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CWANClearwater Analytics Holdings, Inc.
$24.56$7.3B
Overview & Verdict
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CWAN logoClearwater Analytics Holdings, Inc.(CWAN)Earnings, Financials & Key Ratios

CWAN•NYSE
$24.56
Price updated Jul 2, 2026
SectorTechnologyIndustryApplication SoftwareSub-IndustryFinancial services and insurance software
AboutClearwater Analytics Holdings, Inc. develops and provides a Software-as-a-Service solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities. The company offers investment accounting and reporting, performance measurement, compliance monitoring, and risk analytics solutions. Its Clearwater Prism solution enables self-service access to data feeds from accounting, compliance, performance, and risk systems, including those offered by the company and other third-party software vendors, as well as provides flexible reporting to various users. The company was incorporated in 2021 and is headquartered in Boise, Idaho.Show more
  • Revenue$731M+61.9%
  • EBITDA$114M+365.4%
  • Net Income-$39M-109.1%
  • EPS (Diluted)-0.14-108.3%
  • Gross Margin67.29%-7.5%
  • EBITDA Margin15.54%+187.5%
  • Operating Margin3.84%+41.8%
  • Net Margin-5.31%-105.6%
  • ROE-2.54%-104.3%

CWAN Price & Volume

Clearwater Analytics Holdings, Inc. (CWAN) stock price & volume — 10-year historical chart

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Aggressive Revenue Scaling Masks Persistent Margin Compression

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Accelerating
Profitability:Strained
Financial:Adequate
Cash Flow:Mixed
Primary Risk:High stock-based compensation dilution

Key Thesis Takeaways

  • Clearwater Analytics is currently prioritizing rapid top-line expansion, evidenced by a 74.4% year-over-year revenue growth rate in 2026Q1, though this strategy has resulted in significant margin pressure and a reliance on debt-financed acquisitions.
  • The company's reliance on stock-based compensation, which reached $28.6 million in 2026Q1, continues to obscure GAAP profitability and complicates the assessment of true operational leverage.
  • Investors should monitor the integration of $1.3 billion in goodwill and the sustainability of cash flows as the firm navigates a tightening liquidity environment.

Verdict Logic

while the 74.4% revenue growth rate is impressive, the persistent GAAP net loss of $2.8 million in 2026Q1 and the high reliance on $28.6 million in stock-based compensation warrant a cautious approach until operating leverage is clearly demonstrated.

CWAN Growth Metrics

Clearwater Analytics Holdings, Inc. (CWAN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years29.19%
3 Years34.08%
TTM73.49%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-111.21%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-110.24%

Return on Capital

10 Years5.8%
5 Years3.04%
3 Years-0.26%
Last Year1.42%

CWAN Recent Earnings

Clearwater Analytics Holdings, Inc. (CWAN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 7, 2026
Metric
Actual
Est
EPS
$0.16+0.0%
$0.16
Rev
$221M+3.3%
$214M
Q1 2026
Feb 18, 2026
Metric
Actual
Est
EPS
$0.15+0.0%
$0.15
Rev
$217M+0.3%
$217M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.14-6.7%
$0.15
Rev
$205M-5.4%
$217M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.12-7.7%
$0.13
Rev
$182M-11.7%
$206M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$0.16vs $0.16+0.0%
$221Mvs $214M+3.3%
Q1 2026Feb 18, 2026
$0.15vs $0.15+0.0%
$217Mvs $217M+0.3%
Q4 2025Nov 5, 2025
$0.14vs $0.15-6.7%
$205Mvs $217M-5.4%
Q3 2025Aug 6, 2025
$0.12vs $0.13-7.7%
$182Mvs $206M-11.7%
Based on last 12 quarters of dataView full earnings history →

Latest CWAN News

Recent stock market news and headlines for Clearwater Analytics Holdings, Inc. (CWAN)

Business Wire·Jun 25, 2026
Clearwater Analytics Completes $8.4 Billion Take-Private Acquisition by Permira and Warburg Pincus

BOISE, Idaho--(BUSINESS WIRE)--Clearwater Analytics (“CWAN”, “Clearwater” or the “Company”), today announced the completion of its previously announced acquisition, a transaction valued at approximately $8.4 billion, by a Permira and Warburg Pincus-led Investor Group (the “Investor Group”). The transaction was supported by Francisco Partners, with participation from Temasek. With the completion of the acquisition, Clearwater's Class A common stock no longer trades on the New York Stock Exchange.

