vs
罗布乐思（RBLX）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是罗布乐思的2.6倍（$3.7B vs $1.4B）。SHOPIFY INC.净利率更高（20.2% vs -22.3%，领先42.6%）。罗布乐思同比增速更快（43.2% vs 30.6%）。SHOPIFY INC.自由现金流更多（$715.0M vs $308.6M）。过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
RBLX vs SHOP — 直观对比
营收规模更大
SHOP
是对方的2.6倍
$1.4B
营收增速更快
RBLX
高出12.6%
30.6%
净利率更高
SHOP
高出42.6%
-22.3%
自由现金流更多
SHOP
多$406.4M
$308.6M
两年增速更快
SHOP
近两年复合增速
32.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $3.7B |
| 净利润 | $-316.0M | $743.0M |
| 毛利率 | 77.7% | 46.1% |
| 营业利润率 | -25.3% | 17.2% |
| 净利率 | -22.3% | 20.2% |
| 营收同比 | 43.2% | 30.6% |
| 净利润同比 | -43.9% | -42.5% |
| 每股收益（稀释后） | $-0.44 | $0.58 |
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RBLXSHOP
| Q4 25 | $1.4B | $3.7B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.1B | $2.7B | ||
| Q1 25 | $1.0B | $2.4B | ||
| Q4 24 | $988.2M | $2.8B | ||
| Q3 24 | $919.0M | $2.2B | ||
| Q2 24 | $893.5M | $2.0B | ||
| Q1 24 | $801.3M | $1.9B |
净利润RBLXSHOP
| Q4 25 | $-316.0M | $743.0M | ||
| Q3 25 | $-255.6M | $264.0M | ||
| Q2 25 | $-278.4M | $906.0M | ||
| Q1 25 | $-215.1M | $-682.0M | ||
| Q4 24 | $-219.6M | $1.3B | ||
| Q3 24 | $-239.3M | $828.0M | ||
| Q2 24 | $-205.9M | $171.0M | ||
| Q1 24 | $-270.6M | $-273.0M |
毛利率RBLXSHOP
| Q4 25 | 77.7% | 46.1% | ||
| Q3 25 | 78.2% | 48.9% | ||
| Q2 25 | 78.2% | 48.6% | ||
| Q1 25 | 78.3% | 49.5% | ||
| Q4 24 | 77.9% | 48.1% | ||
| Q3 24 | 77.7% | 51.7% | ||
| Q2 24 | 77.8% | 51.1% | ||
| Q1 24 | 77.7% | 51.4% |
营业利润率RBLXSHOP
| Q4 25 | -25.3% | 17.2% | ||
| Q3 25 | -21.8% | 12.1% | ||
| Q2 25 | -29.8% | 10.9% | ||
| Q1 25 | -24.6% | 8.6% | ||
| Q4 24 | -24.7% | 16.5% | ||
| Q3 24 | -30.4% | 13.1% | ||
| Q2 24 | -26.6% | 11.8% | ||
| Q1 24 | -37.7% | 4.6% |
净利率RBLXSHOP
| Q4 25 | -22.3% | 20.2% | ||
| Q3 25 | -18.8% | 9.3% | ||
| Q2 25 | -25.8% | 33.8% | ||
| Q1 25 | -20.8% | -28.9% | ||
| Q4 24 | -22.2% | 46.0% | ||
| Q3 24 | -26.0% | 38.3% | ||
| Q2 24 | -23.0% | 8.4% | ||
| Q1 24 | -33.8% | -14.7% |
每股收益（稀释后）RBLXSHOP
| Q4 25 | $-0.44 | $0.58 | ||
| Q3 25 | $-0.37 | $0.20 | ||
| Q2 25 | $-0.41 | $0.69 | ||
| Q1 25 | $-0.32 | $-0.53 | ||
| Q4 24 | $-0.32 | $0.99 | ||
| Q3 24 | $-0.37 | $0.64 | ||
| Q2 24 | $-0.32 | $0.13 | ||
| Q1 24 | $-0.43 | $-0.21 |
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 | $5.8B |
| 总债务越低越好 | $1.2B | — |
| 股东权益账面价值 | $394.5M | $13.5B |
| 总资产 | $9.6B | $15.2B |
