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CoreWeave, Inc.（CRWV）与景顺（IVZ）财务数据对比。点击上方公司名可切换其他公司
景顺的季度营收约是CoreWeave, Inc.的1.1倍（$1.7B vs $1.6B），CoreWeave, Inc.净利率更高（-28.7% vs -58.9%，领先30.1%），景顺自由现金流更多（$432.2M 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。
景顺是总部位于美国佐治亚州亚特兰大的独立投资管理企业，在全球20个国家设有分支机构，旗下运营景顺、Invesco Perpetual、PowerShares等品牌，普通股为标普500指数成分股，于纽约证券交易所挂牌交易。
CRWV vs IVZ — 直观对比
营收规模更大
IVZ
是对方的1.1倍
$1.6B
净利率更高
CRWV
高出30.1%
-58.9%
自由现金流更多
IVZ
多$2.9B
$-2.5B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.7B |
| 净利润 | $-451.7M | $-995.9M |
| 毛利率 | 67.6% | — |
| 营业利润率 | -5.7% | -86.2% |
| 净利率 | -28.7% | -58.9% |
| 营收同比 | — | 6.2% |
| 净利润同比 | — | -575.8% |
| 每股收益（稀释后） | $-0.50 | $-2.61 |
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CRWVIVZ
| Q4 25 | $1.6B | $1.7B | ||
| Q3 25 | $1.4B | $1.6B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $981.6M | $1.5B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $583.9M | $1.5B | ||
| Q2 24 | $395.4M | $1.5B | ||
| Q1 24 | — | $1.5B |
净利润CRWVIVZ
| Q4 25 | $-451.7M | $-995.9M | ||
| Q3 25 | $-110.1M | $356.4M | ||
| Q2 25 | $-290.5M | $197.4M | ||
| Q1 25 | $-314.6M | $171.1M | ||
| Q4 24 | — | $209.3M | ||
| Q3 24 | $-359.8M | $55.0M | ||
| Q2 24 | $-323.0M | $132.2M | ||
| Q1 24 | — | $141.5M |
毛利率CRWVIVZ
| 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% | — | ||
| Q1 24 | — | — |
营业利润率CRWVIVZ
| Q4 25 | -5.7% | -86.2% | ||
| Q3 25 | 3.8% | 16.5% | ||
| Q2 25 | 1.6% | 14.1% | ||
| Q1 25 | -2.8% | 18.1% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | 20.1% | 6.6% | ||
| Q2 24 | 19.7% | 13.9% | ||
| Q1 24 | — | 14.4% |
净利率CRWVIVZ
| Q4 25 | -28.7% | -58.9% | ||
| Q3 25 | -8.1% | 21.7% | ||
| Q2 25 | -24.0% | 13.0% | ||
| Q1 25 | -32.1% | 11.2% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | -61.6% | 3.6% | ||
| Q2 24 | -81.7% | 8.9% | ||
| Q1 24 | — | 9.6% |
每股收益（稀释后）CRWVIVZ
| Q4 25 | $-0.50 | $-2.61 | ||
| Q3 25 | $-0.22 | $0.66 | ||
| Q2 25 | $-0.60 | $-0.03 | ||
| Q1 25 | $-1.49 | $0.38 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | $-1.82 | $0.12 | ||
| Q2 24 | $-1.62 | $0.29 | ||
| Q1 24 | — | $0.31 |
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 | $1.0B |
| 总债务越低越好 | $21.4B | $1.8B |
| 股东权益账面价值 | $3.3B | $12.2B |
| 总资产 | $49.3B | $27.1B |
| 负债/权益比越低杠杆越低 | 6.41× | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资CRWVIVZ
| Q4 25 | $3.2B | $1.0B | ||
| Q3 25 | $1.9B | $973.1M | ||
| Q2 25 | $1.2B | $922.7M | ||
| Q1 25 | $1.3B | $821.7M | ||
| Q4 24 | — | $986.5M | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.0B | $878.5M | ||
