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Bilibili
(NASDAQ:BILI)
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Rating:67Neutral
Price Target:
$18.00
▲(11.46% Upside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by improving financial performance (profitability turning positive and strong, expanding free cash flow) and a supportive earnings call highlighting sustained advertising momentum and ongoing margin improvement. Offsetting this, technicals remain weak with price below key moving averages and negative MACD, while valuation (P/E ~33) leaves less room for execution missteps—especially given rising leverage and near-term AI investment intensity.
Positive Factors
Growing user engagement and content supply
Expanding users, viewing time, creator participation, and content output strengthen Bilibili’s network effects. A deeper community can support sustained retention, richer inventory, and better monetization across advertising, memberships, and creator services.
Negative Factors
Mobile gaming revenue contraction
Gaming remains a meaningful revenue stream, but the decline exposes dependence on individual title cycles and execution. New launches must scale successfully to restore growth, leaving the revenue mix and earnings profile vulnerable during pipeline transitions.
Read all positive and negative factors
Positive Factors
Negative Factors
Growing user engagement and content supply
Expanding users, viewing time, creator participation, and content output strengthen Bilibili’s network effects. A deeper community can support sustained retention, richer inventory, and better monetization across advertising, memberships, and creator services.
Read all positive factors
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 (BILI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.81B
Dividend YieldN/A
Average Volume (3M)2.19M
Price to Earnings (P/E)33.2
Beta (1Y)1.20
Revenue Growth11.20%
EPS GrowthN/A
CountryUS
Employees8,423
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)3.34
Shares Outstanding338,805,760
10 Day Avg. Volume2,321,058
30 Day Avg. Volume2,191,582
Financial Highlights & Ratios
PEG Ratio-0.33
Price to Book (P/B)4.62
Price to Sales (P/S)2.37
P/FCF Ratio13.54
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$27.00Price Target Upside67.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)7.09
Revenue Forecast (FY)$32.98B
Bilibili Business Overview & Revenue Model
Company Description
Bilibili Inc. is a prominent Chinese entity focused on providing online entertainment experiences, primarily catering to the younger generations across the People's Republic of China. Its comprehensive digital platform boasts a diverse selection o...
How the Company Makes Money
Bilibili generates revenue primarily through a mix of advertising, value-added services tied to its content and community, and gaming, with additional contributions from e-commerce and other services.
1) Advertising revenue: The company sells mar...
Bilibili Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2026)
| Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial beats: solid user growth and engagement, industry‑leading ad expansion (+28% YoY), expanding margins (16 consecutive quarters of improvement), significant net profit and adjusted profit growth, healthy creator ecosystem expansion, and a clear AI strategy with committed investment. Offsetting factors include a 14% YoY decline in game revenue, modest VAS growth (5% YoY), elevated near‑term R&D/AI spend, and acknowledged macro uncertainty that could pressure advertising in H2. On balance, the positives around monetization, margin expansion, cash position and a clear pipeline outweigh the near‑term challenges and investments.Positive Updates
User Growth and Engagement
DAUs increased 7% YoY to 117 million; MAUs grew to 371 million. Average daily time spent rose to 113 minutes from 105 minutes a year ago (+7.6 minutes), driving total time spent up over 14% YoY.
Negative Updates
Mobile Games Revenue Decline
Game revenues declined 14% YoY to RMB 1.4 billion, primarily due to a high comparative base from last year's San Mou peak season. Games accounted for ~18% of revenue and represent a near‑term drag until new titles ramp.
Read all updates
Q2-2026 Updates
Positive
Negative
User Growth and Engagement
DAUs increased 7% YoY to 117 million; MAUs grew to 371 million. Average daily time spent rose to 113 minutes from 105 minutes a year ago (+7.6 minutes), driving total time spent up over 14% YoY.
