NYSE : CWAN
Clearwater Analytics Holdings, Inc. — Financial statements
Technology · Software - Application · United States
Last price 24.56 USD (At close: Jun 24, 2026) · Market cap 7.36B
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Financial statements
Clearwater Analytics Holdings, Inc. (CWAN) reported revenue of 825.73M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 825.73M | 731.37M | 451.80M | 368.17M | 303.43M | 252.02M |
| Cost of Revenue | 280.98M | 239.22M | 122.99M | 107.13M | 87.78M | 67.86M |
| Gross Profit | 544.75M | 492.15M | 328.82M | 261.04M | 215.64M | 184.16M |
| Selling, General & Admin | 331.75M | 294.91M | 166.02M | 153.86M | 114.69M | 83.01M |
| Research & Development | 215.88M | 196.23M | 150.56M | 123.92M | 94.12M | 72.19M |
| Operating Expenses | 547.63M | 491.13M | 316.58M | 277.79M | 208.81M | 155.20M |
| Operating Income | -2.88M | 1.01M | 12.23M | -16.75M | 6.83M | 28.96M |
| Interest Expense | -57.39M | -45.66M | -4.33M | -4.73M | -25.68M | |
| Interest & Investment Income | 1.14M | |||||
| Currency Exchange Gain (Loss) | -1.10M | -1.10M | 100.00K | 700.00K | 100.00K | -100.00K |
| Other Non Operating Income (Expenses) | 2.51M | 4.67M | -38.11M | -2.18M | -11.69M | 17.00K |
| EBT Excluding Unusual Items | -58.86M | -41.08M | -30.10M | -22.95M | -3.62M | 3.20M |
| Merger & Restructuring Charges | -2.90M | -8.70M | -1.71M | |||
| Gain (Loss) on Sale of Investments | 112.00K | 35.00K | 89.00K | |||
| Asset Writedown | -500.00K | |||||
| Other Unusual Items | -10.30M | |||||
| Pretax Income | -61.76M | -49.67M | -30.06M | -22.87M | -5.33M | -7.61M |
| Income Tax Expense | -11.78M | -9.42M | -457.65M | 217.00K | 1.36M | 487.00K |
| Earnings From Continuing Operations | -49.99M | -40.25M | 427.58M | -23.08M | -6.70M | -8.09M |
| Minority Interest in Earnings | 1.89M | 1.45M | -3.21M | 1.46M | -1.27M | -119.00K |
| Net Income | -48.09M | -38.81M | 424.38M | -21.63M | -7.97M | -8.21M |
| Net Income to Common | -48.09M | -38.81M | 424.38M | -21.63M | -7.97M | -8.21M |
| Shares Outstanding (Basic) | 285.74M | 271.32M | 219.32M | 199.69M | 185.56M | 177.68M |
| Shares Outstanding (Diluted) | 285.74M | 271.32M | 254.36M | 199.69M | 185.56M | 177.68M |
| EPS (Basic) | -0.17 | -0.14 | 1.94 | -0.11 | -0.04 | -0.05 |
| EPS (Diluted) | -0.17 | -0.14 | 1.68 | -0.11 | -0.04 | -0.05 |
| Free Cash Flow | 152.54M | 164.34M | 69.06M | 78.98M | 50.25M | -1.67M |
| Free Cash Flow Per Share | 0.53 | 0.61 | 0.27 | 0.40 | 0.27 | -0.01 |
| Gross Margin | 65.97% | 67.29% | 72.78% | 70.90% | 71.07% | 73.07% |
| Operating Margin | -0.35% | 0.14% | 2.71% | -4.55% | 2.25% | 11.49% |
| Profit Margin | -5.82% | -5.31% | 93.93% | -5.87% | -2.63% | -3.26% |
| Free Cash Flow Margin | 18.47% | 22.47% | 15.29% | 21.45% | 16.56% | -0.66% |
| EBITDA | 109.07M | 86.56M | 24.41M | -6.82M | 11.97M | 31.95M |
| EBITDA Margin | 13.21% | 11.83% | 5.40% | -1.85% | 3.94% | 12.68% |
| D&A For EBITDA | 111.95M | 85.54M | 12.18M | 9.93M | 5.14M | 2.99M |
