Roku sells hardware at roughly zero gross margin on purpose. The players it is famous for are, in the company’s own words, bait — a box sold at cost to activate an account worth five to seven years of advertising. It worked: 89.8 million active accounts, 85.7% of revenue coming from the platform rather than the devices, and revenue compounding at 32.8% a year since 2015. On 15 June 2026 Fox agreed to buy the whole thing for USD 160.00 a share, an enterprise value of about USD 22 billion. This is a full institutional-grade equity research report on Roku (NASDAQ: ROKU), adapted from a 40-slide company primer into five structured chapters.
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