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CWANClearwater Analytics Holdings, Inc.
$24.29$7.2B
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CWAN logoClearwater Analytics Holdings, Inc.(CWAN)Earnings, Financials & Key Ratios

CWAN•NYSE
Price updated Jun 19, 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%

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.

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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-110.24%

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 7/12 qtrs (58%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 7, 2026
Metric
Actual
Est
EPS
$0.16+0.0%
$0.16
Rev
$221M+3.3%
$214M
Q1 2026
Feb 18, 2026
Metric
Actual
Est
EPS
$0.15+0.0%
$0.15
Rev
$217M+0.3%
$217M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.14-6.7%
$0.15
Rev
$205M-5.4%
$217M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.12-7.7%
$0.13
Rev
$182M-11.7%
$206M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$0.16vs $0.16+0.0%
$221Mvs $214M+3.3%
Q1 2026Feb 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%
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
Institutional Holdings
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 Competitor4.28B120.3318.073.82%35.34%24.02%0.25
ICE logoICEIntercontinental Exchange, Inc.Product Competitor75.83B133.8823.207.46%26.14%11.57%0.70
MSCI logoMSCIMSCI Inc.Product Competitor42.31B581.1937.359.74%40.74%
VRSK logoVRSKVerisk Analytics, Inc.Product Competitor22.77B173.8026.786.63%29.34%437.95%16.26
FDS logoFDSFactSet Research Systems Inc.Product Competitor8.2B221.2914.235.39%24.48%27.22%0.71
SPGI logoSPGIS&P Global Inc.Product Competitor121.63B410.9228.037.94%30.37%12.92%0.39
MCO logoMCOMoody's CorporationProduct Competitor79.9B450.6732.978.89%31.69%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
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
168M203.22M252.02M303.43M368.17M451.8M731.37M825.73M
Revenue Growth %
-20.96%24.01%20.4%21.34%22.72%61.88%73.49%
Cost of Goods Sold
47.15M53.26M67.86M87.78M107.13M122.99M239.22M280.98M
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%
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 Expenses
95.16M170.38M155.7M210.53M277.79M316.58M464.06M526.97M
OpEx % of Revenue
56.64%83.84%61.78%69.38%75.45%70.07%63.45%-
Selling, General & Admin
55.88M66.12M83.01M116.41M153.86M166.02M303.61M311.09M
SG&A % of Revenue
33.26%32.53%32.94%38.36%41.79%36.75%41.51%-
Research & Development
39.27M55.26M72.69M94.12M123.92M150.56M196.23M215.88M
R&D % of Revenue
23.38%27.19%28.84%31.02%33.66%33.32%26.83%-
Other Operating Expenses
049M0000-35.77M0
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%
17.78M▲ 0%
Operating Margin %
15.3%-10.05%11.29%1.69%-4.55%2.71%3.84%2.15%
Operating Income Growth %
--179.46%239.39%-82.02%-427.24%173.06%129.58%-
EBITDA
27.72M-18.15M31.95M10.26M-6.82M24.41M113.63M129.73M
EBITDA Margin %
16.5%-8.93%12.68%3.38%-1.85%5.4%15.54%15.71%
EBITDA Growth %
--165.47%276.08%-67.9%-166.46%458.2%365.4%302.16%
D&A (Non-Cash Add-back)
2.02M2.27M3.49M5.14M9.93M12.18M85.54M111.95M
EBIT
25.61M-20.42M28.46M5.12M-16.75M12.23M28.09M18.89M
Net Interest Income
-17.81M-22.91M-25.68M1.14M6.4M8.62M-45.66M-57.39M
Interest Income
0001.14M6.4M8.62M00
Interest Expense
17.81M22.91M25.68M00045.66M57.39M
Other Income/Expense
-17.89M-22.91M-36.07M-10.45M-6.12M-42.3M-77.76M-79.55M
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 Tax
73K902K487K1.36M217K-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-49.99M
Discontinued Operations
00000000
Minority Interest
0065M68.86M55.33M21.98M9.36M5.06M
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%-110.24%
EPS (Basic)
0.03-0.19-0.05-0.04-0.111.93-0.14-
Diluted Shares Outstanding
235.98M235.98M178.03M185.56M199.69M254.36M271.32M294.99M
Basic Shares Outstanding
235.98M235.98M178.03M185.56M199.69M219.32M271.32M294.99M
Dividend Payout Ratio
--------

