Recent News
On November 13, 2025 the company reported third-quarter 2025 results showing DAUs at 117.3 million (+9% YoY), total net revenues of RMB7.69 billion (+5% YoY), advertising revenues up 23% YoY, gross profit margin at 36.7%, and net profit of RMB469.4 million versus a loss in the year-ago quarter; management highlighted sustained user engagement and advertising improvement.
Technical Analysis
ADX / DI+ / DI-: ADX at 20.7 registers an emerging trend while DI+ registers an increasing trend at 26.01 and DI- shows a decreasing trend at 27.76; the directional indicators therefore favor a bullish shift within an emerging trend, which supports the case for price moving closer to the valuation level identified by WMDST.
MACD: MACD reads -0.17 with the MACD line above its signal at -0.43 and the MACD trend increasing; crossing above the signal line signals building bullish momentum from a negative base, aligning technical momentum with improving operational metrics.
MRO: MRO stands at -5.67 with a peak & reversal pattern; negative MRO signals the price sits below the modeled target, implying potential upward pressure toward the WMDST valuation.
RSI: RSI at 49.66 with a dip & reversal indicates momentum recovering from a short-term dip while remaining in neutral territory, offering room for a sustained move without immediate overbought risk.
Price vs. Moving Averages & Bollinger Bands: Last close $27.33 sits above the 20-day average $25.00, 50-day average $26.58, and 200-day average $23.04; the 12-day EMA shows a dip & reversal. Price trades above the 1x upper Bollinger band ($25.94) and above the 2x upper band ($26.88), signalling a short-term stretched condition despite the broader bullish alignment with moving averages.
Volume & Volatility: Daily volume of 3.27M exceeds the 10-day average of 1.58M, lending conviction to recent moves; 42-day volatility at 2% with 52-week volatility at 3% indicates comparatively low realized volatility for the security given its beta readings (42-day beta 1.64, 52-week beta 1.11).
Fundamental Analysis
Revenue and Top-Line: Total revenue registers $7,685,461,000 with reported revenue growth of 4.74%; quarter-over-quarter revenue change marginally declined by -0.75% while year-over-year revenue change shows -75.36% per the supplied YoY figure. Operating cash flow stands at $287,792,000 and operating cash flow ratio at 1.747%.
Profitability: Gross margin registers 36.67% (YoY improvement +5.16 percentage points), gross profit $2,817,928,000, and EBIT $496,776,000 producing an EBIT margin of 6.46%. EBIT margin improved sharply QoQ (+69.30%) but shows a negative year-over-year delta as reported; the company converted net income of $470,230,000 and operating margin measured 4.61% with operating margin QoQ +34.30%.
Earnings Per Share: Reported EPS reached $1.75 versus an estimate of $1.50, an EPS beat of $0.25 representing a 16.67% surprise ratio; forward EPS reads $0.2826 with forward PE ~156.63, indicating market expectations differ materially from trailing results.
Balance Sheet & Liquidity: Cash and short-term investments total $23,487,565,000 while total debt registers $9,692,407,000; current ratio stands at 1.64 and cash ratio at 1.43, reflecting ample near-term liquidity. The cash conversion cycle sits at -91.78 days, indicating rapid cash collection relative to payables and supporting working-capital strength.
Leverage & Coverage: Debt-to-assets records 24.27% and debt-to-equity 65.05%; interest coverage equals 11.79x, reflecting comfortable capacity to service interest expense given current operating income.
Return Metrics: Return on equity reads 3.16% and return on assets 1.20% with QoQ improvements noted in both metrics; return on invested capital stands at 1.52%.
Peer Comparisons: EBIT margin at 6.46% sits below the industry peer mean of 41.19% and below the industry peer median of 24.84%. Price-to-book at 0.75 sits well below the industry peer mean of 7.75 and median of 7.29, and price-to-sales at 1.45 sits below the industry peer mean of 29.31. Receivables turnover at 6.93 stands slightly above the industry peer mean of 2.12. Debt-to-assets at 24.27% exceeds the industry peer mean of 9.49%. Use these peer comparisons where reported to contextualize margin and capital structure differences.
