NTES vs RBLX: NetEase and Roblox compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- NetEase is the larger company, worth $76.0B, about 2.0 times Roblox.
- Roblox grew revenue faster over the last year (+35.9% vs +7.0%).
- NetEase keeps more of each dollar of revenue as operating profit (31.8% vs -20.7%).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NTES | RBLX |
|---|---|---|
| Market cap | $76.0B | $37.9B |
| Share price | $124.24 | $48.09 |
| Revenue (last fiscal year) | $112.6B | $4.9B |
| Free cash flow (last fiscal year) | $49.7B | $1.4B |
| Revenue growth, last year | +7.0% | +35.9% |
| Revenue growth per year, last 5 fiscal years | +6.5% | +26.3% |
| Operating margin | 31.8% | -20.7% |
| Net margin | 30.0% | -17.6% |
| Return on equity | 21.1% | -658.3% |
| P/E (trailing) | 15.4x | — |
| Price / free cash flow | 1.58x | 28.0x |
| EV / EBITDA | 8.71x | — |
| FCF growth the price implies | — | 9.4% |
| Dividend yield | 2.5% | — |
| Debt / equity | 0.35x | 63.3x |
| Fundamental grade | A | D |
| Superinvestors holding it | 4 | 4 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
NetEase
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $87.6B | $23.3B | 18.7% |
| 2022 | $96.5B | $25.6B | 20.3% |
| 2023 | $103.5B | $33.0B | 26.8% |
| 2024 | $105.3B | $38.4B | 28.1% |
| 2025 | $112.6B | $49.7B | 31.8% |
Roblox
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.9B | $566M | -25.8% |
| 2022 | $2.2B | -$57M | -41.5% |
| 2023 | $2.8B | $138M | -45.0% |
| 2024 | $3.6B | $643M | -29.5% |
| 2025 | $4.9B | $1.4B | -25.2% |
Where the revenue comes from
NetEase · by segments, 2025
Games and related value-added services$92.1B82%
NetEase Cloud Music$7.8B7%
Innovative businesses and others$6.8B6%
Youdao$5.9B5%
Roblox
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NTES in InvestinglyQuestions
Which is bigger, NetEase or Roblox?
NetEase (NTES), at $76.0B against $37.9B.
Which grows faster, NTES or RBLX?
Roblox: revenue grew +35.9% over the last year, against +7.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.