CoreWeave, Inc.

CRWVdata completeness 100%3 fiscal years on file

The thesis, from the filings

CoreWeave, Inc. earns about -1% on invested capital, but has diluted owners by 127% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	$229M¹	$1.92B¹	$5.13B¹
Net income	−$594M²	−$863M²	−$1.17B²
Operating cash flow	$1.83B³	$2.75B³	$3.06B³
Capital expenditure	$2.94B⁴	$8.7B⁴	$10.3B⁴
Free cash flow (derived)	−$1.11B³	−$5.95B³	−$7.25B³
Total debt	—	$15.9B⁵	$42.7B⁵
Cash & equivalents	$217M⁶	$1.36B⁶	$3.13B⁶
Diluted shares	192.0M	218.0M	436.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$76.49

your share of equity

Profit it earned you last year

−$26.77

Free cash flow it threw off

−$166.31

Debt you’d be carrying

$980.41

10 shares is a claim on $76.49 of net worth that earned you −$26.77 and generated −$166.31 of cash last year, against $980.41 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-1% avg · 3y

FY23 —FY24 -2%FY25 -0%

It earned an average -1% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+127% shares · 3y

Share count is up 127% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 170% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0001769628-26-000104 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001769628-26-000104 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001769628-26-000104 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001769628-26-000104 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001769628-26-000104 (LongTermDebtNoncurrent)
10-K · period ending 2023-12-31 · accession 0001769628-26-000104 (CashAndCashEquivalentsAtCarryingValue)