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ETSY INC（ETSY）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
罗布乐思的季度营收约是ETSY INC的1.7倍（$1.4B vs $831.5M），ETSY INC净利率更高（12.6% vs -22.3%，领先34.9%），罗布乐思同比增速更快（43.2% vs 7.6%），ETSY INC自由现金流更多（$671.2M vs $308.6M），过去两年罗布乐思的营收复合增速更高（32.9% vs 13.3%）
Etsy是美国电商企业，主打手工制品、复古商品及手工耗材交易，平台品类覆盖珠宝首饰、服饰、家居装饰、家具、玩具、艺术品等。平台规定复古商品需至少有20年历史，卖家可开设独立店铺，每件上架商品收取0.2美元挂牌费，2013年起平台也允许量产商品入驻销售。
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。
ETSY vs RBLX — 直观对比
营收规模更大
RBLX
是对方的1.7倍
$831.5M
营收增速更快
RBLX
高出35.6%
7.6%
净利率更高
ETSY
高出34.9%
-22.3%
自由现金流更多
ETSY
多$362.6M
$308.6M
两年增速更快
RBLX
近两年复合增速
13.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $831.5M | $1.4B |
| 净利润 | $104.7M | $-316.0M |
| 毛利率 | 54.8% | 77.7% |
| 营业利润率 | 59.6% | -25.3% |
| 净利率 | 12.6% | -22.3% |
| 营收同比 | 7.6% | 43.2% |
| 净利润同比 | 398.3% | -43.9% |
| 每股收益（稀释后） | $0.89 | $-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ETSYRBLX
| Q1 26 | $831.5M | — | ||
| Q4 25 | $881.6M | $1.4B | ||
| Q3 25 | $678.0M | $1.4B | ||
| Q2 25 | $672.7M | $1.1B | ||
| Q1 25 | $651.2M | $1.0B | ||
| Q4 24 | $852.2M | $988.2M | ||
| Q3 24 | $662.4M | $919.0M | ||
| Q2 24 | $647.8M | $893.5M |
净利润ETSYRBLX
| Q1 26 | $104.7M | — | ||
| Q4 25 | $110.7M | $-316.0M | ||
| Q3 25 | $75.5M | $-255.6M | ||
| Q2 25 | $28.8M | $-278.4M | ||
| Q1 25 | $-52.1M | $-215.1M | ||
| Q4 24 | $129.9M | $-219.6M | ||
| Q3 24 | $57.4M | $-239.3M | ||
| Q2 24 | $53.0M | $-205.9M |
毛利率ETSYRBLX
| Q1 26 | 54.8% | — | ||
| Q4 25 | 73.1% | 77.7% | ||
| Q3 25 | 71.3% | 78.2% | ||
| Q2 25 | 71.2% | 78.2% | ||
| Q1 25 | 70.5% | 78.3% | ||
| Q4 24 | 74.5% | 77.9% | ||
| Q3 24 | 72.0% | 77.7% | ||
| Q2 24 | 71.6% | 77.8% |
营业利润率ETSYRBLX
| Q1 26 | 59.6% | — | ||
| Q4 25 | 14.7% | -25.3% | ||
| Q3 25 | 12.2% | -21.8% | ||
| Q2 25 | 11.4% | -29.8% | ||
| Q1 25 | -3.4% | -24.6% | ||
| Q4 24 | 18.2% | -24.7% | ||
| Q3 24 | 13.1% | -30.4% | ||
| Q2 24 | 10.8% | -26.6% |
净利率ETSYRBLX
| Q1 26 | 12.6% | — | ||
| Q4 25 | 12.6% | -22.3% | ||
| Q3 25 | 11.1% | -18.8% | ||
| Q2 25 | 4.3% | -25.8% | ||
| Q1 25 | -8.0% | -20.8% | ||
| Q4 24 | 15.2% | -22.2% | ||
| Q3 24 | 8.7% | -26.0% | ||
| Q2 24 | 8.2% | -23.0% |
每股收益（稀释后）ETSYRBLX
| Q1 26 | $0.89 | — | ||
| Q4 25 | $1.00 | $-0.44 | ||
| Q3 25 | $0.63 | $-0.37 | ||
| Q2 25 | $0.25 | $-0.41 | ||
| Q1 25 | $-0.49 | $-0.32 | ||
| Q4 24 | $1.01 | $-0.32 | ||
| Q3 24 | $0.45 | $-0.37 | ||
| Q2 24 | $0.41 | $-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 | $1.4B | $3.1B |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | — | $394.5M |
| 总资产 | $2.7B | $9.6B |
