Forensic Analysis · Technology / Software · as of Jun 27, 2026
CoreWeave, Inc. (CRWV)
A forensic read on CoreWeave, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.3
Altman Z-score
Watch
Earnings quality
5
Forensic signals
-40.3%
ROE
$52.7B
Market cap
CoreWeave, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.3, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+93.1%Accruals ratio.Net operating assets grew +93.1% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -29% of net operating assets.
225d DSOReceivables vs revenue.Days sales outstanding moved from 79 to 225 days FY2024→FY2025 (receivables +660% vs revenue +168%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-0%Return on invested capital.Return on invested capital is -0% and slipping from 2% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+63.5%/yrShare-count dilution.Diluted share count changed +127% over the last 2 years to FY2025 (+63.5%/yr). The count is GROWING — existing holders are being diluted. That's ~63.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~127%.
12% of revStock-based comp load.Stock-based compensation ran 12% of revenue in FY2025 — about $1.44 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-22.7%
Debt / Equity6.41x
Free Cash Flow$-7.25B
Latest Revenue$5.13B
Return on Equity-35.0%
Revenue Growth YoY+167.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on CoreWeave, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CRWV's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown