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哔哩哔哩（BILI）与ROKU, INC（ROKU）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ROKU, INC的1.0倍（$1.3B vs $1.2B），哔哩哔哩净利率更高（6.0% vs -2.2%，领先8.2%），哔哩哔哩同比增速更快（26.2% vs -18.3%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs 13.6%）
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。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
BILI vs ROKU — 直观对比
营收规模更大
BILI
是对方的1.0倍
$1.2B
营收增速更快
BILI
高出44.4%
-18.3%
净利率更高
BILI
高出8.2%
-2.2%
两年增速更快
BILI
近两年复合增速
13.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $75.7M | $-27.4M |
| 毛利率 | 37.0% | 35.6% |
| 营业利润率 | 5.8% | 59.7% |
| 净利率 | 6.0% | -2.2% |
| 营收同比 | 26.2% | -18.3% |
| 净利润同比 | 143.0% | -361.0% |
| 每股收益（稀释后） | $1.14 | $0.57 |
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BILIROKU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $965.1M | $1.0B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $843.1M | $968.2M |
净利润BILIROKU
| Q1 26 | — | $-27.4M | ||
| Q4 25 | $75.7M | $80.5M | ||
| Q3 25 | $65.9M | $24.8M | ||
| Q2 25 | $30.5M | $10.5M | ||
| Q1 25 | $-1.5M | $-27.4M | ||
| Q4 24 | $-176.0M | $-35.5M | ||
| Q3 24 | $11.4M | $-9.0M | ||
| Q2 24 | $83.7M | $-34.0M |
毛利率BILIROKU
| Q1 26 | — | 35.6% | ||
| Q4 25 | 37.0% | 43.5% | ||
| Q3 25 | 36.7% | 43.4% | ||
| Q2 25 | 36.5% | 44.8% | ||
| Q1 25 | 36.3% | 43.6% | ||
| Q4 24 | 36.2% | 42.7% | ||
| Q3 24 | 34.9% | 45.2% | ||
| Q2 24 | 29.9% | 43.9% |
营业利润率BILIROKU
| Q1 26 | — | 59.7% | ||
| Q4 25 | 5.8% | 4.7% | ||
| Q3 25 | 4.6% | 0.8% | ||
| Q2 25 | 3.4% | -2.1% | ||
| Q1 25 | 0.2% | -5.7% | ||
| Q4 24 | -16.0% | -3.3% | ||
| Q3 24 | 0.9% | -3.4% | ||
| Q2 24 | 9.5% | -7.4% |
净利率BILIROKU
| Q1 26 | — | -2.2% | ||
| Q4 25 | 6.0% | 5.8% | ||
| Q3 25 | 6.1% | 2.0% | ||
| Q2 25 | 3.0% | 0.9% | ||
| Q1 25 | -0.2% | -2.7% | ||
| Q4 24 | -17.5% | -3.0% | ||
| Q3 24 | 1.1% | -0.9% | ||
| Q2 24 | 9.9% | -3.5% |
每股收益（稀释后）BILIROKU
| Q1 26 | — | $0.57 | ||
| Q4 25 | $1.14 | $0.55 | ||
| Q3 25 | $1.05 | $0.16 | ||
| Q2 25 | $0.51 | $0.07 | ||
| Q1 25 | $0.00 | $-0.19 | ||
| Q4 24 | $0.21 | $-0.24 | ||
| Q3 24 | $-0.03 | $-0.06 | ||
| Q2 24 | $-0.20 | $-0.24 |
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 | $2.4B |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $2.2B | $2.7B |
| 总资产 | $5.9B | $4.4B |
| 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BILIROKU
| Q1 26 | — | $2.4B | ||
| Q4 25 | $2.7B | $2.3B | ||
| Q3 25 | $2.4B | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | $1.9B | $2.3B | ||
| Q4 24 | $1.8B | $2.2B | ||
| Q3 24 | $11.7B | $2.1B | ||
| Q2 24 | — | $2.1B |
总债务BILIROKU
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $700.3M | — | ||
| Q4 24 | $662.5M | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | — | — |
股东权益BILIROKU
| Q1 26 | — | $2.7B | ||
| Q4 25 | $2.2B | $2.7B | ||
| Q3 25 | $2.1B | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | $2.0B | $2.5B | ||
| Q4 24 | $1.9B | $2.5B | ||
| Q3 24 | $13.7B | $2.5B | ||
| Q2 24 | — | $2.4B |
总资产BILIROKU
| Q1 26 | — | $4.4B | ||
| Q4 25 | $5.9B | $4.4B | ||
| Q3 25 | $5.6B | $4.4B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | $4.6B | $4.2B | ||
| Q4 24 | $4.5B | $4.3B | ||
| Q3 24 | $32.0B | $4.3B | ||
| Q2 24 | — | $4.1B |
负债/权益比BILIROKU
| Q1 26 | — | — | ||
| Q4 25 | 0.62× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | — | — |
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 | $199.1M |
| 自由现金流经营现金流 - 资本支出 | — | $298.4M |
| 自由现金流率自由现金流/营收 | — | 23.9% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 3.47× | — |
| 过去12个月自由现金流最近4个季度 | — | $640.0M |
8季度趋势，按日历期对齐
经营现金流BILIROKU
| Q1 26 | — | $199.1M | ||
| Q4 25 | $263.1M | $107.7M | ||
| Q3 25 | $283.2M | $127.6M | ||
| Q2 25 | $277.7M | $109.7M | ||
| Q1 25 | $179.4M | $138.7M | ||
| Q4 24 | $191.9M | $79.3M | ||
| Q3 24 | $2.2B | $68.7M | ||
| Q2 24 | — | $23.4M |
自由现金流BILIROKU
| Q1 26 | — | $298.4M | ||
| Q4 25 | — | $106.6M | ||
| Q3 25 | — | $126.5M | ||
| Q2 25 | — | $108.6M | ||
| Q1 25 | $174.5M | $136.8M | ||
| Q4 24 | — | $76.8M | ||
| Q3 24 | — | $67.6M | ||
| Q2 24 | — | $22.5M |
自由现金流率BILIROKU
| Q1 26 | — | 23.9% | ||
| Q4 25 | — | 7.6% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 9.8% | ||
| Q1 25 | 18.1% | 13.4% | ||
| Q4 24 | — | 6.4% | ||
| Q3 24 | — | 6.4% | ||
| Q2 24 | — | 2.3% |
资本支出强度BILIROKU
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | 0.5% | 0.2% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.1% |
现金转化率BILIROKU
| Q1 26 | — | — | ||
| Q4 25 | 3.47× | 1.34× | ||
| Q3 25 | 4.30× | 5.14× | ||
| Q2 25 | 9.11× | 10.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 195.23× | — | ||
| Q2 24 | — | — |
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% |
ROKU
| Advertising | $612.7M | 49% |
| Subscriptions | $518.5M | 42% |
| Devices | $117.6M | 9% |
