CoreWeave, Inc. (CRWV)
NEUTRAL基本面
37
价格
$88.51
市值
$47.57B
第一部分 · 这家公司值多少
概览
CoreWeave rents out access to data centres built almost entirely around NVIDIA GPUs, so that AI companies can train and run their models without building and maintaining their own computing infrastructure. It owns and leases the buildings and hardware and signs multi-year contracts with a small number of very large AI customers who commit to buying a set amount of capacity over time.
盈利方式
Revenue comes from long-term, take-or-pay contracts under which customers commit to pay for a fixed amount of computing capacity whether they use it or not, plus usage above that floor. This gives CoreWeave unusually strong revenue visibility for a young company, but it comes at the cost of very large upfront and ongoing spending on data centres, power and GPUs, much of it funded with debt secured against the equipment and the contracts themselves. The company does not disclose revenue by product or service line.
护城河
未发现护城河 · 无CoreWeave's edge has been speed — getting GPU capacity built and available faster than larger cloud providers could redirect their own build-outs — rather than a structural barrier competitors cannot cross. Amazon, Microsoft and Google are all expanding GPU capacity of their own, and a customer's long-term contract is a source of revenue visibility, not a lock-in that CoreWeave itself created.
需求驱动因素
周期性Demand depends on the AI infrastructure budgets of a handful of very large technology and AI companies, decided in multi-year cycles that can change direction quickly if AI spending plans are cut back. Revenue here is the direct consequence of a small number of customers' capital decisions, not of broad-based end-user demand.
主要风险
- Extreme customer concentration — A single customer, Microsoft, provided roughly two-thirds of 2025 revenue. The loss, renegotiation or non-renewal of that relationship would be far more than a marginal event for CoreWeave.
- Heavy debt-funded capital spending — CoreWeave has taken on substantial debt secured against its data centres and GPUs to fund rapid expansion. If demand growth slows, the company still owes interest and principal on equipment it may not be able to fill.
- Dependence on NVIDIA GPUs — The business is built almost entirely around NVIDIA hardware; supply constraints, pricing changes, or NVIDIA prioritising its own cloud partnerships would directly limit CoreWeave's ability to grow.
- Customers building or securing their own capacity — The same hyperscale customers CoreWeave depends on are also building their own data centres and securing GPU supply directly, which could reduce their need for CoreWeave's capacity once their own build-outs catch up.
客户集中度
主要客户占营收的67%
Microsoft alone accounted for approximately 67% of 2025 revenue, with large additional commitments from OpenAI and Meta. A change of plan by any one of these few customers would move the whole company's results.
看多理由
Buyers argue that CoreWeave's head start in building large-scale GPU capacity and its take-or-pay contracts with the biggest AI spenders give it years of visible revenue, and that a rapidly diversifying backlog toward OpenAI, Meta, Anthropic and others reduces the Microsoft concentration over time.
看空理由
Sellers fear that CoreWeave is a heavily leveraged bet on a handful of customers' AI capital budgets, that those same customers are building the in-house capacity that would eventually let them need CoreWeave less, and that the business has no advantage larger cloud providers cannot eventually replicate.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$7.59B
最近12个月（截至2026/6/30）
净利润
$-1.93B
最近12个月（截至2026/6/30）
自由现金流
$-7.25B
股东权益合计
$3.33B
负债合计
$45.97B
流动比率
0.46
利息覆盖率
0.14
债务/EBITDA
21.43
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$144.17
当前价格
$88.51
安全边际
+38.6%
公允价值区间
$136.96 - $151.38
估算方法
估值指标
市盈率（P/E）
-
ROE
-35.0%
市净率（P/B）
-
P/FCF
-
毛利率
67.4%
ROIC
-0.3%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
-0.3%
WACC
10.3%
ROIC − WACC
-10.7 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
基本面分析标准
通过（7）
- EPS shows upward trend
- Price CAGR 22.70%
- Gross Margin 67.4%
- Low reliance on intangibles
- Analyst Consensus 69% Buy
- Earnings Surprise avg 15.5%
- Net Margin Trend -25.4% vs -28.8%
未通过（12）
- ROIC -0.3%
- Debt/Equity ratio
- Operating Margin -3.0%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- DCF valuation (Unknown)
- ROE -40.3%
- Share Dilution 106.9%
- Piotroski F-Score 4/9
不可用（8）
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- CapEx intensity
- Price below Graham Number
- Revenue Growth 5Y (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
低质量：需深入审查会计处理
股权稀释
正在发行新股，稀释所有权
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Michael N. Intrator | Co-founder, President, CEO & Chairman | 55 |
| Mr. Brannin McBee | Co-Founder & Chief Development Officer | 39 |
| Mr. Brian M. Venturo | Co-Founder, Chief Strategy Officer & Director | 40 |
| Mr. Nitin Agrawal | CFO & Treasurer | 45 |
| Mr. Ernie Rogers | Chief Architect of Strategic Financing | 50 |
| Mr. Jon Jones | Chief Revenue Officer | 51 |
| Mr. Peter Salanki | Co-founder & CTO | 38 |
| Mr. Sachin Jain | Chief Operating Officer | 47 |
| Mr. Jeffrey R. Baker | Chief Accounting Officer | 56 |
| Ms. Sandhya Venugopal | Chief Information Officer | 43 |
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for CRWV, sourced from Markets Gazette.
