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Cboe Global Markets（CBOE）与ROKU, INC（ROKU）财务数据对比。点击上方公司名可切换其他公司
ROKU, INC的季度营收约是Cboe Global Markets的1.0倍（$1.2B vs $1.2B），Cboe Global Markets净利率更高（26.0% vs -2.2%，领先28.2%），Cboe Global Markets同比增速更快（8.7% vs -18.3%），Cboe Global Markets自由现金流更多（$332.1M vs $298.4M），过去两年ROKU, INC的营收复合增速更高（13.6% vs 12.2%）
Cboe Global Markets是总部位于美国芝加哥的金融交易所运营集团，旗下拥有并运营多类交易所及交易场所，业务覆盖股票、期权、期货、数字资产等多个交易领域，为全球市场参与者提供专业交易服务支持。
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。
CBOE vs ROKU — 直观对比
营收规模更大
ROKU
是对方的1.0倍
$1.2B
营收增速更快
CBOE
高出27.0%
-18.3%
净利率更高
CBOE
高出28.2%
-2.2%
自由现金流更多
CBOE
多$33.7M
$298.4M
两年增速更快
ROKU
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $313.5M | $-27.4M |
| 毛利率 | 55.7% | 35.6% |
| 营业利润率 | 33.5% | 59.7% |
| 净利率 | 26.0% | -2.2% |
| 营收同比 | 8.7% | -18.3% |
| 净利润同比 | 59.5% | -361.0% |
| 每股收益（稀释后） | $2.97 | $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CBOEROKU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $974.0M | $968.2M |
净利润CBOEROKU
| Q1 26 | — | $-27.4M | ||
| Q4 25 | $313.5M | $80.5M | ||
| Q3 25 | $300.8M | $24.8M | ||
| Q2 25 | $235.1M | $10.5M | ||
| Q1 25 | $250.6M | $-27.4M | ||
| Q4 24 | $196.5M | $-35.5M | ||
| Q3 24 | $218.5M | $-9.0M | ||
| Q2 24 | $140.4M | $-34.0M |
毛利率CBOEROKU
| Q1 26 | — | 35.6% | ||
| Q4 25 | 55.7% | 43.5% | ||
| Q3 25 | 53.0% | 43.4% | ||
| Q2 25 | 50.0% | 44.8% | ||
| Q1 25 | 47.3% | 43.6% | ||
| Q4 24 | 47.4% | 42.7% | ||
| Q3 24 | 50.4% | 45.2% | ||
| Q2 24 | 52.8% | 43.9% |
营业利润率CBOEROKU
| Q1 26 | — | 59.7% | ||
| Q4 25 | 33.5% | 4.7% | ||
| Q3 25 | 32.4% | 0.8% | ||
| Q2 25 | 28.9% | -2.1% | ||
| Q1 25 | 29.6% | -5.7% | ||
| Q4 24 | 27.0% | -3.3% | ||
| Q3 24 | 29.1% | -3.4% | ||
| Q2 24 | 21.6% | -7.4% |
净利率CBOEROKU
| Q1 26 | — | -2.2% | ||
| Q4 25 | 26.0% | 5.8% | ||
| Q3 25 | 26.3% | 2.0% | ||
| Q2 25 | 20.0% | 0.9% | ||
| Q1 25 | 21.0% | -2.7% | ||
| Q4 24 | 17.7% | -3.0% | ||
| Q3 24 | 20.7% | -0.9% | ||
| Q2 24 | 14.4% | -3.5% |
每股收益（稀释后）CBOEROKU
| Q1 26 | — | $0.57 | ||
| Q4 25 | $2.97 | $0.55 | ||
| Q3 25 | $2.85 | $0.16 | ||
| Q2 25 | $2.23 | $0.07 | ||
| Q1 25 | $2.37 | $-0.19 | ||
| Q4 24 | $1.85 | $-0.24 | ||
| Q3 24 | $2.07 | $-0.06 | ||
| Q2 24 | $1.33 | $-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 | $2.3B | $2.4B |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $5.1B | $2.7B |
| 总资产 | $9.3B | $4.4B |
| 负债/权益比越低杠杆越低 | 0.28× | — |
8季度趋势，按日历期对齐
现金及短期投资CBOEROKU
| Q1 26 | — | $2.4B | ||
| Q4 25 | $2.3B | $2.3B | ||
| Q3 25 | $1.5B | $2.3B | ||