Valuation Summary: WMDST values the stock as under-valued. Trailing PE at 25.61 contrasts with a forward PE that embeds more conservative earnings expectations; strong cash balances, positive net income, and margin expansion support the WMDST determination while elevated leverage metrics relative to peer means and the stretched forward multiples warrant continued monitoring.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-13 |
| NEXT REPORT DATE: | 2026-02-12 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | $ 287.8 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -470.23 M | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 7.7 B | |
| Forward Revenue | $ 477.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 4.9 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 904.5 M | |
| Total Operating Expenses | $ 7.3 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.8 B | |
| EBITDA | $ 496.8 M | |
| EBIT | $ 496.8 M | |
| Operating Income | $ 353.9 M | |
| Interest Income | $ 122.5 M | |
| Interest Expense | $ 42.1 M | |
| Net Interest Income | $ 80.4 M | |
| Income Before Tax | $ 454.6 M | |
| Tax Provision | $ -14.76 M | |
| Tax Rate | 25.0 % | |
| Net Income | $ 470.2 M | |
| Net Income From Continuing Operations | $ 470.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.50 | |
| EPS Actual | $ 1.75 | |
| EPS Difference | $ 0.25 | |
| EPS Surprise | 16.667 % | |
| Forward EPS | $ 0.28 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 39.9 B | |
| Intangible Assets | $ 5.7 B | |
| Net Tangible Assets | $ 9.2 B | |
| Total Current Assets | $ 27.0 B | |
| Cash and Short-Term Investments | $ 23.5 B | |
| Cash | $ 12.1 B | |
| Net Receivables | $ 1.1 B | |
| Inventory | — | |
| Long-Term Investments | $ 2.3 B | |
| LIABILITIES | ||
| Accounts Payable | $ 5.3 B | |
| Short-Term Debt | $ 1.6 B | |
| Total Current Liabilities | $ 16.5 B | |
| Net Debt | — | |
| Total Debt | $ 9.7 B | |
| Total Liabilities | $ 25.0 B | |
| EQUITY | ||
| Total Equity | $ 14.9 B | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.02 | |
| Shares Outstanding | 413.673 M | |
| Revenue Per-Share | $ 18.58 | |
| VALUATION | Market Capitalization | $ 11.1 B |
| Enterprise Value | $ -2.67 B | |
| Enterprise Multiple | -5.376 | |
| Enterprise Multiple QoQ | -53.734 % | |
| Enterprise Multiple YoY | -114.214 % | |
| Enterprise Multiple IPRWA | high: 279.681 mean: 57.843 median: 55.385 BILI: -5.376 low: -220.829 |
|
| EV/R | -0.348 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.68 | |
| Asset To Liability | 1.595 | |
| Debt To Capital | 0.394 | |
| Debt To Assets | 0.243 | |
| Debt To Assets QoQ | -4.15 % | |
| Debt To Assets YoY | 80.878 % | |
| Debt To Assets IPRWA | high: 0.89 BILI: 0.243 mean: 0.095 median: 0.057 low: 0.001 |
|
| Debt To Equity | 0.651 | |
| Debt To Equity QoQ | -6.216 % | |
| Debt To Equity YoY | 107.804 % | |
| Debt To Equity IPRWA | high: 1.778 BILI: 0.651 mean: 0.144 median: 0.064 low: -0.923 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.747 | |
| Price To Book QoQ | 14.794 % | |
| Price To Book YoY | 23.864 % | |
| Price To Book IPRWA | high: 11.238 mean: 7.751 median: 7.289 BILI: 0.747 low: -1.614 |
|
| Price To Earnings (P/E) | 25.611 | |
| Price To Earnings QoQ | 49.4 % | |
| Price To Earnings YoY | -26.713 % | |
| Price To Earnings IPRWA | high: 247.775 mean: 80.997 median: 69.381 BILI: 25.611 low: -128.849 |
|
| PE/G Ratio | -1.377 | |
| Price To Sales (P/S) | 1.447 | |
| Price To Sales QoQ | 15.301 % | |
| Price To Sales YoY | 27.802 % | |
| Price To Sales IPRWA | high: 54.08 mean: 29.312 median: 27.551 BILI: 1.447 low: 0.003 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 156.628 | |
| Forward PE/G | -8.419 | |
| Forward P/S | 43.157 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 16.315 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.195 | |
