Bilibili Inc.
BILI, BLBLF · Services-Computer Processing & Data Preparation · EDGAR filings ↗
Grade
C56Chinese video-entertainment platform — near breakeven with strong free cash flow, but VIE-structure risk.
Strengths
- Strong free cash flow — FCF $949M (94th)
- Returning to near-breakeven — operating margin 1%, net margin 4%
Risks
- Very thin gross margin — 5% (4th)
- China VIE-structure/regulatory risk — per 10-K
- Content-cost and competition risk — per 10-K
Notable findings
- Strong balance sheetStrong balance sheet — $3.3B cash & investments
- Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 8→9 QoQ (2025-12-31→2026-03-31)
Key metrics
Gross margin
36.6%
Operating margin
3.7%
Net margin
3.9%
Return on equity
7.7%
Return on assets
2.9%
ROIC
3.5%
Revenue growth (QoQ)
18.1%
Debt / equity
0.6×
Interest coverage
7.5×
Current ratio
1.4×
Free cash flow
$949M
Tangible book value
$1.4B
Cash & investments
$3.3B
Stock comp / revenue
3.9%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-16 | 2025-12-31 | 0001193125-26-157842 ↗ |
| 20-F | 2025-03-25 | 2024-12-31 | 0001193125-25-061847 ↗ |
| 20-F | 2024-03-27 | 2023-12-31 | 0001193125-24-078124 ↗ |
| 20-F | 2023-04-27 | 2022-12-31 | 0001193125-23-119748 ↗ |
| 20-F | 2022-04-25 | 2021-12-31 | 0001193125-22-116261 ↗ |
| 20-F | 2021-03-05 | 2020-12-31 | 0001193125-21-071497 ↗ |
| 20-F | 2020-03-27 | 2019-12-31 | 0001193125-20-088657 ↗ |
| 20-F | 2019-03-29 | 2018-12-31 | 0001104659-19-018702 ↗ |