# Roblox (RBLX.US)

Canonical: https://gigainvestors.com/s/RBLX

Analysis as of: 2026-10-16T07:31:28.204Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $51.13 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 9

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.27×

- FY2019: -0.15×

- FY2020: -0.29×

- FY2021: -0.26×

- FY2022: -0.42×

- FY2023: -0.45×

- FY2024: -0.30×

- FY2025: -0.25×

- LTM to Jun 2026: -0.21×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -49.2%

- ROIC, second-lowest year: -121.1%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 75.7%

- Recent gross margin (lower of latest and 3-year median): 77.8%

- Years with nonpositive capital: 8

- Capital spending / revenue: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -93.5%

- FY2019: -121.1%

- FY2020: -227.4%

- FY2021: -21.5%

- FY2022: -39.2%

- FY2023: -54.1%

- FY2024: -41.4%

- FY2025: -44.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$4.7B

- Net income, five-year total: -$4.6B

- Return on incremental invested capital: -59.9%

- Working capital / revenue, annual change: -4.1 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$492M

- FY2022: -$1.1B

- FY2023: -$1.2B

- FY2024: -$890M

- FY2025: -$1.1B

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -121.1% vs -44.3%

- Per-share earnings: -0.60 to -1.54 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 30.5%

- Diluted shares, 5-year annual growth: 30.5%

- Per-share value change: -$0.95

- Per-share value, starting three-year median: -$0.60

- Per-share value, ending three-year median: -$1.54

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -121.1%

- ROIC, last three-year median: -44.3%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.60

- FY2019: -$0.44

- FY2020: -$1.39

- FY2021: -$0.97

- FY2022: -$1.55

- FY2023: -$1.87

- FY2024: -$1.44

- FY2025: -$1.54

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -29.9%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 62.8%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.41×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -34.9%

- FY2019: -22.4%

- FY2020: -42.1%

- FY2021: -25.2%

- FY2022: -24.1%

- FY2023: -26.1%

- FY2024: -24.5%

- FY2025: -29.9%

## Holders

- [Jeffrey Ubben](https://gigainvestors.com/VA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 63% since Sep 2025 · "Roblox shares fall as Google and Unity launch AI-powered game creation platform" (finance.yahoo.com, Oct 2026) · sales +16.3%

Story as of 2026-10-16T09:59:28.681Z; price observation 2026-10-15.

- 2025-05-15: Roblox (NYSE:RBLX) Sees Sales Surge With Q1 Earnings Up To US$1,035 Million ([finance.yahoo.com](https://finance.yahoo.com/news/roblox-nyse-rblx-sees-sales-175908097.html))

- 2025-07-31: Roblox Lifts Bookings Outlook as Viral Hit 'Grow a Garden' Boosts Second-Quarter Engagement ([finance.yahoo.com](https://finance.yahoo.com/news/roblox-lifts-bookings-outlook-viral-164005085.html))

- 2025-10-30: Roblox Sees Big Gain in Users, Driving up Costs ([finance.yahoo.com](https://finance.yahoo.com/video/roblox-sees-big-gain-users-201711793.html))

- 2026-01-26: Is Roblox losing steam? Stock dips after sharp drop in peak users ([finance.yahoo.com](https://finance.yahoo.com/news/roblox-losing-steam-stock-dips-145020593.html))

- 2026-07-30: Roblox's algorithm, safety changes dent bookings forecast; shares slump ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/roblox-forecasts-quarterly-bookings-below-201205755.html))

- 2026-08-01: Roblox (RBLX) Is Reworking Recommendations And Safety, And Bookings Are Feeling It ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/roblox-rblx-reworking-recommendations-safety-050833600.html))

### Sales · FY2025–2026

sales +16.3%; source https://www.sec.gov/Archives/edgar/data/1315098/000131509826000024/rblx-20251231.htm; observed 2026-02-11.

- FY2018: $325M 

- FY2019: $508M 

- FY2020: $924M 

- FY2021: $1.9B 

- FY2022: $2.2B 

- FY2023: $2.8B 

- FY2024: $3.6B 

- FY2025: $4.9B 

- FY2026: $5.7B 

### Gross margin · FY2025

gross margin 78.1%; source https://www.sec.gov/Archives/edgar/data/1315098/000131509826000024/rblx-20251231.htm; observed 2026-02-11.

- FY2018: 77.5% 

- FY2019: 75.9% 

- FY2020: 74.0% 

- FY2021: 74.1% 

- FY2022: 75.4% 

- FY2023: 8.2% 

- FY2024: 77.8% 

- FY2025: 78.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic gaming & multimedia; annual sales are USD 4.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1315098/000131509826000024/rblx-20251231.htm (filed 2026-02-11); FY2025: revenue 4890551000; grossProfit 3818252000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RBLX.US: Roblox Corporation operates an immersive platform for connection and communication in the United States and internationally. It offers Roblox Client, an application that allows users to explore immersive experience; Roblox Studio, a free toolset that allows developers and creators to build, publish, and operate immersive experiences and other content; and Roblox Cloud, which provides services and infrastructure that power the platform. Roblox Corporation was incorporated in 2004 and is headquartered in San Mateo, California.

