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CoreWeave, Inc.（CRWV）与NCR Atleos Corp（NATL）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NCR Atleos Corp的1.4倍（$1.6B vs $1.2B），NCR Atleos Corp净利率更高（7.2% vs -28.7%，领先35.9%），NCR Atleos Corp自由现金流更多（$194.0M 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。
NCR Atleos Corp 前身为NCR公司（National Cash Register），是全球知名的软件、咨询与技术企业，提供多元专业服务与电子产品，业务覆盖自助服务 kiosk、销售点终端、自动柜员机、支票处理系统、条码扫描器等商用软硬件的研发与生产，服务全球各行业客户的数字化运营需求。
CRWV vs NATL — 直观对比
营收规模更大
CRWV
是对方的1.4倍
$1.2B
净利率更高
NATL
高出35.9%
-28.7%
自由现金流更多
NATL
多$2.7B
$-2.5B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $-451.7M | $83.0M |
| 毛利率 | 67.6% | — |
| 营业利润率 | -5.7% | 13.5% |
| 净利率 | -28.7% | 7.2% |
| 营收同比 | — | 4.0% |
| 净利润同比 | — | 102.4% |
| 每股收益（稀释后） | $-0.50 | $1.09 |
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CRWVNATL
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $981.6M | $979.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $583.9M | $1.1B | ||
| Q2 24 | $395.4M | $1.1B | ||
| Q1 24 | — | $1.0B |
净利润CRWVNATL
| Q4 25 | $-451.7M | $83.0M | ||
| Q3 25 | $-110.1M | $26.0M | ||
| Q2 25 | $-290.5M | $39.0M | ||
| Q1 25 | $-314.6M | $14.0M | ||
| Q4 24 | — | $41.0M | ||
| Q3 24 | $-359.8M | $21.0M | ||
| Q2 24 | $-323.0M | $27.0M | ||
| Q1 24 | — | $-9.0M |
毛利率CRWVNATL
| 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CRWVNATL
| Q4 25 | -5.7% | 13.5% | ||
| Q3 25 | 3.8% | 9.8% | ||
| Q2 25 | 1.6% | 10.8% | ||
| Q1 25 | -2.8% | 9.5% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | 20.1% | 10.6% | ||
| Q2 24 | 19.7% | 9.8% | ||
| Q1 24 | — | 6.5% |
净利率CRWVNATL
| Q4 25 | -28.7% | 7.2% | ||
| Q3 25 | -8.1% | 2.3% | ||
| Q2 25 | -24.0% | 3.5% | ||
| Q1 25 | -32.1% | 1.4% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | -61.6% | 2.0% | ||
| Q2 24 | -81.7% | 2.5% | ||
| Q1 24 | — | -0.9% |
每股收益（稀释后）CRWVNATL
| Q4 25 | $-0.50 | $1.09 | ||
| Q3 25 | $-0.22 | $0.34 | ||
| Q2 25 | $-0.60 | $0.52 | ||
| Q1 25 | $-1.49 | $0.19 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | $-1.82 | $0.28 | ||
| Q2 24 | $-1.62 | $0.37 | ||
| Q1 24 | — | $-0.13 |
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 | $456.0M |
| 总债务越低越好 | $21.4B | $2.7B |
| 股东权益账面价值 | $3.3B | $403.0M |
| 总资产 | $49.3B | $5.7B |
| 负债/权益比越低杠杆越低 | 6.41× | 6.63× |
8季度趋势，按日历期对齐
现金及短期投资CRWVNATL
| Q4 25 | $3.2B | $456.0M | ||
| Q3 25 | $1.9B | $412.0M | ||
| Q2 25 | $1.2B | $357.0M | ||
| Q1 25 | $1.3B | $352.0M | ||
| Q4 24 | — | $419.0M | ||
| Q3 24 | $1.4B | $395.0M | ||
| Q2 24 | $1.0B | $374.0M | ||
| Q1 24 | — | $343.0M |
总债务CRWVNATL
| Q4 25 | $21.4B | $2.7B | ||
| Q3 25 | $14.0B | $2.8B | ||
| Q2 25 | $11.1B | $2.8B | ||
| Q1 25 | $8.7B | — | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CRWVNATL
| Q4 25 | $3.3B | $403.0M | ||
| Q3 25 | $3.9B | $330.0M | ||
| Q2 25 | $2.7B | $350.0M | ||
| Q1 25 | $1.9B | $275.0M | ||
| Q4 24 | — | $219.0M | ||
| Q3 24 | $-344.0M | $264.0M | ||
| Q2 24 | $-1.0B | $250.0M | ||
| Q1 24 | — | $283.0M |
总资产CRWVNATL
| Q4 25 | $49.3B | $5.7B | ||
| Q3 25 | $32.9B | $5.7B | ||
| Q2 25 | $26.2B | $5.8B | ||
| Q1 25 | $21.9B | $5.7B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | — | $5.8B | ||
| Q1 24 | — | $5.8B |
负债/权益比CRWVNATL
| Q4 25 | 6.41× | 6.63× | ||
| Q3 25 | 3.62× | 8.45× | ||
| Q2 25 | 4.16× | 8.05× | ||
| Q1 25 | 4.57× | — | ||
| Q4 24 | — | 13.05× | ||
| 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 | $231.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $194.0M |
| 自由现金流率自由现金流/营收 | -159.1% | 16.8% |
| 资本支出强度资本支出/营收 | 258.3% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 2.78× |
| 过去12个月自由现金流最近4个季度 | $-7.3B | $239.0M |
8季度趋势，按日历期对齐
经营现金流CRWVNATL
| Q4 25 | $1.6B | $231.0M | ||
| Q3 25 | $1.7B | $25.0M | ||
| Q2 25 | $-251.3M | $-23.0M | ||
| Q1 25 | $61.2M | $123.0M | ||
| Q4 24 | — | $80.0M | ||
| Q3 24 | — | $107.0M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | — | $148.0M |
自由现金流CRWVNATL
| Q4 25 | $-2.5B | $194.0M | ||
| Q3 25 | $-699.8M | $-5.0M | ||
| Q2 25 | $-2.7B | $-44.0M | ||
| Q1 25 | $-1.3B | $94.0M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | — | $85.0M | ||
| Q2 24 | — | $-14.0M | ||
| Q1 24 | — | $124.0M |
自由现金流率CRWVNATL
| Q4 25 | -159.1% | 16.8% | ||
| Q3 25 | -51.3% | -0.4% | ||
| Q2 25 | -223.0% | -4.0% | ||
| Q1 25 | -137.1% | 9.6% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | -1.3% | ||
| Q1 24 | — | 11.9% |
资本支出强度CRWVNATL
| Q4 25 | 258.3% | 3.2% | ||
| Q3 25 | 175.1% | 2.7% | ||
| Q2 25 | 202.3% | 1.9% | ||
| Q1 25 | 143.4% | 3.0% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 2.3% |
现金转化率CRWVNATL
| Q4 25 | — | 2.78× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | -0.59× | ||
| Q1 25 | — | 8.79× | ||
| Q4 24 | — | 1.95× | ||
| Q3 24 | — | 5.10× | ||
| Q2 24 | — | 0.33× | ||
| Q1 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% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
