Does CoreWeave, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores CoreWeave, Inc. (CRWV) 40.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 100, returns on capital 0, balance-sheet safety 0, capital allocation 44.

How has CRWV's Moat Score changed over time?

The record logs 26 readings since Jul 18, 2026; the latest reads 40.8 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

CoreWeave, Inc.

CRWV · Technology · $26.8B mkt cap · FY2025 filings · as of Oct 17, 2026 · Shallow moat ·

Doesn't clear the bar

Shallow moat

The five investor questions

2023–2025 (latest 3 aligned FYs; v3 window cap 5): revenue $229M to $5.1B, increasing; diluted EPS -3.09 to -2.81, increasing.

100

Median gross margin 71.7% over 3y, very stable.

Median ROIC 2.0%, above the 12% hurdle in 0% of years.

Net debt/EBITDA 7.6x, interest coverage -0x.

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

No price data

: Not reported
: Unavailable — insufficient owner-earnings data
: Unavailable — insufficient growth-model data
: $61.39
: No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.

Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 17, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

4 years of fundamentals

The business, in plain English

CoreWeave, Inc. booked $5.1B of revenue in FY2025 in the Technology sector and kept 71.7% of it as gross profit — a high-margin business by that measure. After every other cost, −22.7% of each revenue dollar reached the bottom line.

The balance sheet carried $21.4B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

Put together: Pricing Power is the strongest of the five filters (100/100) and Returns on Capital the weakest (0/100), which is how CRWV lands at 41/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$5.1B FY2025

Revenue kept after cost of goods71.7% FY2025

Standard ROIC or separately labeled Operating ROICStandard ROIC −0.3% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out−$1.2B FY2025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How CoreWeave, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$5.1B	100%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Cost of revenue	$1.5B	28%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
	$3.7B	72%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
	−$46M	−1%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Income before tax	−$1.2B	−24%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Income tax	−$48M	−1%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
	−$1.2B	−23%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026

· event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

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Flagship explainer

What CoreWeave, Inc. owns — and owes

CoreWeave, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$49.3B	100%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Cash and equivalents	$3.1B	6%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
	$21.4B	43%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Stockholders’ equity	$3.3B	7%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026

· event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

Flagship explainer

What drives CoreWeave, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	−$1.2B	FY2025	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Income before tax	−$1.2B	FY2025	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Operating income	−$46M	FY2025	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
	$5.1B	FY2025	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Ending assets	$49.3B	FY2025	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Beginning assets	$17.8B	FY2024	10-K · FY 2024Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
	$3.3B	FY2025	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
	−$414M	FY2024	10-K · FY 2024Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026

Source:

10-K · filed Mar 2, 2026Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026

· event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

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Flagship explainer

Where CoreWeave, Inc.'s cash went

CoreWeave, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$3.1B	100%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026
Depreciation and amortization	$2.5B	80%	10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001769628-26-000104 · filed Mar 2, 2026

· event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding CoreWeave, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 17, 2026

Flagship explainer

What CoreWeave, Inc. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale40.8 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for CRWV.

Track record

How CoreWeave, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored CRWV on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, CRWV did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#452 of 752 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#450INDI indie Semiconductor, Inc.41.0 out of 100, Shallow moatShallow moat
#451CBZ CBIZ, Inc.40.9 out of 100, Shallow moatShallow moat
#453APCX AppTech Payments Corp.40.7 out of 100, Shallow moatShallow moat
#454DSFT DeltaSoft Corp.40.7 out of 100, Shallow moatShallow moat

Compare CRWV with its nearest peers →All Technology companies on the Index →

Common questions about CRWV

Does CoreWeave, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores CoreWeave, Inc. (CRWV) 40.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 100, returns on capital 0, balance-sheet safety 0, capital allocation 44.
How has CRWV's Moat Score changed over time?: The record logs 26 readings since Jul 18, 2026; the latest reads 40.8 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CRWV. See the disclaimer.