Clearwater Analytics Hldgs Inc Financials
Clearwater Analytics Hldgs Inc (CWAN) reported $731.4M in revenue for fiscal year 2025, up 61.9% from the prior fiscal year. This page shows its 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).
FY2025 became a purchased-scale story, with cash-generative operations now sitting inside a much more leveraged balance sheet.
FY2025 looks less like a normal growth year and more like a balance-sheet reset: goodwill jumped from$71.0M to$1.27B , showing that much of the new scale was purchased rather than built internally. That shift was financed by new obligations as long-term debt reached$814.6M while cash fell to$91.2M , so the company exchanged some of its old cash-rich posture for faster reported scale.
Earnings quality in FY2025 is unusual but not empty: despite a negative operating margin of
The core service model still looks inherently high-margin: gross margin stayed at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Clearwater Analytics Hldgs Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Clearwater Analytics Hldgs Inc has an operating margin of -1.1%, meaning the company loses $1 on every $100 of revenue. This results in a profitability score of 30/100. 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 92/100.
Clearwater Analytics Hldgs Inc has elevated debt relative to equity (D/E of 0.40), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 5/100, reflecting increased financial risk.
Clearwater Analytics Hldgs Inc's current ratio of 1.83 indicates adequate short-term liquidity, earning a score of 53/100. 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 87/100.
Clearwater Analytics Hldgs Inc posts a -1.9% return on equity (ROE), meaning it loses $2 for every $100 of shareholders' equity. This results in a returns score of 29/100. This is down from 42.1% the prior year.
Clearwater Analytics Hldgs Inc scores 4.80, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.3B) relative to total liabilities ($1.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Clearwater Analytics Hldgs Inc passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Clearwater Analytics Hldgs Inc reported a net loss of $38.8M while generating $175.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
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.
Not reported for 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
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $825.7M | $731.4M+61.9% | $451.8M+22.7% | $368.2M+21.3% | $303.4M+20.4% | $252.0M+24.0% | $203.2M+21.0% | $168.0M |
| Cost of Revenue | $281.0M | $239.2M+94.5% | $123.0M+14.8% | $107.1M+22.0% | $87.8M+29.4% | $67.9M+27.4% | $53.3M+13.0% | $47.1M |
| Gross Profit | $544.8M | $492.1M+49.7% | $328.8M+26.0% | $261.0M+21.1% | $215.6M+17.1% | $184.2M+22.8% | $150.0M+24.1% | $120.9M |
| R&D Expenses | $215.9M | $196.2M+30.3% | $150.6M+21.5% | $123.9M+31.7% | $94.1M+29.5% | $72.7M+31.5% | $55.3M+40.7% | $39.3M |
| SG&A Expenses | $158.9M | $154.4M+56.3% | $98.8M+5.6% | $93.5M+46.6% | $63.8M+45.1% | $43.9M+0.2% | $43.9M+19.2% | $36.8M |
| Operating Income | -$5.8M | -$7.7M-162.8% | $12.2M+173.1% | -$16.7M-427.2% | $5.1M-82.0% | $28.5M+239.4% | -$20.4M-179.5% | $25.7M |
| Interest Expense | N/A | N/A | N/A | $6.4M+463.0% | $1.1M-95.6% | $25.7M+12.4% | $22.9M+28.3% | $17.8M |
| Income Tax | -$11.8M | -$9.4M+97.9% | -$457.6M-210997.7% | $217K-84.0% | $1.4M+179.3% | $487K-46.0% | $902K+1135.6% | $73K |
| Net Income | -$48.1M | -$38.8M-109.1% | $424.4M+2062.3% | -$21.6M-171.5% | -$8.0M+3.0% | -$8.2M+81.4% | -$44.2M-672.0% | $7.7M |
| EPS (Diluted) | — | -$0.14-108.3% | $1.68+1627.3% | -$0.11-175.0% | -$0.04+20.0% | -$0.05 | N/A | N/A |
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CWAN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $3.0B+159.2% | $1.2B+109.3% | $558.7M+15.9% | $481.9M+40.0% | $344.4M+198.0% | $115.6M | N/A |
| Current Assets | $295.6M-23.2% | $384.6M-7.5% | $416.0M+16.7% | $356.3M+10.9% | $321.3M+216.5% | $101.5M | N/A |
| Cash & Equivalents | $91.2M-48.6% | $177.3M-20.0% | $221.8M-11.6% | $250.7M-1.5% | $254.6M+316.8% | $61.1M | N/A |
| Accounts Receivable | $167.3M+57.7% | $106.2M+15.3% | $92.1M+26.9% | $72.6M+44.6% | $50.2M+52.6% | $32.9M | N/A |
| Goodwill | $1.3B+1689.5% | $71.0M+56.5% | $45.3M+3.5% | $43.8M | N/A | N/A | N/A |
| Total Liabilities | $1.0B+618.3% | $139.3M-6.5% | $149.1M+3.9% | $143.6M+74.0% | $82.5M-82.1% | $460.2M | N/A |
| Current Liabilities | $161.3M+109.4% | $77.1M-4.6% | $80.8M+22.4% | $66.0M+111.6% | $31.2M-18.3% | $38.2M | N/A |
| Long-Term Debt | $814.6M+1780.8% | $43.3M-6.0% | $46.1M-10.7% | $51.6M-5.1% | $54.3M | N/A | N/A |
| Total Equity | $2.0B+100.5% | $1.0B+184.6% | $354.3M+4.7% | $338.4M+29.2% | $261.9M+176.0% | -$344.6M | N/A |
| Retained Earnings | $260.0M-8.4% | $283.9M+256.6% | -$181.3M+2.8% | -$186.6M+2.8% | -$191.9M | N/A | N/A |
Not reported in any period shown, so not listed: Inventory.
