Bilibili vs Snap
Snap is the larger business, with $5.93bn of revenue in fiscal 2025 against $4.22bn for Bilibili (1.4 times as much). Bilibili grew faster (13.2% against 10.6%). Bilibili kept more of each dollar of sales as profit: a net margin of 3.9% against -7.8%. Bilibili carries less debt relative to equity (61.9% against 157.1%).
| Latest fiscal year | BilibiliBILI, 2025 | SnapSNAP, 2025 |
|---|---|---|
| Revenue | $4.22bn | $5.93bn |
| Revenue growth | 13.2% | 10.6% |
| Net income | $166m | −$460m |
| Operating margin | 3.7% | -9.0% |
| Net margin | 3.9% | -7.8% |
| Return on equity | 8.0% | -19.5% |
| Free cash flow | $923m | $437m |
| Cash | $1.74bn | $1.03bn |
| Total debt | $1.38bn | $3.58bn |
| Debt to equity | 61.9% | 157.1% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $114m | $751m |
| Employees | — | 5,261 |
| Market value | $5.48bn | $9.57bn |
| Price vs our value range | Below our value range | — |
| Moat score | — | 28 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 54 sales |