What is Clearwater Analytics Holdings, Inc.'s earnings per share (EPS)?

Clearwater Analytics Holdings, Inc. (CWAN) reported diluted earnings per share of -$0.14 for fiscal year 2025. This represents a -108.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Clearwater Analytics Holdings, Inc. (CWAN) Financials

CWAN

Trailing 12 months to March 31, 2026

Revenue $825.7M +73.5% YoY

Net Income -$48.1M -111.2% YoY

EPS (Diluted) -$0.18 -110.5% YoY

Free Cash Flow $152.5M +82.7% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CWAN SEC filings page.

Clearwater Analytics Holdings, Inc. (CWAN) reported $825.7M in revenue over the twelve months to Mar 31, 2026, up 73.5% from the prior twelve months. 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).

Rhea AI CWAN FY2025 2026-10-04

Rapid expansion is producing cash, but FY2025 also brought thinner gross margins and a much more leveraged balance sheet.

The reported FY2024 profit was not a cash equivalent: net income was $424M versus operating cash flow of $74.3M, exposing a large earnings quality gap. In FY2025, a net loss of $38.8M coexisted with operating cash flow of $176M, suggesting non-cash or accounting effects remained important while cash generation stayed positive.

Revenue reached $731M in FY2025, up from $452M in FY2024, but the expansion did not translate into operating profit. Gross margin narrowed to 67.3% from 72.8%, while operating margin turned negative, pointing to costs absorbing the added sales rather than fixed costs being leveraged.

Goodwill reached $1.27B in FY2025 from $71.0M a year earlier, making intangible assets a much larger part of the balance sheet. Long-term debt reached $814.6M, while the current ratio fell to 1.8x; together, those shifts indicate expansion relied more heavily on balance-sheet financing and left less short-term flexibility.

Financial Health Signals

Financial Health Score 49/100

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 Holdings, 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.

Profitability

Clearwater Analytics Holdings, 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 27/100. This is down from 2.7% the prior year.

Growth

Clearwater Analytics Holdings, Inc.'s revenue surged 61.9% year-over-year to $731.4M, reflecting rapid business expansion. This strong growth earns a score of 93/100.

Leverage

Clearwater Analytics Holdings, 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.

Liquidity

Clearwater Analytics Holdings, Inc.'s current ratio of 1.83 indicates adequate short-term liquidity, earning a score of 54/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Clearwater Analytics Holdings, Inc. converts 22.5% of revenue into free cash flow ($164.3M). This strong cash generation earns a score of 86/100.

Returns

Clearwater Analytics Holdings, 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 26/100. This is down from 42.1% the prior year.

Altman Z-Score Safe

4.80

Clearwater Analytics Holdings, 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.

Piotroski F-Score Partial

2/8

Clearwater Analytics Holdings, 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.

Earnings Quality Mixed

N/A

Clearwater Analytics Holdings, 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.

Interest Coverage At Risk

N/A

Clearwater Analytics Holdings, Inc. reported an operating loss of $7.7M against $45.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$221.2M

YoY+74.4%

QoQ+1.7%

5Y CAGR+31.2%

Clearwater Analytics Holdings, Inc. generated $221.2M in revenue in Q1 2026. This represents an increase of 74.4% from the same quarter a year earlier. Against the prior quarter it is up 1.7%.

EBITDA

$38.5M

YoY+276.9%

QoQ+69.5%

5Y CAGR+24.9%

Clearwater Analytics Holdings, Inc.'s EBITDA was $38.5M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 276.9% from the same quarter a year earlier. Against the prior quarter it is up 69.5%.

Net Income

-$2.8M

YoY-142.6%

QoQ+76.4%

Clearwater Analytics Holdings, Inc. reported -$2.8M in net income in Q1 2026. This represents a decrease of 142.6% from the same quarter a year earlier. Against the prior quarter it is up 76.4%.

EPS (Diluted)

-$0.01

YoY-133.3%

QoQ+75.0%

Clearwater Analytics Holdings, Inc. earned -$0.01 per diluted share (EPS) in Q1 2026. This represents a decrease of 133.3% from the same quarter a year earlier. Against the prior quarter it is up 75.0%.

