A Business at a Glance
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Recent Developments On December 20, 2025, we entered into the Merger Agreement to be acquired in a transaction valued at approximately $8.4 billion by an investor group led by Permira and Warburg Pincus, and also including Temasek Holdings (Private) Limited (“Temasek”) and Francisco Partners Management, L.P. (“Francisco Partners” and, collectively with Permira, Warburg and Temasek, the “Investor Group”). Under the terms of the Merger Agreement, each share of our Class A common stock issued and outstanding immediately prior to the effective time of the Merger (other than shares of our Class A common stock (i) owned by Parent or Merger Sub, (ii) owned by us as treasury shares or (iii) held by any person who properly exercises appraisal rights under the Delaware General Corporation Law (the “DGCL”)) will convert into the right to receive an amount in cash equal to $24.55 per share, without interest, upon completion of the proposed transaction (the “Merger Consideration”).
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 731M | 731M | 452M | 368M | 303M | 252M |
| Net Income | -39M | -39M | 424M | -22M | -8.0M | -8.2M |
| EPS | $-0.14 | $-0.14 | $1.68 | $-0.11 | $-0.04 | $-0.05 |
| Free Cash Flow | 164M | 164M | 69M | 79M | 50M | -1.7M |
| ROIC | -0.2% | -0.4% | - | -5.5% | 4.5% | 44.2% |
| Gross Margin | 67.3% | 67.3% | 72.8% | 70.9% | 71.1% | 73.1% |
| Debt/Equity | 0.43 | 0.43 | 0.07 | 0.20 | 0.24 | 0.22 |
| Dividends/Share | $0.00 | - | - | - | $0.82 | $0.99 |
| Operating Income | -7.7M | -7.7M | - | -17M | 5.1M | 28M |
| Operating Margin | -1.1% | -1.1% | - | -4.5% | 1.7% | 11.3% |
| ROE | -1.9% | -2.6% | 42.1% | -6.2% | -2.7% | -3.1% |
| Shares Outstanding | 277M | 277M | 253M | 197M | 199M | 164M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 168M | 203M | 252M | 303M | 368M | 452M | 731M | 731M |
| Gross Margin | 71.9% | 73.8% | 73.1% | 71.1% | 70.9% | 72.8% | 67.3% | 67.3% |
| R&D | 39M | 55M | 73M | 94M | 124M | 151M | 196M | 196M |
| SG&A | 37M | 44M | 44M | 64M | 93M | 99M | 154M | 154M |
| EBIT | 26M | -20M | 28M | 5.1M | -17M | N/A | -7.7M | -7.7M |
| Op. Margin | 15.3% | -10.0% | 11.3% | 1.7% | -4.5% | N/A | -1.1% | -1.1% |
| Net Income | 7.7M | -44M | -8.2M | -8.0M | -22M | 424M | -39M | -39M |
| Net Margin | 4.6% | -21.8% | -3.3% | -2.6% | -5.9% | 93.9% | -5.3% | -5.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | -17.7% | 44.2% | 4.5% | -5.5% | N/A | -0.4% | -0.2% |
| ROE | N/A | N/A | -3.1% | -2.7% | -6.2% | 42.1% | -2.6% | -1.9% |
| ROA | N/A | -76.9% | -3.6% | -1.9% | -4.2% | 36.3% | -1.8% | -1.3% |
| Cash Flow | ||||||||
| Op. Cash Flow | 230M | -6.5M | 3.4M | 58M | 85M | 74M | 176M | 176M |
| Free Cash Flow | 227M | -10M | -1.7M | 50M | 79M | 69M | 164M | 164M |
