8-K Announcements
6Feb 18, 2026·SEC
Feb 17, 2026·SEC
Jan 23, 2026·SEC
Clearwater Analytics Holdings, Inc. (CWAN) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Clearwater Analytics Holdings, Inc. (CWAN) stock price & volume — 10-year historical chart
Clearwater Analytics Holdings, Inc. (CWAN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Clearwater Analytics Holdings, Inc. (CWAN) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 18, 2026 | $0.15vs $0.15+0.0% | $217Mvs $217M+0.3% |
| Q4 2025 | Nov 5, 2025 | $0.14vs $0.15-6.7% | $205Mvs $217M-5.4% |
| Q3 2025 | Aug 6, 2025 | $0.12vs $0.13-7.7% | $182Mvs $206M-11.7% |
| Q2 2025 | Apr 30, 2025 | $0.13vs $0.12+8.3% | $127Mvs $125M+1.4% |
Clearwater Analytics Holdings, Inc. (CWAN) competitors in Financial services and insurance software — business model, growth, and fundamentals comparison
Clearwater Analytics Holdings, Inc. (CWAN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Clearwater Analytics Holdings, Inc. (CWAN) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 168M | 203.22M | 252.02M | 303.43M | 368.17M | 451.8M | 731.37M |
| Revenue Growth % | - | 20.96% | 24.01% | 20.4% | 21.34% | 22.72% | 61.88% |
| Cost of Goods Sold | 47.15M | 53.26M | 67.86M | 87.78M | 107.13M | 122.99M | 239.22M |
| COGS % of Revenue | 28.06% | 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% |
| Gross Margin % | 71.94% | 73.79% | 73.07% | 71.07% | 70.9% | 72.78% | 67.29% |
| Gross Profit Growth % | - | 24.08% | 22.81% | 17.1% | 21.05% | 25.96% | 49.67% |
| Operating Expenses | 95.16M | 170.38M | 155.7M | 210.53M | 277.79M | 316.58M | 499.83M |
| OpEx % of Revenue | 56.64% | 83.84% | 61.78% | 69.38% | 75.45% | 70.07% | 68.34% |
| Selling, General & Admin | 55.88M | 66.12M | 83.01M | 116.41M | 153.86M | 166.02M | 303.61M |
| SG&A % of Revenue | 33.26% | 32.53% | 32.94% | 38.36% | 41.79% | 36.75% | 41.51% |
| Research & Development | 39.27M | 55.26M | 72.69M | 94.12M | 123.92M | 150.56M | 196.23M |
| R&D % of Revenue | 23.38% | 27.19% | 28.84% | 31.02% | 33.66% | 33.32% | 26.83% |
| Other Operating Expenses | 0 | 49M | 0 | 0 | 0 | 0 | 0 |
| 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% | -7.69M▼ 162.8% |
| Operating Margin % | 15.3% | -10.05% | 11.29% | 1.69% | -4.55% | 2.71% | -1.05% |
| Operating Income Growth % | - | -179.46% | 239.39% | -82.02% | -427.24% | 173.06% | -162.82% |
| EBITDA | 27.72M | -18.15M | 31.95M | 10.26M | -6.82M | 24.41M | -7.69M |
| EBITDA Margin % | 16.5% | -8.93% | 12.68% | 3.38% | -1.85% | 5.4% | -1.05% |
| EBITDA Growth % | - | -165.47% | 276.08% | -67.9% | -166.46% | 458.2% | -131.48% |
| D&A (Non-Cash Add-back) | 2.02M | 2.27M | 3.49M | 5.14M | 9.93M | 12.18M | 0 |
| EBIT | 25.61M | -20.42M | 28.46M | 5.12M | -16.75M | 12.23M | 0 |
| Net Interest Income | -17.81M | -22.91M | -25.68M | 1.14M | 6.4M | 8.62M | 0 |
| Interest Income | 0 | 0 | 0 | 1.14M | 6.4M | 8.62M | 0 |
