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CoreWeave, Inc.（CRWV）与Waste Connections, Inc.（WCN）财务数据对比。点击上方公司名可切换其他公司
Waste Connections, Inc.的季度营收约是CoreWeave, Inc.的1.5倍（$2.4B vs $1.6B），Waste Connections, Inc.净利率更高（10.9% vs -28.7%，领先39.6%），Waste Connections, Inc.自由现金流更多（$172.6M 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。
Waste Connections, Inc.是北美综合废弃物服务企业，总部位于美国得克萨斯州伍德兰兹，业务范围覆盖美国与加拿大，主营固体废弃物的收集、转运、处理及回收服务，是北美第三大废弃物管理企业。
CRWV vs WCN — 直观对比
营收规模更大
WCN
是对方的1.5倍
$1.6B
净利率更高
WCN
高出39.6%
-28.7%
自由现金流更多
WCN
多$2.7B
$-2.5B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.4B |
| 净利润 | $-451.7M | $258.5M |
| 毛利率 | 67.6% | 42.5% |
| 营业利润率 | -5.7% | 17.7% |
| 净利率 | -28.7% | 10.9% |
| 营收同比 | — | 5.0% |
| 净利润同比 | — | 231.9% |
| 每股收益（稀释后） | $-0.50 | $1.01 |
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CRWVWCN
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $981.6M | $2.2B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $583.9M | $2.3B | ||
| Q2 24 | $395.4M | $2.2B | ||
| Q1 24 | — | $2.1B |
净利润CRWVWCN
| Q4 25 | $-451.7M | $258.5M | ||
| Q3 25 | $-110.1M | $286.3M | ||
| Q2 25 | $-290.5M | $290.3M | ||
| Q1 25 | $-314.6M | $241.5M | ||
| Q4 24 | — | $-196.0M | ||
| Q3 24 | $-359.8M | $308.0M | ||
| Q2 24 | $-323.0M | $275.5M | ||
| Q1 24 | — | $230.1M |
毛利率CRWVWCN
| Q4 25 | 67.6% | 42.5% | ||
| Q3 25 | 73.0% | 42.8% | ||
| Q2 25 | 74.2% | 42.1% | ||
| Q1 25 | 73.3% | 42.0% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | 75.5% | 42.5% | ||
| Q2 24 | 72.5% | 42.1% | ||
| Q1 24 | — | 41.1% |
营业利润率CRWVWCN
| Q4 25 | -5.7% | 17.7% | ||
| Q3 25 | 3.8% | 17.9% | ||
| Q2 25 | 1.6% | 19.1% | ||
| Q1 25 | -2.8% | 17.5% | ||
| Q4 24 | — | -8.8% | ||
| Q3 24 | 20.1% | 20.3% | ||
| Q2 24 | 19.7% | 18.9% | ||
| Q1 24 | — | 17.7% |
净利率CRWVWCN
| Q4 25 | -28.7% | 10.9% | ||
| Q3 25 | -8.1% | 11.6% | ||
| Q2 25 | -24.0% | 12.1% | ||
| Q1 25 | -32.1% | 10.8% | ||
| Q4 24 | — | -8.7% | ||
| Q3 24 | -61.6% | 13.2% | ||
| Q2 24 | -81.7% | 12.3% | ||
| Q1 24 | — | 11.1% |
每股收益（稀释后）CRWVWCN
| Q4 25 | $-0.50 | $1.01 | ||
| Q3 25 | $-0.22 | $1.11 | ||
| Q2 25 | $-0.60 | $1.12 | ||
| Q1 25 | $-1.49 | $0.93 | ||
| Q4 24 | — | $-0.76 | ||
| Q3 24 | $-1.82 | $1.19 | ||
| Q2 24 | $-1.62 | $1.07 | ||
| Q1 24 | — | $0.89 |
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 | $46.0M |
| 总债务越低越好 | $21.4B | $8.8B |
| 股东权益账面价值 | $3.3B | $8.2B |
| 总资产 | $49.3B | $21.1B |
| 负债/权益比越低杠杆越低 | 6.41× | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资CRWVWCN
| Q4 25 | $3.2B | $46.0M | ||
| Q3 25 | $1.9B | $117.6M | ||
| Q2 25 | $1.2B | $110.2M | ||
| Q1 25 | $1.3B | $111.2M | ||
| Q4 24 | — | $62.4M | ||
| Q3 24 | $1.4B | $115.3M | ||
