# Bilibili (BILI.US)

Canonical: https://gigainvestors.com/s/BILI

Analysis as of: 2026-10-16T07:26:56.498Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $14.43 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 9

- Operating margin variation: 1.38×

Chart: Operating margin; fiscal year observations.

- FY2016: -1.71×

- FY2017: -0.09×

- FY2018: -0.18×

- FY2019: -0.22×

- FY2020: -0.26×

- FY2021: -0.33×

- FY2022: -0.38×

- FY2023: -0.22×

- FY2024: -0.05×

- FY2025: 0.04×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -74.4%

- ROIC, second-lowest year: -115.9%

- Typical minus recent gross margin: -11.1 pp

- Typical gross margin (annual median): 21.6%

- Recent gross margin (lower of latest and 3-year median): 32.7%

- Years with nonpositive capital: 2

- Capital spending / revenue: 18.8%

- ROIC including acquisitions, ten-year median: -53.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -181.5%

- FY2017: -22.2%

- FY2018: -70.8%

- FY2019: -79.7%

- FY2020: -115.9%

- FY2021: -61.4%

- FY2022: -78.0%

- FY2023: -95.4%

- FY2024: -5.5%

- FY2025: 4.3%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -16B

- Net income, five-year total: CNY -19B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 7.8 pp

- Working capital / revenue, final three-year average: -12.3%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: CNY -7.3B

- FY2022: CNY -6.7B

- FY2023: CNY -3.3B

- FY2024: CNY -601M

- FY2025: CNY 1.5B

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -70.8% vs -5.5%

- Per-share earnings: -1.47 to -3.17 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.8%

- Ordinary dilution, 5-year annual growth: 5.3%

- Market cap gain: CNY 45B

- Cumulative retained earnings: CNY -24B

- Diluted shares, 10-year annual growth: 6.8%

- Diluted shares, 5-year annual growth: 5.3%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: CNY -1.71

- Per-share value, starting three-year median: CNY -1.47

- Per-share value, ending three-year median: CNY -3.17

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.6%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 6.9B

- Cumulative net income, 10 years: CNY -25B

- ROIC, first three-year median: -70.8%

- ROIC, last three-year median: -5.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY -1.47

- FY2017: CNY -0.66

- FY2018: CNY -1.80

- FY2019: CNY -3.93

- FY2020: CNY -8.51

- FY2021: CNY -17.40

- FY2022: CNY -18.95

- FY2023: CNY -11.63

- FY2024: CNY -3.17

- FY2025: CNY 2.54

### accounting: pass

- Sloan accruals: -14.5%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.38×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -32.8%

- FY2017: -18.7%

- FY2018: -12.3%

- FY2019: -9.6%

- FY2020: -15.8%

- FY2021: -8.0%

- FY2022: -8.6%

- FY2023: -15.3%

- FY2024: -22.5%

- FY2025: -14.5%

## Holders

## Price story

Down 80% since Oct 2021 · sales +10%

Story as of 2026-10-16T09:58:24.098Z; price observation 2026-10-15.

- 2025-05-21: Bilibili Rallies 5% as Q1 Results Impress on User Growth, Efficient Monetization ([finance.yahoo.com](https://finance.yahoo.com/news/bilibili-rallies-5-q1-results-082923038.html))

- 2025-06-09: Surging Earnings Estimates Signal Upside for Bilibili (BILI) Stock ([finance.yahoo.com](https://finance.yahoo.com/news/surging-earnings-estimates-signal-upside-162005971.html))

- 2025-07-08: Bilibili (BILI) Soars 7.66% on Launch of AI Tool ([finance.yahoo.com](https://finance.yahoo.com/news/bilibili-bili-soars-7-66-183133118.html))

- 2025-09-11: Bilibili (BILI): Sales Climb From CNY 1,007M To CNY 1,612M Year-Over-Year ([finance.yahoo.com](https://finance.yahoo.com/news/bilibili-bili-sales-climb-cny-185701546.html))

### Sales · FY2024–2025

sales +10%; source https://www.sec.gov/Archives/edgar/data/1723690/000119312526157842/d91984d20f.htm; observed 2026-04-16.

