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CoreWeave, Inc.（CRWV）与Datadog（DDOG）财务数据对比。点击上方公司名可切换其他公司
CoreWeave, Inc.的季度营收约是Datadog的1.6倍（$1.6B vs $953.2M），Datadog净利率更高（4.9% vs -28.7%，领先33.6%），Datadog自由现金流更多（$318.2M vs $-2.5B）
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。
Datadog是一家美国企业，为云级应用提供可观测性服务，旗下SaaS数据分析平台可实现对服务器、数据库、各类工具及服务的统一监控。公司成立并总部位于纽约，目前在纳斯达克证券交易所公开上市。
CRWV vs DDOG — 直观对比
营收规模更大
CRWV
是对方的1.6倍
$953.2M
净利率更高
DDOG
高出33.6%
-28.7%
自由现金流更多
DDOG
多$2.8B
$-2.5B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $953.2M |
| 净利润 | $-451.7M | $46.6M |
| 毛利率 | 67.6% | 80.4% |
| 营业利润率 | -5.7% | 1.0% |
| 净利率 | -28.7% | 4.9% |
| 营收同比 | — | 29.2% |
| 净利润同比 | — | 2.1% |
| 每股收益（稀释后） | $-0.50 | $0.13 |
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CRWVDDOG
| Q4 25 | $1.6B | $953.2M | ||
| Q3 25 | $1.4B | $885.7M | ||
| Q2 25 | $1.2B | $826.8M | ||
| Q1 25 | $981.6M | $761.6M | ||
| Q4 24 | — | $737.7M | ||
| Q3 24 | $583.9M | $690.0M | ||
| Q2 24 | $395.4M | $645.3M | ||
| Q1 24 | — | $611.3M |
净利润CRWVDDOG
| Q4 25 | $-451.7M | $46.6M | ||
| Q3 25 | $-110.1M | $33.9M | ||
| Q2 25 | $-290.5M | $2.6M | ||
| Q1 25 | $-314.6M | $24.6M | ||
| Q4 24 | — | $45.6M | ||
| Q3 24 | $-359.8M | $51.7M | ||
| Q2 24 | $-323.0M | $43.8M | ||
| Q1 24 | — | $42.6M |
毛利率CRWVDDOG
| Q4 25 | 67.6% | 80.4% | ||
| Q3 25 | 73.0% | 80.1% | ||
| Q2 25 | 74.2% | 79.9% | ||
| Q1 25 | 73.3% | 79.3% | ||
| Q4 24 | — | 80.5% | ||
| Q3 24 | 75.5% | 80.0% | ||
| Q2 24 | 72.5% | 80.9% | ||
| Q1 24 | — | 82.0% |
营业利润率CRWVDDOG
| Q4 25 | -5.7% | 1.0% | ||
| Q3 25 | 3.8% | -0.7% | ||
| Q2 25 | 1.6% | -4.3% | ||
| Q1 25 | -2.8% | -1.6% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | 20.1% | 2.9% | ||
| Q2 24 | 19.7% | 2.0% | ||
| Q1 24 | — | 2.0% |
净利率CRWVDDOG
| Q4 25 | -28.7% | 4.9% | ||
| Q3 25 | -8.1% | 3.8% | ||
| Q2 25 | -24.0% | 0.3% | ||
| Q1 25 | -32.1% | 3.2% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | -61.6% | 7.5% | ||
| Q2 24 | -81.7% | 6.8% | ||
| Q1 24 | — | 7.0% |
每股收益（稀释后）CRWVDDOG
| Q4 25 | $-0.50 | $0.13 | ||
| Q3 25 | $-0.22 | $0.10 | ||
| Q2 25 | $-0.60 | $0.01 | ||
| Q1 25 | $-1.49 | $0.07 | ||
| Q4 24 | — | $0.14 | ||
| Q3 24 | $-1.82 | $0.14 | ||
| Q2 24 | $-1.62 | $0.12 | ||
| Q1 24 | — | $0.12 |
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 | $401.3M |
| 总债务越低越好 | $21.4B | — |
| 股东权益账面价值 | $3.3B | $3.7B |
| 总资产 | $49.3B | $6.6B |
| 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CRWVDDOG
