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塞拉尼斯（CE）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
塞拉尼斯的季度营收约是罗布乐思的1.6倍（$2.2B vs $1.4B），塞拉尼斯净利率更高（0.6% vs -22.3%，领先23.0%），罗布乐思同比增速更快（43.2% vs -7.0%），罗布乐思自由现金流更多（$308.6M vs $168.0M），过去两年罗布乐思的营收复合增速更高（32.9% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
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。
CE vs RBLX — 直观对比
营收规模更大
CE
是对方的1.6倍
$1.4B
营收增速更快
RBLX
高出50.2%
-7.0%
净利率更高
CE
高出23.0%
-22.3%
自由现金流更多
RBLX
多$140.6M
$168.0M
两年增速更快
RBLX
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $14.0M | $-316.0M |
| 毛利率 | 19.1% | 77.7% |
| 营业利润率 | 4.0% | -25.3% |
| 净利率 | 0.6% | -22.3% |
| 营收同比 | -7.0% | 43.2% |
| 净利润同比 | 100.7% | -43.9% |
| 每股收益（稀释后） | $0.13 | $-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CERBLX
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.4B | $1.4B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.4B | $1.0B | ||
| Q4 24 | $2.4B | $988.2M | ||
| Q3 24 | $2.6B | $919.0M | ||
| Q2 24 | $2.7B | $893.5M | ||
| Q1 24 | $2.6B | $801.3M |
净利润CERBLX
| Q4 25 | $14.0M | $-316.0M | ||
| Q3 25 | $-1.4B | $-255.6M | ||
| Q2 25 | $199.0M | $-278.4M | ||
| Q1 25 | $-21.0M | $-215.1M | ||
| Q4 24 | $-1.9B | $-219.6M | ||
| Q3 24 | $116.0M | $-239.3M | ||
| Q2 24 | $155.0M | $-205.9M | ||
| Q1 24 | $121.0M | $-270.6M |
毛利率CERBLX
| Q4 25 | 19.1% | 77.7% | ||
| Q3 25 | 21.5% | 78.2% | ||
| Q2 25 | 21.1% | 78.2% | ||
| Q1 25 | 19.9% | 78.3% | ||
| Q4 24 | 22.7% | 77.9% | ||
| Q3 24 | 23.5% | 77.7% | ||
| Q2 24 | 24.2% | 77.8% | ||
| Q1 24 | 21.2% | 77.7% |
营业利润率CERBLX
| Q4 25 | 4.0% | -25.3% | ||
| Q3 25 | -52.7% | -21.8% | ||
| Q2 25 | 9.2% | -29.8% | ||
| Q1 25 | 7.0% | -24.6% | ||
| Q4 24 | -59.3% | -24.7% | ||
| Q3 24 | 9.4% | -30.4% | ||
| Q2 24 | 9.4% | -26.6% | ||
| Q1 24 | 8.0% | -37.7% |
净利率CERBLX
| Q4 25 | 0.6% | -22.3% | ||
| Q3 25 | -56.1% | -18.8% | ||
| Q2 25 | 7.9% | -25.8% | ||
| Q1 25 | -0.9% | -20.8% | ||
| Q4 24 | -80.8% | -22.2% | ||
| Q3 24 | 4.4% | -26.0% | ||
| Q2 24 | 5.8% | -23.0% | ||
| Q1 24 | 4.6% | -33.8% |
每股收益（稀释后）CERBLX
| Q4 25 | $0.13 | $-0.44 | ||
| Q3 25 | $-12.39 | $-0.37 | ||
| Q2 25 | $1.81 | $-0.41 | ||
| Q1 25 | $-0.19 | $-0.32 | ||
| Q4 24 | $-17.50 | $-0.32 | ||
| Q3 24 | $1.06 | $-0.37 | ||
| Q2 24 | $1.41 | $-0.32 | ||
| Q1 24 | $1.10 | $-0.43 |
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 | — | $3.1B |
| 总债务越低越好 | $11.4B | $1.2B |
| 股东权益账面价值 | $4.0B | $394.5M |
| 总资产 | $21.7B | $9.6B |
| 负债/权益比越低杠杆越低 | 2.81× | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资CERBLX
