Latest Ratios: P/E Ratio 38.9x · EV/EBITDA 12.0x · ROE 8.0%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.3B | $10.9B | $7.5B | $5.0B | $8.2B | $17.6B | $29.6B | $6.0B | $3.4B | — | — |
| Enterprise Value | $5.9B | $8.3B | $2.4B | $5.5B | $13.6B | $29.3B | $33.6B | $4.6B | $-139865013 | — | — |
| P/E Ratio → | 38.93 | 9.49 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.39 | 0.36 | 0.28 | 0.22 | 0.37 | 0.91 | 2.47 | 0.89 | 0.82 | — | — |
| P/B Ratio | 2.88 | 0.70 | 0.53 | 0.35 | 0.54 | 0.81 | 3.81 | 0.79 | 0.47 | — | — |
| P/FCF | 7.95 | 2.05 | 1.77 | — | — | — | — | — | — | — | — |
| P/OCF | 5.92 | 1.53 | 1.25 | 18.86 | — | — | 39.36 | 30.93 | 4.61 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.27 | 0.09 | 0.24 | 0.62 | 1.51 | 2.80 | 0.67 | -0.03 | — | — |
| EV / EBITDA | 11.99 | 2.51 | 2.11 | — | — | — | — | — | — | — | — |
| EV / EBIT | 35.30 | 6.12 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 1.56 | 0.57 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.6% | 36.6% | 32.7% | 24.2% | 17.6% | 20.9% | 23.7% | 17.6% | 20.7% | 22.2% | -47.7% |
| Operating Margin | 3.7% | 3.7% | -5.0% | -22.5% | -38.2% | -33.2% | -26.2% | -22.1% | -17.7% | -9.1% | -171.0% |
| Net Profit Margin | 3.9% | 3.9% | -5.0% | -21.4% | -34.3% | -35.1% | -25.1% | -19.0% | -13.4% | -7.4% | -173.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.0% | 8.0% | -9.4% | -32.5% | -40.6% | -46.2% | -39.1% | -17.4% | -11.9% | -10.2% | -76.2% |
| ROA | 3.2% | 3.2% | -4.1% | -12.9% | -16.0% | -17.9% | -15.3% | -9.9% | -7.9% | -6.5% | -54.8% |
| ROIC | 7.7% | 7.7% | -8.4% | -21.4% | -23.2% | -21.4% | -26.4% | -22.8% | -22.0% | -13.7% | -101.6% |
| ROCE | 5.8% | 5.8% | -8.1% | -25.5% | -25.8% | -22.8% | -22.7% | -16.2% | -15.7% | -12.4% | -75.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.62 | 0.62 | 0.36 | 0.53 | 1.02 | 0.89 | 1.10 | 0.46 | — | — | — |
| Debt / EBITDA | 2.91 | 2.91 | 4.45 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.17 | -0.36 | 0.03 | 0.35 | 0.54 | 0.50 | -0.19 | -0.49 | -0.37 | -0.25 |
| Net Debt / EBITDA | -0.78 | -0.78 | -4.41 | — | — | — | — | — | — | -9.52 | — |
| Debt / FCF | — | -0.49 | -1.20 | — | — | — | — | — | — | — | — |
| Interest Coverage | 9.02 | 9.02 | -14.70 | -27.70 | -28.51 | -42.18 | -26.64 | -26.24 | — | — | — |
Net cash position: cash ($12.2B) exceeds total debt ($9.6B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.36 | 1.36 | 1.34 | 1.03 | 1.43 | 3.02 | 2.13 | 2.42 | 1.99 | 1.54 | 2.23 |
| Quick Ratio | 1.36 | 1.36 | 1.32 | 1.02 | 1.40 | 2.97 | 2.11 | 2.40 | 1.96 | 1.53 | 2.22 |
| Cash Ratio | 1.19 | 1.19 | 1.13 | 0.84 | 1.15 | 2.51 | 1.73 | 1.89 | 1.59 | 0.91 | 1.77 |
| Asset Turnover | — | 0.74 | 0.82 | 0.68 | 0.52 | 0.37 | 0.50 | 0.44 | 0.39 | 0.71 | 0.24 |
| Inventory Turnover | — | — | 61.26 | 70.90 | 35.11 | 27.87 | 50.89 | 70.76 | 48.19 | 192.29 | 115.45 |
| Days Sales Outstanding | — | 15.26 | 16.69 | 25.50 | 22.14 | 26.03 | 32.05 | 40.11 | 28.68 | 58.10 | 77.19 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 10.5% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 12.6% | 48.7% | 56.5% | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.9% | 7.5% | 1.6% | 0.0% | 4.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.9% | 7.5% | 1.6% | 0.0% | 4.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $444M | $416M | $413M | $346M | $380M | $346M | $323M | $233M | $316M | $58M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying BILI stock.
