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Graham Holdings Co（GHC）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Graham Holdings Co的1.1倍（$1.4B vs $1.3B），Graham Holdings Co净利率更高（8.7% vs -22.3%，领先31.0%），罗布乐思同比增速更快（43.2% vs 0.4%），罗布乐思自由现金流更多（$308.6M vs $5.0M），过去两年罗布乐思的营收复合增速更高（32.9% vs 4.2%）
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
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。
GHC vs RBLX — 直观对比
营收规模更大
RBLX
是对方的1.1倍
$1.3B
营收增速更快
RBLX
高出42.8%
0.4%
净利率更高
GHC
高出31.0%
-22.3%
自由现金流更多
RBLX
多$303.6M
$5.0M
两年增速更快
RBLX
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $108.7M | $-316.0M |
| 毛利率 | — | 77.7% |
| 营业利润率 | 3.8% | -25.3% |
| 净利率 | 8.7% | -22.3% |
| 营收同比 | 0.4% | 43.2% |
| 净利润同比 | -80.2% | -43.9% |
| 每股收益（稀释后） | $24.76 | $-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GHCRBLX
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.2B | $988.2M | ||
| Q3 24 | $1.2B | $919.0M | ||
| Q2 24 | $1.2B | $893.5M | ||
| Q1 24 | $1.2B | $801.3M |
净利润GHCRBLX
| Q4 25 | $108.7M | $-316.0M | ||
| Q3 25 | $122.9M | $-255.6M | ||
| Q2 25 | $36.7M | $-278.4M | ||
| Q1 25 | $23.9M | $-215.1M | ||
| Q4 24 | $548.8M | $-219.6M | ||
| Q3 24 | $72.5M | $-239.3M | ||
| Q2 24 | $-21.0M | $-205.9M | ||
| Q1 24 | $124.4M | $-270.6M |
毛利率GHCRBLX
| Q4 25 | — | 77.7% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 77.9% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.7% |
营业利润率GHCRBLX
| Q4 25 | 3.8% | -25.3% | ||
| Q3 25 | 5.2% | -21.8% | ||
| Q2 25 | 6.0% | -29.8% | ||
| Q1 25 | 4.1% | -24.6% | ||
| Q4 24 | 5.8% | -24.7% | ||
| Q3 24 | 6.8% | -30.4% | ||
| Q2 24 | 2.2% | -26.6% | ||
| Q1 24 | 3.1% | -37.7% |
净利率GHCRBLX
| Q4 25 | 8.7% | -22.3% | ||
| Q3 25 | 9.6% | -18.8% | ||
| Q2 25 | 3.0% | -25.8% | ||
| Q1 25 | 2.0% | -20.8% | ||
| Q4 24 | 44.1% | -22.2% | ||
| Q3 24 | 6.0% | -26.0% | ||
| Q2 24 | -1.8% | -23.0% | ||
| Q1 24 | 10.8% | -33.8% |
每股收益（稀释后）GHCRBLX
| Q4 25 | $24.76 | $-0.44 | ||
| Q3 25 | $27.91 | $-0.37 | ||
| Q2 25 | $8.35 | $-0.41 | ||
| Q1 25 | $5.45 | $-0.32 | ||
| Q4 24 | $124.05 | $-0.32 | ||
| Q3 24 | $16.42 | $-0.37 | ||
| Q2 24 | $-4.79 | $-0.32 | ||
| Q1 24 | $27.72 | $-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 | $267.0M | $3.1B |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $4.8B | $394.5M |
| 总资产 | $8.4B | $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GHCRBLX
| Q4 25 | $267.0M | $3.1B | ||
| Q3 25 | $190.8M | $2.9B | ||
| Q2 25 | $176.2M | $2.6B | ||
| Q1 25 | $156.7M | $2.7B | ||
| Q4 24 | $260.9M | $2.4B | ||
| Q3 24 | $244.4M | $2.3B | ||
| Q2 24 | $140.7M | $2.4B | ||
| Q1 24 | $130.9M | $2.4B |
总债务GHCRBLX
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GHCRBLX
| Q4 25 | $4.8B | $394.5M | ||
| Q3 25 | $4.5B | $407.6M | ||
| Q2 25 | $4.4B | $353.2M | ||
| Q1 25 | $4.3B | $310.7M | ||
| Q4 24 | $4.3B | $221.4M | ||
| Q3 24 | $4.0B | $189.9M | ||
| Q2 24 | $4.0B | $121.5M | ||
| Q1 24 | $4.0B | $71.6M |
总资产GHCRBLX
| Q4 25 | $8.4B | $9.6B | ||
| Q3 25 | $7.9B | $8.6B | ||
| Q2 25 | $7.6B | $7.8B | ||
| Q1 25 | $7.6B | $7.5B | ||
| Q4 24 | $7.7B | $7.2B | ||
| Q3 24 | $7.4B | $6.7B | ||
| Q2 24 | $7.2B | $6.5B | ||
| Q1 24 | $7.3B | $6.3B |
负债/权益比GHCRBLX
| Q4 25 | — | 2.98× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.48× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $28.3M | $607.0M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $308.6M |
| 自由现金流率自由现金流/营收 | 0.4% | 21.8% |
| 资本支出强度资本支出/营收 | 1.9% | 21.1% |
| 现金转化率经营现金流/净利润 | 0.26× | — |
| 过去12个月自由现金流最近4个季度 | $275.3M | $1.4B |
8季度趋势，按日历期对齐
经营现金流GHCRBLX
| Q4 25 | $28.3M | $607.0M | ||
| Q3 25 | $178.1M | $546.2M | ||
| Q2 25 | $94.8M | $199.3M | ||
| Q1 25 | $46.0M | $443.9M | ||
| Q4 24 | $116.3M | $184.5M | ||
| Q3 24 | $237.6M | $247.4M | ||
| Q2 24 | $52.0M | $151.4M | ||
| Q1 24 | $1.1M | $238.9M |
自由现金流GHCRBLX
| Q4 25 | $5.0M | $308.6M | ||
| Q3 25 | $161.8M | $443.6M | ||
| Q2 25 | $78.0M | $176.7M | ||
| Q1 25 | $30.5M | $426.5M | ||
| Q4 24 | $91.1M | $120.6M | ||
| Q3 24 | $219.4M | $218.0M | ||
| Q2 24 | $33.7M | $111.7M | ||
| Q1 24 | $-20.2M | $192.3M |
自由现金流率GHCRBLX
| Q4 25 | 0.4% | 21.8% | ||
| Q3 25 | 12.6% | 32.6% | ||
| Q2 25 | 6.4% | 16.3% | ||
| Q1 25 | 2.6% | 41.2% | ||
| Q4 24 | 7.3% | 12.2% | ||
| Q3 24 | 18.2% | 23.7% | ||
| Q2 24 | 2.8% | 12.5% | ||
| Q1 24 | -1.8% | 24.0% |
资本支出强度GHCRBLX
| Q4 25 | 1.9% | 21.1% | ||
| Q3 25 | 1.3% | 7.5% | ||
| Q2 25 | 1.4% | 2.1% | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 2.0% | 6.5% | ||
| Q3 24 | 1.5% | 3.2% | ||
| Q2 24 | 1.5% | 4.4% | ||
| Q1 24 | 1.8% | 5.8% |
现金转化率GHCRBLX
| Q4 25 | 0.26× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 2.58× | — | ||
| Q1 25 | 1.93× | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 3.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.01× | — |
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
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
RBLX
暂无分部数据
