vs
罗布乐思（RBLX）与Sunrun Inc.（RUN）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Sunrun Inc.的1.2倍（$1.4B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -22.3%，领先31.3%），Sunrun Inc.同比增速更快（123.5% vs 43.2%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 32.9%）
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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
RBLX vs RUN — 直观对比
营收规模更大
RBLX
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出80.3%
43.2%
净利率更高
RUN
高出31.3%
-22.3%
两年增速更快
RUN
近两年复合增速
32.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $-316.0M | $103.6M |
| 毛利率 | 77.7% | — |
| 营业利润率 | -25.3% | 8.4% |
| 净利率 | -22.3% | 8.9% |
| 营收同比 | 43.2% | 123.5% |
| 净利润同比 | -43.9% | 103.7% |
| 每股收益（稀释后） | $-0.44 | $0.38 |
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RBLXRUN
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.0B | $504.3M | ||
| Q4 24 | $988.2M | $518.5M | ||
| Q3 24 | $919.0M | $537.2M | ||
| Q2 24 | $893.5M | $523.9M | ||
| Q1 24 | $801.3M | $458.2M |
净利润RBLXRUN
| Q4 25 | $-316.0M | $103.6M | ||
| Q3 25 | $-255.6M | $16.6M | ||
| Q2 25 | $-278.4M | $279.8M | ||
| Q1 25 | $-215.1M | $50.0M | ||
| Q4 24 | $-219.6M | $-2.8B | ||
| Q3 24 | $-239.3M | $-83.8M | ||
| Q2 24 | $-205.9M | $139.1M | ||
| Q1 24 | $-270.6M | $-87.8M |
毛利率RBLXRUN
| 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RBLXRUN
| Q4 25 | -25.3% | 8.4% | ||
| Q3 25 | -21.8% | 0.5% | ||
| Q2 25 | -29.8% | -19.7% | ||
| Q1 25 | -24.6% | -22.8% | ||
| Q4 24 | -24.7% | -628.0% | ||
| Q3 24 | -30.4% | -23.8% | ||
| Q2 24 | -26.6% | -24.4% | ||
| Q1 24 | -37.7% | -40.0% |
净利率RBLXRUN
| Q4 25 | -22.3% | 8.9% | ||
| Q3 25 | -18.8% | 2.3% | ||
| Q2 25 | -25.8% | 49.1% | ||
| Q1 25 | -20.8% | 9.9% | ||
| Q4 24 | -22.2% | -542.7% | ||
| Q3 24 | -26.0% | -15.6% | ||
| Q2 24 | -23.0% | 26.5% | ||
| Q1 24 | -33.8% | -19.2% |
每股收益（稀释后）RBLXRUN
| Q4 25 | $-0.44 | $0.38 | ||
| Q3 25 | $-0.37 | $0.06 | ||
| Q2 25 | $-0.41 | $1.07 | ||
| Q1 25 | $-0.32 | $0.20 | ||
| Q4 24 | $-0.32 | $-12.59 | ||
| Q3 24 | $-0.37 | $-0.37 | ||
| Q2 24 | $-0.32 | $0.55 | ||
| Q1 24 | $-0.43 | $-0.40 |
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 | $3.1B | — |
| 总债务越低越好 | $1.2B | $14.7B |
| 股东权益账面价值 | $394.5M | $3.1B |
| 总资产 | $9.6B | $22.6B |
| 负债/权益比越低杠杆越低 | 2.98× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资RBLXRUN
| Q4 25 | $3.1B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.4B | — |
总债务RBLXRUN
| Q4 25 | $1.2B | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | $1.2B | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益RBLXRUN
| Q4 25 | $394.5M | $3.1B | ||
| Q3 25 | $407.6M | $3.0B | ||
| Q2 25 | $353.2M | $2.9B | ||
| Q1 25 | $310.7M | $2.6B | ||
| Q4 24 | $221.4M | $2.6B | ||
| Q3 24 | $189.9M | $5.3B | ||
| Q2 24 | $121.5M | $5.4B | ||
| Q1 24 | $71.6M | $5.2B |
总资产RBLXRUN
| Q4 25 | $9.6B | $22.6B | ||
| Q3 25 | $8.6B | $22.2B | ||
| Q2 25 | $7.8B | $21.2B | ||
| Q1 25 | $7.5B | $20.4B | ||
| Q4 24 | $7.2B | $19.9B | ||
| Q3 24 | $6.7B | $22.1B | ||
| Q2 24 | $6.5B | $21.4B | ||
| Q1 24 | $6.3B | $20.8B |
负债/权益比RBLXRUN
| Q4 25 | 2.98× | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | 5.48× | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 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 | — | 0.94× |
| 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RBLXRUN
| Q4 25 | $607.0M | $96.9M | ||
| Q3 25 | $546.2M | $-121.5M | ||
| Q2 25 | $199.3M | $-292.7M | ||
| Q1 25 | $443.9M | $-104.2M | ||
| Q4 24 | $184.5M | $-258.4M | ||
| Q3 24 | $247.4M | $-156.2M | ||
| Q2 24 | $151.4M | $-208.5M | ||
| Q1 24 | $238.9M | $-143.1M |
自由现金流RBLXRUN
| Q4 25 | $308.6M | — | ||
| Q3 25 | $443.6M | — | ||
| Q2 25 | $176.7M | — | ||
| Q1 25 | $426.5M | — | ||
| Q4 24 | $120.6M | — | ||
| Q3 24 | $218.0M | $-156.4M | ||
| Q2 24 | $111.7M | — | ||
| Q1 24 | $192.3M | — |
自由现金流率RBLXRUN
| Q4 25 | 21.8% | — | ||
| Q3 25 | 32.6% | — | ||
| Q2 25 | 16.3% | — | ||
| Q1 25 | 41.2% | — | ||
| Q4 24 | 12.2% | — | ||
| Q3 24 | 23.7% | -29.1% | ||
| Q2 24 | 12.5% | — | ||
| Q1 24 | 24.0% | — |
资本支出强度RBLXRUN
| Q4 25 | 21.1% | — | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 3.2% | 0.0% | ||
| Q2 24 | 4.4% | — | ||
| Q1 24 | 5.8% | — |
现金转化率RBLXRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | — | — |
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
RBLX
暂无分部数据
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
