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CWAN logoClearwater Analytics Holdings, Inc.(CWAN)Earnings, Financials & Key Ratios

CWAN•NYSE
$24.29
$7.21B mkt cap·Price updated May 7, 2026
SectorTechnologyIndustryApplication SoftwareSub-IndustryFinancial services and insurance software
AboutClearwater Analytics Holdings, Inc. develops and provides a Software-as-a-Service solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities. The company offers investment accounting and reporting, performance measurement, compliance monitoring, and risk analytics solutions. Its Clearwater Prism solution enables self-service access to data feeds from accounting, compliance, performance, and risk systems, including those offered by the company and other third-party software vendors, as well as provides flexible reporting to various users. The company was incorporated in 2021 and is headquartered in Boise, Idaho.Show more
  • Revenue$731M+61.9%
  • EBITDA$114M+365.4%
  • Net Income-$39M-109.1%
  • EPS (Diluted)-0.14-108.3%
  • Gross Margin67.29%-7.5%
  • EBITDA Margin15.54%+187.5%
  • Operating Margin3.84%+41.8%
  • Net Margin-5.31%-105.6%
  • ROE-2.54%-104.3%
  • ROIC1.12%-27.4%
  • Debt/Equity0.43+522.7%
  • Interest Coverage0.62
Technical→

CWAN Key Insights

Clearwater Analytics Holdings, Inc. (CWAN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FCF machine: 22.5% free cash flow margin
  • ✓Strong 5Y sales CAGR of 29.2%
  • ✓Good 3Y average ROE of 16.9%
  • ✓Healthy 5Y average net margin of 15.4%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Weak Piotroski F-Score: 2/9
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

CWAN Price & Volume

Clearwater Analytics Holdings, Inc. (CWAN) stock price & volume — 10-year historical chart

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CWAN Growth Metrics

Clearwater Analytics Holdings, Inc. (CWAN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years29.19%
3 Years34.08%
TTM73.49%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-111.21%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-110.28%

Return on Capital

10 Years5.8%
5 Years3.04%
3 Years-0.26%
Last Year1.42%

CWAN Recent Earnings

Clearwater Analytics Holdings, Inc. (CWAN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 4/12 qtrs (33%)
Q1 2026Latest
Feb 18, 2026
EPS
$0.15
Est $0.15
+0.0%
Revenue
$217M
Est $217M
+0.3%
Q4 2025
Nov 5, 2025
EPS
$0.14
Est $0.15
-6.7%
Revenue
$205M
Est $217M
-5.4%
Q3 2025
Aug 6, 2025
EPS
$0.12
Est $0.13
-7.7%
Revenue
$182M
Est $206M
-11.7%
Q2 2025
Apr 30, 2025
EPS
$0.13
Est $0.12
+8.3%
Revenue
$127M
Est $125M
+1.4%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 18, 2026
$0.15vs $0.15+0.0%
$217Mvs $217M+0.3%
Q4 2025Nov 5, 2025
$0.14vs $0.15-6.7%
$205Mvs $217M-5.4%
Q3 2025Aug 6, 2025
$0.12vs $0.13-7.7%
$182Mvs $206M-11.7%
Q2 2025Apr 30, 2025
$0.13vs $0.12+8.3%
$127Mvs $125M+1.4%
Based on last 12 quarters of dataView full earnings history →

CWAN Peer Comparison

Clearwater Analytics Holdings, Inc. (CWAN) competitors in Financial services and insurance software — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
VRNT logoVRNTVerint Systems Inc.Direct Competitor1.24B20.5119.72-0.13%6.87%4.6%0.34
MKTX logoMKTXMarketAxess Holdings Inc.Direct Competitor5.43B152.6622.923.82%24.04%0.25
ICE logoICEIntercontinental Exchange, Inc.Product Competitor88.45B156.1527.067.46%11.57%0.70
MSCI logoMSCIMSCI Inc.Product Competitor42.83B588.3737.819.74%
VRSK logoVRSKVerisk Analytics, Inc.Product Competitor22.89B174.6926.926.63%29.34%437.95%16.26
FDS logoFDSFactSet Research Systems Inc.Product Competitor9.63B223.9814.405.39%27.66%0.71
SPGI logoSPGIS&P Global Inc.Product Competitor126.89B428.6829.247.94%12.92%0.39
MCO logoMCOMoody's CorporationProduct Competitor81.04B457.1033.448.89%64.11%1.75

