CoreWeave vs Nebius: valuation, balance sheet, and catalysts compared

Investing.com — Neither stock is cheap in an absolute sense. On the data in hand, CoreWeave (CRWV) screens as the better value, and Nebius (NBIS) as the cleaner balance sheet. That trade-off is the whole debate. Both stocks are in free fall, and Nebius has just reported.

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Today’s tape

Quotes are as of Nov 12, 2026, 3:16 PM EST.

CoreWeave (CRWV): Trading at $55.94 (-7.95%) (Market Cap: $33.52B) || 1M: -30.3% || 3M: -48.1% || 1W: +28.1%

Nebius (NBIS): Trading at $126.53 (-18.20%) (Market Cap: $42.4B) || 1M: -39.8% || 3M: -51.2% || YTD: +45.3%

Nebius sold off after its Q3 print. CoreWeave is trading in sympathy, after a one-week rally on its own earnings.

Fundamentals face-off

Nebius fundamentals in FinQL are as of Jun 30, 2026. They predate Thursday’s Q3 report and the $5B convertible mentioned in the corpus.

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Valuation. The multiples below are computed from the figures above. They are rough, because the Nebius enterprise value is also dated Jun 30.

• CoreWeave’s enterprise value is about $93B (Sep 30, 2026). That is roughly 9x trailing revenue and 17.9x EV/EBITDA.

• Nebius’s enterprise value is about $43B. That is roughly 30x trailing revenue and 166x EV/EBITDA.

• On forward numbers the gap narrows. Nebius guides 2027 revenue to $12–13B, and CoreWeave’s next four quarters sum to about $23.6B on the FinQL forecast. Both land near 3–4x forward sales.

Balance sheet. CoreWeave carries the risk here. Its debt is about $66B and its Altman Z-Score is 0.1. Nebius’s leverage is far lighter, though its capex is now guided to about $27B for 2026.

Sentiment and catalysts

CoreWeave’s bull case. Its Q3 beat EPS estimates by 18%. Management raised 2026 revenue guidance to $13.0–13.3B and ARR guidance to $20–21B. Backlog is about $133B. Adjusted operating margin rose to 10% from 1% in Q1. It also laid out a plan to shift from unsecured bonds to delayed-draw term loans (DDTLs), plus a lower-capital “Omni” model Read more (Nov 10, 2026). The financing pivot eased balance-sheet concerns Read more (Nov 11, 2026). Bear case: interest expense is guided at $1.05–1.15B for Q4 alone, and capex is $37–39B.