This page shows Clearwater Analytics Hldgs Inc (CWAN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Clearwater Analytics Hldgs Inc has an operating margin of -1.1%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 20/100, suggesting thin profitability after operating expenses. This is down from 2.7% the prior year.
Clearwater Analytics Hldgs Inc's revenue surged 61.9% year-over-year to $731.4M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Clearwater Analytics Hldgs Inc carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
Clearwater Analytics Hldgs Inc's current ratio of 1.83 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
Clearwater Analytics Hldgs Inc converts 22.5% of revenue into free cash flow ($164.3M). This strong cash generation earns a score of 81/100.
Clearwater Analytics Hldgs Inc generates a -1.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 7/100. This is down from 42.1% the prior year.
Clearwater Analytics Hldgs Inc passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Clearwater Analytics Hldgs Inc generates $-4.53 in operating cash flow ($175.9M OCF vs -$38.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Clearwater Analytics Hldgs Inc generated $731.4M in revenue in fiscal year 2025. This represents an increase of 61.9% from the prior year.
Clearwater Analytics Hldgs Inc's EBITDA was $77.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 218.9% from the prior year.
Clearwater Analytics Hldgs Inc reported -$38.8M in net income in fiscal year 2025. This represents a decrease of 109.1% from the prior year.
Clearwater Analytics Hldgs Inc earned $-0.14 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 108.3% from the prior year.
Cash & Balance Sheet
Clearwater Analytics Hldgs Inc generated $164.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 138.0% from the prior year.
Clearwater Analytics Hldgs Inc held $91.2M in cash against $814.6M in long-term debt as of fiscal year 2025.
Margins & Returns
Clearwater Analytics Hldgs Inc's gross margin was 67.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.5 percentage points from the prior year.
Clearwater Analytics Hldgs Inc's operating margin was -1.1% in fiscal year 2025, reflecting core business profitability. This is down 3.8 percentage points from the prior year.
Clearwater Analytics Hldgs Inc's net profit margin was -5.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 99.2 percentage points from the prior year.
Clearwater Analytics Hldgs Inc's ROE was -1.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 44.0 percentage points from the prior year.
Capital Allocation
Clearwater Analytics Hldgs Inc invested $196.2M in research and development in fiscal year 2025. This represents an increase of 30.3% from the prior year.
Clearwater Analytics Hldgs Inc spent $18.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Clearwater Analytics Hldgs Inc invested $11.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 119.7% from the prior year.
CWAN Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $217.5M+6.0% | $205.1M+12.7% | $181.9M+43.4% | $126.9M+0.3% | $126.5M+9.2% | $115.8M+8.5% | $106.8M+4.0% | $102.7M |
| Cost of Revenue | $71.2M+0.8% | $70.6M+11.4% | $63.4M+87.0% | $33.9M+1.1% | $33.6M+7.0% | $31.4M+4.9% | $29.9M+6.1% | $28.2M |
| Gross Profit | $146.2M+8.7% | $134.5M+13.5% | $118.5M+27.5% | $92.9M0.0% | $92.9M+10.0% | $84.5M+9.8% | $76.9M+3.2% | $74.5M |
| R&D Expenses | $57.0M+9.5% | $52.1M+4.6% | $49.8M+33.0% | $37.4M-8.6% | $40.9M+11.7% | $36.6M+3.6% | $35.4M-6.1% | $37.7M |
| SG&A Expenses | $50.1M+59.6% | $31.4M-28.9% | $44.1M+53.0% | $28.8M-12.4% | $32.9M+45.4% | $22.6M+0.4% | $22.5M+8.7% | $20.7M |
| Operating Income | -$6.7M-202.9% | $6.6M+145.0% | -$14.6M-305.9% | $7.1M+481.4% | $1.2M-83.4% | $7.3M+90.9% | $3.8M+2415.7% | -$166K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $1.8M-10.6% | $2.1M |
