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虎牙（HUYA）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虎牙的6.0倍（$1.4B vs $237.1M），虎牙净利率更高（0.6% vs -22.3%，领先22.9%），过去两年罗布乐思的营收复合增速更高（32.9% vs 2.5%）
虎牙公司是中国领先的互动直播平台，核心业务为游戏直播，同时覆盖电竞赛事、娱乐综艺、生活方式、知识科普等多元内容领域，面向国内年轻互联网用户提供高互动性的数字娱乐内容服务。
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。
HUYA vs RBLX — 直观对比
营收规模更大
RBLX
是对方的6.0倍
$237.1M
净利率更高
HUYA
高出22.9%
-22.3%
两年增速更快
RBLX
近两年复合增速
2.5%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $237.1M | $1.4B |
| 净利润 | $1.3M | $-316.0M |
| 毛利率 | 13.4% | 77.7% |
| 营业利润率 | -0.8% | -25.3% |
| 净利率 | 0.6% | -22.3% |
| 营收同比 | — | 43.2% |
| 净利润同比 | — | -43.9% |
| 每股收益（稀释后） | — | $-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HUYARBLX
| Q4 25 | — | $1.4B | ||
| Q3 25 | $237.1M | $1.4B | ||
| Q2 25 | $218.8M | $1.1B | ||
| Q1 25 | $207.9M | $1.0B | ||
| Q4 24 | — | $988.2M | ||
| Q3 24 | $219.1M | $919.0M | ||
| Q2 24 | $212.1M | $893.5M | ||
| Q1 24 | $208.3M | $801.3M |
净利润HUYARBLX
| Q4 25 | — | $-316.0M | ||
| Q3 25 | $1.3M | $-255.6M | ||
| Q2 25 | $-766.0K | $-278.4M | ||
| Q1 25 | $128.0K | $-215.1M | ||
| Q4 24 | — | $-219.6M | ||
| Q3 24 | $3.4M | $-239.3M | ||
| Q2 24 | $4.1M | $-205.9M | ||
| Q1 24 | $9.8M | $-270.6M |
毛利率HUYARBLX
| Q4 25 | — | 77.7% | ||
| Q3 25 | 13.4% | 78.2% | ||
| Q2 25 | 13.5% | 78.2% | ||
| Q1 25 | 12.5% | 78.3% | ||
| Q4 24 | — | 77.9% | ||
| Q3 24 | 13.2% | 77.7% | ||
| Q2 24 | 13.9% | 77.8% | ||
| Q1 24 | 14.7% | 77.7% |
营业利润率HUYARBLX
| Q4 25 | — | -25.3% | ||
| Q3 25 | -0.8% | -21.8% | ||
| Q2 25 | -1.5% | -29.8% | ||
| Q1 25 | -4.0% | -24.6% | ||
| Q4 24 | — | -24.7% | ||
| Q3 24 | -2.1% | -30.4% | ||
| Q2 24 | -1.7% | -26.6% | ||
| Q1 24 | -2.6% | -37.7% |
净利率HUYARBLX
| Q4 25 | — | -22.3% | ||
| Q3 25 | 0.6% | -18.8% | ||
| Q2 25 | -0.4% | -25.8% | ||
| Q1 25 | 0.1% | -20.8% | ||
| Q4 24 | — | -22.2% | ||
| Q3 24 | 1.5% | -26.0% | ||
| Q2 24 | 1.9% | -23.0% | ||
| Q1 24 | 4.7% | -33.8% |
每股收益（稀释后）HUYARBLX
| Q4 25 | — | $-0.44 | ||
| Q3 25 | — | $-0.37 | ||
| Q2 25 | — | $-0.41 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | — | $-0.32 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | — | $-0.32 | ||
| Q1 24 | — | $-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 | $102.0M | $3.1B |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $709.9M | $394.5M |
| 总资产 | $960.3M | $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HUYARBLX
| Q4 25 | — | $3.1B | ||
| Q3 25 | $102.0M | $2.9B | ||
| Q2 25 | $69.7M | $2.6B | ||
| Q1 25 | $40.9M | $2.7B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $156.1M | $2.3B | ||
| Q2 24 | $138.4M | $2.4B | ||
| Q1 24 | $75.1M | $2.4B |
总债务HUYARBLX
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HUYARBLX
| Q4 25 | — | $394.5M | ||
| Q3 25 | $709.9M | $407.6M | ||
| Q2 25 | $704.3M | $353.2M | ||
| Q1 25 | $711.2M | $310.7M | ||
| Q4 24 | — | $221.4M | ||
| Q3 24 | $1.1B | $189.9M | ||
| Q2 24 | $1.3B | $121.5M | ||
| Q1 24 | $1.3B | $71.6M |
总资产HUYARBLX
| Q4 25 | — | $9.6B | ||
| Q3 25 | $960.3M | $8.6B | ||
| Q2 25 | $928.0M | $7.8B | ||
| Q1 25 | $1.3B | $7.5B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | $1.6B | $6.7B | ||
| Q2 24 | $1.6B | $6.5B | ||
| Q1 24 | $1.7B | $6.3B |
负债/权益比HUYARBLX
| 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 | — | $607.0M |
| 自由现金流经营现金流 - 资本支出 | — | $308.6M |
| 自由现金流率自由现金流/营收 | — | 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 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流HUYARBLX
| Q4 25 | — | $607.0M | ||
| Q3 25 | — | $546.2M | ||
| Q2 25 | — | $199.3M | ||
| Q1 25 | — | $443.9M | ||
| Q4 24 | — | $184.5M | ||
| Q3 24 | — | $247.4M | ||
| Q2 24 | — | $151.4M | ||
| Q1 24 | — | $238.9M |
自由现金流HUYARBLX
| Q4 25 | — | $308.6M | ||
| Q3 25 | — | $443.6M | ||
| Q2 25 | — | $176.7M | ||
| Q1 25 | — | $426.5M | ||
| Q4 24 | — | $120.6M | ||
| Q3 24 | — | $218.0M | ||
| Q2 24 | — | $111.7M | ||
| Q1 24 | — | $192.3M |
自由现金流率HUYARBLX
| Q4 25 | — | 21.8% | ||
| Q3 25 | — | 32.6% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | — | 41.2% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | — | 23.7% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | 24.0% |
资本支出强度HUYARBLX
| Q4 25 | — | 21.1% | ||
| Q3 25 | — | 7.5% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 5.8% |
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
HUYA
| Live streaming | $162.5M | 69% |
| Game-related services, advertising and others | $74.7M | 31% |
RBLX
暂无分部数据