| Q4 25 | $3.2B | $401.3M | ||
| Q3 25 | $1.9B | $540.6M | ||
| Q2 25 | $1.2B | $489.0M | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $1.4B | $337.4M | ||
| Q2 24 | $1.0B | $411.0M | ||
| Q1 24 | — | $282.2M |
总债务CRWVDDOG
| Q4 25 | $21.4B | — | ||
| Q3 25 | $14.0B | — | ||
| Q2 25 | $11.1B | — | ||
| Q1 25 | $8.7B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CRWVDDOG
| Q4 25 | $3.3B | $3.7B | ||
| Q3 25 | $3.9B | $3.4B | ||
| Q2 25 | $2.7B | $3.2B | ||
| Q1 25 | $1.9B | $2.9B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | $-344.0M | $2.6B | ||
| Q2 24 | $-1.0B | $2.4B | ||
| Q1 24 | — | $2.2B |
总资产CRWVDDOG
| Q4 25 | $49.3B | $6.6B | ||
| Q3 25 | $32.9B | $6.1B | ||
| Q2 25 | $26.2B | $5.8B | ||
| Q1 25 | $21.9B | $6.0B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.1B |
负债/权益比CRWVDDOG
| Q4 25 | 6.41× | — | ||
| Q3 25 | 3.62× | — | ||
| Q2 25 | 4.16× | — | ||
| Q1 25 | 4.57× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $327.1M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $318.2M |
| 自由现金流率自由现金流/营收 | -159.1% | 33.4% |
| 资本支出强度资本支出/营收 | 258.3% | 0.9% |
| 现金转化率经营现金流/净利润 | — | 7.02× |
| 过去12个月自由现金流最近4个季度 | $-7.3B | $1.0B |
8季度趋势，按日历期对齐
经营现金流CRWVDDOG
| Q4 25 | $1.6B | $327.1M | ||
| Q3 25 | $1.7B | $251.5M | ||
| Q2 25 | $-251.3M | $200.1M | ||
| Q1 25 | $61.2M | $271.5M | ||
| Q4 24 | — | $265.2M | ||
| Q3 24 | — | $228.7M | ||
| Q2 24 | — | $164.4M | ||
| Q1 24 | — | $212.3M |
自由现金流CRWVDDOG
| Q4 25 | $-2.5B | $318.2M | ||
| Q3 25 | $-699.8M | $234.7M | ||
| Q2 25 | $-2.7B | $184.9M | ||
| Q1 25 | $-1.3B | $262.8M | ||
| Q4 24 | — | $257.5M | ||
| Q3 24 | — | $220.3M | ||
| Q2 24 | — | $160.0M | ||
| Q1 24 | — | $198.1M |
自由现金流率CRWVDDOG
| Q4 25 | -159.1% | 33.4% | ||
| Q3 25 | -51.3% | 26.5% | ||
| Q2 25 | -223.0% | 22.4% | ||
| Q1 25 | -137.1% | 34.5% | ||
| Q4 24 | — | 34.9% | ||
| Q3 24 | — | 31.9% | ||
| Q2 24 | — | 24.8% | ||
| Q1 24 | — | 32.4% |
资本支出强度CRWVDDOG
| Q4 25 | 258.3% | 0.9% | ||
| Q3 25 | 175.1% | 1.9% | ||
| Q2 25 | 202.3% | 1.8% | ||
| Q1 25 | 143.4% | 1.1% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 2.3% |
现金转化率CRWVDDOG
| Q4 25 | — | 7.02× | ||
| Q3 25 | — | 7.42× | ||
| Q2 25 | — | 75.58× | ||
| Q1 25 | — | 11.02× | ||
| Q4 24 | — | 5.82× | ||
| Q3 24 | — | 4.42× | ||
| Q2 24 | — | 3.75× | ||
| Q1 24 | — | 4.98× |
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% |
DDOG
| North America | $678.7M | 71% |
| International | $274.5M | 29% |
