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CoreWeave, Inc.

CRWV · Technology (services-prepackaged software) · 4 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

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CoreWeave, Inc. reported revenue of $5.1 billion in fiscal 2025. Of the $7.6 billion its operations generated over 4 years, 287.4% went back into the business. On the accounting screens, it passes 6 of 9 Piotroski tests, its Altman Z'' of -1.30 is in the distress zone and its Beneish M-score is above the -1.78 line; 3 of the six cross-checks between its statements fire.

Revenue, fiscal 2025 5.1B  
Operating margin -0.9% gross margin 71.7%
Return on invested capital -0.2% 2.4% on average over 2 years
Free cash flow after stock pay -7.9B -153.6% of revenue
Net debt ÷ EBITDA 7.6× net debt 18.2B
Piotroski F-score 6/9 tests of improvement passed

Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units: 2-for-1 before fiscal 2025.

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
-35.0%
Return on assets
-2.4%
Asset turnover
0.10×
Research & development
6.9% of revenue
Overheads (SG&A)
12.7% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Where 4 years of operating cash went, 2022–2025

7.6B generated by the business. Each band is its share of that total.

  • Reinvested in the business 287% 22.0B
  • Acquisitions 1% 108.0M
  • Dividends 0% 0
  • Share buybacks 0% 0
  • More than it generated: funded with cash or new debt -189% -14.4B

Over the same years it paid 676.0M in stock.

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt
Net debt ÷ EBITDA
7.6×
Interest coverage
-0× operating income ÷ interest
Current ratio
0.46 current assets ÷ current liabilities
Cash conversion cycle
— collects in 225d

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

6of 9 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero passed
  • Profitability improvedReturn on assets higher than a year before passed
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell passed
  • More liquidCurrent ratio higher than a year before passed
  • No new sharesShare count did not grow passed
  • Better gross marginGross margin higher than a year before failed
  • Sells more per assetAsset turnover higher than a year before failed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

-1.30distress zone
  • Working capital ÷ assets -0.18 × 6.56-1.19
  • Retained earnings ÷ assets -0.05 × 3.26-0.17
  • Operating income ÷ assets -0.00 × 6.72-0.01
  • Equity ÷ liabilities 0.07 × 1.05+0.08

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

0.12above the -1.78 line
  • Receivables vs sales 2.84+2.61
  • Gross margin slipping 1.04+0.55
  • Soft assets 1.02+0.41
  • Sales growth 2.68+2.39
  • Slower depreciation 0.91+0.10
  • Overheads vs sales 2.04-0.35
  • Profit not in cash -0.09-0.40
  • Leverage rising 1.08-0.35

Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Receivables are growing 660% against revenue growing 168%.

Benign

A shift towards larger customers on longer terms, or sales concentrated at the end of the period.

Worrying

Sales are being made on looser credit, or revenue has been booked that may never be collected.

The effective tax rate is -4.0%.

Benign

A favourable geographic mix, or legitimate tax credits.

Worrying

Not sustainable; projecting it forward inflates the valuation.

Net debt is 7.6 times EBITDA.

Benign

A stable sector with predictable cash flows and comfortable maturities.

Worrying

Little room if earnings fall; the maturity schedule is what to check.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

revenue grew +372.8% a year over the last 2 years; it fades to the terminal rate by the last year

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

free cash flow to the firm after stock-based pay ÷ revenue, last 3 fiscal years together

