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Bilibili
(NASDAQ:BILI)
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Rating:65Neutral
Price Target:
$18.00
▼(-28.43% Downside)
Action:Reiterated
Date:05/19/26
The score is driven primarily by improving financial performance (profitability turning positive and strong, expanding free cash flow) and supportive earnings-call guidance around ad-led monetization and margins. This is partially offset by weak technicals (price below key moving averages with negative MACD) and a relatively high P/E with no dividend yield.
Positive Factors
Strong cash generation
Bilibili’s operating cash flow turned strongly positive and free cash flow expanded sharply (~61.6% in 2025). Durable cash generation funds reinvestment, buybacks and working-capital needs, reduces reliance on external financing and provides a multi-quarter buffer versus cyclical revenue swings.
Negative Factors
Rising leverage
The 2025 increase in leverage weakens financial flexibility compared with recent years. If margins or ad/game receipts soften, higher debt burdens could force cost cuts or constrain strategic investments, reducing downside protection over multiple quarters despite a sizable equity base.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Bilibili’s operating cash flow turned strongly positive and free cash flow expanded sharply (~61.6% in 2025). Durable cash generation funds reinvestment, buybacks and working-capital needs, reduces reliance on external financing and provides a multi-quarter buffer versus cyclical revenue swings.
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
$7.00B
Dividend YieldN/A
Average Volume (3M)3.86M
Price to Earnings (P/E)53.4
Beta (1Y)1.23
Revenue Growth11.20%
EPS GrowthN/A
CountryUS
Employees8,088
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.53
Shares Outstanding337,091,580
10 Day Avg. Volume2,635,327
30 Day Avg. Volume3,861,527
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 Cap8.93
Enterprise Value/Revenue2.13
Enterprise Value/Gross Profit5.93
Enterprise Value/Ebitda72.45
Forecast
1Y Price Target
$30.65Price Target Upside21.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)7.08
Revenue Forecast (FY)$33.07B
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 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 Earnings Call Summary
Earnings Call Date:May 19, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call presents a largely positive picture: robust user engagement and monetization improvements (notably 30% ad growth, 19% total user time spent increase, and 62% adjusted net profit growth) alongside continued margin expansion and a healthy cash position. Near-term challenges include a 12% YoY decline in games revenue, modest VAS growth, and stepped-up AI-related spending (Q1 CapEx +80% YoY and ~RMB 1 billion expected incremental full‑year CapEx). Management expects AI investments to drive long-term efficiency and monetization gains while maintaining margin targets (mid-term gross margin 45% and operating margin 15–20%). Overall, highlights materially outweigh the lowlights.Positive Updates
User Growth and Engagement
Daily active users (DAUs) rose 8% YoY to 115 million; monthly active users (MAUs) reached 376 million. Average daily time spent hit a new high of 119 minutes (up 11 minutes YoY), driving total user time spent up 19% YoY.
Negative Updates
Games Revenue Decline
Game revenues declined 12% YoY to RMB 1.5 billion (flat QoQ), primarily due to a high base from San Guo: Mou Ding Tian Xia in the prior-year period. This segment remains a source of near-term pressure on overall growth.
Read all updates
Q1-2026 Updates
Positive
Negative
User Growth and Engagement
Daily active users (DAUs) rose 8% YoY to 115 million; monthly active users (MAUs) reached 376 million. Average daily time spent hit a new high of 119 minutes (up 11 minutes YoY), driving total user time spent up 19% YoY.
Read all positive updates
Company Guidance
Management guided that Q2 advertising revenue should “maintain rapid growth” as AI-driven efficiency gains continue to feed monetization, with automated ad spending penetration already ~85% and CTCVR for performance ads +25% YoY; ad channels such as PC/OTT grew >50% YoY while search and mini‑program scenarios more than doubled, AI advertiser budgets surged >170% YoY and home‑decoration ad spending was up >130% YoY. They expect gross margin to continue improving and net‑profit margin to have “further room to increase,” while reaffirming mid‑to‑long‑term targets of ~45% gross margin and a 15–20% operating profit ratio. On AI investment, Q1 CapEx rose ~80% YoY to ~RMB200m, and full‑year AI‑related CapEx is expected to rise by ~RMB1.0bn with an estimated P&L impact of ~RMB500m; management said some OpEx will be curtailed to offset this. For context, Q1 results included total revenue RMB7.5bn (+7% YoY), ad revenue RMB2.6bn (+30% YoY), adjusted operating profit RMB524m (7.0% margin) and adjusted net profit RMB585m (7.8% margin), and the company ended Q1 with RMB24.2bn cash and completed a share repurchase of 9.9m shares (USD60.3m repurchased in Q1).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 | 30.35B | 26.83B | 22.53B | 21.90B | 19.38B |
| Gross Profit | 10.55B | 11.11B | 8.77B | 5.44B | 3.85B | 4.04B |
| EBITDA | 863.01M | 3.55B | 1.19B | -1.67B | -3.59B | -3.95B |
| Net Income | 220.34M | 1.19B | -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 | 10.04B | 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
Negative
25.15
Price Trends
19.34
Negative
22.88
Negative
25.43
Negative
Market Momentum
-0.90
Negative
37.48
Neutral
23.30
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 25.15 is above the 20-day moving average (MA) of 17.36, above the 50-day MA of 19.34, and below the 200-day MA of 25.43, indicating a bearish trend. The MACD of -0.90 indicates Negative momentum. The RSI at 37.48 is Neutral, neither overbought nor oversold. The STOCH value of 23.30 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $75.88B | 15.41 | 21.64% | 2.19% | 8.50% | 7.29% | |
69 Neutral | $51.41B | 57.76 | 14.19% | 0.37% | 1.72% | -17.04% | |
65 Neutral | $7.00B | 53.40 | 8.04% | ― | 11.20% | ― | |
63 Neutral | $46.41B | -155.43 | -8.57% | ― | 18.16% | 93.64% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | $38.93B | -34.43 | -276.20% | ― | 38.10% | -16.91% | |
48 Neutral | $315.96M | 1.56 | 17.76% | ― | -0.45% | 111.66% |
* Communication Services Sector Average
BILI
Bilibili
17.03
-4.31
-20.20%
EA
Electronic Arts
205.04
46.60
29.42%
NTES
NetEase
128.14
-3.44
-2.61%
SOHU
Sohu
12.12
-1.36
-10.09%
TTWO
Take-Two
249.98
9.88
4.11%
RBLX
Roblox
54.38
-46.27
-45.97%
Bilibili Corporate Events
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...
Bilibili Files April 2026 Share Capital and Float Update
May 8, 2026
Bilibili reported to the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange that its authorized share capital structure remained unchanged in April 2026, with Class Y and Class Z weighted voting rights shares and an additiona...
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...
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.