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CoreWeave, Inc.（CRWV）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.3倍（$1.6B vs $1.2B），TRINET GROUP, INC.自由现金流更多（$43.0M 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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
CRWV vs TNET — 直观对比
营收规模更大
CRWV
是对方的1.3倍
$1.2B
自由现金流更多
TNET
多$2.5B
$-2.5B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $-451.7M | — |
| 毛利率 | 67.6% | — |
| 营业利润率 | -5.7% | 0.1% |
| 净利率 | -28.7% | — |
| 营收同比 | — | -2.2% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.50 | $0.02 |
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CRWVTNET
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $981.6M | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $583.9M | $1.2B | ||
| Q2 24 | $395.4M | $1.2B | ||
| Q1 24 | — | $1.3B |
净利润CRWVTNET
| Q4 25 | $-451.7M | — | ||
| Q3 25 | $-110.1M | $34.0M | ||
| Q2 25 | $-290.5M | $37.0M | ||
| Q1 25 | $-314.6M | $85.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-359.8M | $45.0M | ||
| Q2 24 | $-323.0M | $60.0M | ||
| Q1 24 | — | $91.0M |
毛利率CRWVTNET
| 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CRWVTNET
| Q4 25 | -5.7% | 0.1% | ||
| Q3 25 | 3.8% | 4.1% | ||
| Q2 25 | 1.6% | 4.1% | ||
| Q1 25 | -2.8% | 8.9% | ||
| Q4 24 | — | -2.9% | ||
| Q3 24 | 20.1% | 4.7% | ||
| Q2 24 | 19.7% | 6.5% | ||
| Q1 24 | — | 9.7% |
净利率CRWVTNET
| Q4 25 | -28.7% | — | ||
| Q3 25 | -8.1% | 2.8% | ||
| Q2 25 | -24.0% | 3.0% | ||
| Q1 25 | -32.1% | 6.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | -61.6% | 3.6% | ||
| Q2 24 | -81.7% | 4.9% | ||
| Q1 24 | — | 7.2% |
每股收益（稀释后）CRWVTNET
| Q4 25 | $-0.50 | $0.02 | ||
| Q3 25 | $-0.22 | $0.70 | ||
| Q2 25 | $-0.60 | $0.77 | ||
| Q1 25 | $-1.49 | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | $-1.82 | $0.89 | ||
| Q2 24 | $-1.62 | $1.20 | ||
| Q1 24 | — | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $21.4B | — |
| 股东权益账面价值 | $3.3B | $54.0M |
| 总资产 | $49.3B | $3.8B |
| 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CRWVTNET
| Q4 25 | $3.2B | $287.0M | ||
| Q3 25 | $1.9B | $321.0M | ||
| Q2 25 | $1.2B | $407.0M | ||
| Q1 25 | $1.3B | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | $1.4B | $301.0M | ||
| Q2 24 | $1.0B | $249.0M | ||
| Q1 24 | — | $383.0M |
总债务CRWVTNET
| 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CRWVTNET
| Q4 25 | $3.3B | $54.0M | ||
| Q3 25 | $3.9B | $110.0M | ||
| Q2 25 | $2.7B | $107.0M | ||
| Q1 25 | $1.9B | $63.0M | ||
| Q4 24 | — | $69.0M | ||
| Q3 24 | $-344.0M | $129.0M | ||
| Q2 24 | $-1.0B | $100.0M | ||
| Q1 24 | — | $143.0M |
总资产CRWVTNET
| Q4 25 | $49.3B | $3.8B | ||
| Q3 25 | $32.9B | $3.4B | ||
| Q2 25 | $26.2B | $3.7B | ||
| Q1 25 | $21.9B | $3.8B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $4.0B |
负债/权益比CRWVTNET
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $43.0M |
| 自由现金流率自由现金流/营收 | -159.1% | 3.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流CRWVTNET
| Q4 25 | $1.6B | $61.0M | ||
| Q3 25 | $1.7B | $72.0M | ||
| Q2 25 | $-251.3M | $75.0M | ||
| Q1 25 | $61.2M | $95.0M | ||
| Q4 24 | — | $65.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | — | $91.0M |
自由现金流CRWVTNET
| Q4 25 | $-2.5B | $43.0M | ||
| Q3 25 | $-699.8M | $55.0M | ||
| Q2 25 | $-2.7B | $57.0M | ||
| Q1 25 | $-1.3B | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率CRWVTNET
| Q4 25 | -159.1% | 3.4% | ||
| Q3 25 | -51.3% | 4.5% | ||
| Q2 25 | -223.0% | 4.6% | ||
| Q1 25 | -137.1% | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度CRWVTNET
| Q4 25 | 258.3% | 1.4% | ||
| Q3 25 | 175.1% | 1.4% | ||
| Q2 25 | 202.3% | 1.5% | ||
| Q1 25 | 143.4% | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率CRWVTNET
| Q4 25 | — | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
