Bilibili Inc.
- Open
- 16.39
- Day high
- 16.80
- Day low
- 15.97
- Prev close
- 16.15
- Volume
- 6.6M
- Mkt cap
- $7.0B
- P/E (TTM)
- 33.7
- EPS (TTM)
- $0.50
- P/B
- 3.0
- P/S
- 1.5
- Yield
- —
- Per share
- —
Bilibili Inc. (BILI) is a Technology company listed on NASDAQ. The stock is down 26% over the past year. Drillr has 1 published research article covering BILI.
Bilibili Inc. (BILI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BILI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 27, 2026 | $0.23 | $0.23 | +1.1% | $1.2B | +0.2% |
| May 19, 2026 | $0.17 | $0.19 | +11.8% | $1.1B | -0.3% |
| Mar 5, 2026 | $0.26 | $0.28 | +9.0% | $1.2B | +8.0% |
| Aug 21, 2025 | $0.17 | $0.18 | +5.9% | $1.0B | +0.3% |
| May 20, 2025 | $0.06 | $0.12 | +100.0% | $962M | -5.3% |
| Feb 20, 2025 | $0.14 | $0.15 | +7.1% | $1.1B | +10.8% |
| Nov 14, 2024 | $0.10 | $0.08 | -20.0% | $1.0B | +6.2% |
| Aug 22, 2024 | $-0.10 | $-0.09 | +10.0% | $843M | -14.6% |
| May 23, 2024 | $-0.17 | $-0.15 | +11.8% | $783M | +0.8% |
| Mar 7, 2024 | $-0.16 | $-0.19 | -18.8% | $896M | +3.1% |
| Nov 29, 2023 | $-0.24 | $-0.29 | -20.8% | $795M | -2.1% |
| Aug 17, 2023 | $-0.41 | $-0.33 | +19.5% | $732M | -7.2% |
BILI research & analysis
Bilibili Inc. company profile
Overview
Bilibili Inc. (NASDAQ:BILI) is a Chinese online entertainment platform company founded in 2009 and headquartered in Shanghai. Originally launched as an anime, comics, and games (ACG) focused video sharing platform, Bilibili has evolved into one of China's leading platforms for young generation entertainment content. The company went public on NASDAQ in March 2018 and has since expanded its offerings to include mobile gaming, live streaming, premium memberships, and various value-added services while maintaining its core identity as a community-driven content platform.
Business
Bilibili operates as a comprehensive online entertainment ecosystem primarily targeting China's younger demographics. The platform functions as a video-sharing and content creation hub where users can upload, watch, and interact with various forms of digital content including user-generated videos, professionally produced content, and live streams. The company's business is organized into four main revenue segments: 1. Value-Added Services (VAS) - 40% of revenue: This segment includes premium memberships, virtual gifting in live streams, and various digital goods. Users can purchase premium memberships for ad-free viewing and exclusive content, while live streaming generates revenue through virtual gifts that viewers purchase and send to content creators. 2. Advertising - 31% of revenue: Bilibili monetizes its large user base through display advertising, performance-based advertising, and branded content partnerships. The platform offers advertisers access to highly engaged young consumers across gaming, e-commerce, technology, and lifestyle verticals. 3. Mobile Games - 23% of revenue: The company develops and publishes mobile games, both self-developed titles and licensed games from third parties. Recent success includes strategy games like "San Guo: Mou Ding Tian Xia" which became one of their fastest games to reach RMB 1 billion in revenue. 4. IP Derivatives and Others - 6% of revenue: This includes merchandise, comics, audio content, and other intellectual property-related products that leverage popular content and characters from the platform. The platform's unique feature is its bullet comment system (danmaku), where viewers can post real-time comments that scroll across videos, creating an interactive viewing experience that fosters community engagement. This system, combined with the platform's focus on ACG culture, has created a distinctive social media environment that differentiates Bilibili from traditional video platforms.
Revenue model
Bilibili generates revenue through multiple complementary business models that leverage its large, engaged user base of primarily young Chinese consumers. Subscription and Virtual Goods Revenue: The platform earns money through premium memberships (22.7 million subscribers), virtual gifting during live streams, and various digital accessories. Users pay for enhanced features, exclusive content access, and virtual items to support their favorite content creators. The company has introduced innovative monetization like fan charging programs where over 8 million users participate in directly supporting creators. Advertising Revenue: Bilibili monetizes its 103 million daily active users and 340 million monthly active users through various advertising formats. The platform attracts advertisers from gaming, e-commerce, digital products, and lifestyle brands seeking to reach China's younger demographics. Revenue growth is driven by increasing advertiser numbers (30% growth in key accounts) and improved ad infrastructure using AI-generated content tools. Game Publishing and Development: The company develops and publishes mobile games, earning revenue through in-app purchases, game sales, and distribution partnerships. Their strategy focuses on creating games that resonate with their community's interests, particularly strategy and ACG-themed titles. Content Creator Economy: Bilibili operates a creator monetization ecosystem where nearly 3.1 million content creators earned income through various channels including advertising revenue sharing, premium courses, live streaming gifts, and direct fan support. Factors that could increase margins include growing advertising market share in China, successful game launches, increasing premium membership penetration, and improved operational efficiency through AI automation. Margin pressures could come from intensifying competition from platforms like TikTok and Kuaishou, rising content acquisition costs, increased spending on creator incentives, and potential regulatory changes affecting online content or gaming in China. The company's focus on high-margin segments like advertising and gaming, combined with cost discipline, helped achieve their first GAAP net profit in Q4 2024.