| Asset Turnover Ratio QoQ | -4.111 % | |
| Asset Turnover Ratio YoY | -15.363 % | |
| Asset Turnover Ratio IPRWA | high: 0.5 BILI: 0.195 mean: 0.189 median: 0.179 low: 0.003 |
|
| Receivables Turnover | 6.926 | |
| Receivables Turnover Ratio QoQ | -1.32 % | |
| Receivables Turnover Ratio YoY | 48.006 % | |
| Receivables Turnover Ratio IPRWA | BILI: 6.926 high: 6.388 mean: 2.124 median: 1.643 low: 0.143 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 13.176 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -91.783 | |
| Cash Conversion Cycle Days QoQ | 3.426 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 125.332 median: 15.557 mean: 3.993 BILI: -91.783 low: -343.916 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.73 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 23.0 B | |
| Net Invested Capital | $ 24.6 B | |
| Invested Capital | $ 24.6 B | |
| Net Tangible Assets | $ 9.2 B | |
| Net Working Capital | $ 10.5 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.425 | |
| Current Ratio | 1.639 | |
| Current Ratio QoQ | 2.627 % | |
| Current Ratio YoY | 55.713 % | |
| Current Ratio IPRWA | high: 8.871 mean: 1.816 BILI: 1.639 median: 1.508 low: 0.217 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 19.511 | |
| Cost Of Debt | 0.32 % | |
| Interest Coverage Ratio | 11.79 | |
| Interest Coverage Ratio QoQ | 49.429 % | |
| Interest Coverage Ratio YoY | -398.504 % | |
| Interest Coverage Ratio IPRWA | high: 197.383 mean: 83.09 BILI: 11.79 median: 8.247 low: -113.554 |
|
| Operating Cash Flow Ratio | 0.017 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 104.959 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.937 % | |
| Revenue Growth | 4.74 % | |
| Revenue Growth QoQ | -0.754 % | |
| Revenue Growth YoY | -75.356 % | |
| Revenue Growth IPRWA | high: 25.814 % mean: 6.722 % BILI: 4.74 % median: 4.537 % low: -21.192 % |
|
| Earnings Growth | -18.605 % | |
| Earnings Growth QoQ | -135.941 % | |
| Earnings Growth YoY | -90.087 % | |
| Earnings Growth IPRWA | high: 177.966 % median: 11.765 % mean: -1.738 % BILI: -18.605 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 36.666 % | |
| Gross Margin QoQ | 0.546 % | |
| Gross Margin YoY | 5.163 % | |
| Gross Margin IPRWA | high: 97.596 % mean: 65.099 % median: 54.61 % BILI: 36.666 % low: -1.845 % |
|
| EBIT Margin | 6.464 % | |
| EBIT Margin QoQ | 69.303 % | |
| EBIT Margin YoY | -770.539 % | |
| EBIT Margin IPRWA | high: 49.713 % mean: 41.19 % median: 24.838 % BILI: 6.464 % low: -49.635 % |
|
| Return On Sales (ROS) | 4.605 % | |
| Return On Sales QoQ | 34.296 % | |
| Return On Sales YoY | -577.697 % | |
| Return On Sales IPRWA | high: 49.713 % mean: 31.452 % median: 15.318 % BILI: 4.605 % low: -59.443 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | — | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | — | |
| Free Cash Growth QoQ | — | |
| Free Cash Growth YoY | — | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | — | |
| Cash Flow Margin | 3.745 % | |
| Cash Flow To Earnings | 0.612 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 1.195 % | |
| Return On Assets QoQ | 96.546 % | |
| Return On Assets YoY | -576.096 % | |
| Return On Assets IPRWA | high: 8.647 % mean: 5.058 % median: 3.291 % BILI: 1.195 % low: -11.927 % |
|
| Return On Capital Employed (ROCE) | 2.118 % | |
| Return On Equity (ROE) | 0.032 | |
| Return On Equity QoQ | 104.14 % | |
| Return On Equity YoY | -645.078 % | |
| Return On Equity IPRWA | high: 0.135 mean: 0.069 median: 0.037 BILI: 0.032 low: -0.144 |
|
| DuPont ROE | 3.236 % | |
| Return On Invested Capital (ROIC) | 1.515 % | |
| Return On Invested Capital QoQ | 45.393 % | |
| Return On Invested Capital YoY | 160.309 % | |
| Return On Invested Capital IPRWA | high: 16.42 % mean: 7.888 % median: 3.592 % BILI: 1.515 % low: -14.369 % |
|