| EBIT | -2.88M | 1.01M | 12.23M | -16.75M | 6.83M | 28.96M |
| EBIT Margin | -0.35% | 0.14% | 2.71% | -4.55% | 2.25% | 11.49% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 81.51M | 91.25M | 177.35M | 221.76M | 250.72M | 254.60M |
| Short-Term Investments | 78.14M | 74.46M | 4.89M | |||
| Cash & Short-Term Investments | 81.51M | 91.25M | 255.49M | 296.22M | 255.61M | 254.60M |
| Accounts Receivable | 170.27M | 169.44M | 107.99M | 94.86M | 75.09M | 50.19M |
| Other Receivables | 3.52M | 2.50M | 2.18M | 6.07M | 4.14M | |
| Receivables | 173.79M | 171.93M | 110.17M | 100.94M | 79.23M | 50.19M |
| Prepaid Expenses | 23.54M | 22.32M | 12.83M | 13.23M | 14.95M | 11.72M |
| Other Current Assets | 15.41M | 10.07M | 6.15M | 5.60M | 6.55M | 4.83M |
| Total Current Assets | 294.24M | 295.57M | 384.65M | 416.00M | 356.35M | 321.34M |
| Property, Plant & Equipment | 82.09M | 60.91M | 39.59M | 37.90M | 39.18M | 10.74M |
| Long-Term Investments | 30.30M | 21.50M | ||||
| Goodwill | 1.27B | 1.27B | 70.97M | 45.34M | 43.79M | |
| Other Intangible Assets | 660.65M | 687.58M | 30.87M | 26.13M | 29.46M | |
| Long-Term Accounts Receivable | 100.00K | 167.00K | 554.00K | 1.91M | 1.19M | |
| Long-Term Deferred Tax Assets | 702.30M | 696.00M | 602.50M | 1.34M | 1.56M | 675.00K |
| Long-Term Deferred Charges | 14.31M | 16.48M | 7.35M | 6.97M | 7.29M | 6.61M |
| Other Long-Term Assets | 4.72M | 5.17M | 2.79M | 1.65M | 3.13M | 5.00M |
| Total Assets | 3.03B | 3.03B | 1.17B | 558.74M | 481.94M | 344.36M |
| Accounts Payable | 1.63M | 4.10M | 2.93M | 3.06M | 3.09M | 1.42M |
| Accrued Expenses | 61.28M | 97.58M | 47.13M | 33.06M | 29.05M | 21.22M |
| Current Portion of Long-Term Debt | 8.00M | 8.00M | 2.75M | 2.75M | 2.75M | 2.75M |
| Current Portion of Leases | 14.21M | 15.14M | 8.35M | 6.55M | 5.85M | |
| Current Income Taxes Payable | 1.51M | 1.56M | 403.00K | 3.40M | 4.12M | 940.00K |
| Current Unearned Revenue | 28.03M | 21.86M | 7.33M | 2.77M | 1.19M | 795.00K |
| Other Current Liabilities | 15.81M | 13.11M | 8.15M | 29.20M | 19.97M | 4.08M |
| Total Current Liabilities | 130.47M | 161.34M | 77.05M | 80.79M | 66.01M | 31.20M |
| Long-Term Debt | 798.40M | 814.64M | 43.16M | 45.83M | 48.49M | 51.16M |
| Long-Term Leases | 40.23M | 22.55M | 17.66M | 16.95M | 19.50M | |
| Pension & Post-Retirement Benefits | 1.74M | 810.00K | ||||
| Long-Term Deferred Tax Liabilities | 726.00K | 756.00K | 1.31M | 5.36M | 5.93M | |
| Other Long-Term Liabilities | 726.00K | 730.00K | 160.00K | 161.00K | 3.62M | 132.00K |
| Total Liabilities | 972.29M | 1.00B | 139.34M | 149.09M | 143.56M | 82.49M |
| Common Stock | 298.00K | 293.00K | 248.00K | 244.00K | 239.00K | 236.00K |
| Additional Paid-In Capital | 1.78B | 1.75B | 725.17M | 532.51M | 455.32M | 388.59M |
| Retained Earnings | 261.56M | 259.96M | 283.95M | -181.33M | -186.65M | -191.93M |
| Comprehensive Income & Other | 2.78M | 7.09M | -1.11M | 2.91M | 609.00K | -34.00K |
| Total Common Equity | 2.05B | 2.02B | 1.01B | 354.33M | 269.52M | 196.87M |
