vs
美泰（MAT）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美泰的1.6倍（$1.4B vs $862.2M），美泰净利率更高（7.1% vs -22.3%，领先29.4%），罗布乐思同比增速更快（43.2% vs 4.3%），罗布乐思自由现金流更多（$308.6M vs $-88.1M），过去两年罗布乐思的营收复合增速更高（32.9% vs -10.6%）
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
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。
MAT vs RBLX — 直观对比
营收规模更大
RBLX
是对方的1.6倍
$862.2M
营收增速更快
RBLX
高出38.9%
4.3%
净利率更高
MAT
高出29.4%
-22.3%
自由现金流更多
RBLX
多$396.7M
$-88.1M
两年增速更快
RBLX
近两年复合增速
-10.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $862.2M | $1.4B |
| 净利润 | $61.0M | $-316.0M |
| 毛利率 | 44.9% | 77.7% |
| 营业利润率 | — | -25.3% |
| 净利率 | 7.1% | -22.3% |
| 营收同比 | 4.3% | 43.2% |
| 净利润同比 | 251.4% | -43.9% |
| 每股收益（稀释后） | $0.20 | $-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MATRBLX
| Q1 26 | $862.2M | — | ||
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $826.6M | $1.0B | ||
| Q4 24 | $1.6B | $988.2M | ||
| Q3 24 | $1.8B | $919.0M | ||
| Q2 24 | $1.1B | $893.5M |
净利润MATRBLX
| Q1 26 | $61.0M | — | ||
| Q4 25 | $106.2M | $-316.0M | ||
| Q3 25 | $278.4M | $-255.6M | ||
| Q2 25 | $53.4M | $-278.4M | ||
| Q1 25 | $-40.3M | $-215.1M | ||
| Q4 24 | $140.9M | $-219.6M | ||
| Q3 24 | $372.4M | $-239.3M | ||
| Q2 24 | $56.9M | $-205.9M |
毛利率MATRBLX
| Q1 26 | 44.9% | — | ||
| Q4 25 | 45.9% | 77.7% | ||
| Q3 25 | 50.0% | 78.2% | ||
| Q2 25 | 50.9% | 78.2% | ||
| Q1 25 | 49.4% | 78.3% | ||
| Q4 24 | 50.7% | 77.9% | ||
| Q3 24 | 53.1% | 77.7% | ||
| Q2 24 | 49.2% | 77.8% |
营业利润率MATRBLX
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | -25.3% | ||
| Q3 25 | 21.9% | -21.8% | ||
| Q2 25 | 7.7% | -29.8% | ||
| Q1 25 | -6.4% | -24.6% | ||
| Q4 24 | 9.6% | -24.7% | ||
| Q3 24 | 26.5% | -30.4% | ||
| Q2 24 | 7.7% | -26.6% |
净利率MATRBLX
| Q1 26 | 7.1% | — | ||
| Q4 25 | 6.0% | -22.3% | ||
| Q3 25 | 16.0% | -18.8% | ||
| Q2 25 | 5.2% | -25.8% | ||
| Q1 25 | -4.9% | -20.8% | ||
| Q4 24 | 8.6% | -22.2% | ||
| Q3 24 | 20.2% | -26.0% | ||
| Q2 24 | 5.3% | -23.0% |
每股收益（稀释后）MATRBLX
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.32 | $-0.44 | ||
| Q3 25 | $0.88 | $-0.37 | ||
| Q2 25 | $0.16 | $-0.41 | ||
| Q1 25 | $-0.12 | $-0.32 | ||
| Q4 24 | $0.40 | $-0.32 | ||
| Q3 24 | $1.09 | $-0.37 | ||
| Q2 24 | $0.17 | $-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 | $866.0M | $3.1B |
| 总债务越低越好 | $2.3B | $1.2B |
| 股东权益账面价值 | $2.1B | $394.5M |
| 总资产 | $6.3B | $9.6B |
| 负债/权益比越低杠杆越低 | 1.11× | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资MATRBLX
| Q1 26 | $866.0M | — | ||
| Q4 25 | $1.2B | $3.1B | ||
| Q3 25 | $691.9M | $2.9B | ||
| Q2 25 | $870.5M | $2.6B | ||
| Q1 25 | $1.2B | $2.7B | ||
| Q4 24 | $1.4B | $2.4B | ||
| Q3 24 | $723.5M | $2.3B | ||
| Q2 24 | $722.4M | $2.4B |
总债务MATRBLX
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益MATRBLX
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $394.5M | ||
| Q3 25 | $2.3B | $407.6M | ||
| Q2 25 | $2.2B | $353.2M | ||
| Q1 25 | $2.1B | $310.7M | ||
| Q4 24 | $2.3B | $221.4M | ||
| Q3 24 | $2.3B | $189.9M | ||
| Q2 24 | $2.0B | $121.5M |
总资产MATRBLX
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.6B | $9.6B | ||
| Q3 25 | $6.6B | $8.6B | ||
| Q2 25 | $6.2B | $7.8B | ||
| Q1 25 | $6.2B | $7.5B | ||
| Q4 24 | $6.5B | $7.2B | ||
| Q3 24 | $6.5B | $6.7B | ||
| Q2 24 | $5.9B | $6.5B |
负债/权益比MATRBLX
| Q1 26 | 1.11× | — | ||
| Q4 25 | 1.04× | 2.98× | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.03× | 5.48× | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.18× | — |
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 | $-88.1M | $308.6M |
| 自由现金流率自由现金流/营收 | -10.2% | 21.8% |
| 资本支出强度资本支出/营收 | 7.6% | 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MATRBLX
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $607.0M | ||
| Q3 25 | $72.0M | $546.2M | ||
| Q2 25 | $-300.1M | $199.3M | ||
| Q1 25 | $24.8M | $443.9M | ||
| Q4 24 | $862.1M | $184.5M | ||
| Q3 24 | $155.8M | $247.4M | ||
| Q2 24 | $-252.9M | $151.4M |
自由现金流MATRBLX
| Q1 26 | $-88.1M | — | ||
| 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 |
自由现金流率MATRBLX
| Q1 26 | -10.2% | — | ||
| 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% |
资本支出强度MATRBLX
| Q1 26 | 7.6% | — | ||
| 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% |
现金转化率MATRBLX
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | -5.62× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.12× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | -4.45× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
