Bilibili Inc. Sponsored ADR
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Bilibili Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $4.3 billion, up 18.1% from fiscal 2024. In the quarter to June 2026, revenue grew 15.1%, EPS grew 71.4%, free cash flow grew 130.7% and total debt rose 3.02%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Bilibili Inc. Sponsored ADR (BILI) Altman Z-score
Bilibili Inc. Sponsored ADR's Altman Z-score for fiscal 2025 is 1.82, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.82 | 0.36 |
| FY2024 | 1.46 | 1.23 |
| FY2023 | 0.23 | (0.58) |
| FY2022 | 0.81 | (1.56) |
| FY2021 | 2.37 | (4.91) |
| FY2020 | 7.28 | 3.88 |
| FY2019 | 3.40 | (1.01) |
| FY2018 | 4.41 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.18 | — | 0.21 | |
| Retained earnings / total assets | (0.64) | — | −0.90 | |
| EBIT / total assets | 0.03 | — | 0.09 | |
| Market value of equity / total liabilities | 2.81 | — | 1.69 | |
| Sales / total assets | 0.74 | — | 0.74 | |
| Altman Z-score | Grey zone | 1.82 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.12 | ||
Z and Z″ put Bilibili Inc. Sponsored ADR in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RUM RUM Group Inc. compare | 13.1× |
| ZG Zillow Group, Inc. compare | 12.6× |
| Z Zillow Group, Inc. compare | 12.6× |
| BZ KANZHUN LIMITED Sponsored ADR compare | 10.1× |
| TME Tencent Music Entertainment Group Sponsored ADR compare | 7.2× |
| JOYY JOYY Inc. Sponsored ADR compare | 3.4× |
| BILI Bilibili Inc. Sponsored ADR | 1.8× |
| PPLI People Incorporated compare | 1.1× |
| MTCH Match Group Inc. compare | 0.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets