vs
CoreWeave, Inc.（CRWV）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是CoreWeave, Inc.的2.3倍（$3.7B vs $1.6B），SHOPIFY INC.净利率更高（20.2% vs -28.7%，领先49.0%），SHOPIFY INC.自由现金流更多（$715.0M 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
CRWV vs SHOP — 直观对比
营收规模更大
SHOP
是对方的2.3倍
$1.6B
净利率更高
SHOP
高出49.0%
-28.7%
自由现金流更多
SHOP
多$3.2B
$-2.5B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $3.7B |
| 净利润 | $-451.7M | $743.0M |
| 毛利率 | 67.6% | 46.1% |
| 营业利润率 | -5.7% | 17.2% |
| 净利率 | -28.7% | 20.2% |
| 营收同比 | — | 30.6% |
| 净利润同比 | — | -42.5% |
| 每股收益（稀释后） | $-0.50 | $0.58 |
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CRWVSHOP
| Q4 25 | $1.6B | $3.7B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.2B | $2.7B | ||
| Q1 25 | $981.6M | $2.4B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $583.9M | $2.2B | ||
| Q2 24 | $395.4M | $2.0B | ||
| Q1 24 | — | $1.9B |
净利润CRWVSHOP
| Q4 25 | $-451.7M | $743.0M | ||
| Q3 25 | $-110.1M | $264.0M | ||
| Q2 25 | $-290.5M | $906.0M | ||
| Q1 25 | $-314.6M | $-682.0M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $-359.8M | $828.0M | ||
| Q2 24 | $-323.0M | $171.0M | ||
| Q1 24 | — | $-273.0M |
毛利率CRWVSHOP
| Q4 25 | 67.6% | 46.1% | ||
| Q3 25 | 73.0% | 48.9% | ||
| Q2 25 | 74.2% | 48.6% | ||
| Q1 25 | 73.3% | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | 75.5% | 51.7% | ||
| Q2 24 | 72.5% | 51.1% | ||
| Q1 24 | — | 51.4% |
营业利润率CRWVSHOP
| Q4 25 | -5.7% | 17.2% | ||
| Q3 25 | 3.8% | 12.1% | ||
| Q2 25 | 1.6% | 10.9% | ||
| Q1 25 | -2.8% | 8.6% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 20.1% | 13.1% | ||
| Q2 24 | 19.7% | 11.8% | ||
| Q1 24 | — | 4.6% |
净利率CRWVSHOP
| Q4 25 | -28.7% | 20.2% | ||
| Q3 25 | -8.1% | 9.3% | ||
| Q2 25 | -24.0% | 33.8% | ||
| Q1 25 | -32.1% | -28.9% | ||
| Q4 24 | — | 46.0% | ||
| Q3 24 | -61.6% | 38.3% | ||
| Q2 24 | -81.7% | 8.4% | ||
| Q1 24 | — | -14.7% |
每股收益（稀释后）CRWVSHOP
| Q4 25 | $-0.50 | $0.58 | ||
| Q3 25 | $-0.22 | $0.20 | ||
| Q2 25 | $-0.60 | $0.69 | ||
| Q1 25 | $-1.49 | $-0.53 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | $-1.82 | $0.64 | ||
| Q2 24 | $-1.62 | $0.13 | ||
| Q1 24 | — | $-0.21 |
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 | $5.8B |
| 总债务越低越好 | $21.4B | — |
| 股东权益账面价值 | $3.3B | $13.5B |
| 总资产 | $49.3B | $15.2B |
| 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CRWVSHOP
| Q4 25 | $3.2B | $5.8B | ||
| Q3 25 | $1.9B | $6.3B | ||
| Q2 25 | $1.2B | $5.8B | ||
| Q1 25 | $1.3B | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | — | — |
总债务CRWVSHOP
| 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CRWVSHOP
| Q4 25 | $3.3B | $13.5B | ||
| Q3 25 | $3.9B | $12.5B | ||
| Q2 25 | $2.7B | $12.1B | ||
| Q1 25 | $1.9B | $11.1B | ||
| Q4 24 | — | $11.6B | ||
| Q3 24 | $-344.0M | $10.1B | ||
| Q2 24 | $-1.0B | $9.2B | ||
| Q1 24 | — | $8.9B |
总资产CRWVSHOP
| Q4 25 | $49.3B | $15.2B | ||
| Q3 25 | $32.9B | $15.0B | ||
| Q2 25 | $26.2B | $14.6B | ||
| Q1 25 | $21.9B | $13.4B | ||
| Q4 24 | — | $13.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
负债/权益比CRWVSHOP
| 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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $715.0M |
| 自由现金流率自由现金流/营收 | -159.1% | 19.5% |
| 资本支出强度资本支出/营收 | 258.3% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 0.98× |
| 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CRWVSHOP
| Q4 25 | $1.6B | $725.0M | ||
| Q3 25 | $1.7B | $513.0M | ||
| Q2 25 | $-251.3M | $428.0M | ||
| Q1 25 | $61.2M | $367.0M | ||
| Q4 24 | — | $615.0M | ||
| Q3 24 | — | $423.0M | ||
| Q2 24 | — | $340.0M | ||
| Q1 24 | — | $238.0M |
自由现金流CRWVSHOP
| Q4 25 | $-2.5B | $715.0M | ||
| Q3 25 | $-699.8M | $507.0M | ||
| Q2 25 | $-2.7B | $422.0M | ||
| Q1 25 | $-1.3B | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M | ||
| Q1 24 | — | $232.0M |
自由现金流率CRWVSHOP
| Q4 25 | -159.1% | 19.5% | ||
| Q3 25 | -51.3% | 17.8% | ||
| Q2 25 | -223.0% | 15.7% | ||
| Q1 25 | -137.1% | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 12.5% |
资本支出强度CRWVSHOP
| Q4 25 | 258.3% | 0.3% | ||
| Q3 25 | 175.1% | 0.2% | ||
| Q2 25 | 202.3% | 0.2% | ||
| Q1 25 | 143.4% | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率CRWVSHOP
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
