CoreWeave, Inc. CRWV
CoreWeave's FY2025 revenue of $5.1B and a $104.2B backlog plus $25B in additional customer commitments underscore extraordinary demand for its AI infrastructure platform, but the operating margin deteriorated from positive 16.9% in FY2024 to negative 0.9% in FY2025 despite revenue more than doubling, signaling that scale is not yet translating into operating leverage. With $29.8B of total debt against just $3.3B of equity and free cash flow of negative $7.25B, the balance sheet remains the central risk, while net insider selling of 52.8M shares over 24 months and a smart money score that declined from 0.37 to 0.19 quarter-over-quarter temper enthusiasm.
The stock trades below both its 50-day and 200-day moving averages with a negative MACD histogram, and while the P/S of 6.05 is modestly below the peer median of 6.83, the EV/EBITDA of 35.76 carries a 13% premium to peers—wait for evidence of margin stabilization and FCF inflection before adding risk.
What could go wrong
- Debt servicing capacity. Total debt of $29.8B against $3.3B of equity with negative FCF of $7.25B creates extreme leverage; any rise in financing costs or covenant pressure could constrain growth investment.
- Operating margin deterioration. Operating margin turned negative at -0.9% in FY2025 from +16.9% in FY2024 despite revenue growth, raising questions about unit economics at scale.
- Persistent insider selling. Net insider disposition of 52.8M shares worth $6.44B over 24 months, with the CFO continuing to sell Class A shares as recently as August 25, 2026.
- AI capex cycle dependency. Revenue depends on sustained hyperscaler and enterprise AI spending; any slowdown in GPU demand or customer concentration risk could impair backlog conversion.
What would change my mind
Where this comes from: FMP annual fundamentals, FY2025 · FMP derived_metrics, FY2024–FY2025 · FMP annual fundamentals, FY2025 · Seeking Alpha, published 2026-08-26. Orin's read on CRWV; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All CRWV filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 8-K | 22 Sep | CoreWeave, Inc. completed an upsized private offering of $4.2 billion aggregate principal amount of 2.875% Convertible Senior Notes due 2033 on September 22, 2026. The notes are… | read |
| 8-K | 17 Sep | — | on file |
| 13G/A | 14 Aug | — | on file |
| 13G/A | 14 Aug | — | on file |
| 13G/A | 14 Aug | — | on file |
| 13G/A | 12 Aug | — | on file |
| 13G/A | 12 Aug | — | on file |
| 10-Q | 11 Aug | Revenue for the three months ended June 30, 2026, was $2.575 billion, an increase of 112% year-over-year from $1.212 billion for the same period in 2025. | read |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Nvidia | $4.7B | 7.4% of fund |
| Goldman Sachs Group | $1.8B | 0.2% of fund |
| Vanguard Portfolio Management | $1.7B | 0.1% of fund |
| Vanguard Capital Management | $1.6B | 0.0% of fund |
| Invesco | $1.2B | 0.1% of fund |
| Alyeska Investment Group, L.P | $1.1B | 2.8% of fund |
108 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 2634 Form 4 filings, net −$6.6B. Of the 50 on hand, 0 were open-market purchases and 35 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about CRWV
Orin answers questions about CRWV from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| EV/EBITDA | 37.0× | — | — |
| P/S | 6.48× | — | — |
| P/B | 9.9× | — | — |
What Wall Street published
$139
$74 – $192 · +59% against today's price
- 19 buy or overweight
- 10 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| CRWVCoreWeave, Inc. Class A Common Stock | $49B | — | 37.0× | 67.4% | -25.4% | -45% |
| ADSKAutodesk, Inc. | $45B | 27.2× | 19.2× | 91.2% | 21.1% | 53% |
| FTNTFortinet, Inc. | $131B | 62.5× | 44.5× | 80.4% | 28.2% | 188% |
| MSIMotorola Solutions, Inc. | $76B | 35.4× | 22.2× | 50.0% | 17.4% | 86% |
| SNPSSynopsys, Inc. | $81B | 73.8× | 25.1× | 72.4% | 11.4% | 4% |
| WDAYWorkday, Inc. | $50B | 38.6× | 31.9× | 75.8% | 12.3% | 17% |
| XYZBlock, Inc. | $46B | 134.6× | 38.4× | 46.4% | 1.4% | 2% |
The median is of the 6 peers listed above and nothing else — check it against the column. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.