Compare CWAN vs Peers

Clearwater Analytics Holdings, Inc. (CWAN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VRNT

Most directly comparable listed peer for CWAN.

Scale Benchmark

vs BLK

Larger-name benchmark to compare CWAN against a more recognizable public peer.

Peer Set

Compare Top 5

vs VRNT, MKTX, ICE, MSCI

CWAN Income Statement

Clearwater Analytics Holdings, Inc. (CWAN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue168M203.22M252.02M303.43M368.17M451.8M731.37M825.73M
Revenue Growth %-20.96%24.01%20.4%21.34%22.72%61.88%73.49%
Cost of Goods Sold47.15M53.26M67.86M87.78M107.13M122.99M239.22M280.98M
COGS % of Revenue28.06%26.21%26.93%28.93%29.1%27.22%32.71%-
Gross Profit
120.86M▲ 0%
149.96M▲ 24.1%
184.16M▲ 22.8%
215.64M▲ 17.1%
261.04M▲ 21.1%
328.82M▲ 26.0%
492.15M▲ 49.7%
544.75M▲ 0%
Gross Margin %71.94%73.79%73.07%71.07%70.9%72.78%67.29%65.97%
Gross Profit Growth %-24.08%22.81%17.1%21.05%25.96%49.67%-
Operating Expenses95.16M170.38M155.7M210.53M277.79M316.58M464.06M533.02M
OpEx % of Revenue56.64%83.84%61.78%69.38%75.45%70.07%63.45%-
Selling, General & Admin55.88M66.12M83.01M116.41M153.86M166.02M303.61M317.14M
SG&A % of Revenue33.26%32.53%32.94%38.36%41.79%36.75%41.51%-
Research & Development39.27M55.26M72.69M94.12M123.92M150.56M196.23M215.88M
R&D % of Revenue23.38%27.19%28.84%31.02%33.66%33.32%26.83%-
Other Operating Expenses049M0000-35.77M0
Operating Income
25.7M▲ 0%
-20.42M▼ 179.5%
28.46M▲ 239.4%
5.12M▼ 82.0%
-16.75M▼ 427.2%
12.23M▲ 173.1%
28.09M▲ 129.6%
11.73M▲ 0%
Operating Margin %15.3%-10.05%11.29%1.69%-4.55%2.71%3.84%1.42%
Operating Income Growth %--179.46%239.39%-82.02%-427.24%173.06%129.58%-
