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CoreWeave, Inc.（CRWV）与Paychex（PAYX）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Paychex的1.0倍（$1.6B vs $1.5B），Paychex净利率更高（26.3% vs -28.7%，领先55.0%），Paychex自由现金流更多（$382.8M 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。
Paychex是美国知名人力资源服务提供商，1971年成立，总部位于纽约州罗切斯特，面向中小微企业提供薪资管理、人力资源外包、员工福利外包等服务。目前在美欧地区拥有超100个办事处，服务约80万家薪资客户，位列《财富》500强第681位。
CRWV vs PAYX — 直观对比
营收规模更大
CRWV
是对方的1.0倍
$1.5B
净利率更高
PAYX
高出55.0%
-28.7%
自由现金流更多
PAYX
多$2.9B
$-2.5B
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.5B |
| 净利润 | $-451.7M | $395.4M |
| 毛利率 | 67.6% | 72.6% |
| 营业利润率 | -5.7% | 38.0% |
| 净利率 | -28.7% | 26.3% |
| 营收同比 | — | 17.4% |
| 净利润同比 | — | -4.4% |
| 每股收益（稀释后） | $-0.50 | $1.10 |
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CRWVPAYX
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $981.6M | $1.5B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $583.9M | $1.3B | ||
| Q2 24 | $395.4M | $1.3B | ||
| Q1 24 | — | $1.4B |
净利润CRWVPAYX
| Q4 25 | $-451.7M | $395.4M | ||
| Q3 25 | $-110.1M | $383.8M | ||
| Q2 25 | $-290.5M | $297.2M | ||
| Q1 25 | $-314.6M | $519.3M | ||
| Q4 24 | — | $413.4M | ||
| Q3 24 | $-359.8M | $427.4M | ||
| Q2 24 | $-323.0M | $379.9M | ||
| Q1 24 | — | $498.6M |
毛利率CRWVPAYX
| Q4 25 | 67.6% | 72.6% | ||
| Q3 25 | 73.0% | 72.3% | ||
| Q2 25 | 74.2% | 71.5% | ||
| Q1 25 | 73.3% | 73.6% | ||
| Q4 24 | — | 70.4% | ||
| Q3 24 | 75.5% | 70.3% | ||
| Q2 24 | 72.5% | 70.1% | ||
| Q1 24 | — | 72.8% |
营业利润率CRWVPAYX
| Q4 25 | -5.7% | 38.0% | ||
| Q3 25 | 3.8% | 36.3% | ||
| Q2 25 | 1.6% | 31.2% | ||
| Q1 25 | -2.8% | 47.2% | ||
| Q4 24 | — | 42.0% | ||
| Q3 24 | 20.1% | 42.7% | ||
| Q2 24 | 19.7% | 38.3% | ||
| Q1 24 | — | 46.6% |
净利率CRWVPAYX
| Q4 25 | -28.7% | 26.3% | ||
| Q3 25 | -8.1% | 25.7% | ||
| Q2 25 | -24.0% | 21.5% | ||
| Q1 25 | -32.1% | 35.4% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | -61.6% | 33.4% | ||
| Q2 24 | -81.7% | 30.2% | ||
| Q1 24 | — | 35.7% |
每股收益（稀释后）CRWVPAYX
| Q4 25 | $-0.50 | $1.10 | ||
| Q3 25 | $-0.22 | $1.06 | ||
| Q2 25 | $-0.60 | $0.83 | ||
| Q1 25 | $-1.49 | $1.43 | ||
| Q4 24 | — | $1.14 | ||
| Q3 24 | $-1.82 | $1.18 | ||
| Q2 24 | $-1.62 | $1.05 | ||
| Q1 24 | — | $1.38 |
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 | $1.5B |
| 总债务越低越好 | $21.4B | $5.0B |
| 股东权益账面价值 | $3.3B | $3.9B |
| 总资产 | $49.3B | $16.5B |
| 负债/权益比越低杠杆越低 | 6.41× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资CRWVPAYX
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.0B | $1.5B | ||
| Q1 24 | — | $1.7B |
总债务CRWVPAYX
| Q4 25 | $21.4B | $5.0B | ||
| Q3 25 | $14.0B | $5.0B | ||
| Q2 25 | $11.1B | $4.9B | ||
| Q1 25 | $8.7B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $798.6M | ||
| Q1 24 | — | — |
股东权益CRWVPAYX
| Q4 25 | $3.3B | $3.9B | ||
| Q3 25 | $3.9B | $4.0B | ||
| Q2 25 | $2.7B | $4.1B | ||
| Q1 25 | $1.9B | $4.1B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | $-344.0M | $3.9B | ||
| Q2 24 | $-1.0B | $3.8B | ||
| Q1 24 | — | $3.7B |
总资产CRWVPAYX
| Q4 25 | $49.3B | $16.5B | ||
| Q3 25 | $32.9B | $16.7B | ||
| Q2 25 | $26.2B | $16.6B | ||
| Q1 25 | $21.9B | $11.2B | ||
| Q4 24 | — | $10.6B | ||
| Q3 24 | — | $10.5B | ||
| Q2 24 | — | $10.4B | ||
| Q1 24 | — | $13.0B |
负债/权益比CRWVPAYX
| Q4 25 | 6.41× | 1.28× | ||
| Q3 25 | 3.62× | 1.25× | ||
| Q2 25 | 4.16× | 1.20× | ||
| Q1 25 | 4.57× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.21× | ||
| 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 | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $382.8M |
| 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% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | $-7.3B | $2.0B |
8季度趋势，按日历期对齐
经营现金流CRWVPAYX
| Q4 25 | $1.6B | $444.9M | ||
| Q3 25 | $1.7B | $718.4M | ||
| Q2 25 | $-251.3M | $343.8M | ||
| Q1 25 | $61.2M | $716.0M | ||
| Q4 24 | — | $295.0M | ||
| Q3 24 | — | $546.1M | ||
| Q2 24 | — | $221.7M | ||
| Q1 24 | — | $671.7M |
自由现金流CRWVPAYX
| Q4 25 | $-2.5B | $382.8M | ||
| Q3 25 | $-699.8M | $662.5M | ||
| Q2 25 | $-2.7B | $283.3M | ||
| Q1 25 | $-1.3B | $667.3M | ||
| Q4 24 | — | $248.0M | ||
| Q3 24 | — | $510.5M | ||
| Q2 24 | — | $180.4M | ||
| Q1 24 | — | $631.0M |
自由现金流率CRWVPAYX
| Q4 25 | -159.1% | 25.5% | ||
| Q3 25 | -51.3% | 44.4% | ||
| Q2 25 | -223.0% | 20.5% | ||
| Q1 25 | -137.1% | 45.5% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | 39.9% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 45.2% |
资本支出强度CRWVPAYX
| Q4 25 | 258.3% | 4.1% | ||
| Q3 25 | 175.1% | 3.7% | ||
| Q2 25 | 202.3% | 4.4% | ||
| Q1 25 | 143.4% | 3.3% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.9% |
现金转化率CRWVPAYX
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.87× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 0.71× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 0.58× | ||
| Q1 24 | — | 1.35× |
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% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
