The company has improved its financial resilience by strengthening its current ratio to 1.60 in 2025Q2 while managing a $10.0 billion debt load.
| Total Current Assets | 25.57B | 27.57B | 19.76B | 18.73B | 24.45B | 36.45B | 15.74B | 10.32B | 6.55B | 2.15B | 1.4B | 852.55M |
| Cash & Short-Term Investments | 22.29B | 24.22B | 16.68B | 15.12B | 19.6B | 30.32B | 12.81B | 8.09B | 5.26B | 1.27B | 1.11B | 745.63M |
| Cash Only | 10.68B | 12.24B | 10.25B | 7.19B | 10.17B | 7.52B | 4.68B | 4.96B | 3.54B | 762.88M | 387.2M | 689.66M |
| Short-Term Investments | 11.62B | 11.98B | 6.43B | 7.93B | 9.42B | 22.8B | 8.13B | 3.13B | 1.72B | 505.23M | 722.07M | 55.97M |
| Accounts Receivable | 2.18B | 1.27B | 1.23B | 1.57B | 1.33B | 1.38B | 1.05B | 744.85M | 324.39M | 392.94M | 110.67M | 16.64M |
| Days Sales Outstanding | 18.42 | 15.26 | 16.69 | 25.5 | 22.14 | 26.03 | 32.05 | 40.11 | 28.68 | 58.1 | 77.19 | 46.36 |
| Inventory | 0 | 0 | 294.77M | 241M | 514.05M | 550.51M | 179.98M | 78.97M | 67.93M | 9.98M | 6.69M | 1.12M |
| Days Inventory Outstanding | 2.85 | - | 5.96 | 5.15 | 10.39 | 13.1 | 7.17 | 5.16 | 7.57 | 1.9 | 3.16 | 1.35 |
| Other Current Assets | 1.1B | 2.08B | 1.31B | 1.4B | 2.45B | 3.49B | 1.43B | 1.2B | 788.79M | 433.57M | 124.52M | 69.03M |
| Total Non-Current Assets | 13.22B | 13.63B | 12.94B | 14.43B | 17.38B | 15.61B | 8.13B | 5.19B | 3.94B | 1.32B | 765.9M | 304.39M |
| Property, Plant & Equipment | 608.27M | 695.55M | 589.23M | 714.73M | 1.23B | 1.35B | 761.94M | 516.09M | 394.9M | 186.42M | 51.02M | 34.23M |
| Fixed Asset Turnover | 49.22x | 43.63x | 45.54x | 31.52x | 17.85x | 14.36x | 15.75x | 13.13x | 10.46x | 13.24x | 10.26x | 3.83x |
| Goodwill | 2.73B | 2.82B | 2.73B | 2.73B | 2.73B | 2.34B | 1.3B | 1.01B | 941.49M | 50.97M | 50.97M | 0 |
| Intangible Assets | 3.02B | 3.11B | 3.2B | 3.63B | 4.33B | 3.84B | 2.36B | 1.66B | 1.42B | 426.29M | 282.47M | 109.52M |
| Long-Term Investments | 16.57B | 4.76B | 3.91B | 4.37B | 5.65B | 5.5B | 2.23B | 1.25B | 979.99M | 635.95M | 377.03M | 160.64M |
| Other Non-Current Assets | 2.16B | 2.23B | 2.52B | 3B | 3.45B | 2.58B | 1.48B | 755.93M | 204.23M | 20.8M | 4.41M | 0 |
| Total Assets | 38.79B | 41.19B | 32.7B | 33.16B | 41.83B | 52.05B | 23.87B | 15.52B | 10.49B | 3.47B | 2.17B | 1.16B |
| Asset Turnover | 0.86x | 0.74x | 0.82x | 0.68x | 0.52x | 0.37x | 0.50x | 0.44x | 0.39x | 0.71x | 0.24x | 0.11x |
| Asset Growth % | 26.97% | 25.98% | -1.39% | -20.73% | -19.64% | 118.11% | 53.81% | 47.92% | 202% | 60.31% | 87.28% | - |
| Total Current Liabilities | 16.01B | 20.34B | 14.76B | 18.1B | 17.09B | 12.07B | 7.39B | 4.27B | 3.3B | 1.4B | 628.1M | 308.2M |
| Accounts Payable | 5.43B | 5.5B | 4.81B | 4.33B | 4.29B | 4.36B | 3.07B | 1.9B | 1.36B | 602.23M | 316.86M | 122.76M |
| Days Payables Outstanding | 97.6 | 104.39 | 97.14 | 92.58 | 86.78 | 103.76 | 122.52 | 124.38 | 151.41 | 114.53 | 149.65 | 147.6 |
| Short-Term Debt | 1.73B | 4.86B | 1.57B | 7.46B | 6.62B | 1.23B | 100M | 0 | 0 | 0 | 0 | 10M |
| Deferred Revenue (Current) | 4.24B | 4.66B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.14M | 3.19B | 4.97B | 3.86B | 3.54B | 3.8B | 2.43B | 1.62B | 1.57B | 608.3M | 240.82M | 151.47M |
| Current Ratio | 1.60x | 1.36x | 1.34x | 1.03x | 1.43x | 3.02x | 2.13x | 2.42x | 1.99x | 1.54x | 2.23x | 2.77x |
| Quick Ratio | 1.60x | 1.36x | 1.32x | 1.02x | 1.40x | 2.97x | 2.11x | 2.40x | 1.96x | 1.53x | 2.22x | 2.76x |
| Cash Conversion Cycle | -76.32 | - | -74.5 | -61.93 | -54.25 | -64.63 | -83.29 | -79.11 | -115.16 | -54.53 | -69.3 | -99.89 |
| Total Non-Current Liabilities | 8.62B | 5.3B | 3.83B | 651.11M | 9.5B | 18.27B | 8.69B | 3.61B | 0 | 0 | 0 | 0 |
| Long-Term Debt | 8.09B | 4.78B | 3.26B | 646K | 8.68B | 17.78B | 8.34B | 3.41B | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 96.42M | 0 | 96.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 534.85M | 516.65M | 471.22M | 650.46M | 814.43M | 481.98M | 350.93M | 192.88M | 0 | 0 | 0 | 0 |
| Total Liabilities | 24.64B | 25.64B | 18.59B | 18.75B | 26.59B | 30.34B | 16.08B | 7.88B | 3.3B | 1.4B | 628.1M | 308.2M |
| Total Debt | 10.04B | 9.64B | 5.15B | 7.64B | 15.54B | 19.22B | 8.59B | 3.51B | 0 | 0 | 0 | 10M |
| Net Debt | -633.33M | -2.6B | -5.1B | 453.08M | 5.37B | 11.7B | 3.91B | -1.45B | -3.54B | -762.88M | -387.2M | -679.66M |
| Debt / Equity | 0.71x | 0.62x | 0.36x | 0.53x | 1.02x | 0.89x | 1.10x | 0.46x | - | - | - | 0.01x |