| Interest Expense | 17.81M | 22.91M | 25.68M | 0 | 0 | 0 | 45.66M |
| Other Income/Expense | -17.89M | -22.91M | -36.07M | -10.45M | -6.12M | -42.3M | -41.99M |
| 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% |
| Pretax Margin % | 4.65% | -21.32% | -3.02% | -1.76% | -6.21% | -6.65% | -6.79% |
| Income Tax | 73K | 902K | 487K | 1.36M | 217K | -457.65M | -9.42M |
| Effective Tax Rate % | 0.94% | -2.08% | -6.4% | -25.49% | -0.95% | 1522.3% | 18.96% |
| 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% |
| Net Margin % | 4.6% | -21.76% | -3.26% | -2.63% | -5.87% | 93.93% | -5.31% |
| Net Income Growth % | - | -672.04% | 81.43% | 3% | -171.46% | 2062.26% | -109.14% |
| Net Income (Continuing) | 7.73M | -44.23M | -8.09M | -6.7M | -23.08M | 427.58M | -38.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 65M | 68.86M | 55.33M | 21.98M | 9.36M |
| 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% |
| EPS Growth % | - | -679.27% | 76.05% | 20.66% | -204.71% | 1627.27% | -108.33% |
| EPS (Basic) | 0.03 | -0.19 | -0.05 | -0.04 | -0.11 | 1.93 | -0.14 |
| Diluted Shares Outstanding | 235.98M | 235.98M | 178.03M | 185.56M | 199.69M | 254.36M | 271.32M |
| Basic Shares Outstanding | 235.98M | 235.98M | 178.03M | 185.56M | 199.69M | 219.32M | 271.32M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Clearwater Analytics Holdings, Inc. (CWAN) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 52.81M | 101.52M | 321.34M | 356.35M | 416M | 384.65M | 295.57M |
| Cash & Short-Term Investments | 20.25M | 61.09M | 254.6M | 255.61M | 296.22M | 255.49M | 91.25M |
| Cash Only | 20.25M | 61.09M | 254.6M | 250.72M | 221.76M | 177.35M | 91.25M |
| Short-Term Investments | 0 | 0 | 0 | 4.89M | 74.46M | 78.14M | 0 |
| Accounts Receivable | 26.56M | 32.88M | 50.19M | 79.23M | 100.94M | 110.17M | 167.35M |
| Days Sales Outstanding | 57.7 | 59.06 | 72.69 | 95.31 | 100.07 | 89.01 | 83.52 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 2.87M | 3.41M | 4.83M | 6.55M | 5.6M | 6.15M | 36.98M |
| Total Non-Current Assets | 11.15M | 14.04M | 23.02M | 125.6M | 142.75M | 784.93M | 2.74B |
| Property, Plant & Equipment | 7.09M | 8.85M | 10.74M | 39.18M | 37.9M | 39.59M | 60.91M |
| Fixed Asset Turnover | 23.68x | 22.97x | 23.47x | 7.74x | 9.71x | 11.41x | 12.01x |
| Goodwill | 0 | 0 | 0 | 43.79M | 45.34M | 70.97M | 1.27B |
| Intangible Assets | 0 | 0 | 0 | 29.46M | 26.13M | 30.87M | 687.58M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 21.5M | 30.3M | 0 |
| Other Non-Current Assets | 4.06M | 5.19M | 11.6M | 11.61M | 10.54M | 10.69M | 21.82M |
| 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% |
| Asset Turnover | 2.63x | 1.76x | 0.73x | 0.63x | 0.66x | 0.39x | 0.24x |
| Asset Growth % | - | 80.65% | 197.99% | 39.95% | 15.94% | 109.32% | 159.23% |
| Total Current Liabilities | 20.56M | 38.21M | 31.2M | 66.01M | 80.79M | 77.05M | 161.34M |
| Accounts Payable | 1.14M | 1.34M | 1.42M | 3.09M | 3.06M | 2.93M | 4.1M |