GuruFocus·Jun 24, 2026
Clearwater Analytics Benchmarks Private Credit Strategy, Performance, and Risk Across Institutional Portfolios

[url="]Clearwater Analytics[/url] (NYSE: CWAN) today released [url="]Credit Where It's Due: The Persistent Rise of Private Credit[/url], its first comprehensiv

Business Wire·Jun 24, 2026
Clearwater Analytics Benchmarks Private Credit Strategy, Performance, and Risk Across Institutional Portfolios

BOISE, Idaho & NEW YORK & CHICAGO & LONDON & HONG KONG--(BUSINESS WIRE)--Clearwater Analytics (NYSE: CWAN) today released Credit Where It's Due: The Persistent Rise of Private Credit, its first comprehensive study of how private credit has reshaped institutional portfolios. The report draws on holdings and transactions data from the Clearwater platform, which spans $10 trillion in institutional assets across 60 asset classes. It documents private credit exposure, examines how the asset class ha.

Zacks Investment Research·Jun 18, 2026
Clearwater Analytics (CWAN) is an Incredible Growth Stock: 3 Reasons Why

Clearwater Analytics (CWAN) could produce exceptional returns because of its solid growth attributes.

Business Wire·Jun 17, 2026
Clearwater Analytics Launches Fund Analytics, Bringing Verified Intelligence to Private Markets

BOISE, Idaho & NEW YORK & CHICAGO & LONDON & HONG KONG--(BUSINESS WIRE)--Clearwater Analytics (NYSE: CWAN) today launched Fund Analytics, a private markets intelligence product built on the same validated investment data foundation that powers institutional accounting and books of record across more than $10 trillion in global assets. Private markets have become a core allocation for institutional investors, but the infrastructure supporting them remains fragmented and highly manual. Investment.

Peers Comparison

Key metrics vs top competitors for Clearwater Analytics Holdings, Inc. (CWAN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
CWAN logoCWANClearwater Analytics Holdings, Inc.Current
$24.56$7.3B-175.4361.88%-5.31%-2.54%—
VRNT logoVRNTVerint Systems Inc.
$20.51$1.24B19.72-0.13%6.87%4.6%—
MKTX logoMKTXMarketAxess Holdings Inc.
$114.49$4.07B17.193.82%35.34%24.02%—
ICE logoICEIntercontinental Exchange, Inc.
$126.73$71.67B21.967.46%29.98%13.54%—
MSCI logoMSCIMSCI Inc.
$582.03$42.37B37.419.74%40.74%——
VRSK logoVRSKVerisk Analytics, Inc.
$183.72$24.07B28.316.63%29.34%——

Compare CWAN vs Peers

Clearwater Analytics Holdings, Inc. (CWAN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VRNT

Most directly comparable listed peer for CWAN.

Scale Benchmark

vs BLK

Larger-name benchmark to compare CWAN against a more recognizable public peer.

Peer Set

Compare Top 5

vs VRNT, MKTX, ICE, MSCI

CWAN SEC Filings & Documents

Clearwater Analytics Holdings, Inc. (CWAN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

May 7, 2026·SEC

Material company update

Feb 18, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 26, 2025·SEC

10-Q Quarterly Reports

4
FY 2026

May 7, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

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CWAN Frequently Asked Questions

Clearwater Analytics Holdings, Inc. (CWAN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Clearwater Analytics Holdings, Inc.'s revenue?

Clearwater Analytics Holdings, Inc. (CWAN) reported $825.7M in revenue for fiscal year 2025. This represents a 392% increase from $168.0M in 2019.

How fast is Clearwater Analytics Holdings, Inc. growing?

Clearwater Analytics Holdings, Inc. (CWAN) grew revenue by 61.9% over the past year. This is strong growth.

Is CWAN profitable?

Clearwater Analytics Holdings, Inc. (CWAN) reported a net loss of $48.1M for fiscal year 2025.

Dividend & Returns
What is CWAN's return on equity?

Clearwater Analytics Holdings, Inc. (CWAN) has a return on equity (ROE) of -2.5%. Negative ROE indicates the company is unprofitable.

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

Clearwater Analytics Holdings, Inc. (CWAN) generated $152.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in CWAN back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

See returns →