- FY2016: CNY 523M 

- FY2017: CNY 2.5B 

- FY2018: CNY 4.1B 

- FY2019: CNY 6.8B 

- FY2020: CNY 12B 

- FY2021: CNY 19B 

- FY2022: CNY 22B 

- FY2023: CNY 23B 

- FY2024: CNY 27B 

- FY2025: CNY 30B 

### Gross margin · FY2025

gross margin 37.1%; source https://www.sec.gov/Archives/edgar/data/1723690/000119312526157842/d91984d20f.htm; observed 2026-04-16.

- FY2017: 22.2% 

- FY2018: 20.7% 

- FY2019: 17.6% 

- FY2020: 23.7% 

- FY2021: 20.9% 

- FY2022: 17.6% 

- FY2023: 24.2% 

- FY2024: 32.7% 

- FY2025: 37.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are CNY 29.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1723690/000119312526157842/d91984d20f.htm (filed 2026-04-16); FY2025: revenue 29520946200; grossProfit 10954011117; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BILI.US: Bilibili Inc. provides online entertainment services for the young generations in the People's Republic of China. It offers a range of digital content, including professional user generated videos (PUGV), mobile games, and value-added services, such as live broadcasting, occupationally generated videos, audio drama on Maoer, comics on Bilibili Comic, PUGV content in fan charging program and premium courses, and Bilibili premium courses and community-based avatar decoration. The company also provides advertising services; and IP derivatives and other services. In addition, it engages in the business and technology development activities; e-commerce business; and video, comics, and game distribution activities. Bilibili Inc. was founded in 2009 and is headquartered in Shanghai, the People's Republic of China.

### Why customers stay

Margins ranged from 24.2% to 37.1% during 2023–25; it lost 74.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2023: grossProfit / revenue = 24.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2024: grossProfit / revenue = 32.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1723690/000119312526157842/d91984d20f.htm (filed 2026-04-16); FY2025: grossProfit / revenue = 37.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); 10-year return on capital observations [[2016,-1.815349842434142],[2017,-0.22249122529425874],[2018,-0.7082987458474723],[2019,-0.7965076917163589],[2020,-1.1593242276617246],[2021,-0.6144705581602596],[2022,-0.7804282513511098],[2023,-0.9537593714121152],[2024,-0.055139552100252266],[2025,0.04276199314531023]]; median -0.7443634985992911. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back CNY 822.7 million of shares.

- Source: https://www.sec.gov/Archives/edgar/data/1723690/000119312526157842/d91984d20f.htm (filed 2026-04-16); FY2025: growth capex 0; upkeep 1827299000; owner earnings 1521211446. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1723690/000119312526157842/d91984d20f.htm (filed 2026-04-16); FY2025: cash repurchases 822713000 CNY.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BILI.US SharesStats.PercentInsiders = 0.034999999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Closing price 14.43 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 64.51214841514334; price multiple 1.4967799845073377. FY2025 cash earnings/share 3.3243046449224862. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-03: $11.00 per share