| Q1 24 | — | $895.7M |
总债务CRWVIVZ
| Q4 25 | $21.4B | $1.8B | ||
| Q3 25 | $14.0B | $1.6B | ||
| Q2 25 | $11.1B | $1.9B | ||
| Q1 25 | $8.7B | $964.8M | ||
| Q4 24 | — | $890.6M | ||
| Q3 24 | — | $890.3M | ||
| Q2 24 | — | $890.1M | ||
| Q1 24 | — | $1.3B |
股东权益CRWVIVZ
| Q4 25 | $3.3B | $12.2B | ||
| Q3 25 | $3.9B | $14.0B | ||
| Q2 25 | $2.7B | $13.9B | ||
| Q1 25 | $1.9B | $14.7B | ||
| Q4 24 | — | $14.6B | ||
| Q3 24 | $-344.0M | $14.8B | ||
| Q2 24 | $-1.0B | $14.6B | ||
| Q1 24 | — | $14.6B |
总资产CRWVIVZ
| Q4 25 | $49.3B | $27.1B | ||
| Q3 25 | $32.9B | $28.4B | ||
| Q2 25 | $26.2B | $28.5B | ||
| Q1 25 | $21.9B | $28.1B | ||
| Q4 24 | — | $27.0B | ||
| Q3 24 | — | $27.5B | ||
| Q2 24 | — | $27.2B | ||
| Q1 24 | — | $28.1B |
负债/权益比CRWVIVZ
| Q4 25 | 6.41× | 0.15× | ||
| Q3 25 | 3.62× | 0.12× | ||
| Q2 25 | 4.16× | 0.14× | ||
| Q1 25 | 4.57× | 0.07× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.06× | ||
| Q1 24 | — | 0.09× |
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 | $455.8M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $432.2M |
| 自由现金流率自由现金流/营收 | -159.1% | 25.5% |
| 资本支出强度资本支出/营收 | 258.3% | 1.4% |
| 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 | $1.4B |
8季度趋势，按日历期对齐
经营现金流CRWVIVZ
| Q4 25 | $1.6B | $455.8M | ||
| Q3 25 | $1.7B | $606.2M | ||
| Q2 25 | $-251.3M | $547.9M | ||
| Q1 25 | $61.2M | $-84.6M | ||
| Q4 24 | — | $316.9M | ||
| Q3 24 | — | $438.4M | ||
| Q2 24 | — | $489.1M | ||
| Q1 24 | — | $-54.4M |
自由现金流CRWVIVZ
| Q4 25 | $-2.5B | $432.2M | ||
| Q3 25 | $-699.8M | $586.4M | ||
| Q2 25 | $-2.7B | $530.4M | ||
| Q1 25 | $-1.3B | $-108.0M | ||
| Q4 24 | — | $309.9M | ||
| Q3 24 | — | $410.0M | ||
| Q2 24 | — | $462.4M | ||
| Q1 24 | — | $-75.4M |
自由现金流率CRWVIVZ
| Q4 25 | -159.1% | 25.5% | ||
| Q3 25 | -51.3% | 35.7% | ||
| Q2 25 | -223.0% | 35.0% | ||
| Q1 25 | -137.1% | -7.1% | ||
| Q4 24 | — | 19.5% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 31.2% | ||
| Q1 24 | — | -5.1% |
资本支出强度CRWVIVZ
| Q4 25 | 258.3% | 1.4% | ||
| Q3 25 | 175.1% | 1.2% | ||
| Q2 25 | 202.3% | 1.2% | ||
| Q1 25 | 143.4% | 1.5% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.4% |
现金转化率CRWVIVZ
| Q4 25 | — | — | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 2.78× | ||
| Q1 25 | — | -0.49× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | — | 7.97× | ||
| Q2 24 | — | 3.70× | ||
| Q1 24 | — | -0.38× |
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% |
IVZ
| Investment Advice | $1.2B | 73% |
| Distribution And Shareholder Service | $382.7M | 23% |
| Financial Service Other | $51.0M | 3% |
| Investment Performance | $28.9M | 2% |
