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CRWV, CoreWeave Inc.

Software capital-intensive Unprofitable

CoreWeave Cloud combines proprietary software and orchestration, advanced infrastructure, and managed cloud services within a highly secure environment to deliver best-in-class high-performance computing, enabling our customers to develop, deploy, and operate advanced AI models and applications at scale.

Our CoreWeave Cloud platform enables the full lifecycle of AI, including large-scale model training, inference, data movement, continuous iteration, and agentic workflows.

We address them by integrating purpose-built infrastructure with AI-native software and managed services into a single, vertically integrated platform optimized for performance, reliability, and scalability.

Latest annual: FY2025 10-K

CRWV · CoreWeave Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$5.1B

+167.9% YoY

Vital signs · TTM, with 3-yr average

Revenue $6.2B 3-yr avg $2.4B

Gross margin 69% 3-yr avg 72%

Operating margin −2.6% 3-yr avg 3.3%

ROIC −0% 3-yr avg 2%

Owner-earnings margin 45% 3-yr avg 289%

Free cash flow margin −170% 3-yr avg −312%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
What moves the needle: Operating margin has reached 17% at its best but run negative through the cycle (median −0.9%) on a 72% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Capital spending runs about 454% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2023–2025

realized figures from each filing · older years to the left

2023’23	2024’24	2025’25	TTMTTMMar 2026
				Income statement
$229M	$1.9B	$5.1B	$6.2B	RevenueRevenue
70%	74%	72%	69%	Gross marginGross mgn
13%	6%	13%	10%	SG&A / revenueSG&A/rev
9%	3%	7%	6%	R&D / revenueR&D/rev
($14M)	$324M	($46M)	($163M)	Operating incomeOp. inc.
−6.1%	16.9%	−0.9%	−2.6%	Operating marginOp. mgn
($594M)	($863M)	($1.2B)	($1.6B)	Net incomeNet inc.
				Cash flow & returns
$1.8B	$2.7B	$3.1B	$6.0B	Operating cash flowOp. cash
$103M	$863M	$2.5B	$3.2B	DepreciationDeprec.
$2.3B	$2.7B	$1.1B	$3.8B	Working capital & otherWC & other
$2.9B	$8.7B	$10.3B	$16.6B	CapexCapex
n/m	454.4%	200.9%	266.5%	Capex / revenueCapex/rev
$1.7B	$1.9B	$604M	$2.8B	Owner earningsOwner earn.
755.5%	98.5%	11.8%	45.3%	Owner earnings marginOE mgn
($1.1B)	($6.0B)	($7.3B)	($10.6B)	Free cash flowFCF
−484.7%	−310.9%	−141.3%	−170.5%	Free cash flow marginFCF mgn
$0	$0	$108M	$108M	AcquisitionsAcquis.
—	4%	-0%	-0%	ROICROIC
—	—	-35%	-33%	Return on equityROE
—	—	−35%	−33%	Retained to equityRetained/eq
				Balance sheet
$217M	$1.4B	$3.2B	$2.3B	Cash & investmentsCash+inv
—	$417M	$3.2B	$2.1B	ReceivablesReceiv.
—	$868M	$1.6B	$3.4B	Accounts payablePayables
—	($451M)	$1.5B	($1.3B)	Operating working capitalOper. WC
—	$1.9B	$7.5B	$5.6B	Current assetsCur. assets
—	$5.0B	$16.4B	$17.8B	Current liabilitiesCur. liab.
—	0.4×	0.5×	0.3×	Current ratioCurr. ratio
$0	$20M	$1.1B	$1.1B	GoodwillGoodwill
—	$17.8B	$49.3B	$55.6B	Total assetsAssets
—	$7.9B	$21.4B	$24.9B	Total debtDebt
—	$6.6B	$18.2B	$22.6B	Net debt / (cash)Net debt
($597M)	($414M)	$3.3B	$4.8B	Shareholders’ equityEquity
6.6%	1.6%	12.3%	9.6%	Stock comp / revenueSBC/rev
				Per share
192M	218M	436M	527M	Shares out (diluted)Shares
$1.19	$8.78	$11.77	$11.82	Revenue / shareRev/sh
$-3.09	$-3.96	$-2.68	$-3.02	EPS (diluted)EPS
$9.01	$8.65	$1.39	$5.36	Owner earnings / shareOE/sh
$-5.78	$-27.31	$-16.63	$-20.14	Free cash flow / shareFCF/sh
$15.33	$39.92	$23.64	$31.49	Cap. spending / shareCapex/sh
$-3.11	$-1.90	$7.65	$9.03	Book value / shareBVPS

The diluted share count moved ×2 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The record, charted

FY2023–2025

Each measure over its full record; the current point and the worst year marked.

Share count

436Mpeak FY2025

Gross margin

72%low FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$604Mowner earningsvs.($1.2B)net incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2023FY2025

Owner-earnings bridge

FY2023–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $604M of owner earnings, the operating cash left after the $2.5B it takes just to hold its position. It put $7.9B more into growth; free cash flow, after that spending, was ($7.3B).

