Clearwater Analytics Holdings, Inc. (CWAN)
Clearwater Analytics Holdings, Inc. offers a cloud-based (Software-as-a-Service) platform engineered to automate and centralize the entire lifecycle of investment data. This encompasses aggregation, reconciliation, comprehensive accounting, and detailed reporting capabilities for a diverse clientele, including insurers, asset managers, corporations, institutional investors, and government entities. Their robust suite of solutions spans critical areas such as investment accounting and reporting, performance measurement, continuous compliance monitoring, and sophisticated risk analytics. A core offering, Clearwater Prism, grants users self-service access to consolidated data feeds originating from various systems—both Clearwater's proprietary platforms and those of external third-party vendors—covering accounting, compliance, performance, and risk domains. It also facilitates highly adaptable reporting functionalities for different stakeholders. Established in 2021, the company's headquarters are located in Boise, Idaho.
Sector: Services-Prepackaged Software
Industry: Software - Application
Clearwater Analytics Holdings, Inc.
NYSE:CWANTechnology · Software - Application
Mkt Cap$7.3B
Float284.64M
O/S297.38M
Inst Own0.6%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$731.37M
Net Income-$38.81M
Total Assets$3.03B
Free Cash Flow$164.34M
Debt & Equity
Debt 30%
Equity 70%
Total Debt$882.89M
Total Equity$2.02B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in CWAN's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$3.03B
Liabilities$1B
Accounts Receivable$171.93M
Accounts Payable$4.1M
Inventory$0
PP&E (Net)$60.91M
Goodwill$1.27B
Intangible Assets$687.58M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Revenue | $731.37M | $451.8M | $368.17M | $303.43M | $252.02M | $203.22M | $168M |
| YoY Growth | 61.9% | 22.7% | 21.3% | 20.4% | 24.0% | 21.0% | - |
| Cost of Revenue | $239.22M | $122.99M | $107.13M | $87.78M | $67.86M | $53.26M | $47.15M |
| Gross Profit | $492.15M | $328.82M | $261.04M | $215.64M | $184.16M | $149.96M | $120.86M |
| Gross Margin | 67.3% | 72.8% | 70.9% | 71.1% | 73.1% | 73.8% | 71.9% |
| Research and Development | $196.23M | $150.56M | $123.92M | $94.12M | $72.69M | $55.26M | $39.27M |
| Selling, General, and Administrative | $303.61M | $166.02M | $153.86M | $116.41M | $83.01M | $66.12M | $55.88M |
| Other | $0 | $0 | $0 | $0 | $0 | $49M | $0 |
| Total Operating Expenses | $499.83M | $316.58M | $277.79M | $210.53M | $155.7M | $170.38M | $95.16M |
| Operating Income (EBIT) | -$7.69M | $12.23M | -$16.75M | $5.12M | $28.46M | -$20.42M | $25.7M |
| Operating Margin | -1.1% | 2.7% | -4.5% | 1.7% | 11.3% | -10.0% | 15.3% |
| Interest Expense | $45.66M | $0 | $0 | $0 | $25.68M | $22.91M | $17.81M |
| Interest Income | $0 | $8.62M | $6.4M | $1.14M | $0 | $0 | $0 |
| Other Income (Expense) | -$41.99M | -$42.3M | -$6.12M | -$10.45M | -$36.07M | -$22.91M | -$17.89M |
| Income Before Tax (EBT) | -$49.67M | -$30.06M | -$22.87M | -$5.33M | -$7.61M | -$43.33M | $7.8M |
| Income Tax Expense | -$9.42M | -$457.65M | $217K | $1.36M | $487K | $902K | $73K |
| Net Income | -$38.81M | $424.38M | -$21.63M | -$7.97M | -$8.21M | -$44.23M | $7.73M |
| Net Income Margin | -5.3% | 93.9% | -5.9% | -2.6% | -3.3% | -21.8% | 4.6% |
| Supplementary Data | |||||||
