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Bilibili Inc (BILI)
NASDAQ:BILI
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Bilibili
(NASDAQ:BILI)
Rating:65Neutral
Price Target:
$19.50
▲( 2.96% Upside)
Positive Factors
Operational Efficiency
Bili's bottom line came in better than expected, mainly thanks to decent operational expense control.
Revenue Growth
Bilibili delivered a strong 1Q25, with both revenue and earnings beating expectations.
Technological Advancements
Application of AIGC technologies into business scenarios is believed to unlock the value of enriched contents in unique video verticals like animation, gaming, and knowledge.
Negative Factors
Top-Line Momentum
Overall top-line momentum is unexciting with ads growth story well known by investors and demanding valuation at 26x 2025E PE.
Valuation Concerns
Overall top-line momentum is unexciting with ads growth story well known by investors and demanding valuation.
Bilibili (BILI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.73B
Dividend YieldN/A
Average Volume (3M)3.82M
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth21.11%
EPS Growth87.93%
CountryUS
Employees8,088
SectorCommunication Services
Sector Strength89
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.12
Shares Outstanding335,620,300
10 Day Avg. Volume5,754,125
30 Day Avg. Volume3,823,515
Financial Highlights & Ratios
PEG Ratio-0.77
Price to Book (P/B)3.85
Price to Sales (P/S)0.00
P/FCF Ratio22.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$24.17Price Target Upside27.61% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
Bilibili Business Overview & Revenue Model
Company DescriptionBilibili 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 and audio content. The company's video services include professional user generated videos, occupationally generated videos, and live broadcasting. Bilibili Inc. was founded in 2009 and is headquartered in Shanghai, the People's Republic of China.
How the Company Makes MoneyBilibili generates revenue through a diversified model comprising several key streams. The primary source is mobile gaming, where the company collaborates with game developers to distribute and operate games, earning a share of the in-game purchases. Additionally, Bilibili monetizes through advertising services, leveraging its large and engaged user base to attract advertisers. The company also earns from live broadcasting by selling virtual items to viewers who support their favorite streamers. Furthermore, Bilibili offers premium memberships that provide users with exclusive content and features, contributing to its subscription revenue. Significant partnerships with content creators and media companies help enhance its content offerings, further driving user engagement and monetization.
Bilibili Financial Statement Overview
Summary
Bilibili demonstrates significant revenue growth and improved cash flow generation. However, continued net losses and negative profit margins indicate challenges in achieving profitability. The balance sheet shows moderate leverage and a stable equity position, but the negative return on equity highlights the impact of ongoing losses. Overall, while there are positive trends in revenue and cash flow, achieving profitability remains a key challenge.Income Statement
Bilibili's revenue showed strong growth with a 19.1% increase from 2023 to TTM. However, the company is facing challenges with profitability as indicated by a negative EBIT margin of -5.0% and a negative net profit margin of -5.0% for TTM. The gross profit margin stands at 32.7%, showing ability to cover costs, but not enough to offset operating expenses leading to negative net income.60
Neutral
Balance Sheet
The company has a relatively balanced capital structure with a debt-to-equity ratio of 0.34, indicating moderate leverage. The equity ratio is 43.2%, suggesting a stable asset base funded by equity. However, the return on equity is negative due to net losses, which is a concern for investors looking for profitability.65
Positive
Cash Flow
Bilibili's free cash flow turned positive in the TTM, indicating improved cash-generating ability. The operating cash flow to net income ratio is strong at 1.77, showing effective cash conversion. The free cash flow to net income ratio also improved, suggesting operational efficiencies despite net income losses.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 26.83B | 22.53B | 21.90B | 19.38B | 12.00B | Gross Profit |
| 8.77B | 5.44B | 3.85B | 4.04B | 2.84B | EBIT |
| -1.34B | -5.06B | -8.36B | -6.43B | -3.14B | EBITDA |
| 1.19B | -1.67B | -5.02B | -3.95B | -1.07B | Net Income Common Stockholders |