| Days Payables Outstanding | 8.83 | 9.18 | 7.62 | 12.86 | 10.43 | 8.71 | 6.25 |
| Short-Term Debt | 2.8M | 3.08M | 2.75M | 2.75M | 2.75M | 2.75M | 23.14M |
| Deferred Revenue (Current) | 1.42M | 0 | 795K | 1.19M | 2.77M | 7.33M | 21.86M |
| Other Current Liabilities | 4.99M | 10.16M | 8.44M | 18.34M | 20.64M | 25.71M | 116.34M |
| Current Ratio | 2.57x | 2.66x | 10.30x | 5.40x | 5.15x | 4.99x | 1.83x |
| Quick Ratio | 2.57x | 2.66x | 10.30x | 5.40x | 5.15x | 4.99x | 1.83x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 244.13M | 421.96M | 51.29M | 77.54M | 68.29M | 62.29M | 839.49M |
| Long-Term Debt | 244.07M | 421.83M | 51.16M | 48.49M | 45.83M | 43.16M | 837.2M |
| Capital Lease Obligations | 0 | 0 | 0 | 19.5M | 16.95M | 17.66M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 5.93M | 5.36M | 1.31M | 0 |
| Other Non-Current Liabilities | 59K | 134K | 132K | 3.62M | 162K | 160K | 2.3M |
| Total Liabilities | 264.69M | 460.17M | 82.49M | 143.56M | 149.09M | 139.34M | 1B |
| Total Debt | 246.87M | 424.9M | 53.91M | 76.6M | 72.08M | 71.92M | 860.34M |
| Net Debt | 226.62M | 363.82M | -200.69M | -174.13M | -149.69M | -105.43M | 769.09M |
| Debt / Equity | - | - | 0.21x | 0.23x | 0.18x | 0.07x | 0.42x |
| Debt / EBITDA | 8.91x | - | 1.69x | 7.47x | - | 2.95x | - |
| Net Debt / EBITDA | 8.18x | - | -6.28x | -16.98x | - | -4.32x | - |
| Interest Coverage | 1.44x | -0.89x | 1.11x | - | - | - | -0.17x |
| 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% |
| Equity Growth % | - | -71.68% | 175.99% | 29.22% | 21.06% | 151.49% | 97.15% |
| Book Value per Share | -0.85 | -1.46 | 1.47 | 1.82 | 2.05 | 4.05 | 7.49 |
| Total Shareholders' Equity | -200.72M | -344.61M | 196.87M | 269.52M | 354.33M | 1.01B | 2.02B |
| Common Stock | 0 | -245.81M | 236K | 239K | 244K | 248K | 293K |
| Retained Earnings | -201.58M | 0 | -191.93M | -186.65M | -181.33M | 283.95M | 259.96M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -13K | -98.8M | -34K | 609K | 2.91M | -1.11M | 7.09M |
| Minority Interest | 0 | 0 | 65M | 68.86M | 55.33M | 21.98M | 9.36M |
Clearwater Analytics Holdings, Inc. (CWAN) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -230.03M | -6.49M | 3.36M | 58.01M | 84.6M | 74.32M | 175.9M |
| 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% |
| Net Income | 7.73M | -44.23M | -8.09M | -6.7M | -23.08M | 427.58M | -38.81M |
| Depreciation & Amortization | 2.02M | 2.27M | 3.49M | 5.14M | 9.93M | 12.18M | 85.54M |
| Stock-Based Compensation | 6.23M | 24.6M | 36.7M | 65.69M | 104.45M | 103.2M | 127.9M |
| Deferred Taxes | 0 | 0 | -648K | -803K | -1.67M | -460.03M | -12.61M |
| Other Non-Cash Items | 3.07M | 4.85M | 15.23M | 10.56M | 11.1M | 12.61M | 13.87M |
| Working Capital Changes | -249.08M | 6.03M | -43.32M | -15.88M | -16.13M | -21.23M | 0 |
| Change in Receivables | -5.66M | -6.33M | -17.31M | -19.1M | -19.3M | -13.65M | -11.15M |
