Bilibili - Public Comps and Valuation Multiples

Bilibili Overview

About Bilibili

Bilibili is a Chinese online entertainment platform best known for its YouTube-like video-sharing site. Founded in 2009, it initially focused on long-form content centered around anime, comics, and gaming, catering primarily to Gen Z users. Over time, the platform has broadened its content offerings to include a wider range of interests, successfully attracting a more diverse audience beyond the Gen Z demographic.

Founded

2013

HQ

Employees

8.1K+

Website

bilibili.com

Sectors

Streaming
Gaming - Mobile
Content Production
Consumer SaaS

Financials

LTM Revenue $4.2B

LTM EBITDA $560M

EV

$11.6B

Valuation Multiples

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Bilibili Financials

As of December 2025, Bilibili reported last 12-month revenue of $4.2B and EBITDA of $560M.

In the same period, Bilibili generated $1.5B in LTM gross profit and $157M in net income.

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Bilibili P&L

In the most recent fiscal year, Bilibili reported revenue of $3.4B and EBITDA of $153M.

Bilibili expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$4.2B	XXX	$3.4B	XXX	XXX	XXX
Gross Profit	$1.5B	XXX	$1.1B	XXX	XXX	XXX
Gross Margin	36%	XXX	33%	XXX	XXX	XXX
EBITDA	$560M	XXX	$153M	XXX	XXX	XXX
EBITDA Margin	13%	XXX	4%	XXX	XXX	XXX
EBIT	$148M	XXX	-$173M	XXX	XXX	XXX
EBIT Margin	3%	XXX	-5%	XXX	XXX	XXX
Net Profit	$157M	XXX	-$173M	XXX	XXX	XXX
Net Margin	4%	XXX	-5%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Bilibili including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $4.2B. EBITDA for the last twelve months was $560M. In the most recent fiscal year, Bilibili achieved $3.4B in revenue and $153M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$4.2B	Analyst estimates available to subscribers	$3.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.5B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	36.4% gross margin	Analyst estimates available to subscribers	32.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$560M	Analyst estimates available to subscribers	$153M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	13.2% EBITDA margin	Analyst estimates available to subscribers	4.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$148M	Analyst estimates available to subscribers	-$173M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	3.5% EBIT margin	Analyst estimates available to subscribers	-5.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$157M	Analyst estimates available to subscribers	-$173M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.7% net profit margin	Analyst estimates available to subscribers	-5.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Bilibili

This financial data table provides comprehensive performance metrics for Bilibili, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Bilibili generated $4.2B in revenue over the last twelve months.
The company achieved $560M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.5B.
Net income over the last twelve months reached $157M.

Fiscal Year Performance

In the most recent fiscal year, Bilibili reported $3.4B in total revenue.
Fiscal year EBITDA was $153M.
The company maintained a gross profit margin of 32.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 4.4%.
Net profit margin reached -5.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Bilibili. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Bilibili Stock Performance

Bilibili has current market cap of HKD 106B (or $13.6B), and EV of HKD 90.5B (or $11.6B).

Market Cap Evolution

Bilibili Stock Data

As of January 16, 2026, Bilibili's stock price is HKD 260 (or $33).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$11.6B	$13.6B	XXX	XXX	XXX	XXX	$0.80

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Bilibili Valuation Multiples

Bilibili's trades at 2.7x EV/Revenue multiple, and 20.8x EV/EBITDA.

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Bilibili Financial Valuation Multiples

As of January 16, 2026, Bilibili has market cap of $13.6B and EV of $11.6B.

Equity research analysts estimate Bilibili's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Bilibili has a P/E ratio of 86.6x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$13.6B	XXX	$13.6B	XXX	XXX	XXX
EV (current)	$11.6B	XXX	$11.6B	XXX	XXX	XXX
EV/Revenue	2.7x	XXX	2.7x	XXX	XXX	XXX
EV/EBITDA	20.8x	XXX	20.8x	XXX	XXX	XXX
EV/EBIT	78.5x	XXX	78.5x	XXX	XXX	XXX
EV/Gross Profit	7.5x	XXX	n/a	XXX	XXX	XXX
P/E	86.6x	XXX	86.6x	XXX	XXX	XXX
EV/FCF	37.3x	XXX	37.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Bilibili Margins & Growth Rates

Bilibili's last 12 month revenue growth is 9%

Bilibili's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.2M for the same period.

Bilibili's rule of 40 is 2% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Bilibili's rule of X is 36% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Bilibili Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	9%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	13%	XXX	13%	XXX	XXX	XXX
EBITDA Growth	23%	XXX	n/a	XXX	XXX	XXX
Rule of 40	2%	XXX	22%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	36%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	16%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	14%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	38%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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