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

interest expense ÷ debt = 5.4%, kept between the risk-free rate and +8 points

%

effective rate in the last fiscal year, -4.0%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Event 2026-09-22
Signed a material agreement; sold shares outside a registration; published other information
Event 2026-09-17
Published information for investors; published other information
Shares 2026-09-17
New shares priced
Quarterly 2026-08-12
Quarterly report
Results 2026-08-11
Reported results
Event 2026-08-10
Signed a material agreement; took on a financial obligation; published information for investors
Event 2026-06-18
Signed a material agreement; took on a financial obligation
Event 2026-06-11
Published information for investors
Estimatein 43d
Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 8 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$56.8M23 sale(s) by 2 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
Other lines50 awards · 2 option exercises · 0 tax withholdings
DateWhoWhatSharesPriceValueHolds after
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan 23,231 $85.57 $2.0M 863,898
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan 87,341 $86.41 $7.5M 776,557
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan 61,489 $87.15 $5.4M 715,068
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan 24,428 $88.33 $2.2M 690,640
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan 3,511 $88.95 $312,293 687,129
22 Sep 2026 Intrator Michael NCEO and President Converted · indirect 107,692 — — 107,692
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan · indirect 12,509 $85.57 $1.1M 95,183
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan · indirect 47,025 $86.41 $4.1M 48,158
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan · indirect 33,114 $87.15 $2.9M 15,044
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan · indirect 13,154 $88.33 $1.2M 1,890
22 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan · indirect 1,890 $88.95 $168,110 0
22 Sep 2026 Agrawal NitinChief Financial Officer Sold on the open market · pre-arranged plan 6,499 $85.57 $556,117 181,861
22 Sep 2026 Agrawal NitinChief Financial Officer Sold on the open market · pre-arranged plan 25,772 $86.44 $2.2M 156,089
22 Sep 2026 Agrawal NitinChief Financial Officer Sold on the open market · pre-arranged plan 16,193 $87.21 $1.4M 139,896
22 Sep 2026 Agrawal NitinChief Financial Officer Sold on the open market · pre-arranged plan 6,500 $88.40 $574,575 133,396
22 Sep 2026 Agrawal NitinChief Financial Officer Sold on the open market · pre-arranged plan 800 $89.02 $71,212 132,596
18 Sep 2026 Venturo Brian MChief Strategy Officer Converted 62,500 — — 303,871
18 Sep 2026 Venturo Brian MChief Strategy Officer Gave as a gift 62,500 — — 241,371
15 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan 75,594 $81.04 $6.1M 1.0M
15 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan 76,638 $82.02 $6.3M 934,897
15 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan 40,609 $83.03 $3.4M 894,288
15 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan 7,159 $83.65 $598,873 887,129
15 Sep 2026 Intrator Michael NCEO and President Exercised options · indirect 107,692 — — 107,692
15 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan · indirect 40,703 $81.04 $3.3M 66,989
15 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan · indirect 41,271 $82.02 $3.4M 25,718
15 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan · indirect 21,864 $83.03 $1.8M 3,854
15 Sep 2026 Intrator Michael NCEO and President Sold on the open market · pre-arranged plan · indirect 3,854 $83.65 $322,400 0
14 Sep 2026 Whitman Margaret CDirector Exercised options 1,200 — — 7,800

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
Altimeter Capital 30 Jun 2026 6.1M $604.6M 6.2% Added to
Norges Bank (Norway's sovereign fund) 30 Jun 2026 4.3M $430.1M 0.0% New
ARK Invest 30 Jun 2026 2.7M $264.5M 1.7% Added to
Appaloosa 30 Jun 2026 1.1M $107.3M 1.4% New
Soros Fund 30 Jun 2026 300,000 $29.9M 0.4% Reduced
Baillie Gifford 30 Jun 2026 50 $4,977 0.0% New

All the funds and what they reported ›

Companies like this one

Same SEC industry (services-prepackaged software) first, then the rest of technology.

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Every figure, year by year

4 fiscal years · 30 measures
2022202320242025
Size
Revenue—229.0M1.9B5.1B
Revenue growth——+736.2%+167.9%
Operating income—-14.0M324.0M-46.0M
Net income—-594.0M-863.0M-1.2B
Margins
Gross margin—69.9%74.3%71.7%
Operating margin—-6.1%16.9%-0.9%
Net margin—-259.4%-45.1%-22.7%
Free cash flow margin—-484.7%-310.9%-141.3%
R&D ÷ revenue—9.2%2.9%6.9%
SG&A ÷ revenue—13.1%6.2%12.7%
Cash
Free cash flow—-1.1B-6.0B-7.3B
Stock-based pay—15.0M31.0M630.0M
Free cash flow after stock pay—-1.1B-6.0B-7.9B
Free cash flow to the firm—-2.9B-7.5B-9.9B
Free cash flow ÷ net income—1.9×6.9×6.2×
Capex ÷ revenue—1285.2%454.4%200.9%
Returns
Return on invested capital——5.0%-0.2%
Return on equity———-35.0%
Return on assets——-4.8%-2.4%
Asset turnover——0.1×0.1×
Economic profit————
Per share
Earnings per share—$-1.55$-1.98$-2.68
Free cash flow per share—$-2.89$-13.65$-16.63
Dividend per share————
Payout ratio————
Book value per share—$-1.55$-0.95$7.65
Diluted shares—384.0M436.0M436.0M
Balance sheet
Net debt——6.6B18.2B
Net debt ÷ EBITDA——5.5×7.6×
Interest coverage—-0.5×0.9×-0.0×
Current ratio——0.4×0.5×
Cash conversion cycle (days)————
Scores
Piotroski F-score—136
Altman Z''——-1.29-1.30
Beneish M———0.12

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.