CoreWeave, Inc. (NASDAQ: CRWV)

Sector: Technology Industry: Software - Infrastructure CIK: 0001769628
Market Cap 20.32 Bn
P/B 5.24
P/E -23.37
P/S 4.72
ROIC (Qtr) 0.36
Div Yield % 0.00
Rev 1y % (Qtr) 133.70
Total Debt (Qtr) 18.81 Bn
Debt/Equity (Qtr) 4.85

About

Price action

Investment thesis

Bull case

  • Tangible assets of 31.88B provide exceptional 5.97x coverage of deferred revenue 5.34B, showing strong service capability backing.
  • Cash position of 2.49B provides exceptional 24.18x coverage of minority interest expenses 103.04M, indicating strong liquidity.
  • Tangible assets of 31.88B provide robust 7.16x coverage of other current liabilities 4.45B, indicating strong asset backing.
  • R&D investment of 2.38B represents healthy 0.45x of deferred revenue 5.34B, indicating strong future innovation pipeline.
  • Cash reserves of 2.49B provide comfortable 21.18x coverage of tax obligations 117.63M, showing strong fiscal management.

Bear case

  • Investment activities of 0 provide weak support for R&D spending of 2.38B, which is 0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 5.34B, which is 0x, raising concerns about future service delivery capabilities.
  • Operating cash flow of 0 provides minimal -0x coverage of tax expenses of (10.83M), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Tangible assets of 31.88B provide limited backing for working capital of (4.98B), which is -6.40x, suggesting increased operational risk in market downturns.
  • Tax assets of 0 provide limited offset against tax liabilities of 117.63M, which is 0x, indicating potential future cash flow pressure from tax obligations.

Peer comparison

Companies in the Software - Infrastructure
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 MSFT Microsoft Corp 3,197.34 Bn 26.81 10.47 57.61 Bn
2 ORCL Oracle Corp 506.93 Bn 48.84 12.87 124.39 Bn
3 PLTR Palantir Technologies Inc. 341.64 Bn 311.89 87.69 0.24 Bn
4 PANW Palo Alto Networks Inc 118.39 Bn 105.97 12.39 0.35 Bn
5 CRWD CrowdStrike Holdings, Inc. 109.19 Bn -347.56 23.92 0.82 Bn
6 SNPS Synopsys Inc 76.22 Bn 57.21 10.80 14.29 Bn
7 FTNT Fortinet, Inc. 62.40 Bn 33.30 9.52 1.00 Bn
8 NET Cloudflare, Inc. 60.91 Bn -591.17 30.25 3.50 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.00 2.43
EV to Cash from Ops. EV to Cash from Ops. 0.00 11.30
EV to Debt EV to Debt 0.00 9.88
EV to EBIT EV to EBIT 0.00 -8.20
EV to EBITDA EV to EBITDA 0.00 8.19
EV to Free Cash Flow [EV/FCF] EV to Free Cash Flow [EV/FCF] 0.00 30.23
EV to Market Cap EV to Market Cap 0.00 0.35
EV to Revenue EV to Revenue 0.00 35.31
Price to Book Value [P/B] P/B 5.24 4.88
Price to Earnings [P/E] P/E -23.37 -13.51
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.26
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.68
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 1.68
Interest Coverage Int. cover (Qtr) 0.11 -11.94
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -410.36
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 224.71
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.28
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 18.75
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 42.50
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 13.21
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 7.35
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 68.33
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 293.84
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 47.71
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.13 0.68
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 0.26 1.21
Current Ratio Curr Ratio (Qtr) 0.49 2.59
Debt to Equity Ratio Debt/Equity (Qtr) 4.85 -0.95
Interest Cover Ratio Int Coverage (Qtr) 0.11 -11.94
Times Interest Earned Times Interest Earned (Qtr) 0.11 -11.94
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -550.26
EBIT Margin % EBIT Margin % (Qtr) 2.55 -242.75
EBT Margin % EBT Margin % (Qtr) -20.45 -608.84
Gross Margin % Gross Margin % (Qtr) 73.90 52.38
Net Profit Margin % Net Margin % (Qtr) -20.20 -611.52