| Income Tax | -$9.1M-1890.4% | $510K+121.7% | -$2.3M-251.4% | $1.6M+100.3% | -$457.1M-93962.3% | -$486K-715.2% | $79K+180.6% | -$98K |
| Net Income | -$11.8M-13.8% | -$10.3M+55.5% | -$23.2M-456.8% | $6.5M-98.4% | $419.3M+11453.6% | $3.6M+944.0% | -$430K-122.7% | $1.9M |
| EPS (Diluted) | N/A | $-0.04+55.6% | $-0.09-400.0% | $0.03 | N/A | $0.02 | $0.00-100.0% | $0.01 |
CWAN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.0B+1.4% | $3.0B-1.0% | $3.0B+135.1% | $1.3B+9.9% | $1.2B+87.6% | $623.5M+6.5% | $585.1M+6.8% | $547.8M |
| Current Assets | $295.6M+17.8% | $250.8M-2.6% | $257.6M-39.0% | $422.1M+9.7% | $384.6M-10.7% | $430.8M+12.6% | $382.7M-3.3% | $395.8M |
| Cash & Equivalents | $91.2M+50.2% | $60.8M-11.2% | $68.4M-75.1% | $275.2M+55.2% | $177.3M-22.5% | $228.7M+20.3% | $190.1M+0.2% | $189.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $167.3M+9.5% | $152.8M+3.2% | $148.0M+32.8% | $111.4M+5.0% | $106.2M+5.8% | $100.4M+3.2% | $97.2M+0.5% | $96.8M |
| Goodwill | $1.3B+0.2% | $1.3B0.0% | $1.3B+1644.9% | $72.6M+2.3% | $71.0M-4.3% | $74.2M+2.7% | $72.2M+63.0% | $44.3M |
| Total Liabilities | $1.0B+1.2% | $989.0M-4.3% | $1.0B+624.0% | $142.7M+2.4% | $139.3M-18.0% | $169.8M+8.5% | $156.5M+10.5% | $141.6M |
| Current Liabilities | $161.3M+26.4% | $127.6M0.0% | $127.7M+53.9% | $83.0M+7.7% | $77.1M-16.6% | $92.4M+15.5% | $80.0M+13.0% | $70.8M |
| Long-Term Debt | $814.6M-2.0% | $830.9M-4.7% | $872.1M | N/A | $43.3M | N/A | N/A | N/A |
| Total Equity | $2.0B+2.0% | $2.0B+0.7% | $2.0B+76.3% | $1.1B+10.7% | $1.0B+150.0% | $403.2M+5.9% | $380.6M-6.3% | $406.2M |
| Retained Earnings | $260.0M-0.4% | $261.0M-3.6% | $270.7M-5.4% | $286.2M+0.8% | $283.9M+271.1% | -$166.0M+2.4% | -$170.1M-0.3% | -$169.6M |
CWAN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $55.3M+13.0% | $49.0M+4.0% | $47.1M+92.2% | $24.5M+183.9% | -$29.2M-158.9% | $49.6M+12.8% | $43.9M+337.6% | $10.0M |
| Capital Expenditures | $3.0M-25.0% | $4.1M+35.8% | $3.0M+103.5% | $1.5M+78.6% | $822K-44.8% | $1.5M-1.3% | $1.5M+4.9% | $1.4M |
| Free Cash Flow | $52.3M+16.4% | $44.9M+1.9% | $44.1M+91.4% | $23.0M+176.7% | -$30.0M-162.5% | $48.1M+13.3% | $42.4M+393.3% | $8.6M |
| Investing Cash Flow | $328K+108.0% | -$4.1M+99.6% | -$1.1B-1189.0% | $99.5M+11461.3% | -$876K+16.0% | -$1.0M+97.5% | -$41.9M-255.3% | -$11.8M |
| Financing Cash Flow | -$24.7M+51.8% | -$51.4M-106.2% | $828.8M+3141.6% | -$27.2M-42.3% | -$19.1M-76.1% | -$10.9M-621.0% | -$1.5M+95.0% | -$30.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $9.6M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
CWAN Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.2%+1.7pp | 65.6%+0.4pp | 65.1%-8.1pp | 73.3%-0.2pp | 73.5%+0.5pp | 72.9%+0.9pp | 72.0%-0.6pp | 72.6% |
| Operating Margin | -3.1%-6.3pp | 3.2%+11.2pp | -8.0%-13.6pp | 5.6%+4.6pp | 1.0%-5.4pp | 6.3%+2.7pp | 3.6%+3.8pp | -0.2% |
| Net Margin | -5.4%-0.4pp | -5.0%+7.7pp | -12.8%-17.9pp | 5.1%-326.4pp | 331.5%+328.4pp | 3.1%+3.5pp | -0.4%-2.3pp | 1.8% |
| Return on Equity | -0.6%-0.1pp | -0.5%+0.7pp | -1.2%-1.8pp | 0.6%-41.0pp | 41.6%+40.7pp | 0.9%+1.0pp | -0.1%-0.6pp | 0.5% |
| Return on Assets | -0.4%-0.0pp | -0.4%+0.4pp | -0.8%-1.3pp | 0.5%-35.3pp | 35.9%+35.3pp | 0.6%+0.7pp | -0.1%-0.4pp | 0.4% |
| Current Ratio | 1.83-0.1 | 1.97-0.1 | 2.02-3.1 | 5.09+0.1 | 4.99+0.3 | 4.66-0.1 | 4.78-0.8 | 5.59 |
| Debt-to-Equity | 0.40-0.0 | 0.42-0.0 | 0.44+0.3 | 0.13+0.1 | 0.04-0.4 | 0.42+0.0 | 0.41+0.1 | 0.35 |
| FCF Margin | 24.1%+2.1pp | 21.9%-2.3pp | 24.2%+6.1pp | 18.1%+41.9pp | -23.7%-65.2pp | 41.5%+1.8pp | 39.7%+31.4pp | 8.4% |
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Frequently Asked Questions
What is Clearwater Analytics Hldgs Inc's annual revenue?