Cash & Balance Sheet

Free Cash Flow

$11.2M

YoY-51.2%

QoQ-78.5%

Clearwater Analytics Holdings, Inc. generated $11.2M in free cash flow in Q1 2026, representing cash available after capex. This represents a decrease of 51.2% from the same quarter a year earlier. Against the prior quarter it is down 78.5%.

Cash & Debt

$81.5M

YoY-70.4%

QoQ-10.7%

Clearwater Analytics Holdings, Inc. held $81.5M in cash against $798.4M in long-term debt as of Q1 2026.

Shares Outstanding

Diluted avg 295M

Clearwater Analytics Holdings, Inc. had a weighted average of 295M diluted shares in Q1 2026; the shares outstanding count is not reported for that period.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Gross Margin

65.8%

YoY-7.5pp

QoQ-1.4pp

5Y change-9.0pp

Clearwater Analytics Holdings, Inc.'s gross margin was 65.8% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 7.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.4 percentage points.

Operating Margin

4.1%

YoY-1.5pp

QoQ+7.2pp

5Y change-17.0pp

Clearwater Analytics Holdings, Inc.'s operating margin was 4.1% in Q1 2026, reflecting core business profitability. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.2 percentage points.

Net Margin

-1.3%

YoY-6.4pp

QoQ+4.2pp

5Y change-7.2pp

Clearwater Analytics Holdings, Inc.'s net profit margin was -1.3% in Q1 2026, showing the share of revenue converted to profit. This is down 6.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.2 percentage points.

Return on Equity

-0.1%

YoY-0.7pp

QoQ+0.4pp

Clearwater Analytics Holdings, Inc.'s ROE was -0.1% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.

Capital Allocation

R&D Spending

$57.0M

YoY+52.5%

QoQ+0.1%

5Y CAGR+29.2%

Clearwater Analytics Holdings, Inc. invested $57.0M in research and development in Q1 2026. This represents an increase of 52.5% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Capital Expenditures

$6.4M

YoY+338.7%

QoQ+111.7%

5Y CAGR+37.5%

Clearwater Analytics Holdings, Inc. invested $6.4M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 338.7% from the same quarter a year earlier. Against the prior quarter it is up 111.7%.

Share Buybacks

Not reported for Q1 2026.

CWAN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CWAN quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
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
EBITDA	N/A	$77.9M+218.9%	$24.4M+458.2%	-$6.8M-166.5%	$10.3M-67.9%	$32.0M+276.1%	-$18.1M-165.5%	$27.7M
Interest Expense	$57.4M	$45.7M+955.8%	$4.3M-8.5%	$4.7M+315.9%	$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 (Basic)	N/A	-$0.14-107.3%	$1.93+1854.5%	-$0.11-175.0%	-$0.04+20.0%	-$0.05	N/A	N/A
EPS (Diluted)	-$0.18	-$0.14-108.3%	$1.68+1627.3%	-$0.11-175.0%	-$0.04+20.0%	-$0.05	N/A	N/A
Diluted Shares (Avg)	N/A	271M+6.7%	254M+27.4%	200M+7.6%	186M+4.4%	178M	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$221.2M+74.4%	$217.5M+72.0%	$205.1M+77.1%	$181.9M+70.4%	$126.9M+23.5%	$126.5M+27.7%	$115.8M+22.4%	$106.8M+18.8%
Cost of Revenue	$75.7M+123.1%	$71.2M+112.2%	$70.6M+125.3%	$63.4M+112.2%	$33.9M+20.4%	$33.6M+18.4%	$31.4M+16.1%	$29.9M+10.9%
Gross Profit	$145.5M+56.6%	$146.2M+57.4%	$134.5M+59.2%	$118.5M+54.1%	$92.9M+24.7%	$92.9M+31.4%	$84.5M+24.9%	$76.9M+22.2%
R&D Expenses	$57.0M+52.5%	$57.0M+39.4%	$52.1M+42.2%	$49.8M+40.7%	$37.4M-0.7%	$40.9M+21.3%	$36.6M+13.5%	$35.4M+18.5%
SG&A Expenses	$33.3M+15.4%	$50.1M+52.3%	$31.4M+38.7%	$44.1M+95.8%	$28.8M+39.1%	$32.9M+82.2%	$22.6M-13.9%	$22.5M-12.9%
Operating Income	$9.0M+26.9%	-$6.7M-653.5%	$6.6M-10.7%	-$14.6M-479.3%	$7.1M+4366.3%	$1.2M-53.0%	$7.3M+224.6%	$3.8M+154.0%
EBITDA	$38.5M+276.9%	$22.7M+387.2%	$35.9M+239.0%	$9.0M+33.0%	$10.2M+329.0%	$4.7M-9.9%	$10.6M+410.1%	$6.8M+243.9%
Interest Expense	$12.6M+1276.1%	$15.2M	$16.1M+1398.0%	$13.5M+1144.4%	$919K-55.4%	N/A	$1.1M-37.9%	$1.1M-18.8%
Income Tax	-$809K-152.2%	-$9.1M+98.0%	$510K+204.9%	-$2.3M-3070.9%	$1.6M+1681.6%	-$457.1M-114100.7%	-$486K-77.4%	$79K+145.4%
Net Income	-$2.8M-142.6%	-$11.8M-102.8%	-$10.3M-384.8%	-$23.2M-5301.2%	$6.5M+243.0%	$419.3M+9558.2%	$3.6M+292.1%	-$430K+96.1%
EPS (Basic)	-$0.01-133.3%	-$0.04-102.1%	-$0.04-300.0%	-$0.09	$0.03+200.0%	$1.91+9650.0%	$0.02+300.0%	$0.00+100.0%
EPS (Diluted)	-$0.01-133.3%	-$0.04-102.4%	-$0.04-300.0%	-$0.09	$0.03+200.0%	$1.66+8400.0%	$0.02+300.0%	$0.00+100.0%
Diluted Shares (Avg)	295M+19.8%	N/A	288M+24.4%	271M+23.9%	246M-3.6%	N/A	231M+14.8%	218M+10.3%