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
总债务CERBLX
| Q4 25 | $11.4B | $1.2B | ||
| Q3 25 | $11.7B | — | ||
| Q2 25 | $12.7B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $11.1B | $1.2B | ||
| Q3 24 | $11.3B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.0B | — |
股东权益CERBLX
| Q4 25 | $4.0B | $394.5M | ||
| Q3 25 | $4.0B | $407.6M | ||
| Q2 25 | $5.3B | $353.2M | ||
| Q1 25 | $5.2B | $310.7M | ||
| Q4 24 | $5.2B | $221.4M | ||
| Q3 24 | $7.3B | $189.9M | ||
| Q2 24 | $7.2B | $121.5M | ||
| Q1 24 | $7.1B | $71.6M |
总资产CERBLX
| Q4 25 | $21.7B | $9.6B | ||
| Q3 25 | $22.2B | $8.6B | ||
| Q2 25 | $23.7B | $7.8B | ||
| Q1 25 | $23.2B | $7.5B | ||
| Q4 24 | $22.9B | $7.2B | ||
| Q3 24 | $25.9B | $6.7B | ||
| Q2 24 | $25.8B | $6.5B | ||
| Q1 24 | $26.0B | $6.3B |
负债/权益比CERBLX
| Q4 25 | 2.81× | 2.98× | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.14× | 5.48× | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.54× | — | ||
| Q1 24 | 1.56× | — |
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 | $252.0M | $607.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $308.6M |
| 自由现金流率自由现金流/营收 | 7.6% | 21.8% |
| 资本支出强度资本支出/营收 | 3.8% | 21.1% |
| 现金转化率经营现金流/净利润 | 18.00× | — |
| 过去12个月自由现金流最近4个季度 | $803.0M | $1.4B |
8季度趋势，按日历期对齐
经营现金流CERBLX
| Q4 25 | $252.0M | $607.0M | ||
| Q3 25 | $447.0M | $546.2M | ||
| Q2 25 | $410.0M | $199.3M | ||
| Q1 25 | $37.0M | $443.9M | ||
| Q4 24 | $494.0M | $184.5M | ||
| Q3 24 | $79.0M | $247.4M | ||
| Q2 24 | $292.0M | $151.4M | ||
| Q1 24 | $101.0M | $238.9M |
自由现金流CERBLX
| Q4 25 | $168.0M | $308.6M | ||
| Q3 25 | $383.0M | $443.6M | ||
| Q2 25 | $317.0M | $176.7M | ||
| Q1 25 | $-65.0M | $426.5M | ||
| Q4 24 | $389.0M | $120.6M | ||
| Q3 24 | $-9.0M | $218.0M | ||
| Q2 24 | $187.0M | $111.7M | ||
| Q1 24 | $-36.0M | $192.3M |
自由现金流率CERBLX
| Q4 25 | 7.6% | 21.8% | ||
| Q3 25 | 15.8% | 32.6% | ||
| Q2 25 | 12.5% | 16.3% | ||
| Q1 25 | -2.7% | 41.2% | ||
| Q4 24 | 16.4% | 12.2% | ||
| Q3 24 | -0.3% | 23.7% | ||
| Q2 24 | 7.1% | 12.5% | ||
| Q1 24 | -1.4% | 24.0% |
资本支出强度CERBLX
| Q4 25 | 3.8% | 21.1% | ||
| Q3 25 | 2.6% | 7.5% | ||
| Q2 25 | 3.7% | 2.1% | ||
| Q1 25 | 4.3% | 1.7% | ||
| Q4 24 | 4.4% | 6.5% | ||
| Q3 24 | 3.3% | 3.2% | ||
| Q2 24 | 4.0% | 4.4% | ||
| Q1 24 | 5.2% | 5.8% |
现金转化率CERBLX
| Q4 25 | 18.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 1.88× | — | ||
| Q1 24 | 0.83× | — |
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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
RBLX
暂无分部数据