EBITDA27.72M-18.15M31.95M10.26M-6.82M24.41M113.63M94.13M
EBITDA Margin %16.5%-8.93%12.68%3.38%-1.85%5.4%15.54%11.4%
EBITDA Growth %--165.47%276.08%-67.9%-166.46%458.2%365.4%191.78%
D&A (Non-Cash Add-back)2.02M2.27M3.49M5.14M9.93M12.18M85.54M82.39M
EBIT25.61M-20.42M28.46M5.12M-16.75M12.23M28.09M3.85M
Net Interest Income-17.81M-22.91M-25.68M1.14M6.4M8.62M-45.66M-44.74M
Interest Income0001.14M6.4M8.62M00
Interest Expense17.81M22.91M25.68M00045.66M57.39M
Other Income/Expense-17.89M-22.91M-36.07M-10.45M-6.12M-42.3M-77.76M-73.49M
Pretax Income
7.8M▲ 0%
-43.33M▼ 655.1%
-7.61M▲ 82.4%
-5.33M▲ 29.9%
-22.87M▼ 328.6%
-30.06M▼ 31.5%
-49.67M▼ 65.2%
-61.76M▲ 0%
Pretax Margin %4.65%-21.32%-3.02%-1.76%-6.21%-6.65%-6.79%-7.48%
Income Tax73K902K487K1.36M217K-457.65M-9.42M-11.78M
Effective Tax Rate %0.94%-2.08%-6.4%-25.49%-0.95%1522.3%18.96%19.07%
Net Income
7.73M▲ 0%
-44.23M▼ 672.0%
-8.21M▲ 81.4%
-7.97M▲ 3.0%
-21.63M▼ 171.5%
424.38M▲ 2062.3%
-38.81M▼ 109.1%
-48.09M▲ 0%
Net Margin %4.6%-21.76%-3.26%-2.63%-5.87%93.93%-5.31%-5.82%
Net Income Growth %--672.04%81.43%3%-171.46%2062.26%-109.14%-111.21%
Net Income (Continuing)7.73M-44.23M-8.09M-6.7M-23.08M427.58M-40.25M-49.97M
Discontinued Operations00000000
Minority Interest0065M68.86M55.33M21.98M9.36M5.06M
EPS (Diluted)
0.03▲ 0%
-0.19▼ 679.3%
-0.05▲ 76.1%
-0.04▲ 20.7%
-0.11▼ 204.7%
1.68▲ 1627.3%
-0.14▼ 108.3%
-0.16▲ 0%
EPS Growth %--679.27%76.05%20.66%-204.71%1627.27%-108.33%-110.28%
EPS (Basic)0.03-0.19-0.05-0.04-0.111.93-0.14-
Diluted Shares Outstanding235.98M235.98M178.03M185.56M199.69M254.36M271.32M294.99M
Basic Shares Outstanding235.98M235.98M178.03M185.56M199.69M219.32M271.32M294.99M
Dividend Payout Ratio--------

