US · Nasdaq · CRWV
CoreWeave (CRWV) stock analysis: valuation and financials
Technology · Computer Software: Prepackaged Software
$89.62 +1.2% Price as of Oct 1, 2026
Elite AI-cloud growth ($5.13B FY2025 revenue, $60.7B RPO) but 67% customer concentration, -$13.66B TTM FCF, $11.0B maturities vs $5.54B liquidity; base case shows -88% upside — demanding.
- Market cap
- $49.4B
- P/E
- —
- EV/Sales
- 5.8x
- FCF yield
- -27.6%
- 52-week range
- $60.82 – $143.08
- Next earnings
- Nov 9, 2026
Research as of Oct 4, 2026
Business quality scorecard
- Growth100
- Profitability29
- Cash flow24
- Balance sheet33
- Capital allocation0
- Innovation64
- Valuation0
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
AI labs, technology companies and enterprises pay CoreWeave for committed take-or-pay AI cloud capacity and attached software; FY2025 revenue of $5.1B was 93.6% US, and compute carries the gross profit ($3.7B, 67.4% margin) even though operating margin is -3.0% and the largest customer is 67% of revenue.
Financials by year
| FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|
| Revenue | $229.0M | $1.9B | $5.1B |
| Revenue growth | — | +736.2% | +167.9% |
| Gross margin | 69.9% | 74.3% | 71.7% |
| Operating margin | -6.1% | 16.9% | -0.9% |
| Net income | -$594.0M | -$863.0M | -$1.2B |
| Free cash flow | -$1.1B | -$6.0B | -$7.3B |
| FCF margin | -484.7% | -310.9% | -141.3% |
Amounts in USD · What is free cash flow?
Margins Gross margin FY2025 71.7% vs 74.3% FY2024; TTM 67.4% (-2.6pp), Q2 FY2026 65.9%. Operating margin FY2025 -0.9% vs +16.9%; TTM -3.0%. Cause: data-center build-out - cost of revenue +195% vs revenue +168%, plus server depreciation.
- Cash flow ConcernOperating cash flow far exceeds net income: $6.911B TTM vs a $1.928B net loss, and $3.058B vs -$1.167B in FY2025, helped by upfront customer payments. But it is lumpy - Q2 FY2026 $679M versus Q1 FY2026 $2.984B.
- Debt ElevatedTotal debt rose to $21.4B at FY2025 from $7.9B at FY2024, with interest expense $1.148B FY2025 and $1.619B TTM. Reported leverage reads a $5.5B net cash position, but coverage is negative: TTM EBIT -$231M and EBITDA $3.76B covers interest only about 2.3x.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- $5.5B
- Total debt
- —
- Net cash
- $5.5B
- Current ratio
- 0.5x
As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management AdequateExecution is strong: FY2025 revenue $5.13B, up 168% year-over-year, with gross margin 71.7% and an 850MW, 43-data-center footprint.
- Credibility MediumNone of the four releases in scope contains a quantitative outlook; each defers guidance to the earnings call, so beats or misses cannot be scored from the press releases.
Valuation range
Implied value per share · Price when researched: $89.62
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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