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CoreWeave, Inc.（CRWV）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）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MARRIOTT VACATIONS WORLDWIDE Corp的1.3倍（$1.6B vs $1.2B），CoreWeave, Inc.净利率更高（-28.7% vs -35.0%，领先6.3%），MARRIOTT VACATIONS WORLDWIDE Corp自由现金流更多（$-6.0M 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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
CRWV vs VAC — 直观对比
营收规模更大
CRWV
是对方的1.3倍
$1.2B
净利率更高
CRWV
高出6.3%
-35.0%
自由现金流更多
VAC
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 | $-431.0M |
| 毛利率 | 67.6% | — |
| 营业利润率 | -5.7% | — |
| 净利率 | -28.7% | -35.0% |
| 营收同比 | — | -0.7% |
| 净利润同比 | — | -962.0% |
| 每股收益（稀释后） | $-0.50 | $-12.00 |
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CRWVVAC
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $981.6M | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $583.9M | $1.2B | ||
| Q2 24 | $395.4M | $1.1B | ||
| Q1 24 | — | $1.1B |
净利润CRWVVAC
| Q4 25 | $-451.7M | $-431.0M | ||
| Q3 25 | $-110.1M | $-2.0M | ||
| Q2 25 | $-290.5M | $69.0M | ||
| Q1 25 | $-314.6M | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $-359.8M | $84.0M | ||
| Q2 24 | $-323.0M | $37.0M | ||
| Q1 24 | — | $47.0M |
毛利率CRWVVAC
| 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CRWVVAC
| Q4 25 | -5.7% | — | ||
| Q3 25 | 3.8% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | -2.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 20.1% | — | ||
| Q2 24 | 19.7% | — | ||
| Q1 24 | — | — |
净利率CRWVVAC
| Q4 25 | -28.7% | -35.0% | ||
| Q3 25 | -8.1% | -0.2% | ||
| Q2 25 | -24.0% | 6.0% | ||
| Q1 25 | -32.1% | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | -61.6% | 6.9% | ||
| Q2 24 | -81.7% | 3.5% | ||
| Q1 24 | — | 4.2% |
每股收益（稀释后）CRWVVAC
| Q4 25 | $-0.50 | $-12.00 | ||
| Q3 25 | $-0.22 | $-0.07 | ||
| Q2 25 | $-0.60 | $1.77 | ||
| Q1 25 | $-1.49 | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | $-1.82 | $2.12 | ||
| Q2 24 | $-1.62 | $0.98 | ||
| Q1 24 | — | $1.22 |
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 | $406.0M |
| 总债务越低越好 | $21.4B | — |
| 股东权益账面价值 | $3.3B | $2.0B |
| 总资产 | $49.3B | $9.8B |
| 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CRWVVAC
| Q4 25 | $3.2B | $406.0M | ||
| Q3 25 | $1.9B | $474.0M | ||
| Q2 25 | $1.2B | $205.0M | ||
| Q1 25 | $1.3B | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | $1.4B | $197.0M | ||
| Q2 24 | $1.0B | $206.0M | ||
| Q1 24 | — | $237.0M |
总债务CRWVVAC
| 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CRWVVAC
| Q4 25 | $3.3B | $2.0B | ||
| Q3 25 | $3.9B | $2.5B | ||
| Q2 25 | $2.7B | $2.5B | ||
| Q1 25 | $1.9B | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $-344.0M | $2.4B | ||
| Q2 24 | $-1.0B | $2.4B | ||
| Q1 24 | — | $2.4B |
总资产CRWVVAC
| Q4 25 | $49.3B | $9.8B | ||
| Q3 25 | $32.9B | $10.1B | ||
| Q2 25 | $26.2B | $9.9B | ||
| Q1 25 | $21.9B | $9.9B | ||
| Q4 24 | — | $9.8B | ||
| Q3 24 | — | $9.7B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $9.9B |
负债/权益比CRWVVAC
| 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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $-6.0M |
| 自由现金流率自由现金流/营收 | -159.1% | -0.5% |
| 资本支出强度资本支出/营收 | 258.3% | 1.0% |
| 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 | $-29.0M |
8季度趋势，按日历期对齐
经营现金流CRWVVAC
| Q4 25 | $1.6B | $6.0M | ||
| Q3 25 | $1.7B | $62.0M | ||
| Q2 25 | $-251.3M | $-48.0M | ||
| Q1 25 | $61.2M | $8.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | — | $72.0M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | — | $3.0M |
自由现金流CRWVVAC
| Q4 25 | $-2.5B | $-6.0M | ||
| Q3 25 | $-699.8M | $51.0M | ||
| Q2 25 | $-2.7B | $-68.0M | ||
| Q1 25 | $-1.3B | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $-13.0M |
自由现金流率CRWVVAC
| Q4 25 | -159.1% | -0.5% | ||
| Q3 25 | -51.3% | 4.3% | ||
| Q2 25 | -223.0% | -5.9% | ||
| Q1 25 | -137.1% | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | -1.2% |
资本支出强度CRWVVAC
| Q4 25 | 258.3% | 1.0% | ||
| Q3 25 | 175.1% | 0.9% | ||
| Q2 25 | 202.3% | 1.7% | ||
| Q1 25 | 143.4% | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.4% |
现金转化率CRWVVAC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