CWAN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $169.1M | $175.9M+136.7% | $74.3M-12.2% | $84.6M+45.9% | $58.0M+1627.4% | $3.4M+151.8% | -$6.5M+97.2% | -$230.0M |
| Capital Expenditures | $16.5M | $11.6M+119.7% | $5.3M-6.5% | $5.6M-27.5% | $7.8M+54.4% | $5.0M+32.0% | $3.8M+12.9% | $3.4M |
| Free Cash Flow | $152.5M | $164.3M+138.0% | $69.1M-12.6% | $79.0M+57.2% | $50.2M+3114.2% | -$1.7M+83.8% | -$10.3M+95.6% | -$233.4M |
| Investing Cash Flow | -$1.1B | -$988.1M-1675.7% | -$55.6M+41.5% | -$95.1M-24.2% | -$76.6M-1423.4% | -$5.0M-32.0% | -$3.8M-12.9% | -$3.4M |
| Financing Cash Flow | $733.4M | $725.4M+1276.3% | -$61.7M-219.7% | -$19.3M-218.9% | $16.2M-91.7% | $195.3M+282.6% | $51.0M-78.5% | $237.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | $163.3M | N/A |
| Share Buybacks | N/A | $18.1M | $0 | $0 | $0-100.0% | $626K+10.4% | $567K-85.0% | $3.8M |
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CWAN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 67.3%-5.5pp | 72.8%+1.9pp | 70.9%-0.2pp | 71.1%-2.0pp | 73.1%-0.7pp | 73.8%+1.8pp | 71.9% |
| Operating Margin | -1.1%-3.8pp | 2.7%+7.3pp | -4.5%-6.2pp | 1.7%-9.6pp | 11.3%+21.3pp | -10.1%-25.4pp | 15.3% |
| Net Margin | -5.3%-99.2pp | 93.9%+99.8pp | -5.9%-3.2pp | -2.6%+0.6pp | -3.3%+18.5pp | -21.8%-26.4pp | 4.6% |
| Return on Equity | -1.9%-44.0pp | 42.1%+48.2pp | -6.1%-3.8pp | -2.4%+0.8pp | -3.1% | N/A | N/A |
| Return on Assets | -1.3%-37.6pp | 36.3%+40.2pp | -3.9%-2.2pp | -1.7%+0.7pp | -2.4%+35.9pp | -38.3% | N/A |
| Current Ratio | 1.83-3.2x | 4.99-0.2x | 5.15-0.2x | 5.40-4.9x | 10.30+7.6x | 2.66 | N/A |
| Debt-to-Equity | 0.40+0.4x | 0.04-0.1x | 0.130.0x | 0.15-0.1x | 0.21 | N/A | N/A |
| FCF Margin | 22.5%+7.2pp | 15.3%-6.2pp | 21.4%+4.9pp | 16.6%+17.2pp | -0.7%+4.4pp | -5.1% | -138.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
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Where Clearwater Analytics Hldgs Inc Ranks
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 Altman Z-Score?
Clearwater Analytics Hldgs Inc (CWAN) has an Altman Z-Score of 4.80, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Clearwater Analytics Hldgs Inc's Piotroski F-Score?
Clearwater Analytics Hldgs Inc (CWAN) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $38.8M while generating $175.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 49 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.