7.15B | 6.01B | 266.62M | -3.91B | -2.65B |
| Investing Cash Flow | -7.18B | -9.34B | -138.09M | 1.76B | 10.61B | -24.58B |
| Financing Cash Flow | 4.30B | 4.09B | -2.83B | -5.07B | -4.35B | 30.39B |
Bilibili Technical Analysis
Neutral
25.15
Price Trends
26.42
Negative
27.29
Negative
26.41
Negative
Market Momentum
-0.30
Negative
53.11
Neutral
88.06
Negative
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 25.15 is above the 20-day moving average (MA) of 23.68, below the 50-day MA of 26.42, and below the 200-day MA of 26.41, indicating a neutral trend. The MACD of -0.30 indicates Negative momentum. The RSI at 53.11 is Neutral, neither overbought nor oversold. The STOCH value of 88.06 is Negative, 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 | $71.84B | 24.60 | 22.14% | 2.19% | 7.06% | 14.10% | |
69 Neutral | $50.51B | 145.12 | 14.19% | 0.37% | -0.31% | -32.20% | |
65 Neutral | $9.08B | 35.55 | 8.04% | ― | 13.28% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $41.70B | -126.36 | -126.41% | ― | 20.34% | -4.86% | |
54 Neutral | $34.05B | -40.91 | -290.61% | ― | 38.10% | -16.91% | |
52 Neutral | $405.37M | 0.46 | 35.19% | ― | -2.02% | ― |
* Communication Services Sector Average
BILI
Bilibili
22.37
4.79
27.25%
EA
Electronic Arts
200.79
45.95
29.68%
NTES
NetEase
118.37
14.38
13.82%
SOHU
Sohu
15.73
5.20
49.38%
TTWO
Take-Two
222.00
-4.34
-1.92%
RBLX
Roblox
43.76
-26.68
-37.88%
Bilibili Corporate Events
Bilibili Reports No Share Capital Changes in March 2026 Hong Kong Filing
Apr 10, 2026
Bilibili Inc. reported to the U.S. Securities and Exchange Commission on April 10, 2026 that it had filed its required monthly return with the Hong Kong Stock Exchange covering movements in its authorized share capital and issued shares for the mo...
Bilibili Reports Modest Class Z Share Issuance from Employee Equity Plans in March 2026
Mar 31, 2026
On March 31, 2026, Bilibili Inc. reported a series of minor changes to its Hong Kong-listed Class Z ordinary shares, following employee equity activity earlier in the month. The disclosures show that between March 10 and March 17, 2026, the compan...
Bilibili Turns First Full-Year Profit on Double-Digit Revenue and User Growth in 2025
Mar 6, 2026
Bilibili on March 5, 2026 reported unaudited results showing that 2025 was its first full year of GAAP profitability, driven by solid user growth and surging advertising revenue. For the fourth quarter of 2025, daily active users rose 10% to 113 m...
Bilibili Reports No Share Capital Changes in February 2026 Hong Kong Filing
Mar 6, 2026
On March 6, 2026, Bilibili filed a Form 6-K in the U.S. and submitted a monthly return to the Hong Kong Stock Exchange detailing movements in its share capital for February 2026. The filing shows that the company’s authorized share capital, ...
Bilibili Reports No Share Capital Changes in January 2026 Hong Kong Filing
Feb 6, 2026
On February 6, 2026, Bilibili Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission noting that it had submitted its monthly return for the month ended January 31, 2026 to the Hong Kong Stock Exchange, detailing movements in its a...
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.