| EPS | -0.14 | 1.93 | -0.11 | -0.04 | -0.05 | -0.19 | 0.03 |
| Diluted EPS | -0.14 | 1.68 | -0.11 | -0.04 | -0.05 | -0.19 | 0.03 |
| Weighted Average OS | 271.32M | 219.32M | 199.69M | 185.56M | 178.03M | 235.98M | 235.98M |
| EBITDA | $81.53M | -$17.88M | -$12.94M | -$196K | $21.57M | -$18.15M | $27.63M |
| EBITDA Margin | 11.1% | -4.0% | -3.5% | -0.1% | 8.6% | -8.9% | 16.4% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Assets | |||||||
| Current Assets | |||||||
| Cash and Cash Equivalents | $91.25M | $177.35M | $221.76M | $250.72M | $254.6M | $61.09M | $20.25M |
| Short-Term Investments | $0 | $78.14M | $74.46M | $4.89M | $0 | $0 | $0 |
| Cash and Short-Term Investments | $91.25M | $255.49M | $296.22M | $255.61M | $254.6M | $61.09M | $20.25M |
| Accounts Receivable | $171.93M | $110.17M | $100.94M | $79.23M | $50.19M | $32.88M | $26.56M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $10.07M | $6.15M | $5.6M | $6.55M | $4.83M | $3.41M | $2.87M |
| Total Current Assets | $295.57M | $384.65M | $416M | $356.35M | $321.34M | $101.52M | $52.81M |
| Long-Term Assets | |||||||
| Property, Plant & Equipment Net | $60.91M | $39.59M | $37.9M | $39.18M | $10.74M | $8.85M | $7.09M |
| Goodwill | $1.27B | $70.97M | $45.34M | $43.79M | $0 | $0 | $0 |
| Intangible Assets | $687.58M | $30.87M | $26.13M | $29.46M | $0 | $0 | $0 |
| Long-Term Investments | $167K | $30.3M | $21.5M | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $696M | $602.5M | $1.34M | $1.56M | $675K | $0 | $0 |
| Other Long-Term Assets | $21.65M | $10.69M | $10.54M | $11.61M | $11.6M | $5.19M | $4.06M |
| Total Long-Term Assets | $2.74B | $784.93M | $142.75M | $125.6M | $23.02M | $14.04M | $11.15M |
| Other Assets | $0 | $0 | -$1K | $0 | $0 | $0 | $0 |
| Total Assets | $3.03B | $1.17B | $558.74M | $481.94M | $344.36M | $115.56M | $63.97M |
| Liabilities | |||||||
| Current Liabilities | |||||||
| Accounts Payable | $4.1M | $2.93M | $3.06M | $3.09M | $1.42M | $1.34M | $1.14M |
| Short-Term Debt | $23.14M | $2.75M | $2.75M | $2.75M | $2.75M | $3.08M | $2.8M |
| Current Income Tax Payable | $0 | $461K | $22.3M | $16.72M | $2.38M | $0 | $891K |
| Current Unearned Revenue | $21.86M | $7.33M | $2.77M | $1.19M | $795K | $0 | $1.42M |
| Other Current Liabilities | $110.69M | $25.71M | $20.64M | $18.34M | $8.44M | $10.16M | $4.99M |
| Total Current Liabilities | $161.34M | $77.05M | $80.79M | $66.01M | $31.2M | $38.21M | $20.56M |
| Long-Term Liabilities | |||||||
| Long-Term Debt | $837.2M | $43.16M | $45.83M | $48.49M | $51.16M | $421.83M | $244.07M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $756K | $1.31M | $5.36M | $5.93M | $0 | $0 | $0 |
| Other Long-Term Liabilities | -$21.02M | $160K | $162K | $3.62M | $132K | $134K | $59K |
| Total Long-Term Liabilities | $839.49M | $62.29M | $68.29M | $77.54M | $51.29M | $421.96M | $244.13M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1B | $139.34M | $149.09M | $143.56M | $82.49M | $460.17M | $264.69M |
| Stockholders' Equity | |||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $293K | $248K | $244K | $239K | $236K | -$245.81M | $0 |
| Retained Earnings | $259.96M | $283.95M | -$181.33M | -$186.65M | -$191.93M | $0 | -$201.58M |
| Comprehensive Income & Other | $7.09M | -$1.11M | $2.91M | $609K | -$34K | -$98.8M | -$13K |
| Other Stockholders' Equity | $1.76B | $724.06M | $535.42M | $455.93M | $388.56M | -$98.8M | $854K |
