Latest Ratios: P/E Ratio 46.2x · EV/EBITDA 14.4x · 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 | $7.4B | $10.9B | $7.5B | $5.0B | $8.2B | $17.6B | $29.6B | $6.0B | $3.4B | — | — |
| Enterprise Value | $7.0B | $8.3B | $2.4B | $5.5B | $13.6B | $29.3B | $33.6B | $4.6B | $-139865013 | — | — |
| P/E Ratio → | 46.17 | 9.49 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.65 | 0.36 | 0.28 | 0.22 | 0.37 | 0.91 | 2.47 | 0.89 | 0.82 | — | — |
| P/B Ratio | 3.41 | 0.70 | 0.53 | 0.35 | 0.54 | 0.81 | 3.81 | 0.79 | 0.47 | — | — |
| P/FCF | 9.43 | 2.05 | 1.77 | — | — | — | — | — | — | — | — |
| P/OCF | 7.02 | 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 | 14.36 | 2.51 | 2.11 | — | — | — | — | — | — | — | — |
| EV / EBIT | 42.29 | 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 | 2.2% | 10.5% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 10.6% | 48.7% | 56.5% | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.6% | 7.5% | 1.6% | 0.0% | 4.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.6% | 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 |
Regulatory and monetization execution
Based on current market data, Bilibili trades at a P/S of 1.55 and a P/FCF of 8.82, suggesting that investors are cautiously pricing the company as a maturing platform rather than a high-growth speculative asset, despite the recent shift toward positive net margins in 2025Q2.
The forward P/E of 2.33 appears to imply aggressive expectations for earnings growth that may be difficult to sustain given the platform's saturation among its core Gen Z demographic. Investors should monitor whether the current valuation multiple adequately accounts for the inherent volatility in gaming revenue and the potential for regulatory-driven margin compression.
As reported in recent financial statements, Bilibili's ROIC has improved from a negative 5.1% in 2023Q1 to a positive 1.6% in 2025Q2, indicating that the company is finally beginning to generate returns on its massive historical investments in content and infrastructure.
This trend suggests that management's pivot toward high-quality growth is yielding tangible results, though the current ROIC remains modest compared to broader technology sector benchmarks. Further expansion in returns will likely depend on the company's ability to maintain disciplined cost controls while scaling its high-margin advertising and VAS revenue streams.
According to quarterly filings, Bilibili's asset turnover has remained relatively stable at 0.20 in 2025Q2, while the company has successfully managed its cash conversion cycle by optimizing payment terms with suppliers, as evidenced by the DPO increasing to 102 days from 99 days in 2023Q1.
The ability to extend payment terms suggests that Bilibili is leveraging its scale to manage liquidity more effectively, effectively using its suppliers to finance a portion of its operations. However, investors should monitor whether these efficiency gains are sustainable or if they reflect a temporary delay in vendor payments that could impact future content acquisition.
Based on the latest balance sheet data, Bilibili maintains a current ratio of 1.60 as of 2025Q2, providing a significant liquidity cushion that appears sufficient to withstand potential market volatility or sudden shifts in the regulatory environment governing the Chinese digital entertainment sector.
The company's liquidity position has strengthened considerably from the 1.03 ratio observed in 2024Q1, reflecting a more conservative approach to cash management. This buffer is critical for a business model that relies on high-frequency, low-margin transactions and requires consistent investment in server bandwidth and content licensing.
The P/E ratio is frequently misapplied to Bilibili's business model because it fails to account for the heavy non-cash impact of share-based compensation, which significantly obscures the company's true economic profitability and masks the dilution risk inherent in its current talent retention strategy.
Analysts should instead focus on adjusted EBITDA or free cash flow metrics, which provide a clearer picture of the company's ability to generate cash after accounting for the costs of its human capital. Relying on GAAP earnings may lead to an inaccurate assessment of the company's valuation relative to its peers.
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 46.2x. The historical average is 9.5x. This places it at the 100th percentile of its historical range.
Bilibili Inc.'s current EV/EBITDA is 14.4x. 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 46.2x. 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.