Roblox Corporation

NYSE-RBLX

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Stock Price	97.6	57.9	45.7	28.5	103.2	—
Total Shares Outstanding	701.9	668.4	633.2	604.7	585.9	201.3
Market Cap	68,472.8	38,674.7	28,950.9	17,209	60,439.2	—
Total Enterprise Value (TEV)	67,205.6	37,928.8	28,401.4	15,714.1	58,625.3	—
Buyback Yield	-0.1%	-0.2%	-0.2%	-0.3%	-0.1%	—
Debt Paydown Yield	—	—	-0.1%	—	-1.6%	—
Shareholder Yield	-0.1%	-0.2%	-0.2%	-0.3%	-1.8%	—
P/S	15.3	10.7	10.3	7.7	31.5	—
P/Gross Profit	60.4	40.2	54.5	47.2	141.4	—
P/E	-68.2	-40.2	-24.4	-18.4	-106.4	—
Earnings Yield	-1.5%	-2.5%	-4.1%	-5.4%	-0.9%	—
P/OCF	49.8	47	63.2	46.6	91.7	—
P/FCF	58.7	60.2	210.5	-302.6	106.8	—
FCF Yield	1.7%	1.7%	0.5%	-0.3%	0.9%	—
P/B	168	174.6	379.5	56.2	103.3	—
EV/Sales	15.1	10.5	10.1	7.1	30.5	—
EV/Gross Profit	59.3	39.4	53.5	43.1	137.1	—
EV/EBITDA	-74.4	-45.3	-27	-19.8	-139.8	—
EV/EBIT	-60.1	-35.7	-22.6	-17	-118.4	—
EV/OCF	48.9	46.1	62	42.6	88.9	—
EV/FCF	57.6	59	206.5	-276.3	103.6	—

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Gross Profit Margin	25.4%	26.7%	19%	16.4%	22.3%	9.9%
Operating Margin	-25%	-29.5%	-45%	-41.5%	-25.8%	-28.8%
EBITDA Margin	-20.2%	-23.2%	-37.5%	-35.7%	-21.9%	-24.1%
Net Profit Margin	-21.8%	-26.1%	-41.4%	-42%	-26.2%	-27.9%
Effective Tax Rate	-0.5%	-0.4%	-0%	-0.4%	0.1%	2.5%
Pre-Tax Profit Margin	-21.7%	-26%	-41.4%	-41.8%	-26.3%	-28.6%
Free Cash Flow Margin	26.2%	17.8%	4.9%	-2.6%	29.5%	45.5%
OCF / Sales	30.8%	22.8%	16.4%	16.6%	34.3%	56.8%
OCF / Net Income	-141%	-87.4%	-39.5%	-39.5%	-130.9%	-203.5%
FCF / OCF	85%	78.2%	30%	-15.4%	85.8%	80.1%
FCF / Net Income	-119.8%	-68.3%	-11.9%	6.1%	-112.4%	-163.1%
FCF / EBITDA	-129.2%	-76.8%	-13.1%	7.2%	-134.9%	-189%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Return on Invested Capital	-13.5%	-17.2%	-27%	-28.8%	-23%	-32.9%
Return on Assets	-14.3%	-16%	-21.8%	-18.7%	-15.4%	-28.1%
Return on Equity	-325.5%	-678.5%	-620.3%	-208.1%	-279.3%	221.8%
Return on Total Capital	-70.5%	-64.6%	-80.6%	-69.4%	-63.6%	-142.2%
Return on Capital Employed	-27.5%	-32.1%	-41.9%	-34.9%	-32.9%	-86%
Return on Tangible Assets	-11.6%	-14.5%	-20.8%	-19.5%	-16.4%	-29.5%
Receivables Turnover	7.1	6.4	6.3	6.5	6.9	7.5
Days Sales Outstanding	51.1	56.8	57.7	56.3	52.7	48.8
Payables Turnover	50.6	51.3	34.6	27.4	39	138.7
Days Payables Outstanding	7.2	7.1	10.6	13.3	9.3	2.6
Cash Conversion Cycle	43.9	49.7	47.1	43	43.4	46.2
Asset Turnover	0.6	0.5	0.5	0.4	0.6	1
Fixed Asset Turnover	3.4	2.7	2.3	2.8	5.5	9
Operating Cycle	51.1	56.8	57.7	56.3	52.7	48.8
CapEx to OCF	0.2	0.2	0.7	1.2	0.1	0.2
CapEx to Revenue	0	0	0.1	0.2	0	0.1
CapEx to Depreciation	1	0.8	1.5	3.3	1.2	2.4

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Total Debt	1,610.6	1,676.4	1,651.5	1,483.6	1,182.3	—
Net Debt	-1,249.9	-733.1	-541.8	-1,493.9	-1,822	-893.9
Current Ratio	1	1	1.1	1.5	1.7	1.2
Quick Ratio	0.8	0.8	0.9	1.4	1.5	0.9
Cash Ratio	0.6	0.7	0.7	1.2	1.4	0.7
Debt Ratio	0.2	0.2	0.3	0.3	0.3	—
Assets to Equity	22	34.4	89.9	17.6	7.7	-8
Cash Flow to Debt Ratio	0.9	0.5	0.3	0.2	0.6	—
Long-term Debt to Assets	0.2	0.2	0.3	0.3	0.3	—
Intangibles to Total Assets	0	0	0	0	0	0.1
Net Current Asset Value	-3,830.3	-3,225.5	-2,816.4	-1,230.9	-226	-676.1
Goodwill / Assets	0	0	0	0	0	0
Debt / Equity	4.1	8	24.1	4.9	2	—
Total Debt / Capitalization	1	1	1	1	1	—
Long Term Debt / Capitalization	1	1	1	1	1	—
Long-Term Debt / Equity	4.1	8	24.1	4.9	2	—
Net Debt / EBITDA	1.4	0.9	0.5	1.9	4.3	4
EBIT / Interest Expense	-27	-25.8	-30.9	-23.2	-70.7	—
EBITDA / Interest Expense	-21.8	-20.3	-25.8	-19.9	-59.9	—
(EBITDA - Capex) / Interest Expense	-26.8	-24.7	-33.7	-30.6	-73.3	—

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Revenue per Share	6.6	5.6	4.5	3.7	3.8	5.1
Basic EPS	-1.4	-1.4	-1.9	-1.6	-1	-1.4
Diluted EPS	-1.4	-1.4	-1.9	-1.6	-1	-1.4
Book Value per Share	0.6	0.3	0.1	0.5	1.2	-1.4
Tangible Book Value per Share	0.4	0.1	-0.2	0.2	0.8	-1.9
Cash per Share	4.2	3.7	3.6	5	5.9	4.9
Operating Cash Flow per Share	2	1.3	0.7	0.6	1.3	2.9
Free Cash Flow per Share	1.7	1	0.2	-0.1	1.1	2.3
CapEx per Share	0.3	0.3	0.5	0.7	0.2	0.6
Weighted Avg. Shares Outstanding	678.7	647.5	616.4	595.6	505.9	182.1
Weighted Avg. Shares Outstanding Diluted	678.7	647.5	616.4	595.6	505.9	182.1

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
R&D to Revenue	33.9%	40.1%	44.8%	39.3%	27.8%	21.8%
SG&A to Revenue	16.6%	16.1%	19.2%	18.6%	20.3%	16.9%
Stock-based Comp to Revenue	24.4%	28.2%	31%	26.5%	17.8%	8.6%