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哔哩哔哩（BILI）与越洋钻探（RIG）财务数据对比。点击上方公司名可切换其他公司
哔哩哔哩的季度营收约是越洋钻探的1.2倍（$1.3B vs $1.0B），哔哩哔哩净利率更高（6.0% vs 2.4%，领先3.6%），哔哩哔哩同比增速更快（26.2% vs 9.6%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs 16.9%）
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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
BILI vs RIG — 直观对比
营收规模更大
BILI
是对方的1.2倍
$1.0B
营收增速更快
BILI
高出16.6%
9.6%
净利率更高
BILI
高出3.6%
2.4%
两年增速更快
BILI
近两年复合增速
16.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.0B |
| 净利润 | $75.7M | $25.0M |
| 毛利率 | 37.0% | 42.0% |
| 营业利润率 | 5.8% | 23.0% |
| 净利率 | 6.0% | 2.4% |
| 营收同比 | 26.2% | 9.6% |
| 净利润同比 | 143.0% | 257.1% |
| 每股收益（稀释后） | $1.14 | $0.13 |
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BILIRIG
| Q4 25 | $1.3B | $1.0B | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $1.0B | $988.0M | ||
| Q1 25 | $965.1M | $906.0M | ||
| Q4 24 | $1.0B | $952.0M | ||
| Q3 24 | $1.0B | $948.0M | ||
| Q2 24 | $843.1M | $861.0M | ||
| Q1 24 | $784.5M | $763.0M |
净利润BILIRIG
| Q4 25 | $75.7M | $25.0M | ||
| Q3 25 | $65.9M | $-1.9B | ||
| Q2 25 | $30.5M | $-938.0M | ||
| Q1 25 | $-1.5M | $-79.0M | ||
| Q4 24 | $-176.0M | $7.0M | ||
| Q3 24 | $11.4M | $-494.0M | ||
| Q2 24 | $83.7M | $-123.0M | ||
| Q1 24 | $-105.9M | $98.0M |
毛利率BILIRIG
| Q4 25 | 37.0% | 42.0% | ||
| Q3 25 | 36.7% | 43.2% | ||
| Q2 25 | 36.5% | 39.4% | ||
| Q1 25 | 36.3% | 31.8% | ||
| Q4 24 | 36.2% | 39.2% | ||
| Q3 24 | 34.9% | 40.6% | ||
| Q2 24 | 29.9% | 38.0% | ||
| Q1 24 | 28.3% | 31.5% |
营业利润率BILIRIG
| Q4 25 | 5.8% | 23.0% | ||
| Q3 25 | 4.6% | -163.1% | ||
| Q2 25 | 3.4% | -97.6% | ||
| Q1 25 | 0.2% | 7.1% | ||
| Q4 24 | -16.0% | 13.7% | ||
| Q3 24 | 0.9% | -51.2% | ||
| Q2 24 | 9.5% | -6.9% | ||
| Q1 24 | -14.5% | -0.4% |
净利率BILIRIG
| Q4 25 | 6.0% | 2.4% | ||
| Q3 25 | 6.1% | -187.1% | ||
| Q2 25 | 3.0% | -94.9% | ||
| Q1 25 | -0.2% | -8.7% | ||
| Q4 24 | -17.5% | 0.7% | ||
| Q3 24 | 1.1% | -52.1% | ||
| Q2 24 | 9.9% | -14.3% | ||
| Q1 24 | -13.5% | 12.8% |
每股收益（稀释后）BILIRIG
| Q4 25 | $1.14 | $0.13 | ||
| Q3 25 | $1.05 | $-2.00 | ||
| Q2 25 | $0.51 | $-1.06 | ||
| Q1 25 | $0.00 | $-0.11 | ||
| Q4 24 | $0.21 | $-0.14 | ||
| Q3 24 | $-0.03 | $-0.58 | ||
| Q2 24 | $-0.20 | $-0.15 | ||
| Q1 24 | $-1.80 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | $1.4B | $5.2B |
| 股东权益账面价值 | $2.2B | $8.1B |
| 总资产 | $5.9B | $15.6B |
| 负债/权益比越低杠杆越低 | 0.62× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资BILIRIG
| Q4 25 | $2.7B | $620.0M | ||
| Q3 25 | $2.4B | $833.0M | ||