Bilibili Inc.'s current P/E ratio is 38.9x. The historical average is 9.5x. This places it at the 100th percentile of its historical range.
Bilibili Inc.'s current EV/EBITDA is 12.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.3x.
Bilibili Inc.'s return on equity (ROE) is 8.0%. The historical average is -29.0%.
Based on historical data, Bilibili Inc. is trading at a P/E of 38.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bilibili Inc. has 36.6% gross margin and 3.7% operating margin.
Bilibili Inc.'s Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
ARPU growth must offset MAU saturation
Margin Expansion Driven by Operating Leverage
Bilibili's operating margin has swung from a deep loss of -24.1% in 2023Q2 to a positive 4.7% in 2026Q2, a dramatic improvement that suggests the company's high fixed-cost base is now scaling efficiently with revenue, as reported in recent financial statements.
The gross margin expansion from 23.1% to 37.7% over the same period indicates a favorable shift in revenue mix and disciplined cost control, particularly in content and server expenses. However, the net margin of 4.3% remains modest, and the significant share-based compensation expense continues to dilute true economic earnings, warranting careful adjustment to assess sustainable profitability.
ROIC Inflection from Deep Negative Territory
Return on Invested Capital has improved from a trough of -6.5% in 2023Q4 to a positive 1.7% in 2026Q2, signaling that the company's recent profitability pivot is beginning to generate returns on the capital deployed, though the level remains below its cost of capital.
This turnaround is primarily driven by the sharp improvement in operating margins rather than a significant increase in asset turnover, which has remained relatively stable. The positive ROIC trend is a critical milestone, but its sustainability depends on maintaining margin discipline as user growth decelerates and competition for high-value content intensifies.
Strategic Leverage Increase Amidst Cash Accumulation
Bilibili's debt-to-equity ratio has risen to 0.60 in 2026Q2 from 0.36 in 2024Q4, yet this appears to be a strategic capital structure optimization as the company simultaneously holds $5.2B in cash, suggesting a deliberate move rather than a liquidity-driven borrowing spree.
The interest coverage ratio of 9.93x in 2026Q2 indicates that debt service is comfortable and has improved dramatically from negative levels in 2023. However, the sharp increase in leverage warrants monitoring, as it could constrain financial flexibility if the company needs to invest aggressively to defend its market position or if profitability faces unexpected headwinds.
Adequate Buffer with Volatile Cash Position
The current ratio of 1.32 in 2026Q2, down from 1.60 in 2025Q2, suggests a sufficient but tightening liquidity buffer, with the quick ratio matching the current ratio, indicating minimal inventory dependence in this asset-light model.
The company's cash position has been volatile, swinging from $10.7B in 2025Q2 to $5.2B in 2026Q2, which may reflect strategic investments, debt repayments, or working capital shifts. While the current ratio remains above 1.0, the trend suggests investors should monitor the company's ability to maintain adequate liquidity without compromising its growth investments or shareholder returns.
The Misleading Forward P/E Multiple
The forward P/E of 2.26 is likely the most misapplied ratio for Bilibili, as it obscures the company's transition from a cash-burning growth model to profitability and may be distorted by large non-cash items like share-based compensation and deferred revenue.
This extremely low multiple could mislead investors into thinking the stock is deeply undervalued, but it may instead reflect market skepticism about the sustainability of current earnings or the quality of reported profits. A more appropriate metric for this business model would be EV/FCF or a P/E ratio adjusted for SBC, which better captures the true cash generation and dilution risk inherent in a platform with significant non-cash compensation and volatile working capital.