| Change in Inventory | -240.52M | 0 | -21.23M | 0 | 0 | 0 | 0 |
| Change in Payables | 166K | 67K | 361K | 1.61M | -115K | 269K | -1.34M |
| Cash from Investing | -3.37M | -3.81M | -5.03M | -76.55M | -95.06M | -55.65M | -988.13M |
| Capital Expenditures | -3.37M | -3.81M | -5.03M | -7.76M | -5.62M | -5.26M | -11.55M |
| CapEx % of Revenue | 2.01% | 1.87% | 1.99% | 2.56% | 1.53% | 1.16% | 1.58% |
| Acquisitions | 0 | 0 | 0 | -65.79M | 0 | -40.12M | -1.07B |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -104K | -10.33M |
| Cash from Financing | 237.72M | 51.04M | 195.29M | 16.23M | -19.29M | -61.67M | 725.41M |
| Debt Issued (Net) | 0 | 181.13M | -379.92M | -2.75M | -2.75M | -2.75M | 0 |
| Equity Issued (Net) | -1000K | -567K | 1000K | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -173.18M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3.78M | -567K | -626K | 0 | 0 | 0 | -18.05M |
| Other Financing | 241.5M | 43.66M | -6.36M | 18.98M | -16.54M | -58.92M | 725.41M |
| 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% |
| 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% |
| FCF Margin % | -138.93% | -5.06% | -0.66% | 16.56% | 21.45% | 15.29% | 22.47% |
| FCF Growth % | - | 95.59% | 83.8% | 3114.22% | 57.18% | -12.56% | 137.96% |
| FCF per Share | -0.99 | -0.04 | -0.01 | 0.27 | 0.40 | 0.27 | 0.61 |
| FCF Conversion (FCF/Net Income) | -29.75x | 0.15x | -0.41x | -7.28x | -3.91x | 0.18x | -4.53x |
| Interest Paid | 0 | 22.18M | 26.11M | 1.4M | 3.45M | 3.46M | 0 |
| Taxes Paid | 0 | 429K | 802K | 2.04M | 2.43M | 1.98M | 0 |
Clearwater Analytics Holdings, Inc. (CWAN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | - | -3.14% | -2.65% | -5.78% | 58.95% | -2.54% |
| Return on Invested Capital (ROIC) | 74.43% | -67.9% | 53.11% | 3.4% | -5.92% | 1.55% | -0.31% |
| Gross Margin | 71.94% | 73.79% | 73.07% | 71.07% | 70.9% | 72.78% | 67.29% |
| Net Margin | 4.6% | -21.76% | -3.26% | -2.63% | -5.87% | 93.93% | -5.31% |
| Debt / Equity | - | - | 0.21x | 0.23x | 0.18x | 0.07x | 0.42x |
| Interest Coverage | 1.44x | -0.89x | 1.11x | - | - | - | -0.17x |
| FCF Conversion | -29.75x | 0.15x | -0.41x | -7.28x | -3.91x | 0.18x | -4.53x |
| Revenue Growth | - | 20.96% | 24.01% | 20.4% | 21.34% | 22.72% | 61.88% |
Clearwater Analytics Holdings, Inc. (CWAN) SEC filings — annual & quarterly reports (10-K, 10-Q)
Feb 18, 2026·SEC
Feb 17, 2026·SEC
Jan 23, 2026·SEC
Clearwater Analytics Holdings, Inc. (CWAN) stock FAQ — growth, dividends, profitability & financials explained
Clearwater Analytics Holdings, Inc. (CWAN) reported $731.4M in revenue for fiscal year 2025. This represents a 335% 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 $38.8M for fiscal year 2025.
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 $164.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Clearwater Analytics Holdings, Inc. (CWAN) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates