vs
CoreWeave, Inc.（CRWV）与凯撒娱乐（CZR）财务数据对比。点击上方公司名可切换其他公司
凯撒娱乐的季度营收约是CoreWeave, Inc.的1.8倍（$2.9B vs $1.6B），凯撒娱乐净利率更高（-2.9% vs -28.7%，领先25.8%）
CoreWeave是总部位于美国新泽西州利文斯顿的人工智能云计算企业，专注为AI开发者及各行业企业客户提供云侧图形处理器（GPU）算力基础设施，同时自主研发芯片管理相关软件。
凯撒娱乐前身为埃尔拉多度假村公司，是总部位于美国内华达州里诺的酒店博彩娱乐集团。2020年7月20日公司收购原凯撒娱乐集团后更为现名，目前运营超过50处物业，业务覆盖酒店、博彩、休闲娱乐等多个领域。
CRWV vs CZR — 直观对比
营收规模更大
CZR
是对方的1.8倍
$1.6B
净利率更高
CZR
高出25.8%
-28.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.9B |
| 净利润 | $-451.7M | $-83.0M |
| 毛利率 | 67.6% | — |
| 营业利润率 | -5.7% | 17.4% |
| 净利率 | -28.7% | -2.9% |
| 营收同比 | — | 2.7% |
| 净利润同比 | — | 15.3% |
| 每股收益（稀释后） | $-0.50 | $-0.48 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CRWVCZR
| Q1 26 | — | $2.9B | ||
| Q4 25 | $1.6B | $2.9B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $981.6M | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $583.9M | $2.9B | ||
| Q2 24 | $395.4M | $2.8B |
净利润CRWVCZR
| Q1 26 | — | $-83.0M | ||
| Q4 25 | $-451.7M | $-250.0M | ||
| Q3 25 | $-110.1M | $-55.0M | ||
| Q2 25 | $-290.5M | $-82.0M | ||
| Q1 25 | $-314.6M | $-115.0M | ||
| Q4 24 | — | $11.0M | ||
| Q3 24 | $-359.8M | $-9.0M | ||
| Q2 24 | $-323.0M | $-122.0M |
毛利率CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | 67.6% | — | ||
| Q3 25 | 73.0% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 73.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 75.5% | — | ||
| Q2 24 | 72.5% | — |
营业利润率CRWVCZR
| Q1 26 | — | 17.4% | ||
| Q4 25 | -5.7% | 11.4% | ||
| Q3 25 | 3.8% | 17.9% | ||
| Q2 25 | 1.6% | 18.1% | ||
| Q1 25 | -2.8% | 17.5% | ||
| Q4 24 | — | 23.9% | ||
| Q3 24 | 20.1% | 22.4% | ||
| Q2 24 | 19.7% | 17.9% |
净利率CRWVCZR
| Q1 26 | — | -2.9% | ||
| Q4 25 | -28.7% | -8.6% | ||
| Q3 25 | -8.1% | -1.9% | ||
| Q2 25 | -24.0% | -2.8% | ||
| Q1 25 | -32.1% | -4.1% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | -61.6% | -0.3% | ||
| Q2 24 | -81.7% | -4.3% |
每股收益（稀释后）CRWVCZR
| Q1 26 | — | $-0.48 | ||
| Q4 25 | $-0.50 | $-1.22 | ||
| Q3 25 | $-0.22 | $-0.27 | ||
| Q2 25 | $-0.60 | $-0.39 | ||
| Q1 25 | $-1.49 | $-0.54 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | $-1.82 | $-0.04 | ||
| Q2 24 | $-1.62 | $-0.56 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $3.2B | $867.0M |
| 总债务越低越好 | $21.4B | — |
| 股东权益账面价值 | $3.3B | — |
| 总资产 | $49.3B | — |
| 负债/权益比越低杠杆越低 | 6.41× | — |
8季度趋势，按日历期对齐
现金及短期投资CRWVCZR
| Q1 26 | — | $867.0M | ||
| Q4 25 | $3.2B | $887.0M | ||
| Q3 25 | $1.9B | $836.0M | ||
| Q2 25 | $1.2B | $982.0M | ||
| Q1 25 | $1.3B | $884.0M | ||
| Q4 24 | — | $866.0M | ||
| Q3 24 | $1.4B | $802.0M | ||
| Q2 24 | $1.0B | $830.0M |
总债务CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | $21.4B | $11.9B | ||
| Q3 25 | $14.0B | $11.9B | ||
| Q2 25 | $11.1B | $12.3B | ||
| Q1 25 | $8.7B | $12.3B | ||
| Q4 24 | — | $12.3B | ||
| Q3 24 | — | $12.7B | ||
| Q2 24 | — | $12.4B |
股东权益CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | $3.3B | $3.5B | ||
| Q3 25 | $3.9B | $3.8B | ||
| Q2 25 | $2.7B | $3.9B | ||
| Q1 25 | $1.9B | $4.1B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | $-344.0M | $4.2B | ||
| Q2 24 | $-1.0B | $4.3B |
总资产CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | $49.3B | $31.6B | ||
| Q3 25 | $32.9B | $31.9B | ||
| Q2 25 | $26.2B | $32.5B | ||
| Q1 25 | $21.9B | $32.4B | ||
| Q4 24 | — | $32.6B | ||
| Q3 24 | — | $33.0B | ||
| Q2 24 | — | $33.1B |
负债/权益比CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | 6.41× | 3.40× | ||
| Q3 25 | 3.62× | 3.15× | ||
| Q2 25 | 4.16× | 3.15× | ||
| Q1 25 | 4.57× | 3.04× | ||
| Q4 24 | — | 2.96× | ||
| Q3 24 | — | 3.04× | ||
| Q2 24 | — | 2.89× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.6B | — |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | — |
| 自由现金流率自由现金流/营收 | -159.1% | — |
| 资本支出强度资本支出/营收 | 258.3% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-7.3B | — |
8季度趋势，按日历期对齐
经营现金流CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $304.0M | ||
| Q3 25 | $1.7B | $318.0M | ||
| Q2 25 | $-251.3M | $462.0M | ||
| Q1 25 | $61.2M | $218.0M | ||
| Q4 24 | — | $309.0M | ||
| Q3 24 | — | $232.0M | ||
| Q2 24 | — | $454.0M |
自由现金流CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | $-2.5B | $147.0M | ||
| Q3 25 | $-699.8M | $123.0M | ||
| Q2 25 | $-2.7B | $232.0M | ||
| Q1 25 | $-1.3B | $-5.0M | ||
| Q4 24 | — | $30.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $125.0M |
自由现金流率CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | -159.1% | 5.0% | ||
| Q3 25 | -51.3% | 4.3% | ||
| Q2 25 | -223.0% | 8.0% | ||
| Q1 25 | -137.1% | -0.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | -6.7% | ||
| Q2 24 | — | 4.4% |
资本支出强度CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | 258.3% | 5.4% | ||
| Q3 25 | 175.1% | 6.8% | ||
| Q2 25 | 202.3% | 7.9% | ||
| Q1 25 | 143.4% | 8.0% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 14.8% | ||
| Q2 24 | — | 11.6% |
现金转化率CRWVCZR
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 28.09× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CRWV
| US | $1.4B | 92% |
| Non Us | $129.3M | 8% |
CZR
| Casino | $1.7B | 58% |
| Hotel | $487.0M | 17% |
| Food and beverage | $424.0M | 15% |
| Other | $293.0M | 10% |
