Bilibili

BILI

Electronic Gaming & Multimedia · Technology

Price

$18.04

-0.96 (-5.05%)

Market Cap

$7.57B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+16.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 379.9M (2021) → 444.0M (2025)

Bilibili Inc. provides online entertainment services for the young generations in the People's Republic of China. Its platform offers a range of content, including video services, mobile games, and value-added service, as well as ACG-related comic and audio content. The company's video services include professional user generated videos, occupationally generated videos, and live broadcasting. Bilibili Inc. was founded in 2009 and is headquartered in Shanghai, the People's Republic of China.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+440.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$3.5B/ year

→ Flat (-4% vs prior year)

11.6% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$12.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Bilibili is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

37.5%

Modest — 37.5% gross margin

Operating Margin

6.1%

Modest — 6.1% operating margin

ROCE

2.0%

Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+12.7%

Fast-growing sales (12.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

277%

Turns 277% of profit into real cash

FCF Margin

10.7%

Modest free cash flow (10.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.62

Moderate — manageable debt (0.62)

Interest Cover

7.45x

Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

6.4x

Attractive valuation — P/E 6.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+4.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (6.4 → 1.9)

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Dividends

Not applicable for this business.

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