| Minority Interest | 5.06M | 9.36M | 21.98M | 55.33M | 68.86M | 65.00M |
| Shareholders' Equity | 2.05B | 2.03B | 1.03B | 409.66M | 338.39M | 261.87M |
| Total Liabilities & Equity | 3.03B | 3.03B | 1.17B | 558.74M | 481.94M | 344.36M |
| Total Debt | 860.84M | 860.34M | 71.92M | 72.08M | 76.60M | 53.91M |
| Net Cash (Debt) | -779.33M | -769.09M | 183.57M | 224.15M | 179.02M | 200.69M |
| Net Cash Per Share | -2.73 | -2.83 | 0.72 | 1.12 | 0.96 | 1.13 |
| Filing Date Shares Outstanding | 297.38M | 294.35M | 238.48M | 211.90M | 192.30M | 178.42M |
| Total Common Shares Outstanding | 297.25M | 291.43M | 235.10M | 210.56M | 191.23M | 178.03M |
| Working Capital | 163.77M | 134.23M | 307.59M | 335.20M | 290.33M | 290.14M |
| Book Value Per Share | 6.89 | 6.94 | 4.29 | 1.68 | 1.41 | 1.11 |
| Tangible Book Value | 120.41M | 64.10M | 906.42M | 282.86M | 196.27M | 196.87M |
| Tangible Book Value Per Share | 0.41 | 0.22 | 3.86 | 1.34 | 1.03 | 1.11 |
| Machinery | 20.01M | 13.09M | 13.27M | 14.00M | 15.01M | |
| Construction In Progress | 3.79M | 2.19M | 497.00K | 379.00K | ||
| Leasehold Improvements | 6.40M | 4.33M | 3.90M | 3.58M | 3.04M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -48.09M | -38.81M | 424.38M | -21.63M | -7.97M | -8.21M |
| Depreciation & Amortization | 111.95M | 85.54M | 12.18M | 9.93M | 5.14M | 2.99M |
| Other Amortization | 16.91M | 14.26M | 5.54M | 5.04M | 4.61M | 4.93M |
| Asset Writedown & Restructuring Costs | 500.00K | |||||
| Loss (Gain) From Sale of Investments | -396.00K | -2.22M | -1.56M | |||
| Stock-Based Compensation | 132.76M | 127.90M | 103.20M | 104.45M | 65.69M | 36.70M |
| Provision & Write-off of Bad Debts | 2.38M | 2.17M | ||||
| Other Operating Activities | 1.10M | 3.05M | -447.60M | 4.50M | 18.62M | 9.75M |
| Change in Accounts Receivable | -8.35M | -11.15M | -13.65M | -19.30M | -19.10M | -17.31M |
| Change in Accounts Payable | -2.88M | -1.34M | 269.00K | -115.00K | 1.61M | 361.00K |
| Change in Other Net Operating Assets | -36.63M | -5.32M | -7.78M | 3.29M | -10.59M | -26.35M |
| Operating Cash Flow | 169.07M | 175.90M | 74.32M | 84.60M | 58.01M | 3.36M |
| Capital Expenditures | -16.53M | -11.55M | -5.26M | -5.62M | -7.76M | -5.03M |
| Cash Acquisitions | -1.07B | -1.07B | -40.12M | -65.79M | ||
| Sale (Purchase) of Intangibles | -10.24M | -10.24M | ||||
| Investment in Securities | 7.52M | 108.51M | -10.16M | -89.43M | -3.00M | |
| Other Investing Activities | -89.00K | -89.00K | -104.00K | |||
| Investing Cash Flow | -1.09B | -988.13M | -55.65M | -95.06M | -76.55M | -5.03M |
| Long-Term Debt Issued | 924.48M | 55.00M | ||||
| Long-Term Debt Repaid | -154.06M | -2.75M | -2.75M | -2.75M | -434.92M | |
| Net Debt Issued (Repaid) | 754.10M | 770.41M | -2.75M | -2.75M | -2.75M | -379.92M |
| Issuance of Common Stock | 6.80M | 6.80M | 4.94M | 9.33M | 22.50M | 586.58M |
| Repurchase of Common Stock | -29.65M | -51.80M | -55.30M | -20.78M | -3.19M | -2.81M |
