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

CWAN•NYSE
$24.27
$6.59B mkt cap·Price updated May 6, 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-$8M-131.5%
  • Net Income-$39M-109.1%
  • EPS (Diluted)-0.14-108.3%
  • Gross Margin67.29%-7.5%
  • EBITDA Margin-1.05%-119.4%
  • Operating Margin-1.05%-138.8%
  • Net Margin-5.31%-105.6%
  • ROE-2.54%-104.3%
  • ROIC-0.31%-120.0%
  • Debt/Equity0.42+506.8%
  • Interest Coverage-0.17
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%
TTM61.88%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-109.14%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-108.19%

Return on Capital

10 Years5.54%
5 Years2.68%
3 Years-0.86%
Last Year-0.39%

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 Competitor5.53B148.8420.458.58%15.79%0.05
ICE logoICEIntercontinental Exchange, Inc.Product Competitor86.89B153.4026.597.46%11.57%0.70
MSCI logoMSCIMSCI Inc.Product Competitor42.38B582.1437.419.74%
VRSK logoVRSKVerisk Analytics, Inc.Product Competitor22.39B170.8926.336.63%29.34%437.95%16.26
FDS logoFDSFactSet Research Systems Inc.Product Competitor9.11B211.7913.625.39%27.66%0.71
SPGI logoSPGIS&P Global Inc.Product Competitor125.38B423.5728.897.94%12.92%0.39
MCO logoMCOMoody's CorporationProduct Competitor79.54B448.6432.828.89%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'25
Sales/Revenue168M203.22M252.02M303.43M368.17M451.8M731.37M
Revenue Growth %-20.96%24.01%20.4%21.34%22.72%61.88%
Cost of Goods Sold47.15M53.26M67.86M87.78M107.13M122.99M239.22M
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%
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 Expenses95.16M170.38M155.7M210.53M277.79M316.58M499.83M
OpEx % of Revenue56.64%83.84%61.78%69.38%75.45%70.07%68.34%
Selling, General & Admin55.88M66.12M83.01M116.41M153.86M166.02M303.61M
SG&A % of Revenue33.26%32.53%32.94%38.36%41.79%36.75%41.51%
Research & Development39.27M55.26M72.69M94.12M123.92M150.56M196.23M
R&D % of Revenue23.38%27.19%28.84%31.02%33.66%33.32%26.83%
Other Operating Expenses049M00000
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%
EBITDA27.72M-18.15M31.95M10.26M-6.82M24.41M-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)2.02M2.27M3.49M5.14M9.93M12.18M0
EBIT25.61M-20.42M28.46M5.12M-16.75M12.23M0
Net Interest Income-17.81M-22.91M-25.68M1.14M6.4M8.62M0
Interest Income0001.14M6.4M8.62M0
Interest Expense17.81M22.91M25.68M00045.66M
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 Tax73K902K487K1.36M217K-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-23.08M427.58M-38.81M
Discontinued Operations0000000
Minority Interest0065M68.86M55.33M21.98M9.36M
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)0.03-0.19-0.05-0.04-0.111.93-0.14
Diluted Shares Outstanding235.98M235.98M178.03M185.56M199.69M254.36M271.32M
Basic Shares Outstanding235.98M235.98M178.03M185.56M199.69M219.32M271.32M
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'25
Total Current Assets52.81M101.52M321.34M356.35M416M384.65M295.57M
Cash & Short-Term Investments20.25M61.09M254.6M255.61M296.22M255.49M91.25M
Cash Only20.25M61.09M254.6M250.72M221.76M177.35M91.25M
Short-Term Investments0004.89M74.46M78.14M0
Accounts Receivable26.56M32.88M50.19M79.23M100.94M110.17M167.35M
Days Sales Outstanding57.759.0672.6995.31100.0789.0183.52
Inventory0000000
Days Inventory Outstanding-------
Other Current Assets2.87M3.41M4.83M6.55M5.6M6.15M36.98M
Total Non-Current Assets11.15M14.04M23.02M125.6M142.75M784.93M2.74B
Property, Plant & Equipment7.09M8.85M10.74M39.18M37.9M39.59M60.91M
Fixed Asset Turnover23.68x22.97x23.47x7.74x9.71x11.41x12.01x
Goodwill00043.79M45.34M70.97M1.27B
Intangible Assets00029.46M26.13M30.87M687.58M
Long-Term Investments000021.5M30.3M0
Other Non-Current Assets4.06M5.19M11.6M11.61M10.54M10.69M21.82M
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 Turnover2.63x1.76x0.73x0.63x0.66x0.39x0.24x
Asset Growth %-80.65%197.99%39.95%15.94%109.32%159.23%
Total Current Liabilities20.56M38.21M31.2M66.01M80.79M77.05M161.34M
Accounts Payable1.14M1.34M1.42M3.09M3.06M2.93M4.1M
Days Payables Outstanding8.839.187.6212.8610.438.716.25
Short-Term Debt2.8M3.08M2.75M2.75M2.75M2.75M23.14M
Deferred Revenue (Current)1.42M0795K1.19M2.77M7.33M21.86M
Other Current Liabilities4.99M10.16M8.44M18.34M20.64M25.71M116.34M
Current Ratio2.57x2.66x10.30x5.40x5.15x4.99x1.83x
Quick Ratio2.57x2.66x10.30x5.40x5.15x4.99x1.83x
Cash Conversion Cycle-------
Total Non-Current Liabilities244.13M421.96M51.29M77.54M68.29M62.29M839.49M
Long-Term Debt244.07M421.83M51.16M48.49M45.83M43.16M837.2M
Capital Lease Obligations00019.5M16.95M17.66M0
Deferred Tax Liabilities0005.93M5.36M1.31M0
Other Non-Current Liabilities59K134K132K3.62M162K160K2.3M
Total Liabilities264.69M460.17M82.49M143.56M149.09M139.34M1B
Total Debt246.87M424.9M53.91M76.6M72.08M71.92M860.34M
Net Debt226.62M363.82M-200.69M-174.13M-149.69M-105.43M769.09M
Debt / Equity--0.21x0.23x0.18x0.07x0.42x
Debt / EBITDA8.91x-1.69x7.47x-2.95x-
Net Debt / EBITDA8.18x--6.28x-16.98x--4.32x-
Interest Coverage1.44x-0.89x1.11x----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-0.85-1.461.471.822.054.057.49
Total Shareholders' Equity-200.72M-344.61M196.87M269.52M354.33M1.01B2.02B
Common Stock0-245.81M236K239K244K248K293K
Retained Earnings-201.58M0-191.93M-186.65M-181.33M283.95M259.96M
Treasury Stock0000000
Accumulated OCI-13K-98.8M-34K609K2.91M-1.11M7.09M
Minority Interest0065M68.86M55.33M21.98M9.36M

