Roblox Corporation

RBLX

TechnologyElectronic Gaming & MultimediaNYSE

$41.54

Market Cap: $29.74B

Roblox Corporation (RBLX) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.93 – $33.99	$2.70	-95.3%
Revenue DCF 10Y	$2.76 – $62.07	$9.99	-82.5%
▸ Trading Multiples
EV/Revenue	$48.00 – $61.64	$62.58	+9.4%

Valuation History

DCF Analysis

Roblox Corporation (RBLX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.99

Market Price

$41.54

Upside / Downside

-76.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -25.2% to a target of 10.0% over 5 years, discounted at a WACC of 8.8%, Roblox Corporation (RBLX) has an intrinsic value of $9.99 per share (range: $2.76 – $62.07).

Key Assumptions

Current Operating Margin

-25.2%

Target Operating Margin

10.0%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

10.1%

Target CapEx/Rev

8.4%

D&A/Revenue

5.6%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	8,405	71.9%	-18.2%	-1,527	-1,527	473	(835)	450	-2,338	-2,242
2027	10,210	21.5%	-11.1%	-1,136	-1,136	574	(997)	276	-1,835	-1,616
2028	11,588	13.5%	-4.1%	-474	-474	652	(1,112)	211	-1,146	-928
2029	14,617	26.1%	2.9%	430	340	822	(1,379)	463	-680	-506
2030	16,186	10.7%	10.0%	1,615	1,276	910	(1,500)	240	446	305
2031	19,820	22.4%	10.0%	1,977	1,562	1,115	(1,804)	556	317	199
2032	23,500	18.6%	10.0%	2,344	1,852	1,322	(2,100)	563	511	295
2033	26,948	14.7%	10.0%	2,688	2,124	1,516	(2,363)	527	749	397
2034	29,853	10.8%	10.0%	2,978	2,353	1,679	(2,569)	444	1,019	497
2035	31,911	6.9%	10.0%	3,183	2,515	1,795	(2,693)	315	1,303	584

Enterprise Value Bridge

Sum of PV(FCFF)-3,014

Terminal Value (Gordon Growth at 3.0%)23,063

PV of Terminal Value10,334

Enterprise Value7,320

(–) Net Debt431

Equity Value6,889

(÷) Shares Outstanding690

Fair Value per Share$9.99

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.8%	$-13	$3	$23	$42	$62
7.8%	$-12	$-0	$15	$30	$45
8.8%	$-12	$-2	$10	$22	$34
9.8%	$-12	$-4	$7	$17	$27
10.8%	$-12	$-4	$4	$13	$21

Current price: $41.54. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 15.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Roblox Corporation (RBLX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.70

Market Price

$41.54

Upside / Downside

-93.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-25.2%

Target Operating Margin

10.0%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

10.1%

Target CapEx/Rev

8.4%

D&A/Revenue

5.6%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	8,405	71.9%	-18.2%	-1,527	-1,527	473	(821)	450	-2,324	-2,228
2027	10,210	21.5%	-11.1%	-1,136	-1,136	574	(963)	276	-1,801	-1,587
2028	11,588	13.5%	-4.1%	-474	-474	652	(1,055)	211	-1,088	-881
2029	14,617	26.1%	2.9%	430	340	822	(1,282)	463	-583	-434
2030	16,186	10.7%	10.0%	1,615	1,276	910	(1,366)	240	580	397

Enterprise Value Bridge

Sum of PV(FCFF)-4,733

Terminal Value (Gordon Growth at 3.0%)10,276

PV of Terminal Value7,026

Enterprise Value2,293

(–) Net Debt431

Equity Value1,862

(÷) Shares Outstanding690

Fair Value per Share$2.70

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.8%	$-10	$-3	$9	$22	$34
7.8%	$-10	$-4	$5	$15	$25
8.8%	$-10	$-5	$3	$11	$18
9.8%	$-10	$-6	$1	$8	$14
10.8%	$-10	$-6	$-0	$5	$11

Current price: $41.54. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 15.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$59.61

Market Price

$41.54

Upside / Downside

+43.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Roblox Corporation (RBLX) has a fair value of $59.61 based on 9 comparable companies in the Electronic Gaming & Multimedia industry.