| Other Financing Activities | 2.16M | -8.56M | -5.08M | -331.00K | -8.56M | |
| Financing Cash Flow | 733.41M | 725.41M | -61.67M | -19.29M | 16.23M | 195.29M |
| Foreign Exchange Rate Adjustments | -2.04M | 713.00K | -1.42M | 785.00K | -1.56M | -112.00K |
| Net Cash Flow | -193.65M | -86.11M | -44.41M | -28.96M | -3.87M | 193.51M |
| Free Cash Flow | 152.54M | 164.34M | 69.06M | 78.98M | 50.25M | -1.67M |
| Free Cash Flow Margin | 18.47% | 22.47% | 15.29% | 21.45% | 16.56% | -0.66% |
| Free Cash Flow Per Share | 0.53 | 0.61 | 0.27 | 0.40 | 0.27 | -0.01 |
| Levered Free Cash Flow | 160.31M | 175.08M | 105.69M | 95.41M | 66.92M | 8.65M |
| Unlevered Free Cash Flow | 192.52M | 200.85M | 108.11M | 98.09M | 66.64M | 23.16M |
| Cash Interest Paid | 51.57M | 31.14M | 3.46M | 3.45M | 1.40M | 26.11M |
| Cash Income Tax Paid | 4.06M | 3.49M | 1.98M | 2.43M | 2.04M | 802.00K |
| Change in Working Capital | -47.86M | -17.81M | -21.16M | -16.12M | -28.08M | -43.29M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.36B | 6.96B | 6.29B | 4.15B | 3.55B | 4.08B |
| Enterprise Value | 8.14B | 7.80B | 6.11B | 4.00B | 3.40B | 3.95B |
| Last Close Price | 24.56 | 24.12 | 27.52 | 20.03 | 18.75 | 22.98 |
| PE Ratio | 14.82 | |||||
| Forward PE | 36.12 | 37.18 | 55.00 | 53.54 | 68.93 | 100.39 |
| PS Ratio | 8.91 | 9.52 | 13.92 | 11.27 | 11.70 | 16.18 |
| PB Ratio | 3.56 | 3.43 | 6.11 | 10.12 | 10.49 | 15.57 |
| P/TBV Ratio | 61.09 | 108.61 | 6.94 | 14.66 | 18.09 | 20.71 |
| P/FCF Ratio | 48.22 | 42.36 | 91.09 | 52.52 | 70.64 | |
| P/OCF Ratio | 43.51 | 39.58 | 84.65 | 49.03 | 61.19 | 1,214.35 |
| PEG Ratio | 1.86 | 2.44 | 2.38 | 3.06 | 4.46 | |
| EV/Sales Ratio | 9.85 | 10.67 | 13.52 | 10.87 | 11.19 | 15.66 |
| EV/EBITDA Ratio | 74.58 | 90.12 | 250.22 | 283.83 | 123.53 | |
| EV/EBIT Ratio | 7,692.82 | 499.35 | 497.45 | 136.30 | ||
| EV/FCF Ratio | 53.33 | 47.47 | 88.46 | 50.67 | 67.60 | |
| Debt / Equity Ratio | 0.42 | 0.42 | 0.07 | 0.18 | 0.23 | 0.21 |
| Debt / EBITDA Ratio | 6.80 | 8.40 | 2.14 | 91.93 | 4.17 | 1.69 |
| Debt / FCF Ratio | 5.64 | 5.24 | 1.04 | 0.91 | 1.52 | |
| Net Debt / Equity Ratio | 0.38 | 0.38 | -0.18 | -0.55 | -0.53 | -0.77 |
| Net Debt / EBITDA Ratio | 7.14 | 8.89 | -7.52 | 32.88 | -14.96 | -6.28 |
| Net Debt / FCF Ratio | 5.11 | 4.68 | -2.66 | -2.84 | -3.56 | 120.39 |
| Asset Turnover | 0.38 | 0.35 | 0.52 | 0.71 | 0.73 | 1.10 |
| Quick Ratio | 1.96 | 1.63 | 4.75 | 4.92 | 5.07 | 9.77 |
| Current Ratio | 2.25 | 1.83 | 4.99 | 5.15 | 5.40 | 10.30 |
| Return on Equity (ROE) | -3.13% | -2.63% | 59.39% | -6.17% | -2.23% | |
| Return on Assets (ROA) | -0.08% | 0.03% | 0.89% | -2.01% | 1.03% | 7.87% |
| Return on Invested Capital (ROIC) | -0.10% | 0.06% | 2.37% | -9.71% | 6.19% | 72.06% |
| Return on Capital Employed (ROCE) | -0.10% | 0.00% | 1.10% | -3.50% | 1.60% | 9.20% |
| Earnings Yield | -0.65% | -0.56% | 6.75% | -0.52% | -0.22% | -0.20% |
| FCF Yield | 2.07% | 2.36% | 1.10% | 1.90% | 1.42% | -0.04% |
| Buyback Yield / Dilution | -13.37% | -6.67% | -27.38% | -7.61% | -4.44% | 77.91% |