| Q2 25 | — | $377.0M | ||
| Q1 25 | $1.9B | $263.0M | ||
| Q4 24 | $1.8B | $560.0M | ||
| Q3 24 | $11.7B | $435.0M | ||
| Q2 24 | — | $475.0M | ||
| Q1 24 | $1.1B | $446.0M |
总债务BILIRIG
| Q4 25 | $1.4B | $5.2B | ||
| Q3 25 | $1.4B | $4.8B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | $700.3M | $5.9B | ||
| Q4 24 | $662.5M | $6.2B | ||
| Q3 24 | $4.3B | $6.5B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | $684.5M | $6.8B |
股东权益BILIRIG
| Q4 25 | $2.2B | $8.1B | ||
| Q3 25 | $2.1B | $8.1B | ||
| Q2 25 | — | $9.4B | ||
| Q1 25 | $2.0B | $10.2B | ||
| Q4 24 | $1.9B | $10.3B | ||
| Q3 24 | $13.7B | $10.2B | ||
| Q2 24 | — | $10.7B | ||
| Q1 24 | $1.9B | $10.5B |
总资产BILIRIG
| Q4 25 | $5.9B | $15.6B | ||
| Q3 25 | $5.6B | $16.2B | ||
| Q2 25 | — | $17.8B | ||
| Q1 25 | $4.6B | $19.0B | ||
| Q4 24 | $4.5B | $19.4B | ||
| Q3 24 | $32.0B | $19.5B | ||
| Q2 24 | — | $20.3B | ||
| Q1 24 | $4.2B | $19.9B |
负债/权益比BILIRIG
| Q4 25 | 0.62× | 0.64× | ||
| Q3 25 | 0.65× | 0.60× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | 0.35× | 0.58× | ||
| Q4 24 | 0.34× | 0.60× | ||
| Q3 24 | 0.31× | 0.64× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | 0.36× | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | — | $321.0M |
| 自由现金流率自由现金流/营收 | — | 30.8% |
| 资本支出强度资本支出/营收 | — | 2.7% |
| 现金转化率经营现金流/净利润 | 3.47× | 13.96× |
| 过去12个月自由现金流最近4个季度 | — | $626.0M |
8季度趋势，按日历期对齐
经营现金流BILIRIG
| Q4 25 | $263.1M | $349.0M | ||
| Q3 25 | $283.2M | $246.0M | ||
| Q2 25 | $277.7M | $128.0M | ||
| Q1 25 | $179.4M | $26.0M | ||
| Q4 24 | $191.9M | $206.0M | ||
| Q3 24 | $2.2B | $194.0M | ||
| Q2 24 | — | $133.0M | ||
| Q1 24 | $88.3M | $-86.0M |
自由现金流BILIRIG
| Q4 25 | — | $321.0M | ||
| Q3 25 | — | $235.0M | ||
| Q2 25 | — | $104.0M | ||
| Q1 25 | $174.5M | $-34.0M | ||
| Q4 24 | — | $177.0M | ||
| Q3 24 | — | $136.0M | ||
| Q2 24 | — | $49.0M | ||
| Q1 24 | — | $-169.0M |
自由现金流率BILIRIG
| Q4 25 | — | 30.8% | ||
| Q3 25 | — | 22.9% | ||
| Q2 25 | — | 10.5% | ||
| Q1 25 | 18.1% | -3.8% | ||
| Q4 24 | — | 18.6% | ||
| Q3 24 | — | 14.3% | ||
| Q2 24 | — | 5.7% | ||
| Q1 24 | — | -22.1% |
资本支出强度BILIRIG
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | 0.5% | 6.6% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 6.1% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | — | 10.9% |
现金转化率BILIRIG
| Q4 25 | 3.47× | 13.96× | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 9.11× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 29.43× | ||
| Q3 24 | 195.23× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