| -1.35B | -4.82B | -7.51B | -6.81B | -3.05B |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 16.54B | 15.04B | 19.56B | 30.22B | 12.76B | Total Assets |
| 32.70B | 33.16B | 41.83B | 52.05B | 23.87B | Total Debt |
| 5.05B | 7.64B | 15.30B | 19.02B | 8.44B | Net Debt |
| -5.20B | 453.08M | 5.13B | 11.49B | 3.76B | Total Liabilities |
| 18.59B | 18.75B | 26.59B | 30.34B | 16.08B | Stockholders Equity |
| 14.11B | 14.39B | 15.24B | 21.70B | 7.60B |
| Cash Flow | Free Cash Flow | |||
| 4.26B | -1.06B | -6.65B | -6.33B | -1.49B | Operating Cash Flow |
| 6.01B | 266.62M | -3.91B | -2.65B | 753.10M | Investing Cash Flow |
| -138.09M | 1.76B | 10.61B | -24.58B | -8.91B | Financing Cash Flow |
| -2.83B | -5.07B | -4.35B | 30.39B | 8.34B |
Bilibili Technical Analysis
Positive
18.94
Price Trends
18.19
Positive
18.55
Positive
18.71
Positive
Market Momentum
0.17
Negative
57.09
Neutral
56.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BILI, the sentiment is Positive. The current price of 18.94 is above the 20-day moving average (MA) of 18.07, above the 50-day MA of 18.19, and above the 200-day MA of 18.71, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 57.09 is Neutral, neither overbought nor oversold. The STOCH value of 56.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $75.23B | 17.20 | 23.93% | 2.15% | 1.26% | 6.84% | |
76 Outperform | $36.84B | 34.59 | 16.13% | 0.52% | -0.81% | -9.28% | |
73 Outperform | $55.80B | ― | -460.30% | ― | 30.24% | 27.61% | |
65 Neutral | $7.73B | ― | -4.29% | ― | 21.11% | 87.93% | |
63 Neutral | $1.69B | 12.03 | -220.61% | 8.87% | 1.64% | -32.31% | |
61 Neutral | $14.08B | 5.95 | -4.18% | 3.68% | 2.79% | -36.29% | |
57 Neutral | $39.92B | ― | -114.76% | ― | 5.31% | -15.57% |
* Communication Services Sector Average
Performance Comparison
BILI
Bilibili
18.94
5.01
35.97%
EA
Electronic Arts
146.89
15.54
11.83%
NTES
NetEase
119.75
31.05
35.01%
TTWO
Take-Two
224.99
68.20
43.50%
PLTK
Playtika Holding
4.51
-3.57
-44.18%
RBLX
Roblox
82.26
49.30
149.58%
Bilibili Earnings Call Summary
Earnings Call Date:May 20, 2025
(Q1-2025)
| % Change Since: 5.28%|
Next Earnings Date:Aug 14, 2025
Earnings Call Sentiment Positive
The earnings call reflected a strong performance with significant revenue growth, improved profitability, and increased user engagement. Bilibili's advertising and game segments showed robust growth, and the company successfully narrowed its GAAP net loss. However, increased sales and marketing expenses posed a challenge.Q1-2025 Updates
Positive Updates
Strong Revenue Growth
Total revenues increased by 24% year-over-year to RMB7 billion, driven by strong performances in advertising and game businesses.
Significant Increase in Gross Profit
Gross profit increased by 58% year-over-year, with a gross profit margin expanding to 36.3% from 28.3% in the previous year.
Game Revenue Surge
Game revenues rose 76% year-over-year to RMB1.73 billion, with strong performance from the SLG title San Mou.
Positive Adjusted Net Profit
Maintained a positive adjusted net profit of RMB362 million and narrowed GAAP net loss by 99% year-over-year.
Increased User Engagement
Daily Active Users (DAUs) reached 107 million, and Monthly Active Users (MAUs) climbed to 368 million, with average daily time spent reaching a record 108 minutes.
Advertising Revenue Growth
Advertising revenues increased by 20% year-over-year to RMB2 billion, with performance-based advertising growing by over 30%.
Negative Updates
Increased Sales and Marketing Expenses
Sales and marketing expenses increased 26% year-over-year, mainly due to a one-off marketing expense related to the Chinese New Year Gala and higher promotion expenses for the SLG game, San Mou.
Company Guidance
During the Bilibili First Quarter 2025 Financial Results and Business Update Conference Call, the company provided robust guidance, highlighting a 24% year-over-year increase in total revenues, reaching RMB7 billion. Advertising revenues rose by 20% to RMB2 billion, and game revenues surged 76% to RMB1.73 billion. The gross profit margin expanded to 36.3%, up from 28.3% the previous year. Daily active users (DAUs) reached 107 million, with monthly active users (MAUs) at 368 million, and users spent an average of 108 minutes on the platform daily. Monthly paying users hit a record 32 million, and the fan-charging program's revenue grew by over 200%. The company also reported a positive adjusted net profit of RMB362 million and reduced its GAAP net loss by 99% to RMB11 million. Additionally, Bilibili's advertising business saw a 20% revenue increase, supported by a 35% rise in the number of advertisers. The company anticipates sustained growth, leveraging its strong Gen Z+ user base, enhanced content quality, and AI-driven advertising innovations.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.