CWAN

MKT CAP:$7B

Clearwater Analytics Holdings, Inc.

Market Cap

$7B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$24.17+$0.06 (+0.25%)

Apr 22, 2026

Company Details

Clearwater 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, institu...

CEO

Sandeep Sahai

IPO Date

Sep 24, 2021

Website

clearwateranalytics.com

Key Metrics TTM

Revenue

$435M

+92.6% YoY

Net Income

$417M

EPS (Diluted)

$1.61

Free Cash Flow

$44M

Revenue / Share

$1.69

Gross Margin

72.3%

Operating Margin

1.7%

Net Margin

95.8%

FCF Margin

10.0%

P/S

16.5x

P/E

17.2x

Earnings Reports

Q1 2025

Apr 29, 2026

PENDING

FY 2025

Feb 18, 2026

$731MEPS -$0.14

Q4 2024

Feb 26, 2025

$126M+27.7%EPS $1.63

Q2 2024

Aug 1, 2024

$107MEPS -$0.00

Q1 2024

May 2, 2024

$103MEPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$53M	$41M	$17M
Q4 20	$55M	$41M	-$61M
Q1 21	$57M	$43M	$12M
Q2 21	$61M	$45M	$9M
Q4 23	$99M	$70M	$3M
Q1 24	$103M	$75M	-$166.0K
Q2 24	$107M	$77M	$4M
Q4 24	$126M	$93M	$1M

Valuation

Quarter	P/S	P/E
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	31.7x	—
Q4 23	26.4x	—
Q1 24	22.4x	7851.7x
Q2 24	19.4x	—
Q4 24	16.5x	17.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$15M	$14M
Q4 20	-$33M	-$33M
Q1 21	-$18M	-$20M
Q2 21	$2M	$1M
Q4 23	$24M	$23M
Q1 24	$10M	$9M
Q2 24	$44M	$42M
Q4 24	-$29M	-$30M

Capital Expenditures

Quarter	CapEx
Q3 20	$759.0K
Q4 20	$661.0K
Q1 21	$1M
Q2 21	$921.0K
Q4 23	$2M
Q1 24	$1M
Q2 24	$2M
Q4 24	$822.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	+85.6%	+161.7%
Q1 24	+87.6%	-11.5%
Q2 24	+87.7%	+129.2%
Q4 24	+107.7%	+139.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$2M	3.2%
Q4 20	$18M	32.7%
Q1 21	$5M	8.6%
Q2 21	$7M	11.0%
Q4 23	$22M	22.5%
Q1 24	$24M	23.6%
Q2 24	$25M	23.3%
Q4 24	$28M	22.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 20	$15M	$5M	$5M
Q4 20	$16M	$28M	$9M
Q1 21	$16M	$8M	$7M
Q2 21	$17M	$11M	$9M
Q4 23	$33M	$18M	$16M
Q1 24	$38M	$25M	$12M
Q2 24	$35M	$23M	$15M
Q4 24	$41M	$33M	$18M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 20	—	32.0%	—
Q4 20	—	-111.1%	—
Q1 21	—	22.1%	—
Q2 21	—	15.3%	—
Q4 23	85.6%	5.2%	90.8
Q1 24	87.6%	2.3%	89.9
Q2 24	87.7%	6.4%	94.1
Q4 24	107.7%	3.7%	111.4

Rule of 40

Revenue by Geography

Quarter	Non-US	United States
Q4 23	$20M	$79M
Q1 24	$20M	$83M
Q2 24	$19M	$88M
Q4 24	$24M	$103M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$264M	$0	$264M
Q2 22	$279M	$3M	$282M
Q3 22	$289M	$3M	$292M
Q4 22	$251M	$5M	$256M
Q1 23	$221M	$19M	$240M
Q2 23	$190M	$63M	$254M
Q3 23	$206M	$80M	$285M
Q4 23	$222M	$74M	$296M
Q1 24	$190M	$78M	$268M
Q2 24	$190M	$68M	$258M
Q3 24	$229M	$77M	$306M
Q4 24	$177M	$78M	$255M
Q1 25	$275M	$8M	$283M
Q2 25	$68M	$4M	$72M
Q3 25	$61M	$3M	$64M
Q4 25	$91M	$0	$91M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	173M	—	—
Q4 20	173M	0.0%	—
Q1 21	173M	0.0%	—
Q2 21	173M	0.0%	—
Q4 23	206M	+19.2%	+19.2%
Q1 24	255M	+23.9%	+47.7%
Q2 24	218M	-14.5%	+26.3%
Q4 24	258M	+18.2%	+49.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q4 23	$56.4K	2K
Q1 24	$58.5K	2K
Q2 24	$60.8K	2K
Q4 24	$66.0K	2K

Revenue / Employee