Roku
ROKU on Nasdaq. Roku sells TV streaming and advertising to viewers and advertisers. Market value $9.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.16 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 55 of 100. Price score: 42 of 100. Our list needs 70 on quality and 60 on price.
$152.06 a share, 94% above its 1-year low
Over the past year the price has ranged from $78.53 to $159.89.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $710 million in the past 12 months, $478 million in the year to December 2025.
| Revenue | |||||
| Revenue | $2.8bn | $3.1bn | $3.5bn | $4.1bn | $4.7bn |
| Operating margin | |||||
| Operating margin | 8.5% | -17.0% | -22.7% | -5.3% | -0.1% |
| Debt to equity | |||||
| Debt to equity | 0.03 | 0.03 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.14bn | 0.14bn | 0.14bn | 0.15bn | 0.15bn |
Health checks
- Free cash flow positive3 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 21.6% a year
- Buying back its own sharesNo, 9% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.4 billion last quarter, up 22% on a year ago.
- Profit: $164 million, up 1464% on a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, after losing 4 cents a year earlier.
- Spare cash over the past 12 months: $710 million, up from $390 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.1bn |
| December 2024 | $1.2bn |
| March 2025 | $1.0bn |
| June 2025 | $1.1bn |
| September 2025 | $1.2bn |
| December 2025 | $1.4bn |
| March 2026 | $1.2bn |
| June 2026 | $1.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$9m |
| December 2024 | -$36m |
| March 2025 | -$27m |
| June 2025 | $11m |
| September 2025 | $25m |
| December 2025 | $80m |
| March 2026 | $86m |
| June 2026 | $164m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 784 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $14m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $8m | <0.1% | Cut |
Largest holders overall
- BlackRock$1.8bnAdded
- Vanguard Capital Management$819m
- Vanguard Portfolio Management$812mCut
- FMR$734mCut
- Pentwater Capital Management LP$597mNew
- State Street$568mAdded
- Balyasny Asset Management L.P.$435mAdded
- Geode Capital Management$424mAdded
- Goldman Sachs Group$366mAdded
- Schroder Investment Management Group$286mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor9.7%+4.7 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- ARK Investment Management LLCPassive investorat least 4.5%−1.1 pts(filed with 1 related holder)Since 31 December 2025
- FMR LLCPassive investorat least 4.0%−9.0 pts(filed with 1 related holder)Since 30 June 2026
- Sumitomo Mitsui Trust Group, Inc.Passive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.7%+4.7 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
ARK Investment Management LLC Passive investor | at least 4.5%−1.1 pts (filed with 1 related holder) | 31 December 2025 | |
FMR LLC Passive investor | at least 4.0%−9.0 pts (filed with 1 related holder) | 30 June 2026 | |
Sumitomo Mitsui Trust Group, Inc. Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $158m, $158m of it under preset trading plans.
- Banks Matthew C.VP, CAOSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 554
- Price
- $152.21
- Value
- $84,324
- HUNT NEIL DDirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 2,000
- Price
- $151.09
- Value
- $302,186
- Jedda DanCFO & COOSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 7,000
- Price
- $156.81
- Value
- $1m
- Collier CharlesPresident, Roku MediaSoldunder a preset trading plan
- Date
- 4 September 2026
- Shares
- 20,538
- Price
- $156.99
- Value
- $3m
- Banks Matthew C.VP, CAOSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 546
- Price
- $155.64
- Value
- $84,979
- Collier CharlesPresident, Roku MediaSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 7,067
- Price
- $156.86
- Value
- $1m
- Fuchsberg GilbertPresident, SubscriptionsSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 4,824
- Price
- $155.64
- Value
- $750,807
- Ozgen MustafaPres, Devices, Prod, and TechSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 3,410
- Price
- $155.64
- Value
- $530,732
- Handman Christopher T.SVP & General CounselSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 2,999
- Price
- $155.64
- Value
- $466,764
- HUNT NEIL DDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 2,000
- Price
- $156.30
- Value
- $312,605
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Banks Matthew C. VP, CAO | Sold under a preset trading plan | 554 | $152.21 | $84,324 |
| 1 October 2026 | HUNT NEIL D Director | Sold under a preset trading plan | 2,000 | $151.09 | $302,186 |
| 15 September 2026 | Jedda Dan CFO & COO | Sold under a preset trading plan | 7,000 | $156.81 | $1m |
| 4 September 2026 | Collier Charles President, Roku Media | Sold under a preset trading plan | 20,538 | $156.99 | $3m |
| 2 September 2026 | Banks Matthew C. VP, CAO | Sold under a preset trading plan | 546 | $155.64 | $84,979 |
| 2 September 2026 | Collier Charles President, Roku Media | Sold under a preset trading plan | 7,067 | $156.86 | $1m |
| 2 September 2026 | Fuchsberg Gilbert President, Subscriptions | Sold under a preset trading plan | 4,824 | $155.64 | $750,807 |
| 2 September 2026 | Ozgen Mustafa Pres, Devices, Prod, and Tech | Sold under a preset trading plan | 3,410 | $155.64 | $530,732 |
| 2 September 2026 | Handman Christopher T. SVP & General Counsel | Sold under a preset trading plan | 2,999 | $155.64 | $466,764 |
| 1 September 2026 | HUNT NEIL D Director | Sold under a preset trading plan | 2,000 | $156.30 | $312,605 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.