CWAN Balance Sheet

CWAN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
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
Short-Term Investments	$0-100.0%	$78.1M+4.9%	$74.5M+1422.6%	$4.9M	$0	$0	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
Long-Term Investments	$0-100.0%	$30.3M+41.0%	$21.5M	$0	$0	$0	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
Non-Current Liabilities	$839.5M+1247.7%	$62.3M-8.8%	$68.3M-11.9%	$77.5M+51.2%	$51.3M-87.8%	$422.0M	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

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$3.0B+135.5%	$3.0B+159.2%	$3.0B+379.7%	$3.0B+416.3%	$1.3B+134.6%	$1.2B+109.3%	$623.5M+16.4%	$585.1M+14.4%
Current Assets	$294.2M-30.3%	$295.6M-23.2%	$250.8M-41.8%	$257.6M-32.7%	$422.1M+6.6%	$384.6M-7.5%	$430.8M+7.4%	$382.7M+4.8%
Cash & Equivalents	$81.5M-70.4%	$91.2M-48.6%	$60.8M-73.4%	$68.4M-64.0%	$275.2M+45.1%	$177.3M-20.0%	$228.7M+11.2%	$190.1M-0.1%
Short-Term Investments	$0-100.0%	$0-100.0%	$3.4M-95.6%	$3.5M-94.8%	$7.7M-90.1%	$78.1M+4.9%	$77.1M-3.1%	$67.8M+7.1%
Accounts Receivable	$169.6M+52.2%	$167.3M+57.7%	$152.8M+52.2%	$148.0M+52.3%	$111.4M+15.2%	$106.2M+15.3%	$100.4M+9.5%	$97.2M+17.6%
Long-Term Investments	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$30.3M+41.0%	$30.9M+75.5%	$39.7M+63.5%
Goodwill	$1.3B+1646.5%	$1.3B+1689.5%	$1.3B+1608.6%	$1.3B+1654.1%	$72.6M+63.8%	$71.0M+56.5%	$74.2M+74.1%	$72.2M+65.6%
Total Liabilities	$972.3M+581.3%	$1.0B+618.3%	$989.0M+482.3%	$1.0B+560.3%	$142.7M+0.8%	$139.3M-6.5%	$169.8M+17.9%	$156.5M+11.0%
Current Liabilities	$130.5M+57.3%	$161.3M+109.4%	$127.6M+38.1%	$127.7M+59.6%	$83.0M+17.1%	$77.1M-4.6%	$92.4M+46.3%	$80.0M+37.7%
Non-Current Liabilities	$841.8M+1308.6%	$839.5M+1247.7%	$861.3M+1012.4%	$905.6M+1084.2%	$59.8M-15.6%	$62.3M-8.8%	$77.4M-4.3%	$76.5M-7.7%
Long-Term Debt	$798.4M	$814.6M+1780.8%	$830.9M	$872.1M	N/A	$43.3M-6.0%	N/A	N/A
Total Equity	$2.0B+83.7%	$2.0B+100.5%	$2.0B+391.4%	$2.0B+417.0%	$1.1B+174.7%	$1.0B+184.6%	$403.2M+3.0%	$380.6M+2.7%
Retained Earnings	$261.6M-8.6%	$260.0M-8.4%	$261.0M+257.3%	$270.7M+259.2%	$286.2M+268.8%	$283.9M+256.6%	-$166.0M+12.9%	-$170.1M+10.1%

