vs
奥多比（ADBE）与罗布乐思（RBLX）财务数据对比。点击上方公司名可切换其他公司
奥多比的季度营收约是罗布乐思的4.5倍（$6.4B vs $1.4B）。奥多比净利率更高（29.5% vs -22.3%，领先51.9%）。罗布乐思同比增速更快（43.2% vs 12.0%）。奥多比自由现金流更多（$2.9B vs $308.6M）。过去两年罗布乐思的营收复合增速更高（32.9% vs 9.8%）
奥多比（Adobe Inc.）前身为奥多比系统公司，是总部位于美国加利福尼亚州圣何塞的跨国计算机软件企业。旗下产品覆盖网页设计、图像处理、矢量创作、音视频编辑、移动应用开发、印刷排版、动画制作等多个领域，是全球领先的数字创意软件服务商。
罗布乐思（Roblox Corporation）是总部位于美国加利福尼亚州圣马特奥的游戏企业，由大卫·巴斯祖奇与埃里克·卡塞尔于2004年共同创立。公司核心产品为同名线上游戏创作平台Roblox，于2006年正式上线，截至2024年12月底全球员工规模已超2400人。
ADBE vs RBLX — 直观对比
营收规模更大
ADBE
是对方的4.5倍
$1.4B
营收增速更快
RBLX
高出31.2%
12.0%
净利率更高
ADBE
高出51.9%
-22.3%
自由现金流更多
ADBE
多$2.6B
$308.6M
两年增速更快
RBLX
近两年复合增速
9.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $1.4B |
| 净利润 | $1.9B | $-316.0M |
| 毛利率 | 89.6% | 77.7% |
| 营业利润率 | 37.8% | -25.3% |
| 净利率 | 29.5% | -22.3% |
| 营收同比 | 12.0% | 43.2% |
| 净利润同比 | 4.3% | -43.9% |
| 每股收益（稀释后） | $4.60 | $-0.44 |
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ADBERBLX
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $1.4B | ||
| Q3 25 | $6.0B | $1.4B | ||
| Q2 25 | $5.9B | $1.1B | ||
| Q1 25 | $5.7B | $1.0B | ||
| Q4 24 | $5.6B | $988.2M | ||
| Q3 24 | $5.4B | $919.0M | ||
| Q2 24 | $5.3B | $893.5M |
净利润ADBERBLX
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $-316.0M | ||
| Q3 25 | $1.8B | $-255.6M | ||
| Q2 25 | $1.7B | $-278.4M | ||
| Q1 25 | $1.8B | $-215.1M | ||
| Q4 24 | $1.7B | $-219.6M | ||
| Q3 24 | $1.7B | $-239.3M | ||
| Q2 24 | $1.6B | $-205.9M |
毛利率ADBERBLX
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 77.7% | ||
| Q3 25 | 89.3% | 78.2% | ||
| Q2 25 | 89.1% | 78.2% | ||
| Q1 25 | 89.1% | 78.3% | ||
| Q4 24 | 89.0% | 77.9% | ||
| Q3 24 | 89.8% | 77.7% | ||
| Q2 24 | 88.7% | 77.8% |
营业利润率ADBERBLX
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | -25.3% | ||
| Q3 25 | 36.3% | -21.8% | ||
| Q2 25 | 35.9% | -29.8% | ||
| Q1 25 | 37.9% | -24.6% | ||
| Q4 24 | 34.9% | -24.7% | ||
| Q3 24 | 36.8% | -30.4% | ||
| Q2 24 | 35.5% | -26.6% |
净利率ADBERBLX
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | -22.3% | ||
| Q3 25 | 29.6% | -18.8% | ||
| Q2 25 | 28.8% | -25.8% | ||
| Q1 25 | 31.7% | -20.8% | ||
| Q4 24 | 30.0% | -22.2% | ||
| Q3 24 | 31.1% | -26.0% | ||
| Q2 24 | 29.6% | -23.0% |
每股收益（稀释后）ADBERBLX
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $-0.44 | ||
| Q3 25 | $4.18 | $-0.37 | ||
| Q2 25 | $3.94 | $-0.41 | ||
| Q1 25 | $4.14 | $-0.32 | ||
| Q4 24 | $3.75 | $-0.32 | ||
| Q3 24 | $3.76 | $-0.37 | ||
| Q2 24 | $3.49 | $-0.32 |
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 | $6.9B | $3.1B |
| 总债务越低越好 | $5.4B | $1.2B |
| 股东权益账面价值 | $11.4B | $394.5M |
| 总资产 | $29.7B | $9.6B |
| 负债/权益比越低杠杆越低 | 0.47× | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资ADBERBLX
