CRWVCoreWeave, Inc.

Services-Prepackaged Software

Revenue: $5.1B; 168% YoY
Operating margin: -0.9%; 105% YoY
EBITDA: $2.4B; 103% YoY
Market cap: $29.6B
Employees: 2,189; $2M revenue each
Net debt / EBITDA: 8.0×; $19.3B net debt
AI in 10-K: 25.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 1 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 94th pct
Bottom quartile of its SIC industry
Quiet on AINo
25.8 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$29.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$68.6T net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$229M	$1.9B	$5.1B	168%
Operating income	−$14M	$324M	−$46M	114%
Net income	−$594M	−$863M	−$1.2B	35%
Operating cash flow	$1.8B	$2.7B	$3.1B	11%
Capex	$2.9B	$8.7B	$10.3B	18%
Stock-based comp	$15M	$31M	$630M	1932%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5.3B · 3241
Net: −$5.3B

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$147M	179	145