Not reported in any period shown, so not listed: Inventory.

CWAN Cash Flow Statement

CWAN quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
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
Depreciation & Amortization	N/A	$85.5M+602.2%	$12.2M+22.7%	$9.9M+93.2%	$5.1M+47.1%	$3.5M+53.8%	$2.3M+12.5%	$2.0M
Stock-Based Compensation	N/A	$127.9M+23.9%	$103.2M-1.2%	$104.4M+59.0%	$65.7M+79.0%	$36.7M+49.2%	$24.6M+294.7%	$6.2M
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

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$17.7M-27.9%	$55.3M+289.5%	$49.0M-1.2%	$47.1M+7.2%	$24.5M+144.1%	-$29.2M-221.2%	$49.6M+57.7%	$43.9M+107.8%
Depreciation & Amortization	$29.6M+839.5%	$29.5M+754.5%	$29.3M+804.6%	$23.6M+702.7%	$3.1M+23.4%	$3.5M+33.1%	$3.2M+30.8%	$2.9M+22.0%
Stock-Based Compensation	$28.6M+20.5%	N/A	$33.5M+28.8%	$37.5M+51.0%	$23.7M-2.1%	N/A	$26.0M-14.4%	$24.9M-13.0%
Capital Expenditures	$6.4M+338.7%	$3.0M+270.1%	$4.1M+172.3%	$3.0M+97.9%	$1.5M+2.1%	$822K-47.4%	$1.5M+93.8%	$1.5M-4.3%
Free Cash Flow	$11.2M-51.2%	$52.3M+274.2%	$44.9M-6.5%	$44.1M+4.0%	$23.0M+167.8%	-$30.0M-233.2%	$48.1M+56.8%	$42.4M+116.8%
Investing Cash Flow	-$6.4M-106.5%	$328K+137.4%	-$4.1M-294.2%	-$1.1B-2485.0%	$99.5M+943.4%	-$876K-257.0%	-$1.0M+89.4%	-$41.9M+21.1%
Financing Cash Flow	-$19.2M+29.4%	-$24.7M-29.3%	-$51.4M-372.7%	$828.8M+55060.6%	-$27.2M+9.6%	-$19.1M-104.4%	-$10.9M-85.0%	-$1.5M-223.4%
Share Buybacks	N/A	$9.6M	N/A	N/A	N/A	$0	N/A	N/A

Not reported in any period shown, so not listed: Dividends Paid.

CWAN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CWAN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
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
Asset Turnover	0.24-0.1x	0.39-0.3x	0.660.0x	0.63-0.1x	0.73-1.0x	1.76	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%

