BILIBilibili Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (6.4×).
Operating profit is fully backed by cash.
Margins have held roughly steady, a stable cost structure.
A balanced mix of margins, efficiency, and leverage. ROE 8% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BILI?
Bilibili Inc. earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 1.9 points above what the capital costs: growth creates value
- Operating margin
- 3.7%
Operating margin · Internet Content & Information median 4.9% · fiscal year to FY2025
- Cash conversion
- 6.45×
Cash conversion · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 12%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −26% |
| FY2021 | −33% |
| FY2022 | −38% |
| FY2023 | −22% |
| FY2024 | −5.0% |
| FY2025 | 3.7% |
Details›
- Gross marginfiscal year to FY2025
- 37%
- Operating marginfiscal year to FY2025
- 3.7%
- Net marginfiscal year to FY2025
- 3.9%
- Free cash flow margin
- 22%
- R&D as % of revenue
- 12%
- Revenue, trailing twelve months
- $30.3B
- Free cash flow, trailing twelve months
- $6.63B
- Net income, trailing twelve months
- $1.19B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Internet Content & Information
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