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DROPBOX, INC.（DBX）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DROPBOX, INC.的2.0倍（$1.2B vs $636.2M），DROPBOX, INC.净利率更高（17.1% vs -2.2%，领先19.3%），DROPBOX, INC.同比增速更快（-1.1% vs -18.3%），ROKU, INC自由现金流更多（$298.4M vs $224.9M），过去两年ROKU, INC的营收复合增速更高（13.6% vs 0.4%）
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
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。
DBX vs ROKU — 直观对比
营收规模更大
ROKU
是对方的2.0倍
$636.2M
营收增速更快
DBX
高出17.1%
-18.3%
净利率更高
DBX
高出19.3%
-2.2%
自由现金流更多
ROKU
多$73.5M
$224.9M
两年增速更快
ROKU
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $1.2B |
| 净利润 | $108.7M | $-27.4M |
| 毛利率 | 79.2% | 35.6% |
| 营业利润率 | 25.5% | 59.7% |
| 净利率 | 17.1% | -2.2% |
| 营收同比 | -1.1% | -18.3% |
| 净利润同比 | 5.7% | -361.0% |
| 每股收益（稀释后） | $0.43 | $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DBXROKU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $636.2M | $1.4B | ||
| Q3 25 | $634.4M | $1.2B | ||
| Q2 25 | $625.7M | $1.1B | ||
| Q1 25 | $624.7M | $1.0B | ||
| Q4 24 | $643.6M | $1.2B | ||
| Q3 24 | $638.8M | $1.1B | ||
| Q2 24 | $634.5M | $968.2M |
净利润DBXROKU
| Q1 26 | — | $-27.4M | ||
| Q4 25 | $108.7M | $80.5M | ||
| Q3 25 | $123.8M | $24.8M | ||
| Q2 25 | $125.6M | $10.5M | ||
| Q1 25 | $150.3M | $-27.4M | ||
| Q4 24 | $102.8M | $-35.5M | ||
| Q3 24 | $106.7M | $-9.0M | ||
| Q2 24 | $110.5M | $-34.0M |
毛利率DBXROKU
| Q1 26 | — | 35.6% | ||
| Q4 25 | 79.2% | 43.5% | ||
| Q3 25 | 79.8% | 43.4% | ||
| Q2 25 | 80.2% | 44.8% | ||
| Q1 25 | 81.3% | 43.6% | ||
| Q4 24 | 81.2% | 42.7% | ||
| Q3 24 | 82.5% | 45.2% | ||
| Q2 24 | 83.1% | 43.9% |
营业利润率DBXROKU
| Q1 26 | — | 59.7% | ||
| Q4 25 | 25.5% | 4.7% | ||
| Q3 25 | 27.5% | 0.8% | ||
| Q2 25 | 26.9% | -2.1% | ||
| Q1 25 | 29.4% | -5.7% | ||
| Q4 24 | 13.7% | -3.3% | ||
| Q3 24 | 20.0% | -3.4% | ||
| Q2 24 | 20.0% | -7.4% |
净利率DBXROKU
| Q1 26 | — | -2.2% | ||
| Q4 25 | 17.1% | 5.8% | ||
| Q3 25 | 19.5% | 2.0% | ||
| Q2 25 | 20.1% | 0.9% | ||
| Q1 25 | 24.1% | -2.7% | ||
| Q4 24 | 16.0% | -3.0% | ||
| Q3 24 | 16.7% | -0.9% | ||
| Q2 24 | 17.4% | -3.5% |
每股收益（稀释后）DBXROKU
| Q1 26 | — | $0.57 | ||
| Q4 25 | $0.43 | $0.55 | ||
| Q3 25 | $0.47 | $0.16 | ||
| Q2 25 | $0.45 | $0.07 | ||
| Q1 25 | $0.51 | $-0.19 | ||
| Q4 24 | $0.33 | $-0.24 | ||
| Q3 24 | $0.34 | $-0.06 | ||
| Q2 24 | $0.34 | $-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 | $891.3M | $2.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-1.8B | $2.7B |
| 总资产 | $2.8B | $4.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DBXROKU