| 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RBLXSHOP
| Q4 25 | $3.1B | $5.8B | ||
| Q3 25 | $2.9B | $6.3B | ||
| Q2 25 | $2.6B | $5.8B | ||
| Q1 25 | $2.7B | $5.5B | ||
| Q4 24 | $2.4B | $5.5B | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.4B | — |
总债务RBLXSHOP
| Q4 25 | $1.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益RBLXSHOP
| Q4 25 | $394.5M | $13.5B | ||
| Q3 25 | $407.6M | $12.5B | ||
| Q2 25 | $353.2M | $12.1B | ||
| Q1 25 | $310.7M | $11.1B | ||
| Q4 24 | $221.4M | $11.6B | ||
| Q3 24 | $189.9M | $10.1B | ||
| Q2 24 | $121.5M | $9.2B | ||
| Q1 24 | $71.6M | $8.9B |
总资产RBLXSHOP
| Q4 25 | $9.6B | $15.2B | ||
| Q3 25 | $8.6B | $15.0B | ||
| Q2 25 | $7.8B | $14.6B | ||
| Q1 25 | $7.5B | $13.4B | ||
| Q4 24 | $7.2B | $13.9B | ||
| Q3 24 | $6.7B | — | ||
| Q2 24 | $6.5B | — | ||
| Q1 24 | $6.3B | — |
负债/权益比RBLXSHOP
| 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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $308.6M | $715.0M |
| 自由现金流率自由现金流/营收 | 21.8% | 19.5% |
| 资本支出强度资本支出/营收 | 21.1% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 0.98× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $2.0B |
8季度趋势，按日历期对齐
经营现金流RBLXSHOP
| Q4 25 | $607.0M | $725.0M | ||
| Q3 25 | $546.2M | $513.0M | ||
| Q2 25 | $199.3M | $428.0M | ||
| Q1 25 | $443.9M | $367.0M | ||
| Q4 24 | $184.5M | $615.0M | ||
| Q3 24 | $247.4M | $423.0M | ||
| Q2 24 | $151.4M | $340.0M | ||
| Q1 24 | $238.9M | $238.0M |
自由现金流RBLXSHOP
| Q4 25 | $308.6M | $715.0M | ||
| Q3 25 | $443.6M | $507.0M | ||
| Q2 25 | $176.7M | $422.0M | ||
| Q1 25 | $426.5M | $363.0M | ||
| Q4 24 | $120.6M | $611.0M | ||
| Q3 24 | $218.0M | $421.0M | ||
| Q2 24 | $111.7M | $333.0M | ||
| Q1 24 | $192.3M | $232.0M |
自由现金流率RBLXSHOP
| Q4 25 | 21.8% | 19.5% | ||
| Q3 25 | 32.6% | 17.8% | ||
| Q2 25 | 16.3% | 15.7% | ||
| Q1 25 | 41.2% | 15.4% | ||
| Q4 24 | 12.2% | 21.7% | ||
| Q3 24 | 23.7% | 19.5% | ||
| Q2 24 | 12.5% | 16.3% | ||
| Q1 24 | 24.0% | 12.5% |
资本支出强度RBLXSHOP
| Q4 25 | 21.1% | 0.3% | ||
| Q3 25 | 7.5% | 0.2% | ||
| Q2 25 | 2.1% | 0.2% | ||
| Q1 25 | 1.7% | 0.2% | ||
| Q4 24 | 6.5% | 0.1% | ||
| Q3 24 | 3.2% | 0.1% | ||
| Q2 24 | 4.4% | 0.3% | ||
| Q1 24 | 5.8% | 0.3% |
现金转化率RBLXSHOP
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| 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
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