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $3.1B | ||
| Q3 25 | $5.9B | $2.9B | ||
| Q2 25 | $5.7B | $2.6B | ||
| Q1 25 | $7.4B | $2.7B | ||
| Q4 24 | $7.9B | $2.4B | ||
| Q3 24 | $7.5B | $2.3B | ||
| Q2 24 | $8.1B | $2.4B |
总债务ADBERBLX
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | $1.2B | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.2B | — | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $4.1B | $1.2B | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
股东权益ADBERBLX
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $394.5M | ||
| Q3 25 | $11.8B | $407.6M | ||
| Q2 25 | $11.4B | $353.2M | ||
| Q1 25 | $13.1B | $310.7M | ||
| Q4 24 | $14.1B | $221.4M | ||
| Q3 24 | $14.5B | $189.9M | ||
| Q2 24 | $14.8B | $121.5M |
总资产ADBERBLX
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $9.6B | ||
| Q3 25 | $28.8B | $8.6B | ||
| Q2 25 | $28.1B | $7.8B | ||
| Q1 25 | $30.0B | $7.5B | ||
| Q4 24 | $30.2B | $7.2B | ||
| Q3 24 | $29.8B | $6.7B | ||
| Q2 24 | $30.0B | $6.5B |
负债/权益比ADBERBLX
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | 2.98× | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.29× | 5.48× | ||
| Q3 24 | 0.28× | — | ||
| Q2 24 | 0.28× | — |
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 | $3.0B | $607.0M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $308.6M |
| 自由现金流率自由现金流/营收 | 45.7% | 21.8% |
| 资本支出强度资本支出/营收 | 0.6% | 21.1% |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $10.3B | $1.4B |
8季度趋势，按日历期对齐
经营现金流ADBERBLX
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $607.0M | ||
| Q3 25 | $2.2B | $546.2M | ||
| Q2 25 | $2.2B | $199.3M | ||
| Q1 25 | $2.5B | $443.9M | ||
| Q4 24 | — | $184.5M | ||
| Q3 24 | $2.0B | $247.4M | ||
| Q2 24 | $1.9B | $151.4M |
自由现金流ADBERBLX
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $308.6M | ||
| Q3 25 | $2.1B | $443.6M | ||
| Q2 25 | $2.1B | $176.7M | ||
| Q1 25 | $2.5B | $426.5M | ||
| Q4 24 | — | $120.6M | ||
| Q3 24 | $2.0B | $218.0M | ||
| Q2 24 | $1.9B | $111.7M |
自由现金流率ADBERBLX
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 21.8% | ||
| Q3 25 | 35.5% | 32.6% | ||
| Q2 25 | 36.5% | 16.3% | ||
| Q1 25 | 43.0% | 41.2% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | 36.3% | 23.7% | ||
| Q2 24 | 35.8% | 12.5% |
资本支出强度ADBERBLX
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 21.1% | ||
| Q3 25 | 1.2% | 7.5% | ||
| Q2 25 | 0.8% | 2.1% | ||
| Q1 25 | 0.5% | 1.7% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | 1.1% | 3.2% | ||
| Q2 24 | 0.8% | 4.4% |
现金转化率ADBERBLX
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.23× | — |
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
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 1% |
RBLX
暂无分部数据
