CoreWeave Inc. (CRWV) vs Nebius Group N.V. (NBIS)

CoreWeave Inc. and Nebius Group N.V. are both Software Infrastructure companies. Nebius Group N.V. is the larger, with a market value of $67.5B against $50.5B — 1.3× the size. CoreWeave Inc. has negative trailing earnings, so its P/E is not meaningful; Nebius Group N.V. trades at 913×. Nebius Group N.V. grew revenue faster over the last twelve months: 511.5% against 115.3%. Nebius Group N.V. has the higher net margin (3.13% vs −25.4%) and the lower return on invested capital (−3.94% vs −0.43%). Across the 18 metrics below, Nebius Group N.V. leads on 12 and CoreWeave Inc. on 6.

Valuation

Metric CRWV NBIS Software Infrastructure median
P/E n/m 912.81 28.02
P/S 6.35 49.11 3.07
P/B 9.59 6.44 3.36
Price to free cash flow n/m n/m 17.12
EV/EBITDA 19.82 472.49 14.91
EV/Sales 10.15 49.48 3.03
Earnings yield (4.17%) 0.11% 0.13%
Free cash flow yield (28.33%) (8.83%) 1.15%

Profitability

Metric CRWV NBIS Software Infrastructure median
Gross margin 67.42% 74.26% 61.23%
Operating margin (3.04%) (50.48%) 0.00%
Net margin (25.42%) 3.13% 0.00%
Free cash flow margin (179.91%) (433.81%) 1.67%
Return on equity (50.22%) 0.60% 0.59%
Return on assets (3.73%) 0.26% 0.00%
Return on invested capital (0.43%) (3.94%) 0.00%

Growth

Metric CRWV NBIS Software Infrastructure median
Revenue growth (TTM) 115.32% 511.51% 13.41%
EPS growth (last fiscal year) 29.02% 117.52% —
Revenue growth, 5-year CAGR — (29.09%) 15.81%
Net income growth, 5-year CAGR — (24.90%) 0.00%

Health

Metric CRWV NBIS Software Infrastructure median
Debt to equity 7.02 0.83 0.06
Current ratio 0.46 4.03 1.55
Net debt to EBITDA 6.99 (2.60) 0.08

Dividend

Metric CRWV NBIS Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio — 0.00 0.00

Size

Metric CRWV NBIS Software Infrastructure median
Market cap 50.52b 67.53b 835.96m

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