| Debt / EBITDA | 11.89x | 2.91x | 4.45x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.75x | -0.78x | -4.41x | - | - | - | - | - | - | -9.52x | - | - |
| Interest Coverage | 3.10x | 9.02x | -14.70x | -27.70x | -28.51x | -42.18x | -26.64x | -26.24x | - | - | - | - |
| Total Equity | 14.16B | 15.56B | 14.1B | 14.4B | 15.24B | 21.72B | 7.78B | 7.64B | 7.19B | 2.08B | 1.54B | 848.74M |
| Equity Growth % | -5.77% | 10.31% | -2.09% | -5.48% | -29.82% | 179.05% | 1.91% | 6.19% | 246.48% | 34.9% | 81.28% | - |
| Book Value per Share | 32.37 | 35.04 | 33.87 | 34.86 | 44.07 | 57.16 | 22.50 | 23.63 | 30.86 | 6.57 | 26.45 | 14.66 |
| Total Shareholders' Equity | 14.16B | 15.58B | 14.11B | 14.39B | 15.24B | 21.7B | 7.6B | 7.05B | 6.95B | 2.08B | 1.54B | 850.32M |
| Common Stock | 266K | 0 | 268K | 265K | 253K | 251K | 224K | 208K | 197K | 40.26M | 40.26M | 40.25M |
| Retained Earnings | -27.45B | 0 | -27.61B | -26.27B | -21.44B | -13.95B | -7.16B | -4.13B | -2.84B | -2.22B | -1.78B | -655.27M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 300.26M | 0 | 266.82M | 212.48M | 58.11M | -279.86M | 141.13M | 466.23M | 326.08M | 30.05M | 105.74M | 47.69M |
| Minority Interest | -6.82M | -24.73M | -4.48M | 12.37M | 1.76M | 12.4M | 182M | 583.98M | 240.41M | 0 | 357K | -1.58M |
Regulatory and monetization execution
According to recent balance sheet data, Bilibili has successfully navigated a transition from a $12.8 billion debt load in 2023Q1 to a more manageable $10.0 billion position by 2025Q2, signaling a deliberate effort to deleverage while simultaneously expanding the company's total asset base to $38.8 billion.
The trajectory of the balance sheet suggests a shift toward financial maturity, as the company has moved away from the heavy debt reliance observed in early 2023. This improvement in the debt-to-equity profile indicates that management is prioritizing long-term solvency over the aggressive, debt-funded expansion strategies that characterized the firm's earlier growth phase.
As reported in financial statements, Bilibili's debt-to-equity ratio has improved to 0.71 as of 2025Q2, down from the 0.73 peak observed in 2023Q1, reflecting a more disciplined approach to capital structure management despite the recent increase in total debt levels to $10.0 billion.
While the absolute debt figure has risen from recent lows, the company's ability to maintain a sub-1.0 debt-to-equity ratio suggests that leverage remains within a manageable range. Investors should monitor whether this debt is being utilized to fund high-return initiatives or if it represents a necessary buffer against the inherent volatility of the Chinese digital entertainment market.
Based on the latest quarterly filings, Bilibili's current ratio has climbed to 1.60 in 2025Q2, a significant improvement from the 1.03 level recorded in 2024Q1, providing the company with a robust buffer of $10.7 billion in cash to navigate potential market shocks or regulatory shifts.
The expansion of the current ratio suggests that the company is effectively managing its short-term obligations, which is critical given the platform's reliance on variable revenue-sharing models. This liquidity position appears sufficient to support ongoing operations and potential strategic investments without the immediate need for dilutive external financing.
Analysis of recent balance sheet disclosures reveals that deferred revenue has surged to $4.2 billion in 2025Q2, a notable reversal from the zero-balance periods seen throughout 2024, which may indicate a significant uptick in unconsumed virtual items and prepaid memberships within the gaming and VAS segments.
This sudden appearance of deferred revenue warrants further investigation, as it may signal a successful re-acceleration of the gaming pipeline or a change in how the company recognizes revenue from its core user base. If this trend continues, it could serve as a leading indicator of future revenue recognition and sustained platform engagement.
Quick answers to the most common questions about buying BILI stock.
As of 2025, Bilibili Inc. (BILI) had total assets of $41.19B including $27.57B in current assets.
Bilibili Inc. (BILI) carries total debt of $9.64B, offset by $24.22B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bilibili Inc. (BILI) has total shareholders' equity (book value) of $15.58B ($35.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bilibili Inc. (BILI) reported a current ratio of 1.36x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.