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CWANClearwater Analytics Holdings, Inc.
$24.56$7.3B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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CWAN logo

Clearwater Analytics Holdings, Inc.

CWAN
NYSE · Application Software
$24.56
At close - Aug 8, 4:00 PM EDT - USD
Market Cap$7.3B
P/E-175.4x
52W High$24.56
Volume-
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q1

Aggressive Revenue Scaling Masks Persistent Margin Compression

Clearwater Analytics is currently prioritizing rapid top-line expansion, evidenced by a 74.4% year-over-year revenue growth rate in 2026Q1, though this strategy has resulted in significant margin pressure and a reliance on debt-financed acquisitions. The compa...

GrowthAccelerating
ProfitabilityStrained
ValuationExpensive
TechnicalsStrong
Explore valuation models
MARKET ACTION

CWAN price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

7/12 Beats

EPS beat 7 of last 12 quarters

02

Valuation risk

-762% Peers

P/E is 762% below peer median

03

Market leadership

RS 61 · Avg

Average momentum (RS Rating: 61)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Aug 7
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth has accelerated to 74.4% as of 2026Q1, yet gross margins have contracted from 73.5% in 2024Q4 to 65.8% in 2026Q1, suggesting rising costs associated with scaling complex service offerings.

Analyst Consensus+5.7% target
Hold(13 analysts)
3 Buy9 Hold1 Sell

The Bull Case

Upside Catalysts

Revenue growth potential

Clearwater Analytics' revenue growth is emphasized, supported by its front-to-back-office platform and cross-selling opportunities.

Low-penetration TAM

The company operates in a high-growth market with a low-penetration total addressable market (TAM), driving expansion opportunities.

FinTech stock pick

Clearwater Analytics is highlighted as one of the best FinTech stocks to buy in 2026, with a Buy rating reiterated by DA Davidson.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
CWAN+1.87%
S&P 500 (^GSPC)+13.20%
1-Year Return
CWAN+32.26%
S&P 500 (^GSPC)+15.98%
3-Year Return
CWAN+24.86%
S&P 500 (^GSPC)+76.42%
5-Year Return
CWAN-3.19%
S&P 500 (^GSPC)+76.63%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-175.4x
Forward P/E
36.2x
EV/EBITDA25th %ile
104.0x
FCF YieldCash Flow
2.3%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-175.4x
16.4x
0th· Low
EV/EBITDA
104.0x
282.4x
25th· Low
Price/FCF
44.4x
69.2x
25th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$0.00N/A
Base (Fair)$17.35-29.4%
Bull$1.15-95.3%
$0.00 Bear$17.35 Base$1.15 Bull
Current Market Price: $24.56
Trades at a 41.6% premium to Base DCF ($17.35)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$731M+61.9% YoY
Net income
-$39M-109.1% YoY
Free cash flow
$164M+138.0% YoY
Operating margin
-1.1%-3.8 pts YoY
ROIC (TTM)-0.3%
Avg ROIC 5Y-
ROE (TTM)-2.5%
Piotroski Score2 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate7/12 (58%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026Latest
May 7, 2026
$0.16+0.0%
vs $0.16
$221M+3.3%
vs $214M
Q1 2026
Feb 18, 2026
$0.15+0.0%
vs $0.15
$217M+0.3%
vs $217M
Q4 2025
Nov 5, 2025
$0.14-6.7%
vs $0.15
$205M-5.4%
vs $217M
Q3 2025
Aug 6, 2025
$0.12-7.7%
vs $0.13
$182M-11.7%
vs $206M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

2 Stories
Business Wire·Jul 8, 2026
MSIG Europe Selects Clearwater Analytics to Modernize Investment Operations

BOISE, Idaho & NEW YORK & CHICAGO & LONDON & HONG KONG--(BUSINESS WIRE)--Clearwater Analytics today announced that MSIG Europe, a wholly owned subsidiary of MS&AD Insurance Group, has selected the Clearwater platform to modernize its operating model, unify data across the investment lifecycle, and meet the demands of the European regulatory environment, including Belgian GAAP, IFRS and Solvency II. European insurers are navigating the convergence of tightening regulatory demands, growing al.

Business Wire·Jun 25, 2026
Clearwater Analytics Completes $8.4 Billion Take-Private Acquisition by Permira and Warburg Pincus

BOISE, Idaho--(BUSINESS WIRE)--Clearwater Analytics (“CWAN”, “Clearwater” or the “Company”), today announced the completion of its previously announced acquisition, a transaction valued at approximately $8.4 billion, by a Permira and Warburg Pincus-led Investor Group (the “Investor Group”). The transaction was supported by Francisco Partners, with participation from Temasek. With the completion of the acquisition, Clearwater's Class A common stock no longer trades on the New York Stock Exchange.

Filtered for Clearwater Analytics Holdings, Inc.More Headlines
04

Compare before deciding

Benchmark CWAN against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Clearwater Analytics Holdings, Inc. (CWAN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
CWAN logoCWANClearwater Analytics Holdings, Inc.Current
$24.56$7.3B-175.4361.88%-5.31%-2.54%—
VRNT logoVRNTVerint Systems Inc.
$20.51$1.24B19.72-0.13%6.87%4.6%—
MKTX logoMKTXMarketAxess Holdings Inc.
$163.43$5.75B24.543.85%35.23%24.48%—
ICE logoICEIntercontinental Exchange, Inc.
$152.93$86.25B26.509.27%30%13.78%—
MSCI logoMSCIMSCI Inc.
$548.88$39.9B35.289.51%40.74%——
VRSK logoVRSKVerisk Analytics, Inc.
$171.94$22.38B26.496.63%28.24%——

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

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

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

Jun 25, 2026·SEC

Material company update

Jun 22, 2026·SEC

Material company update

May 7, 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

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CWAN Frequently Asked Questions

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

Growth & Financials
What is Clearwater Analytics Holdings, Inc.'s revenue?

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

How fast is Clearwater Analytics Holdings, Inc. growing?

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

Is CWAN profitable?

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

Dividend & Returns
What is CWAN's return on equity?

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

What is Clearwater Analytics Holdings, Inc.'s free cash flow?

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

See returns →