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哔哩哔哩（BILI）与Masco（MAS）财务数据对比。点击上方公司名可切换其他公司
Masco的季度营收约是哔哩哔哩的1.4倍（$1.8B vs $1.3B），Masco净利率更高（9.2% vs 6.0%，领先3.2%），哔哩哔哩同比增速更快（26.2% vs -1.9%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs -3.5%）
哔哩哔哩（常被网友称为“B站”）是总部位于上海的中国知名在线视频平台，用户可在平台上传、观看各类视频内容，还能发送实时弹幕与其他观众互动，是国内深受年轻群体喜爱的文化社区。
美国家居建材企业Masco主营家装及新建住宅市场相关产品，旗下拥有20余家子公司，在全球运营近80座生产工厂，其中美国本土近60座，海外地区超20座。公司1969年于纽交所挂牌上市，后实现快速增长，成功跻身美国财富500强榜单。
BILI vs MAS — 直观对比
营收规模更大
MAS
是对方的1.4倍
$1.3B
营收增速更快
BILI
高出28.1%
-1.9%
净利率更高
MAS
高出3.2%
6.0%
两年增速更快
BILI
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.8B |
| 净利润 | $75.7M | $165.0M |
| 毛利率 | 37.0% | 33.9% |
| 营业利润率 | 5.8% | 13.8% |
| 净利率 | 6.0% | 9.2% |
| 营收同比 | 26.2% | -1.9% |
| 净利润同比 | 143.0% | -9.3% |
| 每股收益（稀释后） | $1.14 | $0.81 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BILIMAS
| Q4 25 | $1.3B | $1.8B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $1.0B | $2.1B | ||
| Q1 25 | $965.1M | $1.8B | ||
| Q4 24 | $1.0B | $1.8B | ||
| Q3 24 | $1.0B | $2.0B | ||
| Q2 24 | $843.1M | $2.1B | ||
| Q1 24 | $784.5M | $1.9B |
净利润BILIMAS
| Q4 25 | $75.7M | $165.0M | ||
| Q3 25 | $65.9M | $189.0M | ||
| Q2 25 | $30.5M | $270.0M | ||
| Q1 25 | $-1.5M | $186.0M | ||
| Q4 24 | $-176.0M | $182.0M | ||
| Q3 24 | $11.4M | $167.0M | ||
| Q2 24 | $83.7M | $258.0M | ||
| Q1 24 | $-105.9M | $215.0M |
毛利率BILIMAS
| Q4 25 | 37.0% | 33.9% | ||
| Q3 25 | 36.7% | 34.2% | ||
| Q2 25 | 36.5% | 37.6% | ||
| Q1 25 | 36.3% | 35.8% | ||
| Q4 24 | 36.2% | 34.8% | ||
| Q3 24 | 34.9% | 36.6% | ||
| Q2 24 | 29.9% | 37.5% | ||
| Q1 24 | 28.3% | 35.6% |
营业利润率BILIMAS
| Q4 25 | 5.8% | 13.8% | ||
| Q3 25 | 4.6% | 15.8% | ||
| Q2 25 | 3.4% | 20.1% | ||
| Q1 25 | 0.2% | 15.9% | ||
| Q4 24 | -16.0% | 15.9% | ||
| Q3 24 | 0.9% | 18.0% | ||
| Q2 24 | 9.5% | 19.0% | ||
| Q1 24 | -14.5% | 16.5% |
净利率BILIMAS
| Q4 25 | 6.0% | 9.2% | ||
| Q3 25 | 6.1% | 9.9% | ||
| Q2 25 | 3.0% | 13.2% | ||
| Q1 25 | -0.2% | 10.3% | ||
| Q4 24 | -17.5% | 10.0% | ||
| Q3 24 | 1.1% | 8.4% | ||
| Q2 24 | 9.9% | 12.3% | ||
| Q1 24 | -13.5% | 11.2% |
每股收益（稀释后）BILIMAS
| Q4 25 | $1.14 | $0.81 | ||
| Q3 25 | $1.05 | $0.90 | ||
| Q2 25 | $0.51 | $1.28 | ||
| Q1 25 | $0.00 | $0.87 | ||
| Q4 24 | $0.21 | $0.85 | ||
| Q3 24 | $-0.03 | $0.77 | ||
| Q2 24 | $-0.20 | $1.17 | ||
| Q1 24 | $-1.80 | $0.97 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.7B | $647.0M |
| 总债务越低越好 | $1.4B | $2.9B |
| 股东权益账面价值 | $2.2B | $-185.0M |
| 总资产 | $5.9B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.62× | — |
8季度趋势，按日历期对齐
现金及短期投资BILIMAS
| Q4 25 | $2.7B | $647.0M | ||
| Q3 25 | $2.4B | $559.0M | ||
| Q2 25 | — | $390.0M | ||
| Q1 25 | $1.9B | $377.0M | ||
| Q4 24 | $1.8B | $634.0M | ||
| Q3 24 | $11.7B | $646.0M | ||
| Q2 24 | — | $398.0M | ||
| Q1 24 | $1.1B | $368.0M |
总债务BILIMAS
| Q4 25 | $1.4B | $2.9B | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $700.3M | — | ||
| Q4 24 | $662.5M | $2.9B | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $684.5M | — |
股东权益BILIMAS
| Q4 25 | $2.2B | $-185.0M | ||
| Q3 25 | $2.1B | $-78.0M | ||
| Q2 25 | — | $-84.0M | ||
| Q1 25 | $2.0B | $-254.0M | ||
| Q4 24 | $1.9B | $-279.0M | ||
| Q3 24 | $13.7B | $-88.0M | ||
| Q2 24 | — | $-26.0M | ||
| Q1 24 | $1.9B | $-75.0M |
总资产BILIMAS
| Q4 25 | $5.9B | $5.2B | ||
| Q3 25 | $5.6B | $5.3B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | $4.6B | $5.1B | ||
| Q4 24 | $4.5B | $5.0B | ||
| Q3 24 | $32.0B | $5.3B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | $4.2B | $5.3B |
负债/权益比BILIMAS
| Q4 25 | 0.62× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.36× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $263.1M | $418.0M |
| 自由现金流经营现金流 - 资本支出 | — | $371.0M |
| 自由现金流率自由现金流/营收 | — | 20.7% |
| 资本支出强度资本支出/营收 | — | 2.6% |
| 现金转化率经营现金流/净利润 | 3.47× | 2.53× |
| 过去12个月自由现金流最近4个季度 | — | $866.0M |
8季度趋势，按日历期对齐
经营现金流BILIMAS
| Q4 25 | $263.1M | $418.0M | ||
| Q3 25 | $283.2M | $456.0M | ||
| Q2 25 | $277.7M | $306.0M | ||
| Q1 25 | $179.4M | $-158.0M | ||
| Q4 24 | $191.9M | $407.0M | ||
| Q3 24 | $2.2B | $416.0M | ||
| Q2 24 | — | $346.0M | ||
| Q1 24 | $88.3M | $-94.0M |
自由现金流BILIMAS
| Q4 25 | — | $371.0M | ||
| Q3 25 | — | $415.0M | ||
| Q2 25 | — | $270.0M | ||
| Q1 25 | $174.5M | $-190.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $378.0M | ||
| Q2 24 | — | $303.0M | ||
| Q1 24 | — | $-125.0M |
自由现金流率BILIMAS
| Q4 25 | — | 20.7% | ||
| Q3 25 | — | 21.6% | ||
| Q2 25 | — | 13.2% | ||
| Q1 25 | 18.1% | -10.5% | ||
| Q4 24 | — | 19.2% | ||
| Q3 24 | — | 19.1% | ||
| Q2 24 | — | 14.5% | ||
| Q1 24 | — | -6.5% |
资本支出强度BILIMAS
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | 0.5% | 1.8% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 1.6% |
现金转化率BILIMAS
| Q4 25 | 3.47× | 2.53× | ||
| Q3 25 | 4.30× | 2.41× | ||
| Q2 25 | 9.11× | 1.13× | ||
| Q1 25 | — | -0.85× | ||
| Q4 24 | — | 2.24× | ||
| Q3 24 | 195.23× | 2.49× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | -0.44× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BILI
| Value-added services (VAS) | $466.4M | 37% |
| Advertising | $435.0M | 34% |
| Mobile games | $220.3M | 17% |
| Other | $80.8M | 6% |
| IP derivatives and others | $68.2M | 5% |
MAS
| Plumbing Products | $844.0M | 47% |
| Decorative Architectural Products | $545.0M | 30% |
| Other | $404.0M | 23% |