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Gross Margin	65.8%-7.5pp	67.2%-6.2pp	65.6%-7.4pp	65.1%-6.9pp	73.3%+0.7pp	73.5%+2.1pp	72.9%+1.5pp	72.0%+2.0pp
Operating Margin	4.1%-1.5pp	-3.1%-4.1pp	3.2%-3.1pp	-8.0%-11.6pp	5.6%+5.7pp	1.0%-1.7pp	6.3%+12.6pp	3.6%+11.5pp
Net Margin	-1.3%-6.4pp	-5.4%	-5.0%-8.2pp	-12.8%-12.4pp	5.1%+3.3pp	331.5%	3.1%+5.1pp	-0.4%+11.8pp
Return on Equity	-0.1%-0.7pp	-0.6%-42.2pp	-0.5%-1.4pp	-1.2%-1.1pp	0.6%+0.1pp	41.6%+42.8pp	0.9%+1.4pp	-0.1%+2.8pp
Return on Assets	-0.1%-0.6pp	-0.4%-36.2pp	-0.4%-0.9pp	-0.8%-0.7pp	0.5%+0.2pp	35.9%+36.6pp	0.6%+0.9pp	-0.1%+2.1pp
Current Ratio	2.26-2.8x	1.83-3.2x	1.97-2.7x	2.02-2.8x	5.09-0.5x	4.99-0.2x	4.66-1.7x	4.78-1.5x
Debt-to-Equity	0.39+0.3x	0.40+0.4x	0.420.0x	0.440.0x	0.13-0.2x	0.04-0.1x	0.42+0.1x	0.410.0x
Asset Turnover	0.070.0x	0.070.0x	0.07-0.1x	0.06-0.1x	0.10-0.1x	0.11-0.1x	0.190.0x	0.180.0x
FCF Margin	5.1%-13.1pp	24.1%+47.8pp	21.9%-19.6pp	24.2%-15.5pp	18.1%+9.8pp	-23.7%-46.5pp	41.5%+9.1pp	39.7%+18.0pp

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: Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Clearwater Analytics Holdings, Inc. CWAN	FY2025	$731.4M	-$38.8M	-5.3%	$7.3B	49/100
CCC Intelligent Solutions Holdings Inc. CCCS	FY2025	$1.1B	$1.7M	0.2%	$5.7B	45/100
SoundHound AI, Inc. SOUN	FY2025	$168.9M	-$14K	0.0%	$2.6B	52/100
JFrog Ltd. FROG	FY2025	$531.8M	-$71.8M	-13.5%	$11.8B	57/100
BILL Holdings, Inc. BILL	FY2026	$1.7B	-$11.2M	-0.7%	$3.7B	55/100
Lyft, Inc. LYFT	FY2025	$6.3B	$2.8B	45.0%	$5.9B	35/100

Where Clearwater Analytics Holdings, Inc. Ranks

Frequently Asked Questions

What is Clearwater Analytics Holdings, Inc.'s annual revenue?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s revenue growing?

Clearwater Analytics Holdings, Inc. (CWAN) revenue grew by 61.9% year-over-year, from $451.8M to $731.4M in fiscal year 2025.

Is Clearwater Analytics Holdings, Inc. profitable?

No, Clearwater Analytics Holdings, 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 Holdings, Inc.'s EBITDA?

Clearwater Analytics Holdings, 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 Holdings, Inc. have?

As of fiscal year 2025, Clearwater Analytics Holdings, Inc. (CWAN) had $91.2M in cash and equivalents against $814.6M in long-term debt.

What is Clearwater Analytics Holdings, Inc.'s gross margin?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s operating margin?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s net profit margin?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s return on equity (ROE)?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s free cash flow?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s operating cash flow?

Clearwater Analytics Holdings, Inc. (CWAN) generated $175.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Clearwater Analytics Holdings, Inc.'s total assets?

Clearwater Analytics Holdings, Inc. (CWAN) had $3.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Clearwater Analytics Holdings, Inc.'s capital expenditures?

Clearwater Analytics Holdings, Inc. (CWAN) invested $11.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Clearwater Analytics Holdings, Inc. spend on research and development?

Clearwater Analytics Holdings, Inc. (CWAN) invested $196.2M in research and development during fiscal year 2025.

Does Clearwater Analytics Holdings, Inc. buy back shares?

Yes, Clearwater Analytics Holdings, Inc. (CWAN) spent $18.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Clearwater Analytics Holdings, Inc.'s current ratio?

Clearwater Analytics Holdings, Inc. (CWAN) had a current ratio of 1.83 as of fiscal year 2025, which is generally considered healthy.

What is Clearwater Analytics Holdings, Inc.'s debt-to-equity ratio?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s return on assets (ROA)?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s Altman Z-Score?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s Piotroski F-Score?

Clearwater Analytics Holdings, 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 Holdings, Inc.'s earnings high quality?

Clearwater Analytics Holdings, 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.

Can Clearwater Analytics Holdings, Inc. cover its interest payments?

Clearwater Analytics Holdings, Inc. (CWAN) reported an operating loss of $7.7M against $45.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Clearwater Analytics Holdings, Inc.?

Clearwater Analytics Holdings, 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.