- 1d agoNEUTRALAzioni CoreWeave -3%, perché un analista vede un potenziale rialzo dell'88%
CoreWeave (CRWV) shares dipped nearly 3% in pre-market trading as rising global bond yields put pressure on tech stocks, with the 30-year US Treasury yield surpassing 5.3%. Despite this, Truist Securities maintains a 'Buy' rating and raised its price target, citing the company's pricing power as a buffer against increased GPU costs. This analyst view suggests potential for an 88% upside, contrasting with the immediate market reaction. Investors are weighing the short-term pressure from rising yields against the long-term growth potential highlighted by the analyst.
- 13d agoPOSITIVECava Rises on Sales; CoreWeave Soars on AI Outlook | Stock Movers
CoreWeave is experiencing a significant surge in its stock price, driven by an exceptionally strong revenue outlook fueled by booming demand in the artificial intelligence sector. This positive performance is contributing to broader market gains, alongside Super Micro Computer's impressive sales forecast. Investors are closely watching CoreWeave as a key player benefiting from the ongoing AI revolution, with its robust outlook suggesting continued growth potential and potentially attracting further investment.
- 5/27/2026NEGATIVECoreWeave Stock Is On The Move: The Chart Tells An Interesting Story
CoreWeave Inc. (NASDAQ: CRWV) experienced a downturn on Wednesday as investors reassessed their positions in high-beta Artificial Intelligence infrastructure stocks. The move suggests a broader market sentiment shift away from growth-oriented tech names, potentially impacting CoreWeave's valuation. Traders are reportedly stepping back from these names, indicating a risk-off sentiment that could lead to further price pressure for companies heavily reliant on speculative growth narratives. Investors should monitor the broader AI sector sentiment for potential continued volatility.
- 5/26/2026POSITIVEWhat Is Going On With CoreWeave Stock On Tuesday?
CoreWeave (CRWV) stock experienced a significant premarket surge, reaching $108.09 following GF Securities' initiation of a 'Buy' rating with a $162 price target. The analyst report highlights CoreWeave's robust 69% gross margins and a projected $2.56 billion revenue roadmap for 2026. This positive outlook is underpinned by the company's strong position within the AI cloud infrastructure sector, suggesting substantial growth potential and making it an attractive prospect for investors focused on the burgeoning AI market.
- 5/21/2026POSITIVECoreWeave Gains As GF Securities Sees AI Infrastructure Boom Driving Growth
CoreWeave's stock experienced a significant surge following GF Securities' initiation of coverage with a $162 Buy rating. The brokerage firm forecasts a substantial boom in the neocloud AI market, estimated at $1.7 trillion, which is expected to be a major growth driver for GPU providers like CoreWeave. This positive outlook and strong initiation rating indicate high investor confidence in CoreWeave's future performance within the rapidly expanding AI infrastructure sector.
- 5/8/2026POSITIVECoreWeave Reports 'Strongest' Bookings In Company History, Shares Move Higher After Q1 Earnings (UPDATED)
CoreWeave Inc. announced record-breaking bookings, signaling its strongest performance in company history. Following its first-quarter earnings report, the company's shares saw an upward movement. While specific financial figures for bookings and Q1 earnings were not detailed in this update, the company's positive trajectory suggests robust demand for its services, likely related to AI infrastructure and cloud computing. Investors are watching CoreWeave closely as it continues to scale and capture market share in a rapidly growing sector.
- 4/10/2026POSITIVEMeta's Latest $21 Billion Move Could Help De-Risk CoreWeave's Growth: Analyst
CoreWeave has secured a significant $21 billion expansion deal with Meta Platforms for AI inference services. This strategic move is expected to provide substantial revenue tailwinds for CoreWeave, bolstering its growth trajectory in the competitive AI infrastructure market. While JPMorgan analysts acknowledge the positive development, they also caution investors about potential macro-economic volatility and inherent power supply risks associated with such large-scale operations. The deal underscores CoreWeave's growing importance as a key provider of specialized cloud computing for AI workloads.
- 4/9/2026POSITIVECoreWeave Stock Rips 30% From Lows On Meta Deal— Cathie Wood Up $500K In Days
CoreWeave Inc. (CRWV) shares surged 30% from their recent lows, fueled by a significant deal with Meta Platforms and strong early investment gains for Cathie Wood's ARK Invest. Wood's initial stake has reportedly appreciated by $500,000 within days, underscoring the rapid positive momentum. This rally suggests strong investor confidence in CoreWeave's business prospects, likely driven by the strategic partnership with Meta and the company's overall growth trajectory. The market is interpreting this as a validation of CoreWeave's technology and market position.
- 4/2/2026NEGATIVEWhat's Going On With CoreWeave Stock Thursday?
CoreWeave Inc. (CRWV) experienced a 5% decline on Thursday, with short interest reaching a significant 22.59%. This downturn is attributed to retreating Nasdaq futures and notable insider liquidations. As an AI cloud provider, the stock's performance is sensitive to broader market sentiment and internal confidence signals. The high short interest suggests a bearish outlook from a segment of the market, while insider selling can erode investor confidence, potentially pressuring the stock further.
via Markets Gazette