| 负债/权益比越低杠杆越低 | — | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资ETSYRBLX
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $3.1B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $1.2B | $2.6B | ||
| Q1 25 | $649.2M | $2.7B | ||
| Q4 24 | $811.2M | $2.4B | ||
| Q3 24 | $818.9M | $2.3B | ||
| Q2 24 | $759.2M | $2.4B |
总债务ETSYRBLX
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益ETSYRBLX
| Q1 26 | — | — | ||
| Q4 25 | $-1.1B | $394.5M | ||
| Q3 25 | $-1.1B | $407.6M | ||
| Q2 25 | $-1.1B | $353.2M | ||
| Q1 25 | $-910.3M | $310.7M | ||
| Q4 24 | $-758.9M | $221.4M | ||
| Q3 24 | $-624.3M | $189.9M | ||
| Q2 24 | $-635.0M | $121.5M |
总资产ETSYRBLX
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.8B | $9.6B | ||
| Q3 25 | $2.7B | $8.6B | ||
| Q2 25 | $2.6B | $7.8B | ||
| Q1 25 | $2.1B | $7.5B | ||
| Q4 24 | $2.4B | $7.2B | ||
| Q3 24 | $2.4B | $6.7B | ||
| Q2 24 | $2.4B | $6.5B |
负债/权益比ETSYRBLX
| Q1 26 | — | — | ||
| Q4 25 | — | 2.98× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.48× | ||
| Q3 24 | — | — | ||
| 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 | $725.0M | $607.0M |
| 自由现金流经营现金流 - 资本支出 | $671.2M | $308.6M |
| 自由现金流率自由现金流/营收 | 80.7% | 21.8% |
| 资本支出强度资本支出/营收 | — | 21.1% |
| 现金转化率经营现金流/净利润 | 6.93× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | $1.4B |
8季度趋势，按日历期对齐
经营现金流ETSYRBLX
| Q1 26 | $725.0M | — | ||
| Q4 25 | $317.1M | $607.0M | ||
| Q3 25 | $219.0M | $546.2M | ||
| Q2 25 | $108.1M | $199.3M | ||
| Q1 25 | $49.2M | $443.9M | ||
| Q4 24 | $315.0M | $184.5M | ||
| Q3 24 | $217.4M | $247.4M | ||
| Q2 24 | $151.1M | $151.4M |
自由现金流ETSYRBLX
| Q1 26 | $671.2M | — | ||
| Q4 25 | $315.9M | $308.6M | ||
| Q3 25 | $215.0M | $443.6M | ||
| Q2 25 | $101.3M | $176.7M | ||
| Q1 25 | $45.9M | $426.5M | ||
| Q4 24 | $310.9M | $120.6M | ||
| Q3 24 | $213.2M | $218.0M | ||
| Q2 24 | $147.4M | $111.7M |
自由现金流率ETSYRBLX
| Q1 26 | 80.7% | — | ||
| Q4 25 | 35.8% | 21.8% | ||
| Q3 25 | 31.7% | 32.6% | ||
| Q2 25 | 15.1% | 16.3% | ||
| Q1 25 | 7.1% | 41.2% | ||
| Q4 24 | 36.5% | 12.2% | ||
| Q3 24 | 32.2% | 23.7% | ||
| Q2 24 | 22.8% | 12.5% |
资本支出强度ETSYRBLX
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 21.1% | ||
| Q3 25 | 0.6% | 7.5% | ||
| Q2 25 | 1.0% | 2.1% | ||
| Q1 25 | 0.5% | 1.7% | ||
| Q4 24 | 0.5% | 6.5% | ||
| Q3 24 | 0.6% | 3.2% | ||
| Q2 24 | 0.6% | 4.4% |
现金转化率ETSYRBLX
| Q1 26 | 6.93× | — | ||
| Q4 25 | 2.86× | — | ||
| Q3 25 | 2.90× | — | ||
| Q2 25 | 3.75× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.79× | — | ||
| Q2 24 | 2.85× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
