Rational Investing - Cameron Stewart, CFA发布 2026-08-26
《Roblox Stock: I Did the Math - SBC is OUT OF CONTROL!!》
$RBLX看跌
RBLX因持续经营亏损和过度的股票补偿稀释（5年内40亿美元，约占市值的20%）而不可投资。
Roblox。我们来看一下。嗯，收入不错。好的。收入同比增长 35%。利润率在增长。过去几年的毛利率有所上升。看起来早期是持平的，或者说又回到了 23%。对于一家软件公司来说，这似乎很低。23%。
Roblox. Let's take a look. Uh, nice revenue. Okay. Revenue growing 35% year-over-year. Margins are growing. Profit gross profit margin last couple years. It's moved up. It looks like it was flat early on or it's kind of returned to this 23. That seems low for a software company. 23%.
他们的收入成本是多少？是不是有很多开发者？这似乎……研发。天哪。15 亿美元的研发。看看这笔研发费用。拜托，各位。再加上销售和营销。这是你们的管理费用。他们可能有一大笔股票薪酬。
What is their cost of revenue? Is that many developers? That seems R&D. Oh my god. 1.5 billion of R&D. Look at this R&D expense. Come on, guys. Plus selling marketing. There's your admin. They probably have a good slug of stockbased comp.