| Q2 25 | $1.5B | $2.3B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.0B | $2.2B | ||
| Q3 24 | $763.2M | $2.1B | ||
| Q2 24 | $698.3M | $2.1B |
总债务CBOEROKU
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
股东权益CBOEROKU
| Q1 26 | — | $2.7B | ||
| Q4 25 | $5.1B | $2.7B | ||
| Q3 25 | $4.9B | $2.6B | ||
| Q2 25 | $4.7B | $2.6B | ||
| Q1 25 | $4.5B | $2.5B | ||
| Q4 24 | $4.3B | $2.5B | ||
| Q3 24 | $4.2B | $2.5B | ||
| Q2 24 | $4.0B | $2.4B |
总资产CBOEROKU
| Q1 26 | — | $4.4B | ||
| Q4 25 | $9.3B | $4.4B | ||
| Q3 25 | $9.1B | $4.4B | ||
| Q2 25 | $9.0B | $4.3B | ||
| Q1 25 | $8.7B | $4.2B | ||
| Q4 24 | $7.8B | $4.3B | ||
| Q3 24 | $8.7B | $4.3B | ||
| Q2 24 | $9.3B | $4.1B |
负债/权益比CBOEROKU
| Q1 26 | — | — | ||
| Q4 25 | 0.28× | — | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 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 | $352.1M | $199.1M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $298.4M |
| 自由现金流率自由现金流/营收 | 27.6% | 23.9% |
| 资本支出强度资本支出/营收 | 1.7% | — |
| 现金转化率经营现金流/净利润 | 1.12× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $640.0M |
8季度趋势，按日历期对齐
经营现金流CBOEROKU
| Q1 26 | — | $199.1M | ||
| Q4 25 | $352.1M | $107.7M | ||
| Q3 25 | $153.9M | $127.6M | ||
| Q2 25 | $333.7M | $109.7M | ||
| Q1 25 | $912.9M | $138.7M | ||
| Q4 24 | $-710.4M | $79.3M | ||
| Q3 24 | $-578.5M | $68.7M | ||
| Q2 24 | $1.5B | $23.4M |
自由现金流CBOEROKU
| Q1 26 | — | $298.4M | ||
| Q4 25 | $332.1M | $106.6M | ||
| Q3 25 | $137.9M | $126.5M | ||
| Q2 25 | $313.4M | $108.6M | ||
| Q1 25 | $898.2M | $136.8M | ||
| Q4 24 | $-734.2M | $76.8M | ||
| Q3 24 | $-590.5M | $67.6M | ||
| Q2 24 | $1.5B | $22.5M |
自由现金流率CBOEROKU
| Q1 26 | — | 23.9% | ||
| Q4 25 | 27.6% | 7.6% | ||
| Q3 25 | 12.1% | 10.4% | ||
| Q2 25 | 26.7% | 9.8% | ||
| Q1 25 | 75.2% | 13.4% | ||
| Q4 24 | -66.3% | 6.4% | ||
| Q3 24 | -55.9% | 6.4% | ||
| Q2 24 | 151.6% | 2.3% |
资本支出强度CBOEROKU
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 0.1% | ||
| Q3 25 | 1.4% | 0.1% | ||
| Q2 25 | 1.7% | 0.1% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 2.1% | 0.2% | ||
| Q3 24 | 1.1% | 0.1% | ||
| Q2 24 | 1.8% | 0.1% |
现金转化率CBOEROKU
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | 1.34× | ||
| Q3 25 | 0.51× | 5.14× | ||
| Q2 25 | 1.42× | 10.45× | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | — | ||
| Q2 24 | 10.64× | — |
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
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
ROKU
| Advertising | $612.7M | 49% |
| Subscriptions | $518.5M | 42% |
| Devices | $117.6M | 9% |
