Bilibili Inc. key statistics and ratios

In fiscal 2025, Bilibili Inc. had return on equity of 8.0%, an operating margin of 3.7%, debt equal to 61.9% of equity and a current ratio of 1.36. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Bilibili Inc.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	−47.7%	22.2%	20.7%	17.6%	23.7%	20.9%	17.6%	24.2%	32.7%	36.6%
Operating margin	−171.0%	−9.1%	−17.7%	−22.1%	−26.2%	−33.2%	−38.2%	−22.5%	−5.0%	3.7%
Net margin	−226.5%	−23.2%	−14.9%	−19.0%	−25.1%	−35.0%	−34.2%	−21.4%	−5.0%	3.9%
Free-cash-flow margin	−46.1%	12.9%	10.7%	−1.5%	1.3%	−18.6%	−21.3%	0.4%	20.7%	21.9%
Return on equity	—	—	−26.2%	−18.4%	−40.1%	−46.1%	−39.8%	−32.2%	−9.5%	8.0%
Return on assets	—	−15.8%	−9.1%	−9.9%	−14.8%	−17.8%	−15.7%	−12.7%	−4.1%	3.2%
Asset turnover	—	0.68	0.61	0.52	0.59	0.51	0.46	0.59	0.82	0.81
Current ratio	—	1.54	1.99	2.42	2.13	3.02	1.43	1.03	1.34	1.36
Debt to equity	—	—	0.0%	48.4%	111.1%	87.6%	100.4%	51.8%	34.3%	61.9%
Interest cover (operating income ÷ interest)	—	—	—	n/m	n/m	n/m	n/m	n/m	n/m	7.5x
R&D as % of revenue	17.4%	11.3%	13.0%	13.2%	12.6%	14.7%	21.8%	19.8%	13.7%	11.6%
Capital spending as % of revenue	8.1%	5.9%	7.1%	4.4%	5.0%	5.0%	3.5%	0.8%	1.7%	1.7%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	—	555.9%
Dividends and buybacks ÷ free cash flow	—	15.4%	—	—	—	—	—	—	2.1%	12.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 7 checks passed · December 31, 2025

What it owns · $5.9bn

Short-term assets $3.9bnLonger-term assets $1.9bn

What it owes, and who funded it · $5.9bn

Short-term liabilities $2.9bnLonger-term liabilities $757mShareholders' equity $2.2bn

Short-term assets cover short-term liabilities $3.9bn of assets due within a year against $2.9bn of liabilities due within a year.
Short-term assets cover long-term liabilities $3.9bn short-term assets against $757m of longer-dated liabilities.
More cash than debt $1.7bn of cash against $1.4bn of debt.
Debt below 40% of shareholders' equity Debt is 62% of equity.
Debt burden no higher than five years ago Debt to equity moved from 110% to 62% over five years.
A year's operating cash flow covers at least 20% of debt $994m of operating cash flow against $1.4bn of debt.
Operating profit covers interest at least five times over Operating income of $156m against $21m of interest.

From Bilibili Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Bilibili Inc.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bilibili Inc.