BILINasdaqServices-Computer Processing & Data PreparationFiscal year ends December 31Also trades as BLBLF
Bilibili Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 16, 2026
$14.01−0.06 (-0.43%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
36.6%+13.0 pts over 5 years
Operating margin
3.7%+29.9 pts over 5 years
Net margin
3.9%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.1% | +11.5% | +20.4% | – | |
| Gross profit | +26.7% | +42.4% | +31.4% | – | |
| Free cash flow | +19.5% | – | +113.1% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 8.0% | |
| Return on assets | – | – | 3.2% | |
| Current ratio | – | 2.13 | 1.36 | |
| Debt to equity | – | 1.11 | 0.62 | |
| Interest coverage | – | -28.9× | 7.5× | |
| Inventory turnover | – | 79.7× | 82.3× | |
| Capex to revenue | 8.1% | 5.0% | 1.7% | |
| Diluted shares | 58M | – | – |
Where the cash went
Fiscal 2021 to 2025, five years combined
Bilibili generated CN¥19.99B from operations and spent CN¥4.17B on capital expenditure, dividends and share buybacks. 69% of that went back into the business.
Generated
CN¥19.99B
Used
CN¥4.17B
Capital expenditureCN¥2.89B69%DividendsCN¥00%Share buybacksCN¥1.29B31%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.9%
×Asset turnover0.82×
×Equity multiplier2.49×
=Return on equity, FY20258.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.9% | 0.82× | 2.49× | 8.0% |
| FY2024 | -5.0% | 0.81× | 2.31× | -9.5% |
| FY2023 | -21.4% | 0.60× | 2.53× | -32.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥1.19B
- Cash generatingOperating cash flow above zeroCN¥7.15B
- Return on assets improvedROA up on the prior year-4.1% → 3.7%
- Earnings backed by cashOperating cash flow above net incomeCN¥7.15B vs CN¥1.19B
- Less leverageLong-term debt to assets fell10.0% → 11.6%
- Better liquidityCurrent ratio rose1.34 → 1.36
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year32.70% → 36.62%
- More efficientAsset turnover rose0.81 → 0.93