CWAN Balance Sheet

Clearwater Analytics Holdings, Inc. (CWAN) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets52.81M101.52M321.34M356.35M416M384.65M295.57M294.24M
Cash & Short-Term Investments20.25M61.09M254.6M255.61M296.22M255.49M91.25M81.51M
Cash Only20.25M61.09M254.6M250.72M221.76M177.35M91.25M81.51M
Short-Term Investments0004.89M74.46M78.14M00
Accounts Receivable26.56M32.88M50.19M79.23M100.94M110.17M171.93M169.63M
Days Sales Outstanding57.759.0672.6995.31100.0789.0185.8172.06
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets2.87M3.41M4.83M6.55M5.6M6.15M32.39M43.11M
Total Non-Current Assets11.15M14.04M23.02M125.6M142.75M784.93M2.74B2.73B
Property, Plant & Equipment7.09M8.85M10.74M39.18M37.9M39.59M60.91M82.09M
Fixed Asset Turnover23.68x22.97x23.47x7.74x9.71x11.41x12.01x11.89x
Goodwill00043.79M45.34M70.97M1.27B1.27B
Intangible Assets00029.46M26.13M30.87M687.58M660.65M
Long-Term Investments000021.5M30.3M167K167K
Other Non-Current Assets4.06M5.19M11.6M11.61M10.54M10.69M21.65M78.84M
Total Assets
63.97M▲ 0%
115.56M▲ 80.7%
344.36M▲ 198.0%
481.94M▲ 40.0%
558.74M▲ 15.9%
1.17B▲ 109.3%
3.03B▲ 159.2%
3.03B▲ 0%
Asset Turnover2.63x1.76x0.73x0.63x0.66x0.39x0.24x0.27x
Asset Growth %-80.65%197.99%39.95%15.94%109.32%159.23%1090.72%
Total Current Liabilities20.56M38.21M31.2M66.01M80.79M77.05M161.34M130.47M
Accounts Payable1.14M1.34M1.42M3.09M3.06M2.93M4.1M1.63M
Days Payables Outstanding8.839.187.6212.8610.438.716.254.93
Short-Term Debt2.8M3.08M2.75M2.75M2.75M2.75M23.14M22.21M
Deferred Revenue (Current)1.42M0795K1.19M2.77M7.33M21.86M87.85M
Other Current Liabilities4.99M10.16M8.44M18.34M20.64M25.71M110.69M80.23M
Current Ratio2.57x2.66x10.30x5.40x5.15x4.99x1.83x1.83x
Quick Ratio2.57x2.66x10.30x5.40x5.15x4.99x1.83x1.83x
Cash Conversion Cycle-------67.13
Total Non-Current Liabilities244.13M421.96M51.29M77.54M68.29M62.29M839.49M841.82M
Long-Term Debt244.07M421.83M51.16M48.49M45.83M43.16M837.2M838.63M
Capital Lease Obligations00019.5M16.95M17.66M22.55M82.31M
Deferred Tax Liabilities0005.93M5.36M1.31M756K3.03M
Other Non-Current Liabilities59K134K132K3.62M162K160K-21.02M-15.87M
Total Liabilities264.69M460.17M82.49M143.56M149.09M139.34M1B972.29M
Total Debt246.87M424.9M53.91M76.6M72.08M71.92M882.89M860.84M
Net Debt226.62M363.82M-200.69M-174.13M-149.69M-105.43M791.65M779.33M
Debt / Equity--0.21x0.23x0.18x0.07x0.43x0.43x
Debt / EBITDA8.91x-1.69x7.47x-2.95x7.77x9.15x
Net Debt / EBITDA8.18x--6.28x-16.98x--4.32x6.97x6.97x
Interest Coverage1.44x-0.89x1.11x---0.62x0.07x
Total Equity
-200.72M▲ 0%
-344.61M▼ 71.7%
261.87M▲ 176.0%
338.39M▲ 29.2%
409.66M▲ 21.1%
1.03B▲ 151.5%
2.03B▲ 97.1%
2.05B▲ 0%
Equity Growth %--71.68%175.99%29.22%21.06%151.49%97.15%881.96%
Book Value per Share-0.85-1.461.471.822.054.057.496.96
Total Shareholders' Equity-200.72M-344.61M196.87M269.52M354.33M1.01B2.02B2.05B
Common Stock0-245.81M236K239K244K248K293K298K
Retained Earnings-201.58M0-191.93M-186.65M-181.33M283.95M259.96M261.56M
Treasury Stock00000000
Accumulated OCI-13K-98.8M-34K609K2.91M-1.11M7.09M2.78M
Minority Interest0065M68.86M55.33M21.98M9.36M5.06M

CWAN Cash Flow Statement

Clearwater Analytics Holdings, Inc. (CWAN) cash flow — operating, investing & free cash flow history