Competitive moat
Bilibili's competitive moat rests on several interconnected elements, though the strength varies across different aspects of the business. The company's strongest moat lies in its unique community culture and user engagement. The platform has cultivated a distinctive ACG (anime, comics, games) community with deep user loyalty, evidenced by 99-minute average daily engagement time and 80% twelve-month user retention rates. The bullet comment system creates a differentiated social viewing experience that would be difficult for competitors to replicate while maintaining the same cultural authenticity. The platform benefits from network effects within its creator ecosystem, where quality content attracts viewers, which in turn attracts more creators seeking monetization opportunities. With nearly 3.1 million creators earning income on the platform, this creates switching costs and community stickiness. However, this moat is not insurmountable as creators can potentially migrate to competing platforms if monetization opportunities become more attractive elsewhere. Bilibili's moat faces significant competitive pressures from well-funded rivals like ByteDance (TikTok/Douyin) and Kuaishou, which have substantially larger user bases and deeper pockets for content acquisition and creator incentives. These platforms are increasingly targeting younger demographics and could potentially erode Bilibili's user base over time. Additionally, the company operates in China's highly regulated internet sector, where policy changes could significantly impact business operations. The gaming business provides some defensive characteristics through successful IP development, but this segment faces intense competition from established gaming companies. While Bilibili has achieved notable success with titles like "San Guo: Mou Ding Tian Xia," the gaming industry's hit-driven nature makes sustained success challenging to predict. Overall, Bilibili maintains a moderate moat primarily through community loyalty and cultural positioning, but faces ongoing competitive and regulatory risks that could weaken these advantages.
Risks & safety
Bilibili presents a moderate margin of safety with recent improvements in financial health, though some concerns remain. • Liquidity Position: Strong cash position of RMB 1.4 billion ($1.4B) with current ratio of 1.34, indicating adequate short-term liquidity. Operating cash flow turned positive at RMB 829 million for 2024, showing operational improvement. • Debt Levels: Manageable debt-to-equity ratio of 0.36, indicating conservative leverage. No immediate solvency concerns given cash reserves and improving cash generation. • Profitability Trajectory: Achieved first GAAP net profit in Q4 2024 after years of losses. Full-year 2024 still showed net loss of RMB 186 million, but significant improvement from prior years' losses exceeding RMB 600 million. • Valuation Metrics: Trading at 4.0x book value and 43x EV/EBITDA based on 2024 results. While not cheap, valuations have compressed from historical highs as profitability improved. • Growth Sustainability: Revenue growth of 19% in 2024 with improving gross margins (reaching 34.9% in Q3). User engagement metrics remain strong with 99-minute daily usage and stable user base growth. • Risk Factors: Regulatory environment in China remains unpredictable for internet companies. Competition from larger platforms poses ongoing market share risks. Gaming revenue, while growing 40% in 2024, remains dependent on hit-driven success.
Recent development
Over the past few years, Bilibili has undergone a significant strategic transformation focused on achieving profitability while maintaining its community-driven culture. The company's most notable achievement was reaching its first GAAP net profit in Q4 2024, marking a major milestone after years of losses. Content Strategy Evolution: The platform has broadened beyond its ACG roots to include lifestyle, knowledge, automotive, and technology content while maintaining its core community identity. The company has invested heavily in AI-powered content creation tools and recommendation systems, enabling creators to produce higher-quality content more efficiently. This expansion helped drive daily video views to 4.8 billion, up 14% year-over-year. Gaming Business Transformation: Bilibili achieved remarkable success with its gaming strategy, particularly through the launch of "San Guo: Mou Ding Tian Xia," which became their fastest game to reach RMB 1 billion in revenue. Mobile gaming revenue surged 79% in Q4 2024, demonstrating the effectiveness of their focus on strategy games tailored to their community's preferences. The company is now exploring international expansion and multi-platform distribution for their games. Advertising Infrastructure Overhaul: The platform significantly enhanced its advertising capabilities through AI-powered ad creation tools and improved targeting systems. This resulted in a 30% increase in advertiser numbers and 28% growth in advertising revenue for 2024. The company developed vertical-specific advertising solutions across gaming, e-commerce, and digital products. Creator Economy Development: Bilibili introduced innovative monetization mechanisms including fan charging programs that attracted over 8 million participants and premium course offerings. Nearly 3.1 million content creators now earn income on the platform, with total creator income growing 24% year-over-year, creating a more sustainable ecosystem for content production. Operational Efficiency Focus: The company implemented significant cost discipline measures while investing in high-margin business segments. This strategic focus helped improve gross profit margins from 25% to 34.9% and achieve positive operating cash flow, setting the foundation for sustained profitability.
BILI company profile · for informational purposes only — not investment advice.
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