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罗布乐思（RBLX）与沃特世（WAT）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沃特世的1.5倍（$1.4B vs $932.4M），沃特世净利率更高（24.2% vs -22.3%，领先46.5%），罗布乐思同比增速更快（43.2% vs 6.8%），过去两年罗布乐思的营收复合增速更高（32.9% vs 21.0%）
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。
沃特世是总部位于美国马萨诸塞州米尔福德的企业，面向生命科学、材料、食品等行业，提供色谱、质谱、实验室信息学、流变测量领域所用的分析仪器及配套软件，为各领域的检测、研发等工作提供可靠技术支持。
RBLX vs WAT — 直观对比
营收规模更大
RBLX
是对方的1.5倍
$932.4M
营收增速更快
RBLX
高出36.4%
6.8%
净利率更高
WAT
高出46.5%
-22.3%
两年增速更快
RBLX
近两年复合增速
21.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $932.4M |
| 净利润 | $-316.0M | $225.2M |
| 毛利率 | 77.7% | 61.1% |
| 营业利润率 | -25.3% | 29.0% |
| 净利率 | -22.3% | 24.2% |
| 营收同比 | 43.2% | 6.8% |
| 净利润同比 | -43.9% | -2.7% |
| 每股收益（稀释后） | $-0.44 | $3.76 |
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RBLXWAT
| Q4 25 | $1.4B | $932.4M | ||
| Q3 25 | $1.4B | $799.9M | ||
| Q2 25 | $1.1B | $771.3M | ||
| Q1 25 | $1.0B | $661.7M | ||
| Q4 24 | $988.2M | $872.7M | ||
| Q3 24 | $919.0M | $740.3M | ||
| Q2 24 | $893.5M | $708.5M | ||
| Q1 24 | $801.3M | $636.8M |
净利润RBLXWAT
| Q4 25 | $-316.0M | $225.2M | ||
| Q3 25 | $-255.6M | $148.9M | ||
| Q2 25 | $-278.4M | $147.1M | ||
| Q1 25 | $-215.1M | $121.4M | ||
| Q4 24 | $-219.6M | $231.4M | ||
| Q3 24 | $-239.3M | $161.5M | ||
| Q2 24 | $-205.9M | $142.7M | ||
| Q1 24 | $-270.6M | $102.2M |
毛利率RBLXWAT
| Q4 25 | 77.7% | 61.1% | ||
| Q3 25 | 78.2% | 59.0% | ||
| Q2 25 | 78.2% | 58.3% | ||
| Q1 25 | 78.3% | 58.2% | ||
| Q4 24 | 77.9% | 60.1% | ||
| Q3 24 | 77.7% | 59.3% | ||
| Q2 24 | 77.8% | 59.3% | ||
| Q1 24 | 77.7% | 58.9% |
营业利润率RBLXWAT
| Q4 25 | -25.3% | 29.0% | ||
| Q3 25 | -21.8% | 24.0% | ||
| Q2 25 | -29.8% | 24.4% | ||
| Q1 25 | -24.6% | 22.9% | ||
| Q4 24 | -24.7% | 33.5% | ||
| Q3 24 | -30.4% | 28.5% | ||
| Q2 24 | -26.6% | 26.7% | ||
| Q1 24 | -37.7% | 21.0% |
净利率RBLXWAT
| Q4 25 | -22.3% | 24.2% | ||
| Q3 25 | -18.8% | 18.6% | ||
| Q2 25 | -25.8% | 19.1% | ||
| Q1 25 | -20.8% | 18.3% | ||
| Q4 24 | -22.2% | 26.5% | ||
| Q3 24 | -26.0% | 21.8% | ||
| Q2 24 | -23.0% | 20.1% | ||
| Q1 24 | -33.8% | 16.0% |
每股收益（稀释后）RBLXWAT
| Q4 25 | $-0.44 | $3.76 | ||
| Q3 25 | $-0.37 | $2.50 | ||
| Q2 25 | $-0.41 | $2.47 | ||
| Q1 25 | $-0.32 | $2.03 | ||
| Q4 24 | $-0.32 | $3.88 | ||
| Q3 24 | $-0.37 | $2.71 | ||
| Q2 24 | $-0.32 | $2.40 | ||
| Q1 24 | $-0.43 | $1.72 |
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 | $587.8M |
| 总债务越低越好 | $1.2B | $1.4B |
| 股东权益账面价值 | $394.5M | $2.6B |
| 总资产 | $9.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 2.98× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资RBLXWAT
| Q4 25 | $3.1B | $587.8M | ||
| Q3 25 | $2.9B | $459.1M | ||
| Q2 25 | $2.6B | $367.2M | ||
| Q1 25 | $2.7B | $382.9M | ||
| Q4 24 | $2.4B | $325.4M | ||
| Q3 24 | $2.3B | $331.5M | ||
| Q2 24 | $2.4B | $327.4M | ||
| Q1 24 | $2.4B | $338.2M |
总债务RBLXWAT
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益RBLXWAT
| Q4 25 | $394.5M | $2.6B | ||
| Q3 25 | $407.6M | $2.3B | ||
| Q2 25 | $353.2M | $2.2B | ||
| Q1 25 | $310.7M | $2.0B | ||
| Q4 24 | $221.4M | $1.8B | ||
| Q3 24 | $189.9M | $1.6B | ||
| Q2 24 | $121.5M | $1.4B | ||
| Q1 24 | $71.6M | $1.3B |
总资产RBLXWAT
| Q4 25 | $9.6B | $5.1B | ||
| Q3 25 | $8.6B | $4.9B | ||
| Q2 25 | $7.8B | $4.7B | ||
| Q1 25 | $7.5B | $4.6B | ||
| Q4 24 | $7.2B | $4.6B | ||
| Q3 24 | $6.7B | $4.5B | ||
| Q2 24 | $6.5B | $4.4B | ||
| Q1 24 | $6.3B | $4.5B |
负债/权益比RBLXWAT
| Q4 25 | 2.98× | 0.55× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 5.48× | 0.89× | ||
| 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 | $164.6M |
| 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 | — | 0.73× |
| 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RBLXWAT
| Q4 25 | $607.0M | $164.6M | ||
| Q3 25 | $546.2M | $187.3M | ||
| Q2 25 | $199.3M | $41.1M | ||
| Q1 25 | $443.9M | $259.6M | ||
| Q4 24 | $184.5M | $240.1M | ||
| Q3 24 | $247.4M | $204.6M | ||
| Q2 24 | $151.4M | $54.5M | ||
| Q1 24 | $238.9M | $262.9M |
自由现金流RBLXWAT
| 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RBLXWAT
| 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RBLXWAT
| 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RBLXWAT
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 1.26× | ||
| Q2 25 | — | 0.28× | ||
| Q1 25 | — | 2.14× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 2.57× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