| Total Equity | $2.02B | $1.01B | $354.33M | $269.52M | $196.87M | -$344.61M | -$200.72M |
| Minority Interest | $9.36M | $21.98M | $55.33M | $68.86M | $65M | $0 | $0 |
| Total Liabilities and Equity | $3.02B | $1.15B | $503.42M | $413.08M | $279.35M | $115.56M | $63.97M |
| Supplementary Data | |||||||
| Total Debt | $882.89M | $71.92M | $72.08M | $76.6M | $53.91M | $424.9M | $246.87M |
| Net Debt | $791.65M | -$105.43M | -$149.69M | -$174.13M | -$200.69M | $363.82M | $226.62M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Operating Activities | |||||||
| Net Income | -$38.81M | $427.58M | -$23.08M | -$6.7M | -$8.09M | -$44.23M | $7.73M |
| Depreciation & Amortization | $85.54M | $12.18M | $9.93M | $5.14M | $3.49M | $2.27M | $2.02M |
| Deferred Income Tax | -$12.61M | -$460.03M | -$1.67M | -$803K | -$648K | $0 | $0 |
| Stock-Based Compensation | $127.9M | $103.2M | $104.45M | $65.69M | $36.7M | $24.6M | $6.23M |
| Changes in Working Capital: | |||||||
| Accounts Receivable | -$11.15M | -$13.65M | -$19.3M | -$19.1M | -$17.31M | -$6.33M | -$5.66M |
| Inventory | $0 | $0 | $0 | $0 | -$21.23M | $0 | -$240.52M |
| Accounts Payable | -$1.34M | $269K | -$115K | $1.61M | $361K | $67K | $166K |
| Other Working Capital | -$5.32M | -$7.85M | $3.29M | $1.61M | -$5.14M | $12.28M | -$3.07M |
| Total Working Capital Change | -$17.81M | -$21.23M | -$16.13M | -$15.88M | -$43.32M | $6.03M | -$249.08M |
| Other Non-Cash Items | $31.68M | $12.61M | $11.1M | $10.56M | $15.23M | $4.85M | $3.07M |
| Net Cash from Operating | $175.9M | $74.32M | $84.6M | $58.01M | $3.36M | -$6.49M | -$230.03M |
| Investing Activities | |||||||
| Capital Expenditures | -$11.55M | -$5.26M | -$5.62M | -$7.76M | -$5.03M | -$3.81M | -$3.37M |
| Acquisitions | -$1.07B | -$40.12M | $0 | -$65.79M | $0 | $0 | $0 |
| Purchases of Investments | -$4.69M | -$117.58M | -$127.18M | -$3M | $0 | $0 | $0 |
| Sales of Investments | $113.19M | $107.42M | $37.75M | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$10.33M | -$104K | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$988.13M | -$55.65M | -$95.06M | -$76.55M | -$5.03M | -$3.81M | -$3.37M |
| Financing Activities | |||||||
| Debt Repaid | -$770.41M | $2.75M | $2.75M | $2.75M | $379.92M | -$181.13M | - |
| Common Stock Issuance | $6.8M | $0 | $0 | $0 | $582.19M | $0 | $0 |
| Common Stock Repurchases | -$18.05M | $0 | $0 | $0 | -$626K | -$567K | -$3.78M |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | -$173.18M | $0 |
| Other Financing Activities | -$33.75M | -$58.92M | -$16.54M | $18.98M | -$6.36M | $43.66M | $241.5M |
| Net Cash from Financing | $725.41M | -$61.67M | -$19.29M | $16.23M | $195.29M | $51.04M | $237.72M |
| Forex Effect | $713K | -$1.42M | $785K | -$1.56M | -$112K | $85K | $87K |
| Net Change in Cash | -$86.11M | -$44.41M | -$28.96M | -$3.87M | $193.51M | $40.83M | $4.4M |
| Supplementary Data | |||||||
| Operating Cash Flow | $175.9M | $74.32M | $84.6M | $58.01M | $3.36M | -$6.49M | -$230.03M |
| Capital Expenditure | -$11.55M | -$5.26M | -$5.62M | -$7.76M | -$5.03M | -$3.81M | -$3.37M |
| Free Cash Flow | $164.34M | $69.06M | $78.98M | $50.25M | -$1.67M | -$10.29M | -$233.4M |
| Cash at Beginning | $177.35M | $221.76M | $250.72M | $254.6M | $61.09M | $20.25M | $15.85M |
| Cash at End | $91.25M | $177.35M | $221.76M | $250.72M | $254.6M | $61.09M | $20.25M |