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网易（NTES）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
网易的季度营收约是罗布乐思的2.8倍（$4.0B vs $1.4B）。网易净利率更高（31.0% vs -22.3%，领先53.3%）。网易自由现金流更多（$1.8B vs $308.6M）。过去两年罗布乐思的营收复合增速更高（32.9% vs 9.7%）
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
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。
NTES vs RBLX — 直观对比
营收规模更大
NTES
是对方的2.8倍
$1.4B
净利率更高
NTES
高出53.3%
-22.3%
自由现金流更多
NTES
多$1.5B
$308.6M
两年增速更快
RBLX
近两年复合增速
9.7%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $1.4B |
| 净利润 | $1.2B | $-316.0M |
| 毛利率 | 64.1% | 77.7% |
| 营业利润率 | 28.3% | -25.3% |
| 净利率 | 31.0% | -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NTESRBLX
| Q4 25 | — | $1.4B | ||
| Q3 25 | $4.0B | $1.4B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $4.0B | $1.0B | ||
| Q4 24 | — | $988.2M | ||
| Q3 24 | $3.7B | $919.0M | ||
| Q2 24 | $3.5B | $893.5M | ||
| Q1 24 | $3.7B | $801.3M |
净利润NTESRBLX
| Q4 25 | — | $-316.0M | ||
| Q3 25 | $1.2B | $-255.6M | ||
| Q2 25 | $1.3B | $-278.4M | ||
| Q1 25 | $1.5B | $-215.1M | ||
| Q4 24 | — | $-219.6M | ||
| Q3 24 | $955.7M | $-239.3M | ||
| Q2 24 | $939.6M | $-205.9M | ||
| Q1 24 | $1.1B | $-270.6M |
毛利率NTESRBLX
| Q4 25 | — | 77.7% | ||
| Q3 25 | 64.1% | 78.2% | ||
| Q2 25 | 64.7% | 78.2% | ||
| Q1 25 | 64.1% | 78.3% | ||
| Q4 24 | — | 77.9% | ||
| Q3 24 | 62.9% | 77.7% | ||
| Q2 24 | 62.9% | 77.8% | ||
| Q1 24 | 63.4% | 77.7% |
营业利润率NTESRBLX
| Q4 25 | — | -25.3% | ||
| Q3 25 | 28.3% | -21.8% | ||
| Q2 25 | 32.5% | -29.8% | ||
| Q1 25 | 36.2% | -24.6% | ||
| Q4 24 | — | -24.7% | ||
| Q3 24 | 27.3% | -30.4% | ||
| Q2 24 | 27.4% | -26.6% | ||
| Q1 24 | 28.4% | -37.7% |
净利率NTESRBLX
| Q4 25 | — | -22.3% | ||
| Q3 25 | 31.0% | -18.8% | ||
| Q2 25 | 32.6% | -25.8% | ||
| Q1 25 | 36.6% | -20.8% | ||
| Q4 24 | — | -22.2% | ||
| Q3 24 | 25.6% | -26.0% | ||
| Q2 24 | 26.8% | -23.0% | ||
| Q1 24 | 29.1% | -33.8% |
每股收益（稀释后）NTESRBLX
| 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 | $31.3B | $3.1B |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $160.8B | $394.5M |
| 总资产 | $214.5B | $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NTESRBLX
| Q4 25 | — | $3.1B | ||
| Q3 25 | $31.3B | $2.9B | ||
| Q2 25 | $54.4B | $2.6B | ||
| Q1 25 | $41.7B | $2.7B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $20.2B | $2.3B | ||
| Q2 24 | $19.0B | $2.4B | ||
| Q1 24 | $43.0B | $2.4B |
总债务NTESRBLX
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NTESRBLX
| Q4 25 | — | $394.5M | ||
| Q3 25 | $160.8B | $407.6M | ||
| Q2 25 | $154.0B | $353.2M | ||
| Q1 25 | $147.8B | $310.7M | ||
| Q4 24 | — | $221.4M | ||
| Q3 24 | $135.6B | $189.9M | ||
| Q2 24 | $134.2B | $121.5M | ||
| Q1 24 | $130.5B | $71.6M |
总资产NTESRBLX
| Q4 25 | — | $9.6B | ||
| Q3 25 | $214.5B | $8.6B | ||
| Q2 25 | $208.5B | $7.8B | ||
| Q1 25 | $200.9B | $7.5B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | $184.9B | $6.7B | ||
| Q2 24 | $183.3B | $6.5B | ||
| Q1 24 | $195.1B | $6.3B |
负债/权益比NTESRBLX
| 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 | $1.8B | $607.0M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $308.6M |
| 自由现金流率自由现金流/营收 | 44.7% | 21.8% |
| 资本支出强度资本支出/营收 | 1.0% | 21.1% |
| 现金转化率经营现金流/净利润 | 1.47× | — |
| 过去12个月自由现金流最近4个季度 | $6.3B | $1.4B |
8季度趋势，按日历期对齐
经营现金流NTESRBLX
| Q4 25 | — | $607.0M | ||
| Q3 25 | $1.8B | $546.2M | ||
| Q2 25 | $1.5B | $199.3M | ||
| Q1 25 | $1.7B | $443.9M | ||
| Q4 24 | — | $184.5M | ||
| Q3 24 | $1.5B | $247.4M | ||
| Q2 24 | $898.8M | $151.4M | ||
| Q1 24 | $1.3B | $238.9M |
自由现金流NTESRBLX
| Q4 25 | — | $308.6M | ||
| Q3 25 | $1.8B | $443.6M | ||
| Q2 25 | $1.5B | $176.7M | ||
| Q1 25 | $1.6B | $426.5M | ||
| Q4 24 | — | $120.6M | ||
| Q3 24 | $1.5B | $218.0M | ||
| Q2 24 | $875.6M | $111.7M | ||
| Q1 24 | $1.3B | $192.3M |
自由现金流率NTESRBLX
| Q4 25 | — | 21.8% | ||
| Q3 25 | 44.7% | 32.6% | ||
| Q2 25 | 38.3% | 16.3% | ||
| Q1 25 | 40.4% | 41.2% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | 38.9% | 23.7% | ||
| Q2 24 | 25.0% | 12.5% | ||
| Q1 24 | 34.0% | 24.0% |
资本支出强度NTESRBLX
| Q4 25 | — | 21.1% | ||
| Q3 25 | 1.0% | 7.5% | ||
| Q2 25 | 0.7% | 2.1% | ||
| Q1 25 | 1.6% | 1.7% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | 1.4% | 3.2% | ||
| Q2 24 | 0.7% | 4.4% | ||
| Q1 24 | 1.5% | 5.8% |
现金转化率NTESRBLX
| Q4 25 | — | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 1.15× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 1.22× | — |
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
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
RBLX
暂无分部数据
