CoreWeave (CRWV) shares have fallen 56.9% over the past twelve months, against a 17.4% gain for the S&P 500, even though the AI cloud company more than doubled its revenue. At $61.12, the stock trades near its lowest close of the year, at 4.4 times trailing twelve-month revenue, down from 18.9 times a year earlier. The company moved from a 6.3% operating margin to a 3.0% operating loss, and free cash flow was negative $13.7 billion despite $6.9 billion of operating cash flow. Management reported a revenue backlog of $104.2 billion at end-June, up 246% year on year. Analysts expect fiscal Q3 2026 revenue of about $3.62 billion, just above management's guide of $3.45 billion to $3.6 billion; the report is expected around November 11, 2026, and the article argues that whether buying is too early depends on that result.
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