| Q2 24 | $1.0B | $78.7M | ||
| Q1 24 | — | $112.0M |
总债务CRWVWCN
| Q4 25 | $21.4B | $8.8B | ||
| Q3 25 | $14.0B | $8.6B | ||
| Q2 25 | $11.1B | $8.3B | ||
| Q1 25 | $8.7B | $8.4B | ||
| Q4 24 | — | $8.1B | ||
| Q3 24 | — | $8.2B | ||
| Q2 24 | — | $7.7B | ||
| Q1 24 | — | $7.8B |
股东权益CRWVWCN
| Q4 25 | $3.3B | $8.2B | ||
| Q3 25 | $3.9B | $8.1B | ||
| Q2 25 | $2.7B | $8.4B | ||
| Q1 25 | $1.9B | $8.0B | ||
| Q4 24 | — | $7.9B | ||
| Q3 24 | $-344.0M | $8.3B | ||
| Q2 24 | $-1.0B | $8.0B | ||
| Q1 24 | — | $7.8B |
总资产CRWVWCN
| Q4 25 | $49.3B | $21.1B | ||
| Q3 25 | $32.9B | $20.8B | ||
| Q2 25 | $26.2B | $20.7B | ||
| Q1 25 | $21.9B | $20.3B | ||
| Q4 24 | — | $19.8B | ||
| Q3 24 | — | $20.1B | ||
| Q2 24 | — | $19.3B | ||
| Q1 24 | — | $19.1B |
负债/权益比CRWVWCN
| Q4 25 | 6.41× | 1.07× | ||
| Q3 25 | 3.62× | 1.07× | ||
| Q2 25 | 4.16× | 1.00× | ||
| Q1 25 | 4.57× | 1.05× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 1.00× |
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 | $556.9M |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | $172.6M |
| 自由现金流率自由现金流/营收 | -159.1% | 7.3% |
| 资本支出强度资本支出/营收 | 258.3% | 16.2% |
| 现金转化率经营现金流/净利润 | — | 2.15× |
| 过去12个月自由现金流最近4个季度 | $-7.3B | $1.2B |
8季度趋势，按日历期对齐
经营现金流CRWVWCN
| Q4 25 | $1.6B | $556.9M | ||
| Q3 25 | $1.7B | $677.4M | ||
| Q2 25 | $-251.3M | $638.2M | ||
| Q1 25 | $61.2M | $541.5M | ||
| Q4 24 | — | $568.9M | ||
| Q3 24 | — | $558.3M | ||
| Q2 24 | — | $611.4M | ||
| Q1 24 | — | $490.3M |
自由现金流CRWVWCN
| Q4 25 | $-2.5B | $172.6M | ||
| Q3 25 | $-699.8M | $380.3M | ||
| Q2 25 | $-2.7B | $352.9M | ||
| Q1 25 | $-1.3B | $329.1M | ||
| Q4 24 | — | $172.2M | ||
| Q3 24 | — | $286.2M | ||
| Q2 24 | — | $394.2M | ||
| Q1 24 | — | $320.4M |
自由现金流率CRWVWCN
| Q4 25 | -159.1% | 7.3% | ||
| Q3 25 | -51.3% | 15.5% | ||
| Q2 25 | -223.0% | 14.7% | ||
| Q1 25 | -137.1% | 14.8% | ||
| Q4 24 | — | 7.6% | ||
| Q3 24 | — | 12.2% | ||
| Q2 24 | — | 17.5% | ||
| Q1 24 | — | 15.5% |
资本支出强度CRWVWCN
| Q4 25 | 258.3% | 16.2% | ||
| Q3 25 | 175.1% | 12.1% | ||
| Q2 25 | 202.3% | 11.9% | ||
| Q1 25 | 143.4% | 9.5% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 8.2% |
现金转化率CRWVWCN
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 2.20× | ||
| Q1 25 | — | 2.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | — | 2.22× | ||
| Q1 24 | — | 2.13× |
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% |
WCN
| Southern | $552.9M | 23% |
| Central | $450.9M | 19% |
| Landfill | $386.5M | 16% |
| Transfer | $370.6M | 16% |
| Other | $347.9M | 15% |
| Exploration And Production Waste Treatment Recovery And Disposal | $171.1M | 7% |
| Solid Waste Recycling | $51.2M | 2% |
| Intermodal And Other | $42.3M | 2% |
