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CoreWeave, Inc.（CRWV）与Sunrun Inc.（RUN）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Sunrun Inc.的1.4倍（$1.6B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -28.7%，领先37.7%）
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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
CRWV vs RUN — 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
RUN
高出37.7%
-28.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $-451.7M | $103.6M |
| 毛利率 | 67.6% | — |
| 营业利润率 | -5.7% | 8.4% |
| 净利率 | -28.7% | 8.9% |
| 营收同比 | — | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $-0.50 | $0.38 |
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CRWVRUN
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.4B | $724.6M | ||
| Q2 25 | $1.2B | $569.3M | ||
| Q1 25 | $981.6M | $504.3M | ||
| Q4 24 | — | $518.5M | ||
| Q3 24 | $583.9M | $537.2M | ||
| Q2 24 | $395.4M | $523.9M | ||
| Q1 24 | — | $458.2M |
净利润CRWVRUN
| Q4 25 | $-451.7M | $103.6M | ||
| Q3 25 | $-110.1M | $16.6M | ||
| Q2 25 | $-290.5M | $279.8M | ||
| Q1 25 | $-314.6M | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $-359.8M | $-83.8M | ||
| Q2 24 | $-323.0M | $139.1M | ||
| Q1 24 | — | $-87.8M |
毛利率CRWVRUN
| 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CRWVRUN
| Q4 25 | -5.7% | 8.4% | ||
| Q3 25 | 3.8% | 0.5% | ||
| Q2 25 | 1.6% | -19.7% | ||
| Q1 25 | -2.8% | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | 20.1% | -23.8% | ||
| Q2 24 | 19.7% | -24.4% | ||
| Q1 24 | — | -40.0% |
净利率CRWVRUN
| Q4 25 | -28.7% | 8.9% | ||
| Q3 25 | -8.1% | 2.3% | ||
| Q2 25 | -24.0% | 49.1% | ||
| Q1 25 | -32.1% | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | -61.6% | -15.6% | ||
| Q2 24 | -81.7% | 26.5% | ||
| Q1 24 | — | -19.2% |
每股收益（稀释后）CRWVRUN
| Q4 25 | $-0.50 | $0.38 | ||
| Q3 25 | $-0.22 | $0.06 | ||
| Q2 25 | $-0.60 | $1.07 | ||
| Q1 25 | $-1.49 | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | $-1.82 | $-0.37 | ||
| Q2 24 | $-1.62 | $0.55 | ||
| Q1 24 | — | $-0.40 |
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 | — |
| 总债务越低越好 | $21.4B | $14.7B |
| 股东权益账面价值 | $3.3B | $3.1B |
| 总资产 | $49.3B | $22.6B |
| 负债/权益比越低杠杆越低 | 6.41× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CRWVRUN
| Q4 25 | $3.2B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | — | — |
总债务CRWVRUN
| Q4 25 | $21.4B | $14.7B | ||
| Q3 25 | $14.0B | $14.6B | ||
| Q2 25 | $11.1B | $14.0B | ||
| Q1 25 | $8.7B | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益CRWVRUN
| Q4 25 | $3.3B | $3.1B | ||
| Q3 25 | $3.9B | $3.0B | ||
| Q2 25 | $2.7B | $2.9B | ||
| Q1 25 | $1.9B | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $-344.0M | $5.3B | ||
| Q2 24 | $-1.0B | $5.4B | ||
| Q1 24 | — | $5.2B |
总资产CRWVRUN
| Q4 25 | $49.3B | $22.6B | ||
| Q3 25 | $32.9B | $22.2B | ||
| Q2 25 | $26.2B | $21.2B | ||
| Q1 25 | $21.9B | $20.4B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $22.1B | ||
| Q2 24 | — | $21.4B | ||
| Q1 24 | — | $20.8B |
负债/权益比CRWVRUN
| Q4 25 | 6.41× | 4.69× | ||
| Q3 25 | 3.62× | 4.90× | ||
| Q2 25 | 4.16× | 4.80× | ||
| Q1 25 | 4.57× | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 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 | — | 0.94× |
| 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CRWVRUN
| Q4 25 | $1.6B | $96.9M | ||
| Q3 25 | $1.7B | $-121.5M | ||
| Q2 25 | $-251.3M | $-292.7M | ||
| Q1 25 | $61.2M | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | — | $-156.2M | ||
| Q2 24 | — | $-208.5M | ||
| Q1 24 | — | $-143.1M |
自由现金流CRWVRUN
| Q4 25 | $-2.5B | — | ||
| Q3 25 | $-699.8M | — | ||
| Q2 25 | $-2.7B | — | ||
| Q1 25 | $-1.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率CRWVRUN
| Q4 25 | -159.1% | — | ||
| Q3 25 | -51.3% | — | ||
| Q2 25 | -223.0% | — | ||
| Q1 25 | -137.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度CRWVRUN
| Q4 25 | 258.3% | — | ||
| Q3 25 | 175.1% | — | ||
| Q2 25 | 202.3% | — | ||
| Q1 25 | 143.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率CRWVRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
