Forensic Analysis · Technology / Software · as of Jun 27, 2026
Roblox Corp (RBLX)
A forensic read on Roblox Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-2.7
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-276.2%
ROE
$34.1B
Market cap
Roblox Corp earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -2.7, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-30%Return on invested capital.Return on invested capital is -30% and rising from -41% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.3%/yrShare-count dilution.Diluted share count changed +16% over the last 3 years to FY2025 (+5.3%/yr). The count is GROWING — existing holders are being diluted. That's ~5.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~16%.
23% of revStock-based comp load.Stock-based compensation ran 23% of revenue and 83% of free cash flow in FY2025 — about $1.64 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
67d DSOReceivables vs revenue.Days sales outstanding moved from 62 to 67 days FY2024→FY2025 (receivables +46% vs revenue +36%). Receivables are creeping up relative to sales — watch the trend.
Key fundamentals
Net Margin-21.8%
Free Cash Flow$1.36B
Latest Revenue$4.89B
Revenue Growth YoY+35.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Roblox Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RBLX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown