Clearwater Analytics Holdings, Inc. (CWAN) Financial Ratios
7 years of historical data (2019–2025) · Technology · Software - Application
EV/EBITDA
↓
70.52
↓-64% vs avg
5yr avg: 197.74
30Y Low64.6·High64.6
P/FCF
↓
43.94
↓-33% vs avg
5yr avg: 65.27
30Y Low39.8·High101.4
P/B Ratio
↓
3.24
↓-64% vs avg
5yr avg: 9.14
30Y Low3.2·High15.6
ROE
↑
-2.5%
↑-128% vs avg
5yr avg: 9.0%
30Y Low-6%·High59%
Debt/EBITDA
↑
7.77
↑+56% vs avg
5yr avg: 4.97
30Y Low1.7·High8.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CWAN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Clearwater Analytics Holdings, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 43.9x P/FCF, 33% below the 5-year average of 65.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.2B | $6.5B | $7.0B | $4.0B | $3.5B | $4.1B | — | — |
| Enterprise Value | $8.0B | $7.3B | $6.9B | $3.9B | $3.3B | $3.9B | — | — |
| P/E Ratio → | -173.50 | — | 16.38 | — | — | — | — | — |
| P/S Ratio | 9.87 | 8.95 | 15.49 | 10.86 | 11.47 | 16.23 | — | — |
| P/B Ratio | 3.24 | 3.22 | 6.79 | 9.76 | 10.28 | 15.62 | — | — |
| P/FCF | 43.94 | 39.82 | 101.36 | 50.64 | 69.24 | — | — | — |
| P/OCF | 41.05 | 37.21 | 94.19 | 47.28 | 59.98 | 1218.34 | — | — |
P/E links to full P/E history page with 30-year chart
CWAN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Clearwater Analytics Holdings, Inc.'s enterprise value stands at 70.5x EBITDA, 64% below its 5-year average of 197.7x. The Technology sector median is 16.7x, placing the stock at a 321% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.03 | 15.26 | 10.46 | 10.89 | 15.44 | — | — |
| EV / EBITDA | 70.52 | 64.56 | 282.39 | — | 322.26 | 121.75 | — | — |
| EV / EBIT | 285.27 | 261.19 | 563.56 | — | 645.91 | 136.70 | — | — |
| EV / FCF | — | 44.64 | 99.83 | 48.75 | 65.78 | — | — | — |
CWAN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Clearwater Analytics Holdings, Inc. earns an operating margin of 3.8%. Operating margins have expanded from -4.5% to 3.8% over the past 3 years, signaling improving operational efficiency. A negative ROE of -2.5% indicates the company is currently destroying shareholder equity. ROIC of 1.1% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.3% | 67.3% | 72.8% | 70.9% | 71.1% | 73.1% | 73.8% | 71.9% |
| Operating Margin | 3.8% | 3.8% | 2.7% | -4.5% | 1.7% | 11.3% | -10.0% | 15.3% |
| Net Profit Margin | -5.3% | -5.3% | 93.9% | -5.9% | -2.6% | -3.3% | -21.8% | 4.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -2.5% | -2.5% | 58.9% | -5.8% | -2.7% | -3.1% | — | — |
| ROA | -1.8% | -1.8% | 49.1% | -4.2% | -1.9% | -3.6% | -49.3% | 12.1% |
| ROIC | 1.1% | 1.1% | 1.5% | -5.9% | 3.4% | 53.1% | -67.9% | 74.4% |
| ROCE | 1.4% | 1.4% | 1.6% | -3.7% | 1.4% | 14.6% | -33.8% | 59.2% |
CWAN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Clearwater Analytics Holdings, Inc. carries a Debt/EBITDA ratio of 7.8x, which is highly leveraged (164% above the sector average of 2.9x). Net debt stands at $792M ($883M total debt minus $91M cash). Interest coverage of just 0.6x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.43 | 0.43 | 0.07 | 0.18 | 0.23 | 0.21 | — | — |
| Debt / EBITDA | 7.77 | 7.77 | 2.95 | — | 7.47 | 1.69 | — | 8.91 |
| Net Debt / Equity | — | 0.39 | -0.10 | -0.37 | -0.51 | -0.77 | — | — |