### Why customers stay

Margins ranged from 8.2% to 78.1% during 2023–25; it lost 49.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 77.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1315098/000131509826000024/rblx-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 78.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 8-year return on capital observations [[2018,-0.9346514959055161],[2019,-1.2106090373280942],[2020,-2.2744537478769784],[2021,-0.21508729094249582],[2022,-0.3917627487136542],[2023,-0.5408454566364107],[2024,-0.4144718351034304],[2025,-0.4430891575959818]]; median -0.49196730711619624. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,150000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RBLX.US SharesStats.PercentInsiders = 3.5340000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price is 7.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Closing price 51.13 USD; reporting-to-trading FX 1; FY2025 annual sales per share 7.091742893105108; price multiple 7.209793244155925. FY2025 cash earnings/share -1.544429331276138. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-03: $64.83 per share

- 2021-04: $74.55 per share

- 2021-05: $93.77 per share

- 2021-06: $89.98 per share

- 2021-07: $76.98 per share

- 2021-08: $82.05 per share

- 2021-09: $75.55 per share

- 2021-10: $84.02 per share

- 2021-11: $126.10 per share

- 2021-12: $103.16 per share

- 2022-01: $65.86 per share

- 2022-02: $51.57 per share

- 2022-03: $46.24 per share

- 2022-04: $30.65 per share

- 2022-05: $29.94 per share

- 2022-06: $32.86 per share

- 2022-07: $42.93 per share

- 2022-08: $39.11 per share

- 2022-09: $35.84 per share

- 2022-10: $44.74 per share

- 2022-11: $31.77 per share

- 2022-12: $28.46 per share

- 2023-01: $37.21 per share

- 2023-02: $36.64 per share

- 2023-03: $44.98 per share

- 2023-04: $35.60 per share

- 2023-05: $41.86 per share

- 2023-06: $40.30 per share

- 2023-07: $39.25 per share

- 2023-08: $28.29 per share

- 2023-09: $28.96 per share

- 2023-10: $31.81 per share

- 2023-11: $39.31 per share

- 2023-12: $45.72 per share

- 2024-01: $38.81 per share

- 2024-02: $39.90 per share

- 2024-03: $38.18 per share

- 2024-04: $35.56 per share

- 2024-05: $33.62 per share

- 2024-06: $37.21 per share

- 2024-07: $41.52 per share

- 2024-08: $43.99 per share

- 2024-09: $44.26 per share

- 2024-10: $51.72 per share

- 2024-11: $50.13 per share

- 2024-12: $57.86 per share

- 2025-01: $71.07 per share

- 2025-02: $63.64 per share

- 2025-03: $58.29 per share

- 2025-04: $67.05 per share

- 2025-05: $86.98 per share

- 2025-06: $105.20 per share

- 2025-07: $137.79 per share

- 2025-08: $124.59 per share

- 2025-09: $138.52 per share

- 2025-10: $113.72 per share

- 2025-11: $95.03 per share

- 2025-12: $81.03 per share

- 2026-01: $65.76 per share

- 2026-02: $68.66 per share

- 2026-03: $56.56 per share

- 2026-04: $55.26 per share

- 2026-05: $47.15 per share

- 2026-06: $54.38 per share

- 2026-07: $35.60 per share

- 2026-08: $41.29 per share

- 2026-09: $42.37 per share

- 2026-10: $51.13 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1315098/000131509826000024/rblx-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Jeffrey Ubben](https://gigainvestors.com/VA): 3,147,421 RBLX shares; USD 171,157,000 reported position value; 3.04% of portfolio; reduce; quarter 2026 Q2.

# RBLX — Roblox Corp.

Held by 1 investor · USD 171,157,000 total · 2026 Q2 · reported price USD 54.38 (split-adjusted).
Page: https://gigainvestors.com/s/RBLX

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Jeffrey Ubben (https://gigainvestors.com/VA) | USD 171,157,000 | 3.0% | reduce -46.19% |
| Henry Ellenbogen (https://gigainvestors.com/DCP) | USD 36,562,024 | 0.0% | sold |

## Total held by quarter

- 2021 Q1: USD 2,621,003,188 · 1 holder · USD 64.83
- 2021 Q2: USD 2,464,758,884 · 1 holder · USD 89.98
- 2021 Q3: USD 1,316,898,602 · 1 holder · USD 75.55
- 2021 Q4: USD 472,523,452 · 1 holder · USD 103.16
- 2022 Q1: USD 121,137,702 · 1 holder · USD 46.24
- 2022 Q2: USD 2,861,942 · 1 holder · USD 32.86
- 2022 Q3: USD 3,120,614 · 1 holder · USD 35.83
- 2022 Q4: USD 208,965 · 1 holder · USD 28.45
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 0 · 0 holders
- 2023 Q3: USD 52,128,000 · 1 holder · USD 28.96
- 2023 Q4: USD 82,296,000 · 1 holder · USD 45.72
- 2024 Q1: USD 87,814,000 · 1 holder · USD 38.18
- 2024 Q2: USD 85,583,000 · 1 holder · USD 37.21
- 2024 Q3: USD 448,615,863 · 1 holder · USD 44.26
- 2024 Q4: USD 833,024,885 · 2 holders · USD 57.86
- 2025 Q1: USD 712,973,902 · 2 holders · USD 58.29
- 2025 Q2: USD 980,542,795 · 2 holders · USD 105.20
- 2025 Q3: USD 1,082,284,880 · 2 holders · USD 138.52
- 2025 Q4: USD 578,436,788 · 2 holders · USD 81.03
- 2026 Q1: USD 367,360,028 · 2 holders · USD 56.56
- 2026 Q2: USD 171,157,000 · 1 holder · USD 54.38