The most fragile stocks in US Software. Who has the worst Free Cash Flow Margin?

3 names stand out:

☁️ Oracle -22% $ORCL
Spending $ 21B+ on AI infrastructure buildout. Operating cash flow is still strong, but CapEx is eating everything.

₿ MicroStrategy -24% $MSTR
Barely a software company anymore. Cash flow is dominated by Bitcoin accumulation, not operations. A leveraged crypto bet wearing a software mask.

🖥️ CoreWeave -141% $CRWV
The most extreme case. One of the biggest IPOs of 2025. Revenue grew 168% to $5.1B but total debt hit $ 20B (4x revenue). 67% of revenue comes from one client (Microsoft). 100% reliance on Nvidia chips. Interest expenses alone consume 39% of operating cash flow.