EV/Revenue Valuation — Electronic Gaming & Multimedia

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Roblox CorporationRBLX	28,646	5.9x	3.8x
Corning IncorporatedGLW	125,689	8.6x	9.4x
Motorola Solutions, Inc.MSI	73,516	7.0x	7.6x
TE Connectivity Ltd.TEL	61,563	3.9x	3.9x
Fortinet, Inc.FTNT	61,195	8.8x	7.9x
Infosys LimitedINFY	55,910	2.8x	2.8x
Electronic Arts Inc.EA	51,092	6.9x	6.3x
CoreWeave, Inc. Class A Common StockCRWV	42,549	10.5x	4.3x
Take-Two Interactive Software, Inc.TTWO	36,422	6.9x	5.9x
Strategy IncMSTR	35,450	86.8x	87.5x
Industry Median		7.0x	6.3x
(*) Revenue		4,891	7,753
= Enterprise Value		34,377	48,705
(-) Net Debt		431	431
Equity Value		33,946	48,274
(/) Outstanding shares		690	690
Fair Price		$49	$70

Selected Fair Value (avg of trailing + forward)

$59.61

+43.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.93 – $33.99

$2.70

-95.3%

Revenue DCF 10Y

$2.76 – $62.07

$9.99

-82.5%

▸ Trading Multiples

EV/Revenue

$48.00 – $61.64

$62.58

+9.4%

DCF Analysis

Roblox Corporation (RBLX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.99

Market Price

$41.54

Upside / Downside

-76.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-25.2%

Target Operating Margin

10.0%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

10.1%

Target CapEx/Rev

8.4%

D&A/Revenue

5.6%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	8,405	71.9%	-18.2%	-1,527	-1,527	473	(835)	450	-2,338	-2,242
2027	10,210	21.5%	-11.1%	-1,136	-1,136	574	(997)	276	-1,835	-1,616
2028	11,588	13.5%	-4.1%	-474	-474	652	(1,112)	211	-1,146	-928
2029	14,617	26.1%	2.9%	430	340	822	(1,379)	463	-680	-506
2030	16,186	10.7%	10.0%	1,615	1,276	910	(1,500)	240	446	305
2031	19,820	22.4%	10.0%	1,977	1,562	1,115	(1,804)	556	317	199
2032	23,500	18.6%	10.0%	2,344	1,852	1,322	(2,100)	563	511	295
2033	26,948	14.7%	10.0%	2,688	2,124	1,516	(2,363)	527	749	397
2034	29,853	10.8%	10.0%	2,978	2,353	1,679	(2,569)	444	1,019	497
2035	31,911	6.9%	10.0%	3,183	2,515	1,795	(2,693)	315	1,303	584

Enterprise Value Bridge

Sum of PV(FCFF)-3,014

Terminal Value (Gordon Growth at 3.0%)23,063

PV of Terminal Value10,334

Enterprise Value7,320

(–) Net Debt431

Equity Value6,889

(÷) Shares Outstanding690

Fair Value per Share$9.99

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.8%	$-13	$3	$23	$42	$62
7.8%	$-12	$-0	$15	$30	$45
8.8%	$-12	$-2	$10	$22	$34
9.8%	$-12	$-4	$7	$17	$27
10.8%	$-12	$-4	$4	$13	$21

Current price: $41.54. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 15.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$59.61

Market Price

$41.54

Upside / Downside

+43.5%

Verdict

Undervalued

EV/Revenue Valuation — Electronic Gaming & Multimedia

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Roblox CorporationRBLX	28,646	5.9x	3.8x
Corning IncorporatedGLW	125,689	8.6x	9.4x
Motorola Solutions, Inc.MSI	73,516	7.0x	7.6x
TE Connectivity Ltd.TEL	61,563	3.9x	3.9x
Fortinet, Inc.FTNT	61,195	8.8x	7.9x
Infosys LimitedINFY	55,910	2.8x	2.8x
Electronic Arts Inc.EA	51,092	6.9x	6.3x
CoreWeave, Inc. Class A Common StockCRWV	42,549	10.5x	4.3x
Take-Two Interactive Software, Inc.TTWO	36,422	6.9x	5.9x
Strategy IncMSTR	35,450	86.8x	87.5x
Industry Median		7.0x	6.3x
(*) Revenue		4,891	7,753
= Enterprise Value		34,377	48,705
(-) Net Debt		431	431
Equity Value		33,946	48,274
(/) Outstanding shares		690	690
Fair Price		$49	$70

Selected Fair Value (avg of trailing + forward)

$59.61

+43.5%