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ETSY INC（ETSY）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ETSY INC的1.6倍（$1.4B vs $881.6M），ETSY INC净利率更高（12.6% vs 5.8%，领先6.8%），ROKU, INC同比增速更快（16.1% vs 3.5%），ETSY INC自由现金流更多（$315.9M vs $106.6M），过去两年ROKU, INC的营收复合增速更高（25.8% vs 16.8%）
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。
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。
ETSY vs ROKU — 直观对比
营收规模更大
ROKU
是对方的1.6倍
$881.6M
营收增速更快
ROKU
高出12.7%
3.5%
净利率更高
ETSY
高出6.8%
5.8%
自由现金流更多
ETSY
多$209.3M
$106.6M
两年增速更快
ROKU
近两年复合增速
16.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $881.6M | $1.4B |
| 净利润 | $110.7M | $80.5M |
| 毛利率 | 73.1% | 43.5% |
| 营业利润率 | 14.7% | 4.7% |
| 净利率 | 12.6% | 5.8% |
| 营收同比 | 3.5% | 16.1% |
| 净利润同比 | -14.8% | 326.4% |
| 每股收益（稀释后） | $1.00 | $0.55 |
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ETSYROKU
| Q4 25 | $881.6M | $1.4B | ||
| Q3 25 | $678.0M | $1.2B | ||
| Q2 25 | $672.7M | $1.1B | ||
| Q1 25 | $651.2M | $1.0B | ||
| Q4 24 | $852.2M | $1.2B | ||
| Q3 24 | $662.4M | $1.1B | ||
| Q2 24 | $647.8M | $968.2M | ||
| Q1 24 | $646.0M | $881.5M |
净利润ETSYROKU
| Q4 25 | $110.7M | $80.5M | ||
| Q3 25 | $75.5M | $24.8M | ||
| Q2 25 | $28.8M | $10.5M | ||
| Q1 25 | $-52.1M | $-27.4M | ||
| Q4 24 | $129.9M | $-35.5M | ||
| Q3 24 | $57.4M | $-9.0M | ||
| Q2 24 | $53.0M | $-34.0M | ||
| Q1 24 | $63.0M | $-50.9M |
毛利率ETSYROKU
| Q4 25 | 73.1% | 43.5% | ||
| Q3 25 | 71.3% | 43.4% | ||
| Q2 25 | 71.2% | 44.8% | ||
| Q1 25 | 70.5% | 43.6% | ||
| Q4 24 | 74.5% | 42.7% | ||
| Q3 24 | 72.0% | 45.2% | ||
| Q2 24 | 71.6% | 43.9% | ||
| Q1 24 | 71.0% | 44.1% |
营业利润率ETSYROKU
| Q4 25 | 14.7% | 4.7% | ||
| Q3 25 | 12.2% | 0.8% | ||
| Q2 25 | 11.4% | -2.1% | ||
| Q1 25 | -3.4% | -5.7% | ||
| Q4 24 | 18.2% | -3.3% | ||
| Q3 24 | 13.1% | -3.4% | ||
| Q2 24 | 10.8% | -7.4% | ||
| Q1 24 | 10.5% | -8.2% |
净利率ETSYROKU
| Q4 25 | 12.6% | 5.8% | ||
| Q3 25 | 11.1% | 2.0% | ||
| Q2 25 | 4.3% | 0.9% | ||
| Q1 25 | -8.0% | -2.7% | ||
| Q4 24 | 15.2% | -3.0% | ||
| Q3 24 | 8.7% | -0.9% | ||
| Q2 24 | 8.2% | -3.5% | ||
| Q1 24 | 9.8% | -5.8% |
每股收益（稀释后）ETSYROKU
| Q4 25 | $1.00 | $0.55 | ||
| Q3 25 | $0.63 | $0.16 | ||
| Q2 25 | $0.25 | $0.07 | ||
| Q1 25 | $-0.49 | $-0.19 | ||
| Q4 24 | $1.01 | $-0.24 | ||
| Q3 24 | $0.45 | $-0.06 | ||
| Q2 24 | $0.41 | $-0.24 | ||
| Q1 24 | $0.48 | $-0.35 |
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 | $2.3B |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $-1.1B | $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ETSYROKU