Read all positive updates
Company Guidance
Management guided that advertising should sustain healthy, multi‑scenario growth while games are expected to resume year‑over‑year growth starting in Q4, supported by a robust pipeline, and reiterated mid‑ to long‑term margin targets of 40–45% gross profit margin and ~15–20% operating margin; they also committed to disciplined AI investment (RMB1.0bn target, ~70–80% deployed in H1, with ~RMB500m R&D impact for 2026) and continued share repurchases under a new 2‑year USD300m program (1.9M shares bought for ~USD31M under the new program as of June 30; 5.8M shares for ~USD118M year‑to‑date reported on the call, with management also referencing total repurchases of ~USD180M to date), while emphasizing strong liquidity of RMB24.3bn (USD3.6bn). These expectations are anchored in Q2 operating and financial momentum: total revenue RMB7.9bn (+8% YoY) with advertising RMB3.13bn (+28% YoY, 39% of revenue), VAS RMB3.0bn (+5%, 37% of revenue), games RMB1.4bn (‑14%, 18% of revenue), gross profit ~RMB3.0bn (+10%), gross margin 37.2% (16th consecutive quarter of improvement), operating profit RMB373m (+48%), adjusted operating profit RMB696m (margin 8.8%), adjusted net profit RMB704m (margin 8.9%), DAUs 117M (+7% YoY), MAUs 371M, average daily time spent 113 minutes (vs. 105 a year ago) driving total time spent +14%, monthly interactions 17.4bn (+9%), creators with >1,000 followers +30%, daily video submissions +28%, and ad conversion (CTCVR) +19% — all cited as the basis for confidence in sustained commercialization and profitability improvement.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 | 30.77B | 30.35B | 26.83B | 22.53B | 21.90B | 19.38B |
| Gross Profit | 11.33B | 11.11B | 8.77B | 5.44B | 3.85B | 4.04B |
| EBITDA | 1.62B | 3.55B | 1.19B | -1.67B | -3.59B | -3.95B |
| Net Income | 1.41B | 1.19B | -1.35B | -4.82B | -7.51B | -6.81B |
Balance Sheet | ||||||
| Total Assets | 41.27B | 41.19B | 32.70B | 33.16B | 41.83B | 52.05B |
| Cash, Cash Equivalents and Short-Term Investments | 24.10B | 24.22B | 16.68B | 15.12B | 19.60B | 30.32B |
| Total Debt | 9.53B | 9.64B | 5.15B | 7.64B | 15.54B | 19.22B |
| Total Liabilities | 25.72B | 25.64B | 18.59B | 18.75B | 26.59B | 30.34B |
| Stockholders Equity | 15.58B | 15.58B | 14.11B | 14.39B | 15.24B | 21.70B |
Cash Flow | ||||||
| Free Cash Flow | 2.02B | 5.32B | 4.26B | -1.06B | -6.65B | -6.33B |
| Operating Cash Flow | 1.99B | 7.15B | 6.01B | 266.62M | -3.91B | -2.65B |
| Investing Cash Flow | -4.98B | -9.34B | -138.09M | 1.76B | 10.61B | -24.58B |
| Financing Cash Flow | 4.05B | 4.09B | -2.83B | -5.07B | -4.35B | 30.39B |
Bilibili Technical Analysis
Negative
16.15
Price Trends
17.60
Negative
19.17
Negative
23.31
Negative
Market Momentum
-0.43
Positive
43.20
Neutral
24.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BILI, the sentiment is Negative. The current price of 16.15 is below the 20-day moving average (MA) of 17.68, below the 50-day MA of 17.60, and below the 200-day MA of 23.31, indicating a bearish trend. The MACD of -0.43 indicates Positive momentum. The RSI at 43.20 is Neutral, neither overbought nor oversold. The STOCH value of 24.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $79.42B | 16.32 | 20.04% | 2.53% | 9.83% | -2.22% | |
67 Neutral | $6.81B | 33.17 | 9.84% | ― | 11.20% | ― | |
66 Neutral | $369.14M | 1.64 | 18.68% | ― | 9.23% | 106.05% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $43.65B | -134.68 | -9.12% | ― | 15.30% | 92.77% | |
51 Neutral | $26.83B | -26.68 | -288.77% | ― | 41.33% | 0.75% |
* Communication Services Sector Average
BILI
Bilibili
16.60
-6.66
-28.63%
NTES
NetEase
122.76
-10.75
-8.06%
SOHU
Sohu
14.11
-1.96
-12.22%
TTWO
Take-Two
235.39
2.12
0.91%
RBLX
Roblox
38.53
-86.06
-69.07%
Bilibili Corporate Events
Bilibili Sets August 27 Board Meeting to Approve Q2 and Half-Year 2026 Results
Aug 7, 2026
Bilibili Inc., a Chinese online video and entertainment platform incorporated in the Cayman Islands and listed in Hong Kong under stock code 9626, continues to operate as a foreign private issuer in the U.S., filing its reports under Form 20-F. Th...
Bilibili Reports Stable Share Capital in June 2026 Hong Kong Filing
Jul 8, 2026
On July 8, 2026, Bilibili Inc. filed a Form 6-K in the U.S. reporting that it had submitted a monthly return to the Hong Kong Stock Exchange covering movements in its share capital and issued shares for the month ended June 30, 2026. The filing, s...
Bilibili Reports Stable Capital Structure with Modest Hong Kong Share Increase for May 2026
Jun 5, 2026
On June 5, 2026, Bilibili filed a Form 6-K in the United States and submitted a monthly return to the Hong Kong Stock Exchange detailing movements in its share capital for May 2026. The filing shows no change in the company’s authorized shar...
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.