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CoreWeave, Inc.（CRWV）与Frontier Group Holdings, Inc.（ULCC）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Frontier Group Holdings, Inc.的1.6倍（$1.6B vs $997.0M），Frontier Group Holdings, Inc.净利率更高（5.3% vs -28.7%，领先34.1%），Frontier Group Holdings, Inc.自由现金流更多（$-113.0M 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。
前沿通信母公司（Frontier Communications Parent, Inc.）是一家美国电信企业，拥有自营光纤网络，提供云服务，目前隶属于威瑞森。公司此前曾先后以公民公用事业公司、公民通信公司、前沿通信公司为名开展运营。
CRWV vs ULCC — 直观对比
营收规模更大
CRWV
是对方的1.6倍
$997.0M
净利率更高
ULCC
高出34.1%
-28.7%
自由现金流更多
ULCC
多$2.4B
$-2.5B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $997.0M |
| 净利润 | $-451.7M | $53.0M |
| 毛利率 | 67.6% | — |
| 营业利润率 | -5.7% | 4.9% |
| 净利率 | -28.7% | 5.3% |
| 营收同比 | — | -0.5% |
| 净利润同比 | — | -1.9% |
| 每股收益（稀释后） | $-0.50 | $0.24 |
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CRWVULCC
| Q4 25 | $1.6B | $997.0M | ||
| Q3 25 | $1.4B | $886.0M | ||
| Q2 25 | $1.2B | $929.0M | ||
| Q1 25 | $981.6M | $912.0M | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $583.9M | $935.0M | ||
| Q2 24 | $395.4M | $973.0M | ||
| Q1 24 | — | $865.0M |
净利润CRWVULCC
| Q4 25 | $-451.7M | $53.0M | ||
| Q3 25 | $-110.1M | $-77.0M | ||
| Q2 25 | $-290.5M | $-70.0M | ||
| Q1 25 | $-314.6M | $-43.0M | ||
| Q4 24 | — | $54.0M | ||
| Q3 24 | $-359.8M | $26.0M | ||
| Q2 24 | $-323.0M | $31.0M | ||
| Q1 24 | — | $-26.0M |
毛利率CRWVULCC
| 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CRWVULCC
| Q4 25 | -5.7% | 4.9% | ||
| Q3 25 | 3.8% | -8.7% | ||
| Q2 25 | 1.6% | -8.1% | ||
| Q1 25 | -2.8% | -5.0% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | 20.1% | 2.0% | ||
| Q2 24 | 19.7% | 2.6% | ||
| Q1 24 | — | -3.6% |
净利率CRWVULCC
| Q4 25 | -28.7% | 5.3% | ||
| Q3 25 | -8.1% | -8.7% | ||
| Q2 25 | -24.0% | -7.5% | ||
| Q1 25 | -32.1% | -4.7% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | -61.6% | 2.8% | ||
| Q2 24 | -81.7% | 3.2% | ||
| Q1 24 | — | -3.0% |
每股收益（稀释后）CRWVULCC
| Q4 25 | $-0.50 | $0.24 | ||
| Q3 25 | $-0.22 | $-0.34 | ||
| Q2 25 | $-0.60 | $-0.31 | ||
| Q1 25 | $-1.49 | $-0.19 | ||
| Q4 24 | — | $0.24 | ||
| Q3 24 | $-1.82 | $0.11 | ||
| Q2 24 | $-1.62 | $0.14 | ||
| Q1 24 | — | $-0.12 |
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 | $671.0M |
| 总债务越低越好 | $21.4B | $620.0M |
| 股东权益账面价值 | $3.3B | $491.0M |
| 总资产 | $49.3B | $7.2B |
| 负债/权益比越低杠杆越低 | 6.41× | 1.26× |
8季度趋势，按日历期对齐
现金及短期投资CRWVULCC
| Q4 25 | $3.2B | $671.0M | ||
| Q3 25 | $1.9B | $566.0M | ||