| Q1 26 | — | $2.4B | ||
| Q4 25 | $891.3M | $2.3B | ||
| Q3 25 | $730.7M | $2.3B | ||
| Q2 25 | $736.3M | $2.3B | ||
| Q1 25 | $942.2M | $2.3B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $517.6M | $2.1B | ||
| Q2 24 | $515.1M | $2.1B |
股东权益DBXROKU
| Q1 26 | — | $2.7B | ||
| Q4 25 | $-1.8B | $2.7B | ||
| Q3 25 | $-1.5B | $2.6B | ||
| Q2 25 | $-1.3B | $2.6B | ||
| Q1 25 | $-1.1B | $2.5B | ||
| Q4 24 | $-752.4M | $2.5B | ||
| Q3 24 | $-546.1M | $2.5B | ||
| Q2 24 | $-371.3M | $2.4B |
总资产DBXROKU
| Q1 26 | — | $4.4B | ||
| Q4 25 | $2.8B | $4.4B | ||
| Q3 25 | $2.8B | $4.4B | ||
| Q2 25 | $2.8B | $4.3B | ||
| Q1 25 | $3.0B | $4.2B | ||
| Q4 24 | $3.3B | $4.3B | ||
| Q3 24 | $2.6B | $4.3B | ||
| Q2 24 | $2.7B | $4.1B |
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 | $235.4M | $199.1M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | $298.4M |
| 自由现金流率自由现金流/营收 | 35.4% | 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 | 2.17× | — |
| 过去12个月自由现金流最近4个季度 | $930.8M | $640.0M |
8季度趋势，按日历期对齐
经营现金流DBXROKU
| Q1 26 | — | $199.1M | ||
| Q4 25 | $235.4M | $107.7M | ||
| Q3 25 | $302.1M | $127.6M | ||
| Q2 25 | $260.5M | $109.7M | ||
| Q1 25 | $153.8M | $138.7M | ||
| Q4 24 | $213.8M | $79.3M | ||
| Q3 24 | $274.2M | $68.7M | ||
| Q2 24 | $230.6M | $23.4M |
自由现金流DBXROKU
| Q1 26 | — | $298.4M | ||
| Q4 25 | $224.9M | $106.6M | ||
| Q3 25 | $293.7M | $126.5M | ||
| Q2 25 | $258.5M | $108.6M | ||
| Q1 25 | $153.7M | $136.8M | ||
| Q4 24 | $210.5M | $76.8M | ||
| Q3 24 | $270.1M | $67.6M | ||
| Q2 24 | $224.7M | $22.5M |
自由现金流率DBXROKU
| Q1 26 | — | 23.9% | ||
| Q4 25 | 35.4% | 7.6% | ||
| Q3 25 | 46.3% | 10.4% | ||
| Q2 25 | 41.3% | 9.8% | ||
| Q1 25 | 24.6% | 13.4% | ||
| Q4 24 | 32.7% | 6.4% | ||
| Q3 24 | 42.3% | 6.4% | ||
| Q2 24 | 35.4% | 2.3% |
资本支出强度DBXROKU
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 0.1% | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 0.3% | 0.1% | ||
| Q1 25 | 0.0% | 0.2% | ||
| Q4 24 | 0.5% | 0.2% | ||
| Q3 24 | 0.6% | 0.1% | ||
| Q2 24 | 0.9% | 0.1% |
现金转化率DBXROKU
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 1.34× | ||
| Q3 25 | 2.44× | 5.14× | ||
| Q2 25 | 2.07× | 10.45× | ||
| Q1 25 | 1.02× | — | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.57× | — | ||
| Q2 24 | 2.09× | — |
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
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
ROKU
| Advertising | $612.7M | 49% |
| Subscriptions | $518.5M | 42% |
| Devices | $117.6M | 9% |