CWAN Balance Sheet

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

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
52.81M101.52M321.34M356.35M416M384.65M295.57M294.24M
Cash & Short-Term Investments
20.25M61.09M254.6M255.61M296.22M255.49M91.25M81.51M
Cash Only
20.25M61.09M254.6M250.72M221.76M177.35M91.25M81.51M
Short-Term Investments
0004.89M74.46M78.14M00
Accounts Receivable
26.56M32.88M50.19M79.23M100.94M110.17M171.93M169.63M
Days Sales Outstanding
57.759.0672.6995.31100.0789.0185.8172.06
Inventory
00000000
Days Inventory Outstanding
--------
Other Current Assets
2.87M3.41M4.83M6.55M5.6M6.15M32.39M43.11M
Total Non-Current Assets
11.15M14.04M23.02M125.6M142.75M784.93M2.74B2.73B
Property, Plant & Equipment
7.09M8.85M10.74M39.18M37.9M39.59M60.91M82.09M
Fixed Asset Turnover
23.68x22.97x23.47x7.74x9.71x11.41x12.01x11.89x
Goodwill
00043.79M45.34M70.97M1.27B1.27B
Intangible Assets
00029.46M26.13M30.87M687.58M660.65M
Long-Term Investments
000021.5M30.3M167K167K
Other Non-Current Assets
4.06M5.19M11.6M11.61M10.54M10.69M21.65M19.13M
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 Turnover
2.63x1.76x0.73x0.63x0.66x0.39x0.24x0.27x
Asset Growth %
-80.65%197.99%39.95%15.94%109.32%159.23%1090.72%
Total Current Liabilities
20.56M38.21M31.2M66.01M80.79M77.05M161.34M130.47M
Accounts Payable
1.14M1.34M1.42M3.09M3.06M2.93M4.1M1.63M
Days Payables Outstanding
8.839.187.6212.8610.438.716.254.93
Short-Term Debt
2.8M3.08M2.75M2.75M2.75M2.75M23.14M22.21M
Deferred Revenue (Current)
1.42M0795K1.19M2.77M7.33M21.86M87.85M
Other Current Liabilities
4.99M10.16M8.44M18.34M20.64M25.71M110.69M78.61M
Current Ratio
2.57x2.66x10.30x5.40x5.15x4.99x1.83x2.26x
Quick Ratio
2.57x2.66x10.30x5.40x5.15x4.99x1.83x2.26x
Cash Conversion Cycle
-------67.13
Total Non-Current Liabilities
244.13M421.96M51.29M77.54M68.29M62.29M839.49M841.82M
Long-Term Debt
244.07M421.83M51.16M48.49M45.83M43.16M837.2M838.63M
Capital Lease Obligations
00019.5M16.95M17.66M22.55M82.31M
Deferred Tax Liabilities
0005.93M5.36M1.31M756K3.03M
Other Non-Current Liabilities
59K134K132K3.62M162K160K-21.02M3.19M
Total Liabilities
264.69M460.17M82.49M143.56M149.09M139.34M1B972.29M
Total Debt
246.87M424.9M53.91M76.6M72.08M71.92M882.89M860.84M
Net Debt
226.62M363.82M-200.69M-174.13M-149.69M-105.43M791.65M779.33M
Debt / Equity
--0.21x0.23x0.18x0.07x0.43x0.42x
Debt / EBITDA
8.91x-1.69x7.47x-2.95x7.77x6.64x
Net Debt / EBITDA
8.18x--6.28x-16.98x--4.32x6.97x6.01x
Interest Coverage
1.44x-0.89x1.11x---0.62x0.33x
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 Stock
0-245.81M236K239K244K248K293K298K
Retained Earnings
-201.58M0-191.93M-186.65M-181.33M283.95M259.96M261.56M
Treasury Stock
00000000
Accumulated OCI
-13K-98.8M-34K609K2.91M-1.11M7.09M2.78M
Minority Interest
0065M68.86M55.33M21.98M9.36M5.06M

CWAN Cash Flow Statement

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

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-230.03M-6.49M3.36M58.01M84.6M74.32M175.9M169.07M
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 Income
7.73M-44.23M-8.09M-6.7M-23.08M427.58M-38.81M-48.09M
Depreciation & Amortization
2.02M2.27M3.49M5.14M9.93M12.18M85.54M111.95M
Stock-Based Compensation
6.23M24.6M36.7M65.69M104.45M103.2M127.9M99.59M
Deferred Taxes
00-648K-803K-1.67M-460.03M-12.61M-15.86M
Other Non-Cash Items
3.07M4.85M15.23M10.56M11.1M12.61M31.68M70.77M
Working Capital Changes
-249.08M6.03M-43.32M-15.88M-16.13M-21.23M-17.81M-47.86M
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 Payables
166K67K361K1.61M-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 Revenue
2.01%1.87%1.99%2.56%1.53%1.16%1.58%3.21%
Acquisitions
000-65.79M0-40.12M-1.07B-1.07B
Investments
--------
Other Investing
00000-104K-10.33M-328K
Cash from Financing
237.72M51.04M195.29M16.23M-19.29M-61.67M725.41M733.41M
Debt Issued (Net)
0181.13M-379.92M-2.75M-2.75M-2.75M770.41M754.1M
Equity Issued (Net)
-3.78M-567K581.56M000-11.25M-2.75M
Dividends Paid
0-173.18M000000
Share Repurchases
-3.78M-567K-626K000-18.05M-9.55M
Other Financing
241.5M43.66M-6.36M18.98M-16.54M-58.92M-33.75M-17.94M
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
-0.99-0.04-0.010.270.400.270.610.52
FCF Conversion (FCF/Net Income)
-29.75x0.15x-0.41x-7.28x-3.91x0.18x-4.53x-3.17x
Interest Paid
022.18M26.11M1.4M3.45M3.46M015.61M
Taxes Paid
0429K802K2.04M2.43M1.98M0583K

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%0.47%
Gross Margin
73.79%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
-0.21x0.23x0.18x0.07x0.43x0.42x
Interest Coverage
-0.89x1.11x---0.62x0.33x
FCF Conversion
0.15x-0.41x-7.28x-3.91x0.18x-4.53x-3.17x
Revenue Growth
20.96%24.01%20.4%21.34%22.72%61.88%73.49%
Related:CWAN Dividend History·CWAN Revenue History·CWAN Price History·CWAN P/E History·CWAN Financial Ratios·CWAN Institutional Holders

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.

What if you invested $1,000 in CWAN back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

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How much would $100/month in CWAN be worth today?

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