Bilibili Inc (BILI) Key Metrics
BILI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanBILI returns How much profit the business earns on the capital it uses.
BILI financial health Debt, liquidity and how easily interest is covered.
BILI efficiency & capital use Working capital cycle and where the cash goes.
BILI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BILI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BILI cash returned to shareholders
BILI key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.8% | −9.5% | −32.6% | −40.6% | −46.2% | −39.1% | −17.4% | −11.9% | −10.2% | −76.2% |
| Return on invested capital (ROIC) | 60.3% | −22.4% | −44.2% | −60.6% | −71.4% | −74.1% | −46.6% | −40.5% | −27.5% | −255.4% |
| Return on assets (ROA) | 3.1% | −4.1% | −12.9% | −16.0% | −17.9% | −15.3% | −9.9% | −7.9% | −6.5% | −54.8% |
| Return on tangible assets | 3.3% | −5.0% | −18.0% | −21.6% | −14.8% | −14.9% | −10.0% | −6.8% | −6.1% | −49.6% |
| Free cash flow margin | 18.0% | 15.9% | −4.7% | −30.4% | −32.7% | −12.4% | −20.2% | −14.4% | −6.7% | −93.1% |
| Income quality (OCF / net income) | 6.16 | — | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | CN¥9.64B | CN¥5.15B | CN¥7.64B | CN¥15.54B | CN¥19.22B | CN¥8.59B | CN¥3.51B | CN¥38.5M | CN¥25.0M | CN¥11.0M |
| Cash & short-term investments | CN¥24.22B | CN¥16.68B | CN¥15.12B | CN¥19.60B | CN¥30.32B | CN¥12.76B | CN¥8.07B | CN¥5.23B | CN¥1.25B | CN¥1.11B |
| Net debt | −CN¥14.58B | −CN¥11.54B | −CN¥7.47B | −CN¥4.05B | −CN¥11.10B | −CN¥4.16B | −CN¥4.56B | −CN¥5.20B | −CN¥1.23B | −CN¥1.10B |
| Debt / equity | 0.62 | 0.36 | 0.53 | 1.02 | 0.89 | 1.10 | 0.46 | 0.01 | 0.01 | 0.01 |
| Debt / assets | 0.23 | 0.16 | 0.23 | 0.37 | 0.37 | 0.36 | 0.23 | 0.00 | 0.01 | 0.01 |
| Net debt / EBITDA | −13.33 | −9.69 | — | — | — | — | — | −44.52 | −9.48 | — |
| Current ratio | 1.36 | 1.34 | 1.03 | 1.43 | 3.02 | 2.13 | 2.42 | 1.99 | 1.54 | 2.23 |
| Quick ratio | 1.34 | 1.32 | 1.02 | 1.40 | 2.97 | 2.11 | 2.40 | 1.97 | 1.53 | 2.22 |
| Interest coverage | 7.5 | -15.1 | -30.7 | -33.3 | -41.4 | -28.9 | -32.1 | — | — | — |
| Working capital | CN¥7.23B | CN¥4.99B | CN¥623.3M | CN¥7.36B | CN¥24.38B | CN¥8.35B | CN¥6.05B | CN¥3.25B | CN¥755.1M | CN¥772.7M |
| Invested capital | CN¥1.01B | CN¥2.57B | CN¥6.92B | CN¥11.19B | CN¥10.60B | CN¥3.62B | CN¥3.08B | CN¥1.99B | CN¥847.3M | CN¥440.3M |
| Tangible asset value | CN¥9.63B | CN¥8.18B | CN¥8.05B | CN¥8.19B | CN¥15.54B | CN¥4.13B | CN¥4.97B | CN¥4.83B | CN¥1.60B | CN¥1.21B |
| Net current asset value | CN¥1.93B | CN¥1.16B | −CN¥27.8M | −CN¥2.14B | CN¥6.11B | −CN¥343.9M | CN¥2.44B | CN¥3.25B | CN¥755.1M | CN¥772.7M |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Share buybacks (net) | CN¥822.7M | CN¥117.5M | CN¥0 | CN¥347.6M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥49.1M | CN¥126.0M |
| Dividends + buybacks / free cash flow | 15.5% | 2.8% | — | — | — | — | — | — | — | — |
| Capex / revenue | 6.2% | 6.5% | 5.9% | 12.5% | 19.0% | 18.7% | 23.1% | 32.3% | 25.6% | 55.1% |
| Capex / operating cash flow | 25.6% | 29.2% | 498.9% | — | — | 297.3% | 804.4% | 180.9% | 135.8% | — |
| Capex / depreciation | 0.84 | 0.70 | 0.46 | 0.77 | 1.42 | 1.23 | 1.34 | 2.08 | 2.07 | 1.79 |
| Stock-based compensation / revenue | 0.4% | 4.2% | 5.0% | 4.8% | 5.2% | 3.2% | 2.5% | 4.4% | 3.2% | 69.8% |
| R&D / revenue | 11.6% | 13.7% | 19.8% | 21.8% | 14.7% | 12.6% | 13.2% | 13.0% | 11.3% | 17.4% |
| SG&A / revenue | 21.9% | 24.0% | 26.8% | 34.0% | 39.4% | 37.2% | 26.4% | 25.4% | 20.0% | 105.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 15.4 | 19.1 | 23.5 | 22.6 | 26.3 | 38.2 | 41.3 | 39.4 | 43.2 | 54.9 |
| Days of inventory on hand | 5.0 | 5.4 | 8.1 | 10.8 | 8.5 | 4.6 | 4.1 | 3.6 | 1.6 | 1.8 |
| Days payables outstanding | 101.3 | 92.4 | 92.1 | 87.5 | 89.2 | 101.0 | 106.0 | 107.4 | 88.1 | 74.9 |
| Cash conversion cycle (days) | -80.9 | -67.9 | -60.6 | -54.1 | -54.4 | -58.2 | -60.7 | -64.4 | -43.3 | -18.2 |
| Receivables turnover | 23.66 | 19.16 | 15.52 | 16.16 | 13.87 | 9.56 | 8.84 | 9.28 | 8.46 | 6.65 |
| Payables turnover | 3.60 | 3.95 | 3.96 | 4.17 | 4.09 | 3.61 | 3.44 | 3.40 | 4.14 | 4.87 |
| Inventory turnover | 73.21 | 67.41 | 45.26 | 33.91 | 43.18 | 79.67 | 89.44 | 100.70 | 230.19 | 197.70 |
| Asset turnover | 0.80 | 0.81 | 0.60 | 0.47 | 0.51 | 0.61 | 0.52 | 0.59 | 0.88 | 0.31 |
| Average receivables | CN¥1.25B | CN¥1.40B | CN¥1.45B | CN¥1.36B | CN¥1.40B | CN¥1.26B | CN¥766.8M | CN¥445.2M | CN¥291.8M | CN¥78.7M |
| Average payables | CN¥5.15B | CN¥4.57B | CN¥4.31B | CN¥4.33B | CN¥3.75B | CN¥2.53B | CN¥1.62B | CN¥963.2M | CN¥463.2M | CN¥158.7M |
| Average inventory | CN¥253.6M | CN¥267.9M | CN¥377.5M | CN¥532.3M | CN¥355.3M | CN¥115.0M | CN¥62.5M | CN¥32.5M | CN¥8.3M | CN¥3.9M |
| Intangibles / total assets | 14.4% | 18.1% | 19.2% | 16.9% | 11.9% | 15.3% | 17.2% | 22.5% | 13.7% | 15.4% |
Computed from BILI's annual financial statements (latest annual report filed December 31, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
BILI valuation and financial ratios
Bilibili earned a return on equity of 7.8% and a return on invested capital of 60.3% in fiscal 2025. It ended the year with CN¥9.6 billion of debt and CN¥24.2 billion in cash and short-term investments, a net cash position of CN¥14.6 billion. It returned CN¥822.7 million to shareholders: CN¥0 in dividends and CN¥822.7 million in share buybacks, 15% of free cash flow.
See the BILI income statement, the BILI chart for price history, or the BILI stock overview for the latest quote and news.
BILI key metrics FAQ
What is Bilibili's return on equity?
Bilibili's return on equity (ROE) was 7.8% in fiscal 2025: net income of CN¥1.2 billion on average shareholders' equity of CN¥14.8 billion.
What is Bilibili's ROIC?
Bilibili's return on invested capital was 60.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Bilibili have?
Bilibili had total debt of CN¥9.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.62 and more cash than debt.
Does Bilibili buy back its shares?
Yes. Bilibili spent CN¥822.7 million on net share repurchases in fiscal 2025.
What is Bilibili's current ratio?
Bilibili's current ratio was 1.36 at the end of fiscal 2025: current assets were 1.36 times current liabilities.