| Q2 25 | $1.2B | $563.0M | ||
| Q1 25 | $1.3B | $686.0M | ||
| Q4 24 | — | $740.0M | ||
| Q3 24 | $1.4B | $576.0M | ||
| Q2 24 | $1.0B | $658.0M | ||
| Q1 24 | — | $622.0M |
总债务CRWVULCC
| Q4 25 | $21.4B | $620.0M | ||
| Q3 25 | $14.0B | $673.0M | ||
| Q2 25 | $11.1B | $565.0M | ||
| Q1 25 | $8.7B | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M | ||
| Q1 24 | — | $469.0M |
股东权益CRWVULCC
| Q4 25 | $3.3B | $491.0M | ||
| Q3 25 | $3.9B | $434.0M | ||
| Q2 25 | $2.7B | $506.0M | ||
| Q1 25 | $1.9B | $570.0M | ||
| Q4 24 | — | $604.0M | ||
| Q3 24 | $-344.0M | $549.0M | ||
| Q2 24 | $-1.0B | $520.0M | ||
| Q1 24 | — | $484.0M |
总资产CRWVULCC
| Q4 25 | $49.3B | $7.2B | ||
| Q3 25 | $32.9B | $6.7B | ||
| Q2 25 | $26.2B | $6.5B | ||
| Q1 25 | $21.9B | $6.5B | ||
| Q4 24 | — | $6.2B | ||
| Q3 24 | — | $5.8B | ||
| Q2 24 | — | $5.7B | ||
| Q1 24 | — | $5.2B |
负债/权益比CRWVULCC
| Q4 25 | 6.41× | 1.26× | ||
| Q3 25 | 3.62× | 1.55× | ||
| Q2 25 | 4.16× | 1.12× | ||
| Q1 25 | 4.57× | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
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 | $-91.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $-113.0M |
| 自由现金流率自由现金流/营收 | -159.1% | -11.3% |
| 资本支出强度资本支出/营收 | 258.3% | 2.2% |
| 现金转化率经营现金流/净利润 | — | -1.72× |
| 过去12个月自由现金流最近4个季度 | $-7.3B | $-600.0M |
8季度趋势，按日历期对齐
经营现金流CRWVULCC
| Q4 25 | $1.6B | $-91.0M | ||
| Q3 25 | $1.7B | $-215.0M | ||
| Q2 25 | $-251.3M | $-133.0M | ||
| Q1 25 | $61.2M | $-86.0M | ||
| Q4 24 | — | $87.0M | ||
| Q3 24 | — | $-156.0M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | — | $-22.0M |
自由现金流CRWVULCC
| Q4 25 | $-2.5B | $-113.0M | ||
| Q3 25 | $-699.8M | $-217.0M | ||
| Q2 25 | $-2.7B | $-166.0M | ||
| Q1 25 | $-1.3B | $-104.0M | ||
| Q4 24 | — | $73.0M | ||
| Q3 24 | — | $-170.0M | ||
| Q2 24 | — | $-22.0M | ||
| Q1 24 | — | $-39.0M |
自由现金流率CRWVULCC
| Q4 25 | -159.1% | -11.3% | ||
| Q3 25 | -51.3% | -24.5% | ||
| Q2 25 | -223.0% | -17.9% | ||
| Q1 25 | -137.1% | -11.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | -18.2% | ||
| Q2 24 | — | -2.3% | ||
| Q1 24 | — | -4.5% |
资本支出强度CRWVULCC
| Q4 25 | 258.3% | 2.2% | ||
| Q3 25 | 175.1% | 0.2% | ||
| Q2 25 | 202.3% | 3.6% | ||
| Q1 25 | 143.4% | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | 2.0% |
现金转化率CRWVULCC
| Q4 25 | — | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | -6.00× | ||
| Q2 24 | — | 0.29× | ||
| 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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
