vs
罗布乐思（RBLX）与冬海集团（SE）财务数据对比。点击上方公司名可切换其他公司
冬海集团的季度营收约是罗布乐思的16.2倍（$22.9B vs $1.4B），冬海集团净利率更高（7.0% vs -22.3%，领先29.4%），冬海集团同比增速更快（363.4% vs 43.2%），过去两年冬海集团的营收复合增速更高（147.8% 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。
冬海集团（Sea Ltd）是总部位于新加坡的科技综合集团，于纽约证券交易所上市，2024年营收达168亿美元。旗下拥有游戏品牌Garena、数字金融服务品牌Monee，以及东南亚规模最大的电商平台Shopee，业务覆盖数字娱乐、金融科技、电子商务三大核心领域。
RBLX vs SE — 直观对比
营收规模更大
SE
是对方的16.2倍
$1.4B
营收增速更快
SE
高出320.2%
43.2%
净利率更高
SE
高出29.4%
-22.3%
两年增速更快
SE
近两年复合增速
32.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $22.9B |
| 净利润 | $-316.0M | $1.6B |
| 毛利率 | 77.7% | 44.7% |
| 营业利润率 | -25.3% | 8.7% |
| 净利率 | -22.3% | 7.0% |
| 营收同比 | 43.2% | 363.4% |
| 净利润同比 | -43.9% | — |
| 每股收益（稀释后） | $-0.44 | $2.52 |
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RBLXSE
| Q4 25 | $1.4B | $22.9B | ||
| Q3 25 | $1.4B | $6.0B | ||
| Q2 25 | $1.1B | $5.3B | ||
| Q1 25 | $1.0B | $4.8B | ||
| Q4 24 | $988.2M | $5.0B | ||
| Q3 24 | $919.0M | $4.3B | ||
| Q2 24 | $893.5M | $3.8B | ||
| Q1 24 | $801.3M | $3.7B |
净利润RBLXSE
| Q4 25 | $-316.0M | $1.6B | ||
| Q3 25 | $-255.6M | $375.0M | ||
| Q2 25 | $-278.4M | $414.2M | ||
| Q1 25 | $-215.1M | $-7.8M | ||
| Q4 24 | $-219.6M | — | ||
| Q3 24 | $-239.3M | — | ||
| Q2 24 | $-205.9M | — | ||
| Q1 24 | $-270.6M | $-23.0M |
毛利率RBLXSE
| Q4 25 | 77.7% | 44.7% | ||
| Q3 25 | 78.2% | 43.4% | ||
| Q2 25 | 78.2% | 45.8% | ||
| Q1 25 | 78.3% | 46.2% | ||
| Q4 24 | 77.9% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.7% | 41.6% |
营业利润率RBLXSE
| Q4 25 | -25.3% | 8.7% | ||
| Q3 25 | -21.8% | 8.0% | ||
| Q2 25 | -29.8% | 9.3% | ||
| Q1 25 | -24.6% | 9.4% | ||
| Q4 24 | -24.7% | — | ||
| Q3 24 | -30.4% | — | ||
| Q2 24 | -26.6% | — | ||
| Q1 24 | -37.7% | 1.9% |
净利率RBLXSE
| Q4 25 | -22.3% | 7.0% | ||
| Q3 25 | -18.8% | 6.3% | ||
| Q2 25 | -25.8% | 7.9% | ||
| Q1 25 | -20.8% | -0.2% | ||
| Q4 24 | -22.2% | — | ||
| Q3 24 | -26.0% | — | ||
| Q2 24 | -23.0% | — | ||
| Q1 24 | -33.8% | -0.6% |
每股收益（稀释后）RBLXSE
| Q4 25 | $-0.44 | $2.52 | ||
| Q3 25 | $-0.37 | $0.59 | ||
| Q2 25 | $-0.41 | $0.65 | ||
| Q1 25 | $-0.32 | $0.65 | ||
| 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 | $3.1B | $10.6B |
| 总债务越低越好 | $1.2B | — |
| 股东权益账面价值 | $394.5M | $12.6B |
| 总资产 | $9.6B | $29.4B |
| 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RBLXSE
| Q4 25 | $3.1B | $10.6B | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.4B | $8.6B | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.4B | — |
总债务RBLXSE
| Q4 25 | $1.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益RBLXSE
| Q4 25 | $394.5M | $12.6B | ||
| Q3 25 | $407.6M | — | ||
| Q2 25 | $353.2M | — | ||
| Q1 25 | $310.7M | — | ||
| Q4 24 | $221.4M | $8.4B | ||
| Q3 24 | $189.9M | — | ||
| Q2 24 | $121.5M | — | ||
| Q1 24 | $71.6M | — |
总资产RBLXSE
| Q4 25 | $9.6B | $29.4B | ||
| Q3 25 | $8.6B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.5B | — | ||
| Q4 24 | $7.2B | $22.6B | ||
| Q3 24 | $6.7B | — | ||
| Q2 24 | $6.5B | — | ||
| Q1 24 | $6.3B | — |
负债/权益比RBLXSE
| 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 | $5.0B |
| 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 | — | 3.12× |
| 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RBLXSE
| Q4 25 | $607.0M | $5.0B | ||
| Q3 25 | $546.2M | $3.5B | ||
| Q2 25 | $199.3M | $2.4B | ||
| Q1 25 | $443.9M | $756.9M | ||
| Q4 24 | $184.5M | — | ||
| Q3 24 | $247.4M | — | ||
| Q2 24 | $151.4M | — | ||
| Q1 24 | $238.9M | $468.5M |
自由现金流RBLXSE
| 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RBLXSE
| 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RBLXSE
| 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% | — |
现金转化率RBLXSE
| Q4 25 | — | 3.12× | ||
| Q3 25 | — | 9.46× | ||
| Q2 25 | — | 5.73× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
