MeritValue

Bilibili Inc.

BILIdata completeness 88%8 fiscal years on file
The thesis, from the filings

Bilibili Inc. earns about -23% on equity. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.04B1$3.18B2$3.17B3$3.68B4$4.34B5
Net income−$1.07B6−$1.09B7−$677.7M8−$186.8M9$170.7M10
Operating cash flow−$415.4M11−$567.1M12$37.6M13$824M14$1.02B15
Capital expenditure$151.5M16$110.3M17$25.6M18$63.8M19$73.3M20
Free cash flow (derived)−$566.9M11−$677.3M12$11.9M13$760.3M14$948.7M15
Total debt$2.98B21$2.22B22$1.05B23$662.5M24$1.38B25
Cash & equivalents$1.18B26$1.47B27$1.01B28$1.4B29$1.74B30
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
-23% avg · 5y
FY21 -31%FY22 -49%FY23 -33%FY24 -10%FY25 8%

It earned an average -23% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has fallen 54% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-22-116261 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-119748 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-24-078124 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001193125-25-061847 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001193125-26-157842 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-116261 (ProfitLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-119748 (ProfitLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001193125-24-078124 (ProfitLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001193125-25-061847 (ProfitLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001193125-26-157842 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-116261 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-119748 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001193125-24-078124 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001193125-25-061847 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001193125-26-157842 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-116261 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-23-119748 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001193125-24-078124 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001193125-25-061847 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001193125-26-157842 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-116261 (LongTermDebtNoncurrent)
  22. 20-F · period ending 2022-12-31 · accession 0001193125-23-119748 (LongTermDebtNoncurrent)
  23. 20-F · period ending 2023-12-31 · accession 0001193125-24-078124 (LongTermDebtNoncurrent)
  24. 20-F · period ending 2024-12-31 · accession 0001193125-25-061847 (LongTermDebtNoncurrent)
  25. 20-F · period ending 2025-12-31 · accession 0001193125-26-157842 (LongTermDebtNoncurrent)
  26. 20-F · period ending 2021-12-31 · accession 0001193125-22-116261 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001193125-23-119748 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001193125-24-078124 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F · period ending 2024-12-31 · accession 0001193125-25-061847 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001193125-26-157842 (CashAndCashEquivalentsAtCarryingValue)