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CoreWeave, Inc.（CRWV）与Travel & Leisure Co.（TNL）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Travel & Leisure Co.的1.6倍（$1.6B vs $961.0M），Travel & Leisure Co.净利率更高（8.2% vs -28.7%，领先37.0%），Travel & Leisure Co.自由现金流更多（$0 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。
Travel + Leisure Co.是一家总部位于美国佛罗里达州奥兰多的分时度假企业，旗下运营温德姆俱乐部、温德姆WorldMark、玛格丽塔维尔度假俱乐部、雅高度假俱乐部等多个度假所有权品牌，开发、销售并管理分时度假物业，同时主要通过RCI提供分时度假交换服务，还运营Travel + Leisure GO等旅行俱乐部。
CRWV vs TNL — 直观对比
营收规模更大
CRWV
是对方的1.6倍
$961.0M
净利率更高
TNL
高出37.0%
-28.7%
自由现金流更多
TNL
多$2.5B
$-2.5B
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $961.0M |
| 净利润 | $-451.7M | $79.0M |
| 毛利率 | 67.6% | — |
| 营业利润率 | -5.7% | 16.5% |
| 净利率 | -28.7% | 8.2% |
| 营收同比 | — | 2.9% |
| 净利润同比 | — | 8.2% |
| 每股收益（稀释后） | $-0.50 | $1.22 |
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CRWVTNL
| Q1 26 | — | $961.0M | ||
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.4B | $1.0B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $981.6M | $934.0M | ||
| Q4 24 | — | $970.0M | ||
| Q3 24 | $583.9M | $993.0M | ||
| Q2 24 | $395.4M | $985.0M |
净利润CRWVTNL
| Q1 26 | — | $79.0M | ||
| Q4 25 | $-451.7M | $-62.0M | ||
| Q3 25 | $-110.1M | $111.0M | ||
| Q2 25 | $-290.5M | $108.0M | ||
| Q1 25 | $-314.6M | $73.0M | ||
| Q4 24 | — | $119.0M | ||
| Q3 24 | $-359.8M | $97.0M | ||
| Q2 24 | $-323.0M | $129.0M |
毛利率CRWVTNL
| Q1 26 | — | — | ||
| Q4 25 | 67.6% | 78.9% | ||
| Q3 25 | 73.0% | 98.8% | ||
| Q2 25 | 74.2% | 97.9% | ||
| Q1 25 | 73.3% | 97.5% | ||
| Q4 24 | — | 99.0% | ||
| Q3 24 | 75.5% | 97.3% | ||
| Q2 24 | 72.5% | 97.9% |
营业利润率CRWVTNL
| Q1 26 | — | 16.5% | ||
| Q4 25 | -5.7% | -2.2% | ||
| Q3 25 | 3.8% | 20.5% | ||
| Q2 25 | 1.6% | 20.2% | ||
| Q1 25 | -2.8% | 16.7% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | 20.1% | 19.0% | ||
| Q2 24 | 19.7% | 19.2% |
净利率CRWVTNL
| Q1 26 | — | 8.2% | ||
| Q4 25 | -28.7% | -6.0% | ||
| Q3 25 | -8.1% | 10.6% | ||
| Q2 25 | -24.0% | 10.6% | ||
| Q1 25 | -32.1% | 7.8% | ||
| Q4 24 | — | 12.3% | ||
| Q3 24 | -61.6% | 9.8% | ||
| Q2 24 | -81.7% | 13.1% |
每股收益（稀释后）CRWVTNL
| Q1 26 | — | $1.22 | ||
| Q4 25 | $-0.50 | $-0.92 | ||
| Q3 25 | $-0.22 | $1.67 | ||
| Q2 25 | $-0.60 | $1.62 | ||
| Q1 25 | $-1.49 | $1.07 | ||
| Q4 24 | — | $1.70 | ||
| Q3 24 | $-1.82 | $1.39 | ||
| Q2 24 | $-1.62 | $1.81 |
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 | $254.0M |
| 总债务越低越好 | $21.4B | — |
| 股东权益账面价值 | $3.3B | — |
| 总资产 | $49.3B | $6.8B |
| 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CRWVTNL
| Q1 26 | — | $254.0M | ||