- 2018-04: $10.92 per share

- 2018-05: $16.23 per share

- 2018-06: $13.99 per share

- 2018-07: $11.71 per share

- 2018-08: $12.83 per share

- 2018-09: $13.48 per share

- 2018-10: $13.50 per share

- 2018-11: $15.61 per share

- 2018-12: $14.59 per share

- 2019-01: $18.41 per share

- 2019-02: $18.98 per share

- 2019-03: $18.95 per share

- 2019-04: $17.80 per share

- 2019-05: $13.50 per share

- 2019-06: $16.27 per share

- 2019-07: $15.15 per share

- 2019-08: $14.05 per share

- 2019-09: $14.12 per share

- 2019-10: $15.79 per share

- 2019-11: $17.28 per share

- 2019-12: $18.62 per share

- 2020-01: $21.55 per share

- 2020-02: $25.68 per share

- 2020-03: $23.42 per share

- 2020-04: $27.39 per share

- 2020-05: $32.43 per share

- 2020-06: $46.32 per share

- 2020-07: $43.58 per share

- 2020-08: $47.25 per share

- 2020-09: $41.60 per share

- 2020-10: $44.67 per share

- 2020-11: $62.86 per share

- 2020-12: $85.72 per share

- 2021-01: $113.89 per share

- 2021-02: $125.97 per share

- 2021-03: $107.06 per share

- 2021-04: $110.86 per share

- 2021-05: $107.18 per share

- 2021-06: $121.84 per share

- 2021-07: $85.58 per share

- 2021-08: $80.23 per share

- 2021-09: $66.17 per share

- 2021-10: $73.30 per share

- 2021-11: $66.01 per share

- 2021-12: $46.40 per share

- 2022-01: $35.29 per share

- 2022-02: $31.61 per share

- 2022-03: $25.58 per share

- 2022-04: $24.34 per share

- 2022-05: $22.35 per share

- 2022-06: $25.60 per share

- 2022-07: $24.44 per share

- 2022-08: $24.96 per share

- 2022-09: $15.32 per share

- 2022-10: $8.92 per share

- 2022-11: $17.36 per share

- 2022-12: $23.69 per share

- 2023-01: $25.00 per share

- 2023-02: $19.30 per share

- 2023-03: $23.50 per share

- 2023-04: $20.36 per share

- 2023-05: $15.66 per share

- 2023-06: $15.10 per share

- 2023-07: $19.07 per share

- 2023-08: $15.13 per share

- 2023-09: $13.77 per share

- 2023-10: $13.43 per share

- 2023-11: $11.33 per share

- 2023-12: $12.17 per share

- 2024-01: $9.07 per share

- 2024-02: $9.68 per share

- 2024-03: $11.20 per share

- 2024-04: $12.64 per share

- 2024-05: $14.52 per share

- 2024-06: $15.44 per share

- 2024-07: $15.15 per share

- 2024-08: $14.38 per share

- 2024-09: $23.38 per share

- 2024-10: $22.12 per share

- 2024-11: $19.17 per share

- 2024-12: $18.11 per share

- 2025-01: $16.72 per share

- 2025-02: $20.34 per share

- 2025-03: $19.11 per share

- 2025-04: $17.50 per share

- 2025-05: $18.30 per share

- 2025-06: $21.45 per share

- 2025-07: $22.82 per share

- 2025-08: $23.26 per share

- 2025-09: $28.09 per share

- 2025-10: $30.25 per share

- 2025-11: $26.61 per share

- 2025-12: $24.59 per share

- 2026-01: $34.04 per share

- 2026-02: $27.90 per share

- 2026-03: $22.56 per share

- 2026-04: $22.03 per share

- 2026-05: $17.32 per share

- 2026-06: $17.03 per share

- 2026-07: $19.10 per share

- 2026-08: $16.16 per share

- 2026-09: $15.02 per share

- 2026-10: $14.43 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1723690/000119312526157842/d91984d20f.htm); period 2025-12-31, filed 2026-04-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# BILI — Bilibili Inc.

Held by 1 investor · USD 36,801,981 total · 2025 Q1 · reported price USD 19.11 (split-adjusted).
Page: https://gigainvestors.com/s/BILI

## Holders (2025 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Howard Marks (https://gigainvestors.com/oc) | USD 36,801,981 | 0.9% | new |

## Total held by quarter

- 2020 Q4: USD 514,673,766 · 1 holder · USD 85.72
- 2021 Q1: USD 449,687,544 · 1 holder · USD 107.06
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 569,907,785 · 1 holder · USD 66.17
- 2021 Q4: USD 0 · 0 holders
- 2022 Q1: USD 0 · 0 holders
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 0 · 0 holders
- 2023 Q3: USD 0 · 0 holders
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 0 · 0 holders
- 2024 Q2: USD 0 · 0 holders
- 2024 Q3: USD 0 · 0 holders
- 2024 Q4: USD 0 · 0 holders
- 2025 Q1: USD 36,801,981 · 1 holder · USD 19.11
- 2025 Q2: USD 0 · 0 holders