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'25
Cash from Operations-230.03M-6.49M3.36M58.01M84.6M74.32M175.9M
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 Income7.73M-44.23M-8.09M-6.7M-23.08M427.58M-38.81M
Depreciation & Amortization2.02M2.27M3.49M5.14M9.93M12.18M85.54M
Stock-Based Compensation6.23M24.6M36.7M65.69M104.45M103.2M127.9M
Deferred Taxes00-648K-803K-1.67M-460.03M-12.61M
Other Non-Cash Items3.07M4.85M15.23M10.56M11.1M12.61M13.87M
Working Capital Changes-249.08M6.03M-43.32M-15.88M-16.13M-21.23M0
Change in Receivables-5.66M-6.33M-17.31M-19.1M-19.3M-13.65M-11.15M
Change in Inventory-240.52M0-21.23M0000
Change in Payables166K67K361K1.61M-115K269K-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 Revenue2.01%1.87%1.99%2.56%1.53%1.16%1.58%
Acquisitions000-65.79M0-40.12M-1.07B
Investments-------
Other Investing00000-104K-10.33M
Cash from Financing237.72M51.04M195.29M16.23M-19.29M-61.67M725.41M
Debt Issued (Net)0181.13M-379.92M-2.75M-2.75M-2.75M0
Equity Issued (Net)-1000K-567K1000K0000
Dividends Paid0-173.18M00000
Share Repurchases-3.78M-567K-626K000-18.05M
Other Financing241.5M43.66M-6.36M18.98M-16.54M-58.92M725.41M
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-0.99-0.04-0.010.270.400.270.61
FCF Conversion (FCF/Net Income)-29.75x0.15x-0.41x-7.28x-3.91x0.18x-4.53x
Interest Paid022.18M26.11M1.4M3.45M3.46M0
Taxes Paid0429K802K2.04M2.43M1.98M0

CWAN Key Ratios

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

Metric2019202020212022202320242025
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 Margin71.94%73.79%73.07%71.07%70.9%72.78%67.29%
Net Margin4.6%-21.76%-3.26%-2.63%-5.87%93.93%-5.31%
Debt / Equity--0.21x0.23x0.18x0.07x0.42x
Interest Coverage1.44x-0.89x1.11x----0.17x
FCF Conversion-29.75x0.15x-0.41x-7.28x-3.91x0.18x-4.53x
Revenue Growth-20.96%24.01%20.4%21.34%22.72%61.88%

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

Feb 18, 2026·SEC

Material company update

Feb 17, 2026·SEC

Material company update

Jan 23, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 26, 2025·SEC

10-Q Quarterly Reports

3
FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 2, 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 $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.

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 $164.3M 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

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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