	FY2025	FY2024	FY2023
Reported net income	($1.2B)	($863M)	($594M)
Depreciation & amortizationnon-cash charge added back	+$2.5B	+$863M	+$103M
Stock-based compensationreal costnon-cash, but a real cost	+$630M	+$31M	+$15M
Working capital & othertiming of cash in and out, other non-cash items	+$1.1B	+$2.7B	+$2.3B
Cash from operations	$3.1B	$2.7B	$1.8B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$2.5B	−$863M	−$103M
Owner earnings	$604M	$1.9B	$1.7B
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$7.9B	−$7.8B	−$2.8B
Free cash flow	($7.3B)	($6.0B)	($1.1B)
Owner-earnings marginowner earnings ÷ revenue	12%	98%	755%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $2.5B, roughly its depreciation, the rate its assets wear out). The other $7.9B of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $630M), owner earnings is nearer ($26M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Material weakness in financial controls

“Risks Related to Financial and Accounting Matters We have identified material weaknesses in our internal control over financial reporting.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $18.2B

Net debt against an operating loss

Cash $3.1B + ST investments $34M − debt $21.4B

What this means
Netting $3.2B of cash and short-term investments against $21.4B of debt leaves $18.2B owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -182d

Negative, funded by others

DSO 225 + DIO 0 − DPO 408 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital -0%

Below average

NOPAT ($36M) ÷ invested capital $21.6B (debt + equity − cash)

Industry peers: median 9%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 98%

High through the cycle

3-yr median margin, range 12%–755%; latest $604M = operating cash $3.1B − maintenance capex $2.5B

Industry peers: median 21%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 12% of revenue this year, a 98% median across 3 years. It chose to put $7.9B more into growth, so free cash flow this year was ($7.3B) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $630M of SBC) leaves ($26M).
Are earnings backed by cash? $3.1B

Loss, but cash-generative

Net income ($1.2B) · cash from operations $3.1B

In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 4.20×

Expanding

Capex $10.3B ÷ depreciation $2.5B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 3 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $5.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.46×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $21.4B vs ($9.0B) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1.66/share (latest year $-2.21), the averaged base the calculator's gate runs on, and book value is $6.33/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“If new technologies emerge that limit or eliminate reliance on AI cloud platform providers like us, or that enable our competitors to deliver competitive services at lower prices, more efficiently, more conveniently, or more securely, such technologies could adversely impact our ability to compete.…”

The product is the kind capable AI most directly contests: when a substitute can be built cheaply, the incumbent's pricing power is the first thing at risk. The record cannot say whether the moat outlasts that; past durability is a starting point, not a promise.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$5.6B

Cash & short-term investments$2.3B
Receivables$2.1B
Other current assets$1.2B

Current liabilities$17.8B

Debt due within a year$7.5B
Accounts payable$3.4B
Other current liabilities$6.9B

Current ratio0.31×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.31×stricter: inventory excluded

Cash ratio0.13×strictest: cash alone against what's due

Working capital($12.2B)the cushion left after near-term bills

Debt due this year vs. cash$7.5B due · $2.3B cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+111.6%the freshest read on whether the business is still growing

Current ratio, recent quarters0.4× → 0.3×

Deeper floors

Tangible book value$3.4Bequity stripped of goodwill & intangibles

Net current asset value($45.2B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$34.9B$10.1B of it operating leases; with finance leases, “total fixed claims” below reaches $29.8B (annual-report basis)

Deferred revenue$7.5Bcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$6.7B

'27$4.3B

'28$2.4B

'29$1.8B

'30$2.1B

later$4.3B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$6.7Bthe first rung: what must be repaid or rolled over within the year

Within two years$11.0Bthe near wall, the part most exposed to today’s credit conditions

Biggest single year$6.7Bin 2026the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$21.6Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$2.3B

One year of owner earnings (FY2025)$604M

Together, against $6.7B due next year0.43×

Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $2.9B against the $6.7B due in the twelve months after the Dec 31, 2025 schedule: about 43% of it, so the near maturities lean on refinancing or the rest of the year’s cash.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.

Operating leasesFinance leases

'26$1.2B

'27$1.5B

'28$1.3B

'29$1.3B

'30$1.2B

later$7.5B

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$1.2Ba fixed cash payment, owed whether or not the business has a good year

Total lease payments$13.9Bevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$8.4Bthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$21.4B

Lease obligations (present value)$8.4B

Total fixed claims on the business$29.8B

Counting the leases the way Buffett does, the fixed claims on this business come to $29.8B, of which the leases are 28%. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Dec 31, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

Insider ownership5.4%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$630M
The slice of the business handed to employees in shares this year, 12% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Software

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
URIUnited Rentals	$16.1B	40%	24.4%	11%	31%
GPNGlobal Payments Inc.	$7.7B	59%	16.0%	4%	25%
CRWVCoreWeave Inc.	$5.1B	72%	-0.9%	-0%	98%
EQPTEquipmentShare.com Inc	$4.4B	28%	6.8%	6%	-1%
AKAMAkamai	$4.2B	64%	17.7%	9%	26%
ALLEAllegion	$4.1B	44%	19.4%	23%	15%
CSGPCoStar Group Inc.	$3.2B	79%	17.7%	9%	21%
FTAIFTAI Aviation Ltd.	$2.5B	55%	-8.2%	-1%	-12%
Group median	—	57%	16.9%	8%	23%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what CoreWeave Inc. has delivered.

CoreWeave Inc.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle (($4.8B)) Net of stock comp (−$599M) Steady-state · maintenance capex ($3.5B)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · since FY2023−41%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($10.6B) on 527M shares outstanding (a weighted basic average, the only count this filer tags); net debt $22.6B. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($16.6B) runs well above depreciation ($3.2B), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $3.5B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CRWV against another business →

The owners of CRWV: the meeting and the votes →

Cite: Owner Scorecard, "CoreWeave Inc. (CRWV), the owner's record," https://ownerscorecard.com/c/CRWV, data as of 2026-07-09.

Manual order: ← CRWD its page in the Manual CSCO →

Industry order: ← CRWD the Software chapter CVLT →