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations-230.03M-6.49M3.36M58.01M84.6M74.32M175.9M175.9M
Operating CF Margin %-136.92%-3.19%1.33%19.12%22.98%16.45%24.05%-
Operating CF Growth %-97.18%151.77%1627.37%45.85%-12.15%136.67%267.67%
Net Income7.73M-44.23M-8.09M-6.7M-23.08M427.58M-38.81M-48.09M
Depreciation & Amortization2.02M2.27M3.49M5.14M9.93M12.18M85.54M111.95M
Stock-Based Compensation6.23M24.6M36.7M65.69M104.45M103.2M127.9M99.59M
Deferred Taxes00-648K-803K-1.67M-460.03M-12.61M-15.86M
Other Non-Cash Items3.07M4.85M15.23M10.56M11.1M12.61M31.68M26.77M
Working Capital Changes-249.08M6.03M-43.32M-15.88M-16.13M-21.23M-17.81M-3.87M
Change in Receivables-5.66M-6.33M-17.31M-19.1M-19.3M-13.65M-11.15M-8.35M
Change in Inventory-240.52M0-21.23M00000
Change in Payables166K67K361K1.61M-115K269K-1.34M-2.88M
Cash from Investing-3.37M-3.81M-5.03M-76.55M-95.06M-55.65M-988.13M-1.09B
Capital Expenditures-3.37M-3.81M-5.03M-7.76M-5.62M-5.26M-11.55M-26.53M
CapEx % of Revenue2.01%1.87%1.99%2.56%1.53%1.16%1.58%-
Acquisitions000-65.79M0-40.12M-1.07B-1.07B
Investments--------
Other Investing00000-104K-10.33M-328K
Cash from Financing237.72M51.04M195.29M16.23M-19.29M-61.67M725.41M733.41M
Debt Issued (Net)0181.13M-379.92M-2.75M-2.75M-2.75M770.41M771.1M
Equity Issued (Net)-3.78M-567K581.56M000-11.25M-2.75M
Dividends Paid0-173.18M000000
Share Repurchases-3.78M-567K-626K000-18.05M-9.55M
Other Financing241.5M43.66M-6.36M18.98M-16.54M-58.92M-33.75M-34.94M
Net Change in Cash
4.4M▲ 0%
40.83M▲ 827.8%
193.51M▲ 373.9%
-3.87M▼ 102.0%
-28.96M▼ 647.7%
-44.41M▼ 53.4%
-86.11M▼ 93.9%
-193.65M▲ 0%
Free Cash Flow
-233.4M▲ 0%
-10.29M▲ 95.6%
-1.67M▲ 83.8%
50.25M▲ 3114.2%
78.98M▲ 57.2%
69.06M▼ 12.6%
164.34M▲ 138.0%
152.49M▲ 0%
FCF Margin %-138.93%-5.06%-0.66%16.56%21.45%15.29%22.47%18.47%
FCF Growth %-95.59%83.8%3114.22%57.18%-12.56%137.96%82.63%
FCF per Share-0.99-0.04-0.010.270.400.270.610.61
FCF Conversion (FCF/Net Income)-29.75x0.15x-0.41x-7.28x-3.91x0.18x-4.53x-3.17x
Interest Paid022.18M26.11M1.4M3.45M3.46M015.61M
Taxes Paid0429K802K2.04M2.43M1.98M0583K

CWAN Key Ratios

Clearwater Analytics Holdings, Inc. (CWAN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)--3.14%-2.65%-5.78%58.95%-2.54%-2.38%
Return on Invested Capital (ROIC)-67.9%53.11%3.4%-5.92%1.55%1.12%1.12%
Gross Margin73.79%73.07%71.07%70.9%72.78%67.29%65.97%
Net Margin-21.76%-3.26%-2.63%-5.87%93.93%-5.31%-5.82%
Debt / Equity-0.21x0.23x0.18x0.07x0.43x0.43x
Interest Coverage-0.89x1.11x---0.62x0.07x
FCF Conversion0.15x-0.41x-7.28x-3.91x0.18x-4.53x-3.17x
Revenue Growth20.96%24.01%20.4%21.34%22.72%61.88%73.49%

CWAN SEC Filings & Documents

Clearwater Analytics Holdings, Inc. (CWAN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

May 7, 2026·SEC

Material company update

Feb 18, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 26, 2025·SEC

10-Q Quarterly Reports

4
FY 2026

May 7, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

CWAN Frequently Asked Questions

Clearwater Analytics Holdings, Inc. (CWAN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Clearwater Analytics Holdings, Inc. (CWAN) reported $825.7M in revenue for fiscal year 2025. This represents a 392% increase from $168.0M in 2019.

Clearwater Analytics Holdings, Inc. (CWAN) grew revenue by 61.9% over the past year. This is strong growth.

Clearwater Analytics Holdings, Inc. (CWAN) reported a net loss of $48.1M for fiscal year 2025.

Dividend & Returns

Clearwater Analytics Holdings, Inc. (CWAN) has a return on equity (ROE) of -2.5%. Negative ROE indicates the company is unprofitable.

Clearwater Analytics Holdings, Inc. (CWAN) generated $152.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More CWAN

Clearwater Analytics Holdings, Inc. (CWAN) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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