Last 22 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has compressed 72.2% YoY to 43.5x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -173.50 | — | — | — | — | 253.79 | 4.22 | 402.07 | — | 597.64 | — | — | — |
| — | — | — | — | — | -57.5% | — | — | — | — | — | — | — | |
| P/S Ratio | 9.87 | 7.88 | 8.00 | 6.33 | 8.16 | 13.00 | 14.04 | 12.61 | 9.47 | 11.00 | 10.43 | 10.30 | 6.99 |
| — | -39.4% | -43.0% | -49.9% | -13.9% | +18.2% | +34.7% | +22.5% | +35.4% | +20.8% | -3.2% | -21.1% | -28.2% | |
| P/B Ratio | 3.24 | 3.40 | 3.43 | 2.59 | 2.99 | 5.77 | 6.90 | 12.88 | 9.43 | 11.12 | 10.08 | 9.96 | 6.78 |
| — | -41.2% | -50.3% | -79.9% | -68.4% | -48.1% | -31.6% | +29.4% | +39.1% | +27.7% | -4.2% | -22.6% | -29.1% | |
| P/FCF | 43.94 | 155.24 | 33.28 | 28.91 | 33.65 | 71.62 | — | 30.40 | 23.83 | 131.38 | 45.82 | 31.51 | 32.13 |
| — | +116.7% | — | -4.9% | +41.2% | -45.5% | — | -3.5% | -25.8% | +6.1% | -16.3% | -59.7% | -25.8% | |
| EV / EBITDA | 70.52 | 43.48 | 48.15 | 41.92 | 188.11 | 156.26 | 374.72 | 134.47 | 144.83 | 462.05 | 191.99 | — | — |
| — | -72.2% | -87.2% | -68.8% | +29.9% | -66.2% | +95.2% | — | — | — | +22.7% | — | — | |
| EV / EBIT | 285.27 | 128.91 | 180.01 | 245.77 | — | 225.67 | 1436.44 | 193.83 | 255.64 | — | 384.21 | — | — |
| — | -42.9% | -87.5% | +26.8% | — | — | +273.9% | — | — | — | +240.5% | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Clearwater Analytics Holdings, Inc.'s operating margin was 6.8% in Q1 2026, up 1.8 pp QoQ and up 1.2 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 1.7% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 10.2% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.3% | 65.8% | 67.2% | 65.6% | 65.1% | 73.3% | 73.5% | 72.9% | 72.0% | 72.6% | 70.9% | 71.5% | 70.0% |
| — | -10.2% | -8.5% | -10.1% | -9.5% | +1.0% | +3.6% | +2.0% | +2.9% | +2.7% | -1.8% | +1.6% | -2.1% | |
| Operating Margin | 3.8% | 6.8% | 5.0% | 3.2% | -8.0% | 5.6% | 1.0% | 6.3% | 3.6% | -0.2% | 2.6% | -6.2% | -7.9% |
| — | +21.8% | +414.1% | -49.6% | -322.6% | +3554.5% | -63.2% | +201.9% | +145.4% | +97.8% | -44.2% | -309.0% | -616.4% | |
| Net Margin | -5.3% | -1.3% | -5.4% | -5.0% | -12.8% | 5.1% | 331.5% | 3.1% | -0.4% | 1.8% | -4.2% | -2.0% | -12.2% |
| — | -124.5% | -101.6% | -260.8% | -3070.0% | +177.7% | +7942.5% | +257.0% | +96.7% | +135.7% | -18.0% | +48.6% | -267.4% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.5% | -0.1% | -0.6% | -0.5% | -1.5% | 0.6% | 56.5% | 0.8% | -0.1% | 0.5% | -1.0% | -0.5% | -3.0% |
| — | -122.7% | -101.0% | -163.0% | -1340.6% | +28.8% | +5507.4% | +265.9% | +96.6% | +136.7% | -14.4% | +49.2% | -262.1% | |
| ROA | -1.8% | -0.1% | -0.4% | -0.3% | -1.1% | 0.5% | 46.8% | 0.6% | -0.1% | 0.3% | -0.8% | -0.4% | -2.2% |
| — | -117.3% | -100.8% | -157.3% | -1321.1% | +54.6% | +6212.7% | +266.4% | +96.5% | +138.1% | -16.5% | +50.2% | -250.8% | |
| ROIC | 1.1% | 0.4% | 0.3% | 0.2% | -0.6% | 0.6% | 0.1% | 1.8% | 0.9% | -0.0% | 0.7% | -1.7% | -2.3% |
| — | -30.1% | +91.4% | -90.3% | -161.1% | +1368.0% | -80.0% | +204.7% | +141.4% | +98.2% | -66.4% | -88.9% | -362.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Clearwater Analytics Holdings, Inc.'s Debt/EBITDA ratio is 19.3x, down from 21.9x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 55.7% YoY to 2.26x, tightening the short-term liquidity position. Debt/Equity has declined for 4 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.43 | 0.42 | 0.43 | 0.44 | 0.47 | 0.06 | 0.07 | 0.16 | 0.18 | 0.19 | 0.18 | 0.19 | 0.20 |
| — | +588.3% | +522.7% | +172.2% | +159.2% | -67.8% | -60.3% | -13.5% | -12.3% | -14.6% | -22.3% | -22.2% | -18.9% | |
| Debt / EBITDA | 7.77 | 19.30 | 21.93 | 24.62 | 102.47 | 6.80 | 15.40 | 6.95 | 11.34 | 32.17 | 13.91 | — | — |
| — | +183.9% | +42.4% | +254.3% | +803.7% | -78.9% | +10.8% | — | — | — | -1.7% | — | — | |
| Current Ratio | 1.83 | 2.26 | 1.83 | 1.97 | 2.02 | 5.09 | 4.99 | 4.66 | 4.78 | 5.59 | 5.15 | 6.35 | 6.29 |
| — | -55.7% | -63.3% | -57.8% | -57.8% | -9.0% | -3.0% | -26.6% | -23.9% | -4.9% | -4.6% | -38.8% | -46.7% | |
| Quick Ratio | 1.83 | 2.26 | 1.83 | 1.97 | 2.02 | 5.09 | 4.99 | 4.66 | 4.78 | 5.59 | 5.15 | 6.35 | 6.29 |
| — | -55.7% | -63.3% | -57.8% | -57.8% | -9.0% | -3.0% | -26.6% | -23.9% | -4.9% | -4.6% | -38.8% | -46.7% | |
| Interest Coverage | 0.62 | 1.19 | 0.71 | 0.38 | -0.97 | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying CWAN stock.
Clearwater Analytics Holdings, Inc.'s current P/E is -173.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Clearwater Analytics Holdings, Inc.'s current operating margin is 3.8%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Clearwater Analytics Holdings, Inc.'s business trajectory between earnings reports.