Bilibili Inc.

BILI
About the company

Bilibili Inc. provides online entertainment services for the young generations in the People's Republic of China. It offers a range of digital content, including professional user generated videos (PUGV), mobile games, and value-added services, such as live broadcasting, occupationally generated videos, audio drama on Maoer, comics on Bilibili Comic, PUGV content in fan charging program and premium courses, and Bilibili premium courses and community-based avatar decoration. The company also provides advertising services; and IP derivatives and other services.

Country: Cayman IslandsPrice: $13.25Market Cap: $5.2B

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

2 / 11

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 10 pass — Buffett, Dreman and Ackman object

Key risk

15 of 16 flag BILI's profitability — Graham, Buffett, Lynch +12 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #723 (Top 23.3%)NEUTRALFAILFAILFAILFAILFAILPASSPASSPASSFAILFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-16

Score computed: 2026-11-14

Where It Passes

  • Cash Flow70% pass✓ 8✗ 4▾

    7 of 10 pass — Buffett, Dreman and Ackman object

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    FCF Positive and Growing$948.3M
    ✓LynchPositive and growing
    Operating Cash Flow$1.0B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=17.36%, ROA=2.90%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)
    ✗Dreman< 8x
    P/E or FCF YieldP/E=33.8x, FCF Yield=18.1%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive6/10 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency7/10 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$948.3M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+18.13%; #328/4519 (top 7.3%)
    ✓OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Profitability6% pass✓ 6✗ 29▾

    15 of 16 flag BILI's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)1/11 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/11 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-23.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)3.7% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)P/E 33.8x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE7.7%
    ✗Lynch> 15%
    EBIT / Enterprise Value3.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.3%, ROC=188.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets2.90%
    ✓PiotroskiROA > 0
    ROA Change YoY-4.12% -> 2.90% (delta: +7.02%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=17.36%, ROA=2.90%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY32.7% -> 36.6%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity7.7%
    ✗Dreman> 12%
    Margin of SafetyP/E=33.8x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-11.8% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/10 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue3.7%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity7.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-22.5% (2023) -> 3.7% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 24.2% -> 36.6%, operating margin -22.5% -> 3.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+3.26%; #2286/6340 (top 36.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+27.00%; #1590/3702 (top 42.9%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+7.66%; #2142/5226 (top 41.0%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0764; #3133/5884 (top 53.2%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation8% pass✓ 3✗ 25▾

    12 of 13 flag BILI's valuation — Graham, Lynch, Greenblatt +9 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 33.8x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value3.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.3%, ROC=188.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS33.8x
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)
    ✗Dreman< 8x
    Price / Book Value per Share
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=33.8x
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=33.8x, FCF Yield=18.1%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=33.8x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low104% of trailing low ($12.68)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+3.26%; #2286/6340 (top 36.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.4255; #3165/6449 (top 49.1%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS33.8x
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.8291; #1996/5247 (top 38.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+18.13%; #328/4519 (top 7.3%)
    ✓OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-23.50%; #4138/6202 (top 66.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth13% pass✓ 5✗ 8▾

    7 of 8 flag BILI's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 33.8x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -13.1% vs Rev: 18.0%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-2.94 (2016) -> $0.39 (2025)
    ✓DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/10 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth16.0%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency4/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 24.2% -> 36.6%, operating margin -22.5% -> 3.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR18.7%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency13% pass✓ 2✗ 9▾

    7 of 8 flag BILI's efficiency — Graham, Buffett, Piotroski +4 more

    Current Ratio1.36
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-16.1%
    ✗Buffett> 10%
    ROIC - WACC-26.1%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)188.8%
    ✓Greenblatt> 25%
    Current Ratio Change YoY1.34 -> 1.36
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.82x -> 0.74x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities1.36
    ✗Dreman> 1.5
    Return on Invested Capital3.5%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-18.3%; FY2024: ROIC=-5.6%; FY2025: ROIC=3.5%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC3.5% (RR=100% x ROIC=3.5%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest 3.5%)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts20% pass✓ 3✗ 12▾

    Split decision: 11 FAIL · 3 PASS · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)✗GreenblattRank #723•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1682/2370 (Top 71.0%))✗NeffFAIL (2/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
  • Debt & Leverage25% pass✓ 6✗ 9▾

    9 of 12 flag BILI's debt & leverage — Buffett, Lynch, Piotroski +6 more

    LT Debt vs Net Current AssetsLT Debt $682.6M vs NCA $1.0B
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.62, IC: 7.5x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.62
    ✗Lynch< 0.33
    Cash - Long-term Debt$1.1B
    ✓LynchPositive preferred
    LT Debt / Total Assets Change9.98% -> 11.60%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.36
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.62
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.62
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=7.5x, D/EBITDA=N/A (D&A unavailable)
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.62
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.6188; #2699/4210 (top 64.1%)
    ✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services
Size: Mid Cap($5.2B)
Revenue: $4.3B+18.0% YoY
Net Income: $170.6M+192.4% YoY

Financial Snapshot

Operating Margin3.7%
Return on Equity7.7%
Debt / Equity0.62
Current Ratio1.36
EPS (Diluted)$0.39
Buybacks (1y)$117.6M
Buybacks (2y)$133.7M

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Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
$117.6M
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-04-16
FY 2024
Sources
  • 20-F · 2025-03-25
FY 2023
Sources
  • 20-F · 2024-03-27
FY 2022
Sources
  • 20-F · 2023-04-27
FY 2021
Sources
  • 20-F · 2022-04-25
Market Cap$5.2Bcurrent--------
Revenue$4.3B↑18%$3.7B↑16%$3.2B↑1%$3.1B↑3%$3.0B
Operating Income$160.7M↑187%-$184.2M↑74%-$712.6M↑41%-$1.2B↓19%-$1.0B
Net Income$170.6M↑192%-$184.5M↑73%-$678.5M↑37%-$1.1B↓1%-$1.1B
EPS (Diluted)$0.39↑188%$-0.44↑73%$-1.64↑40%$-2.73↑3%$-2.80
Gross Margin36.6%↑12%32.7%↑35%24.2%↑37%17.6%↓16%20.9%
Operating Margin3.7%↑174%-5.0%↑78%-22.5%↑41%-38.2%↓15%-33.2%
ROE7.7%↑180%-9.5%↑72%-33.5%↑32%-49.3%↓57%-31.4%
Total Debt$1.4B↑108%$662.6M↓37%$1.0B↓52%$2.2B↓26%$3.0B
Shareholders' Equity$2.2B↑15%$1.9B↓5%$2.0B↓7%$2.2B↓36%$3.4B
Current Ratio1.36↑1%1.34↑29%1.03↓28%1.43↓53%3.02
Debt / Equity0.62↑81%0.34↓34%0.52↓48%1.00↑15%0.88
Operating Cash Flow$1.0B↑24%$824.2M↑2097%$37.5M↑107%-$561.7M↓35%-$415.4M
Free Cash Flow$948.3M↑25%$760.4M↑6278%$11.9M↑102%-$670.9M↓18%-$566.9M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

BILI vs Peers — Financial Grading

Revenue$4.3BMedian
Net Income$170.6MMedian
ROE7.7%Bottom 25%
D/E0.62Top 25%
Op. Margin3.7%Median
Curr. Ratio1.36Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11