| Q4 25 | $1.4B | $2.3B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.2B | $2.3B | ||
| Q1 25 | $649.2M | $2.3B | ||
| Q4 24 | $811.2M | $2.2B | ||
| Q3 24 | $818.9M | $2.1B | ||
| Q2 24 | $759.2M | $2.1B | ||
| Q1 24 | $788.8M | $2.1B |
总债务ETSYROKU
| Q4 25 | $2.3B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
股东权益ETSYROKU
| Q4 25 | $-1.1B | $2.7B | ||
| Q3 25 | $-1.1B | $2.6B | ||
| Q2 25 | $-1.1B | $2.6B | ||
| Q1 25 | $-910.3M | $2.5B | ||
| Q4 24 | $-758.9M | $2.5B | ||
| Q3 24 | $-624.3M | $2.5B | ||
| Q2 24 | $-635.0M | $2.4B | ||
| Q1 24 | $-583.8M | $2.4B |
总资产ETSYROKU
| Q4 25 | $2.8B | $4.4B | ||
| Q3 25 | $2.7B | $4.4B | ||
| Q2 25 | $2.6B | $4.3B | ||
| Q1 25 | $2.1B | $4.2B | ||
| Q4 24 | $2.4B | $4.3B | ||
| Q3 24 | $2.4B | $4.3B | ||
| Q2 24 | $2.4B | $4.1B | ||
| Q1 24 | $2.5B | $4.2B |
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 | $317.1M | $107.7M |
| 自由现金流经营现金流 - 资本支出 | $315.9M | $106.6M |
| 自由现金流率自由现金流/营收 | 35.8% | 7.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.1% |
| 现金转化率经营现金流/净利润 | 2.86× | 1.34× |
| 过去12个月自由现金流最近4个季度 | $678.0M | $478.4M |
8季度趋势，按日历期对齐
经营现金流ETSYROKU
| Q4 25 | $317.1M | $107.7M | ||
| Q3 25 | $219.0M | $127.6M | ||
| Q2 25 | $108.1M | $109.7M | ||
| Q1 25 | $49.2M | $138.7M | ||
| Q4 24 | $315.0M | $79.3M | ||
| Q3 24 | $217.4M | $68.7M | ||
| Q2 24 | $151.1M | $23.4M | ||
| Q1 24 | $69.0M | $46.7M |
自由现金流ETSYROKU
| Q4 25 | $315.9M | $106.6M | ||
| Q3 25 | $215.0M | $126.5M | ||
| Q2 25 | $101.3M | $108.6M | ||
| Q1 25 | $45.9M | $136.8M | ||
| Q4 24 | $310.9M | $76.8M | ||
| Q3 24 | $213.2M | $67.6M | ||
| Q2 24 | $147.4M | $22.5M | ||
| Q1 24 | $66.8M | $46.0M |
自由现金流率ETSYROKU
| Q4 25 | 35.8% | 7.6% | ||
| Q3 25 | 31.7% | 10.4% | ||
| Q2 25 | 15.1% | 9.8% | ||
| Q1 25 | 7.1% | 13.4% | ||
| Q4 24 | 36.5% | 6.4% | ||
| Q3 24 | 32.2% | 6.4% | ||
| Q2 24 | 22.8% | 2.3% | ||
| Q1 24 | 10.3% | 5.2% |
资本支出强度ETSYROKU
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.6% | 0.1% | ||
| Q2 25 | 1.0% | 0.1% | ||
| Q1 25 | 0.5% | 0.2% | ||
| Q4 24 | 0.5% | 0.2% | ||
| Q3 24 | 0.6% | 0.1% | ||
| Q2 24 | 0.6% | 0.1% | ||
| Q1 24 | 0.3% | 0.1% |
现金转化率ETSYROKU
| Q4 25 | 2.86× | 1.34× | ||
| Q3 25 | 2.90× | 5.14× | ||
| Q2 25 | 3.75× | 10.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.79× | — | ||
| Q2 24 | 2.85× | — | ||
| Q1 24 | 1.10× | — |
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
ETSY
| Marketplace Revenue | $612.4M | 69% |
| Services Revenue | $269.2M | 31% |
ROKU
| Services | $1.2B | 88% |
| Products | $170.9M | 12% |