| Q4 25 | $3.2B | $271.0M | ||
| Q3 25 | $1.9B | $240.0M | ||
| Q2 25 | $1.2B | $212.0M | ||
| Q1 25 | $1.3B | $188.0M | ||
| Q4 24 | — | $185.0M | ||
| Q3 24 | $1.4B | $194.0M | ||
| Q2 24 | $1.0B | $166.0M |
总债务CRWVTNL
| Q1 26 | — | — | ||
| Q4 25 | $21.4B | $5.6B | ||
| Q3 25 | $14.0B | $5.6B | ||
| Q2 25 | $11.1B | $5.6B | ||
| Q1 25 | $8.7B | $5.7B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $5.6B |
股东权益CRWVTNL
| Q1 26 | — | — | ||
| Q4 25 | $3.3B | $-981.0M | ||
| Q3 25 | $3.9B | $-821.0M | ||
| Q2 25 | $2.7B | $-852.0M | ||
| Q1 25 | $1.9B | $-903.0M | ||
| Q4 24 | — | $-881.0M | ||
| Q3 24 | $-344.0M | $-862.0M | ||
| Q2 24 | $-1.0B | $-885.0M |
总资产CRWVTNL
| Q1 26 | — | $6.8B | ||
| Q4 25 | $49.3B | $6.8B | ||
| Q3 25 | $32.9B | $6.9B | ||
| Q2 25 | $26.2B | $6.8B | ||
| Q1 25 | $21.9B | $6.8B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $6.7B |
负债/权益比CRWVTNL
| Q1 26 | — | — | ||
| Q4 25 | 6.41× | — | ||
| Q3 25 | 3.62× | — | ||
| Q2 25 | 4.16× | — | ||
| Q1 25 | 4.57× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $38.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $0 |
| 自由现金流率自由现金流/营收 | -159.1% | 0.0% |
| 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 | — | 0.48× |
| 过去12个月自由现金流最近4个季度 | $-7.3B | $423.0M |
8季度趋势，按日历期对齐
经营现金流CRWVTNL
| Q1 26 | — | $38.0M | ||
| Q4 25 | $1.6B | $124.0M | ||
| Q3 25 | $1.7B | $163.0M | ||
| Q2 25 | $-251.3M | $232.0M | ||
| Q1 25 | $61.2M | $121.0M | ||
| Q4 24 | — | $98.0M | ||
| Q3 24 | — | $145.0M | ||
| Q2 24 | — | $174.0M |
自由现金流CRWVTNL
| Q1 26 | — | $0 | ||
| Q4 25 | $-2.5B | $92.0M | ||
| Q3 25 | $-699.8M | $136.0M | ||
| Q2 25 | $-2.7B | $195.0M | ||
| Q1 25 | $-1.3B | $100.0M | ||
| Q4 24 | — | $75.0M | ||
| Q3 24 | — | $125.0M | ||
| Q2 24 | — | $153.0M |
自由现金流率CRWVTNL
| Q1 26 | — | 0.0% | ||
| Q4 25 | -159.1% | 9.0% | ||
| Q3 25 | -51.3% | 13.0% | ||
| Q2 25 | -223.0% | 19.2% | ||
| Q1 25 | -137.1% | 10.7% | ||
| Q4 24 | — | 7.7% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 15.5% |
资本支出强度CRWVTNL
| Q1 26 | — | — | ||
| Q4 25 | 258.3% | 3.1% | ||
| Q3 25 | 175.1% | 2.6% | ||
| Q2 25 | 202.3% | 3.6% | ||
| Q1 25 | 143.4% | 2.2% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.1% |
现金转化率CRWVTNL
| Q1 26 | — | 0.48× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 2.15× | ||
| Q1 25 | — | 1.66× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 1.49× | ||
| Q2 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% |
TNL
| Other | $452.0M | 47% |
| Service and membership fees | $396.0M | 41% |
| Consumer financing | $113.0M | 12% |