| Net Debt / EBITDA | 6.97 | 6.97 | -4.32 | — | -16.98 | -6.28 | — | 8.18 |
| Debt / FCF | — | 4.82 | -1.53 | -1.90 | -3.47 | — | — | — |
| Interest Coverage | 0.62 | 0.62 | — | — | — | 1.11 | -0.89 | 1.44 |
CWAN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.83x means Clearwater Analytics Holdings, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 5.15x to 1.83x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.83 | 1.83 | 4.99 | 5.15 | 5.40 | 10.30 | 2.66 | 2.57 |
| Quick Ratio | 1.83 | 1.83 | 4.99 | 5.15 | 5.40 | 10.30 | 2.66 | 2.57 |
| Cash Ratio | 0.57 | 0.57 | 3.32 | 3.67 | 3.87 | 8.16 | 1.60 | 0.99 |
| Asset Turnover | — | 0.24 | 0.39 | 0.66 | 0.63 | 0.73 | 1.76 | 2.63 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 85.81 | 89.01 | 100.07 | 95.31 | 72.69 | 59.06 | 57.70 |
CWAN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Clearwater Analytics Holdings, Inc. returns 0.3% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 6.1% | — | — | — | — | — |
| FCF Yield | 2.3% | 2.5% | 1.0% | 2.0% | 1.4% | — | — | — |
| Buyback Yield | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $271M | $254M | $200M | $186M | $178M | $236M | $236M |
Peer Comparison
Compare CWAN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CWANYou | $7B | -173.5 | 70.5 | 43.9 | 67.3% | 3.8% | -2.5% | 1.1% | 7.8 |
 VRNT | $1B | 19.7 | 9.5 | 8.7 | 71.3% | 11.7% | 6.3% | 5.3% | 2.9 |
 MKTX | $4B | 18.1 | 9.3 | 11.4 | 69.9% | 41.2% | 19.4% | 18.1% | 0.7 |
 ICE | $76B | 23.2 | 14.8 | 17.7 | 61.9% | 38.7% | 11.7% | 7.5% | 3.1 |
 MSCI | $42B | 37.4 | 24.9 | 27.3 | 82.4% | 54.7% | — | 34.9% | 3.3 |
 VRSK | $23B | 26.8 | 15.3 | 19.1 | 67.3% | 44.6% | 437.9% | 33.0% | 3.0 |
 FDS | $8B | 14.2 | 10.1 | 13.3 | 52.7% | 32.2% | 29.1% | 15.5% | 1.7 |
 SPGI | $122B | 28.0 | 17.5 | 22.3 | 70.2% | 42.2% | 12.1% | 9.7% | 1.9 |
 MCO | $80B | 33.0 | 21.6 | 31.0 | 68.2% | 44.8% | 62.0% | 22.5% | 1.9 |
 TW | $21B | 26.3 | 17.7 | 18.8 | 67.3% | 41.2% | 12.0% | 9.1% | 0.3 |
 BLK | $174B | 29.6 | 23.0 | 46.3 | 55.5% | 29.1% | 10.0% | 7.5% | 1.9 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
Consensus-Based Analysis Tools
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
CWAN — Frequently Asked Questions
Quick answers to the most common questions about buying CWAN stock.
What is Clearwater Analytics Holdings, Inc.'s P/E ratio?
Clearwater Analytics Holdings, Inc.'s current P/E ratio is -173.5x. The historical average is 16.4x.
What is Clearwater Analytics Holdings, Inc.'s EV/EBITDA?
Clearwater Analytics Holdings, Inc.'s current EV/EBITDA is 70.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 64.6x.
What is Clearwater Analytics Holdings, Inc.'s ROE?
Clearwater Analytics Holdings, Inc.'s return on equity (ROE) is -2.5%. The historical average is 9.0%.
Is CWAN stock overvalued?
Based on historical data, Clearwater Analytics Holdings, Inc. is trading at a P/E of -173.5x. Compare with industry peers and growth rates for a complete picture.
What are Clearwater Analytics Holdings, Inc.'s profit margins?
Clearwater Analytics Holdings, Inc. has 67.3% gross margin and 3.8% operating margin.
How much debt does Clearwater Analytics Holdings, Inc. have?
Clearwater Analytics Holdings, Inc.'s Debt/EBITDA ratio is 7.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.