Roblox (RBLX) — Neutral? Roblox's $1.35B Free Cash Flow Illusion: 83% Goes to SBC

Neutral on Roblox (RBLX) as of 2026-11-19: 83% FCF lost to SBC. Roblox reported $1.35B of free cash flow in FY2025 and a $1.07B GAAP net loss in the same year. Subtract the $1.13B of stock-based compensation and only $224M is left, so we look at what that means for owner earnings before today's Q3 2026 numbers come out.

Chapters

(0:00) Roblox Deep Value Research Overview

(2:16) The Creator-User Network Moat

(3:33) Platform Growth vs Owner Earnings

(4:35) Big Cash Flows, GAAP Losses

(5:58) Upfront Prepayments Inflate Cash Flow

(8:38) SBC Erases Free Cash Flow

(12:20) Verdict: Watch Pending Q3 Earnings

(13:20) Platform Potential vs Dilution Risk

(15:47) Verdict: Watch Pending Q3 Earnings

(18:43) Investor Tools and Disclaimer

(19:19) Get the free apps

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