Recent News
March filings and notices reported completion of the company’s repurchase-right offer for certain convertible senior notes, and monthly Form 6-K/HKEX returns showed no material share-capital changes in early 2026; regulatory filings and investor notices appeared through March.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 29.06 signals a strong trend environment; DI+ shows dip & reversal while DI- shows peak & reversal, but DI- remains higher (38.6 vs 20.3) which preserves a negative directional dominance that tempers upside expectations relative to the valuation signal.
MACD and signal: MACD records -1.52 with MACD_trend reported as dip & reversal, indicating improving momentum; MACD remains below the signal line (-1.40), so a confirming bullish cross has not occurred and momentum still requires validation to align with valuation-driven support.
MRO (Momentum/Regression Oscillator): MRO at -20.7 with MRO_trend peak & reversal indicates the price sits below the model target and retains scope to move toward the WMDST valuation, though the recent peak & reversal suggests that potential may moderate as momentum reorganizes.
RSI: RSI 42.38 with RSI_trend decreasing shows momentum weakening toward neutral territory rather than oversold extremes, which reduces risk of an immediate sharp rebound while leaving room for a controlled recovery aligned with valuation support.
Price vs moving averages & EMAs: Price closed at $22.89 below the 50-day average ($28.45) and below the 200-day average ($26.22); the 12-day EMA sits at $23.57 with price12dayEMA_trend decreasing, so short-to-medium-term moving-average structure remains bearish relative to the longer-term valuation anchor.
Bollinger bands & Ichimoku: Price trades just above the lower 1x Bollinger band ($22.33), compressing near the lower volatility boundary; Ichimoku Tenkan at $24.14 and Kijun at $25.90 place the current price beneath the conversion and base lines and below the cloud (Senkou A $32.13 / Senkou B $30.29), signaling structural resistance above the current level that must yield before trend reversal confirms.
Volume and volatility: Latest volume (2.08M) sits below the 10-day (2.29M), 50-day (2.49M) and 200-day (2.77M) averages, indicating limited conviction behind recent moves; 42-day beta 1.96 versus 52-week beta 1.33 implies elevated short-term sensitivity to market swings.
SuperTrend and support/resistance: SuperTrend upper at $24.23 acts as a near-term resistance threshold; price position relative to that level frames the immediate upside hurdle versus the WMDST valuation anchor below.
Fundamental Analysis
Profitability & margins: EBIT equals $496,776,000 producing an EBIT margin of 6.46%. QoQ improvement for EBIT margin measured +69.30%, while the reported YoY change equals -770.54%. Operating margin stands at 4.61% with operating-margin QoQ +34.30% and operating-margin YoY -577.70%. Net income totaled $470,230,000, indicating positive GAAP profitability in the reported period.
Revenue and growth: Total revenue reached $7,685,461,000 with revenue growth of 4.74% and a small QoQ decline of -0.75%; reported revenue growth YoY equals -75.36%, which reflects a large year-over-year swing that materially affected top-line comparatives.
Returns & efficiency: Return on equity measures 3.16% and return on assets 1.20%, both showing meaningful QoQ gains (ROE QoQ +104.14%, ROA QoQ +96.55%) but negative YoY comparisons (ROE YoY -645.08%, ROA YoY -576.10%). Asset turnover sits at 0.195, slightly above the industry peer mean of 0.184, indicating typical revenue generation per asset for the interactive-media peer group.
Liquidity & balance sheet: Cash and short-term investments total $23,487,565,000, cash alone $12,101,172,000; current ratio 1.64 and cash ratio 1.43 signal ample near-term liquidity. Total debt $9,692,407,000 with debt-to-equity 0.65 and debt-to-EBITDA ~19.5, indicating elevated leverage relative to operating cash flow but manageable interest burden given interest-coverage of 11.79.
Valuation multiples & earnings quality: Reported EPS $1.94 versus estimate $1.84 produced an EPS surprise of +5.44%. Trailing PE sits at 25.61 and forward PE at 156.63; price-to-book 0.75. Forward revenue estimate near $574,806,152 contrasts with trailing revenue, signaling caution in forward profitability expectations. WMDST values the stock as under-valued based on the firm’s liquidity, recent positive net income, and valuation context.
Industry comparisons: EBIT margin at 6.46% falls below the industry peer mean of 37.94% and below the industry peer median of 26.53%; gross margin 36.66% lies below the industry peer mean of 64.15% and median of 54.66%. These gaps highlight room for margin expansion relative to peer averages if core revenue mix or operating leverage shifts favorably.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-03-05 |
| NEXT REPORT DATE: | 2026-06-04 |
| 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 | $ 574.8 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 | $ 1.84 | |
| EPS Actual | $ 1.94 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 5.435 % | |
| Forward EPS | $ 0.34 | |
| 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: 214.385 mean: 56.064 median: 55.385 BILI: -5.376 low: -157.057 |
|
| 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: 0.1 median: 0.063 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: 0.153 median: 0.071 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: 13.377 mean: 7.521 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: 77.483 median: 67.083 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: 28.549 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: 0.184 median: 0.184 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: 2.148 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: 18.964 mean: -2.374 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: 1.82 BILI: 1.639 median: 1.611 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: 69.471 BILI: 11.79 median: 9.552 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: 6.252 % median: 5.196 % BILI: 4.74 % low: -28.624 % |
|
| Earnings Growth | -18.605 % | |
| Earnings Growth QoQ | -135.941 % | |
| Earnings Growth YoY | -90.087 % | |
| Earnings Growth IPRWA | high: 300.0 % median: 15.152 % mean: -1.005 % BILI: -18.605 % low: -300.0 % |
|
| MARGINS | ||
| Gross Margin | 36.666 % | |
| Gross Margin QoQ | 0.546 % | |
| Gross Margin YoY | 5.163 % | |
| Gross Margin IPRWA | high: 97.596 % mean: 64.151 % median: 54.656 % 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: 37.936 % median: 26.53 % 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: 30.328 % median: 16.159 % 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: 4.753 % median: 3.33 % 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: 0.065 median: 0.043 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: 7.449 % median: 4.144 % BILI: 1.515 % low: -14.369 % |
|