Clearwater Analytics Hldgs Inc (CWAN) reported $731.4M in total revenue for fiscal year 2025. This represents a 61.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Clearwater Analytics Hldgs Inc's revenue growing?
Clearwater Analytics Hldgs Inc (CWAN) revenue grew by 61.9% year-over-year, from $451.8M to $731.4M in fiscal year 2025.
Is Clearwater Analytics Hldgs Inc profitable?
No, Clearwater Analytics Hldgs Inc (CWAN) reported a net income of -$38.8M in fiscal year 2025, with a net profit margin of -5.3%.
What is Clearwater Analytics Hldgs Inc's EBITDA?
Clearwater Analytics Hldgs Inc (CWAN) had EBITDA of $77.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Clearwater Analytics Hldgs Inc have?
As of fiscal year 2025, Clearwater Analytics Hldgs Inc (CWAN) had $91.2M in cash and equivalents against $814.6M in long-term debt.
What is Clearwater Analytics Hldgs Inc's gross margin?
Clearwater Analytics Hldgs Inc (CWAN) had a gross margin of 67.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Clearwater Analytics Hldgs Inc's operating margin?
Clearwater Analytics Hldgs Inc (CWAN) had an operating margin of -1.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Clearwater Analytics Hldgs Inc's net profit margin?
Clearwater Analytics Hldgs Inc (CWAN) had a net profit margin of -5.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Clearwater Analytics Hldgs Inc's return on equity (ROE)?
Clearwater Analytics Hldgs Inc (CWAN) has a return on equity of -1.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Clearwater Analytics Hldgs Inc's free cash flow?
Clearwater Analytics Hldgs Inc (CWAN) generated $164.3M in free cash flow during fiscal year 2025. This represents a 138.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Clearwater Analytics Hldgs Inc's operating cash flow?
Clearwater Analytics Hldgs Inc (CWAN) generated $175.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Clearwater Analytics Hldgs Inc's total assets?
Clearwater Analytics Hldgs Inc (CWAN) had $3.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Clearwater Analytics Hldgs Inc's capital expenditures?
Clearwater Analytics Hldgs Inc (CWAN) invested $11.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Clearwater Analytics Hldgs Inc spend on research and development?
Clearwater Analytics Hldgs Inc (CWAN) invested $196.2M in research and development during fiscal year 2025.
What is Clearwater Analytics Hldgs Inc's current ratio?
Clearwater Analytics Hldgs Inc (CWAN) had a current ratio of 1.83 as of fiscal year 2025, which is generally considered healthy.
What is Clearwater Analytics Hldgs Inc's debt-to-equity ratio?
Clearwater Analytics Hldgs Inc (CWAN) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Clearwater Analytics Hldgs Inc's return on assets (ROA)?
Clearwater Analytics Hldgs Inc (CWAN) had a return on assets of -1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Clearwater Analytics Hldgs Inc's Piotroski F-Score?
Clearwater Analytics Hldgs Inc (CWAN) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Clearwater Analytics Hldgs Inc's earnings high quality?
Clearwater Analytics Hldgs Inc (CWAN) has an earnings quality ratio of -4.53x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Clearwater Analytics Hldgs Inc?
Clearwater Analytics Hldgs Inc (CWAN) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.