| Owner Earnings | 222M | -33M | -37M | -13M | -30M | -41M | -38M | -38M |
| CapEx | 3.4M | 3.8M | 5.0M | 7.8M | 5.6M | 5.3M | 12M | 12M |
| Maint. CapEx | 2.0M | 2.3M | 3.5M | 5.1M | 9.9M | 12M | 86M | 86M |
| Growth CapEx | 1.4M | 1.5M | 1.5M | 2.6M | 0 | 0 | 0 | 0 |
| D&A | 2.0M | 2.3M | 3.5M | 5.1M | 9.9M | 12M | 86M | 86M |
| CapEx/OCF | N/A | N/A | 149.6% | 13.4% | 6.6% | 7.1% | 6.6% | 6.6% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 163M | 163M | 163M | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | 4.4% | 4.9% | N/A | N/A | N/A | N/A |
| Share Buybacks | 3.8M | 567K | 626K | 626K | 0 | 0 | 18M | 18M |
| Buyback Yield | N/A | N/A | 0.0% | N/A | N/A | N/A | 0.3% | 0.3% |
| Stock-Based Comp | 6.2M | 25M | 37M | 66M | 104M | 103M | 128M | 128M |
| Debt Repayment | 463K | 22M | 435M | 2.8M | 2.7M | 2.8M | 154M | 154M |
| Balance Sheet | ||||||||
| Net Debt | N/A | 361M | -198M | -176M | -224M | -181M | 777M | 777M |
| Cash & Equiv. | 20M | 61M | 255M | 251M | 222M | 177M | 91M | 91M |
| Long-Term Debt | N/A | N/A | 54M | 52M | 46M | 43M | 815M | 815M |
| Debt/Equity | -0.88 | N/A | 0.22 | 0.24 | 0.20 | 0.07 | 0.43 | 0.43 |
| Interest Coverage | 1.4 | -0.9 | 1.1 | 4.5 | -2.6 | N/A | -0.2 | -0.2 |
| Equity | -4.8M | N/A | 262M | 338M | 354M | 1.0B | 2.0B | 2.0B |
| Total Assets | -589K | 116M | 344M | 482M | 559M | 1.2B | 3.0B | 3.0B |
| Total Liabilities | 4.2M | N/A | 82M | 144M | 149M | 139M | 1.0B | 1.0B |
| Intangibles | N/A | N/A | N/A | 29M | 26M | 31M | 688M | 688M |
| Retained Earnings | N/A | N/A | -192M | -187M | -181M | 284M | 260M | 260M |
| Working Capital | N/A | 63M | 290M | 290M | 335M | 308M | 134M | 134M |
| Current Assets | N/A | 102M | 321M | 356M | 416M | 385M | 296M | 296M |
| Current Liabilities | N/A | 38M | 31M | 66M | 81M | 77M | 161M | 161M |
| Per Share Data | ||||||||
| EPS | N/A | N/A | -0.05 | -0.04 | -0.11 | 1.68 | -0.14 | -0.14 |
| Owner EPS | N/A | N/A | -0.22 | -0.06 | -0.15 | -0.16 | -0.14 | -0.14 |
| Book Value | N/A | N/A | 1.59 | 1.70 | 1.80 | 3.99 | 7.29 | 7.29 |
| Cash Flow/Share | N/A | N/A | 0.02 | 0.29 | 0.43 | 0.29 | 0.63 | 0.17 |
| Dividends/Share | N/A | N/A | 0.99 | 0.82 | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 164.3M | 199.2M | 196.6M | 252.6M | 277.2M | 277.2M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 16.7 | N/A | -171.8 |
| P/FCF | N/A | N/A | N/A | 73.4 | 50.0 | 102.5 | 40.7 | 40.6 |
| EV/EBIT | N/A | N/A | 116.7 | 681.1 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 13.4 | 10.9 | 11.2 | 7.0 | 3.3 | 3.3 |
| Price/Sales | N/A | N/A | 14.9 | 11.0 | 9.4 | 12.2 | 8.6 | 9.1 |
| FCF Yield | N/A | N/A | -0.0% | 1.4% | 2.0% | 1.0% | 2.5% | 2.5% |
| Market Cap | N/A | N/A | 3.5B | 3.7B | 4.0B | 7.1B | 6.7B | 6.7B |
| Avg. Price | N/A | N/A | 22.85 | 16.75 | 17.66 | 21.87 | 22.78 | 24.05 |
| Year-End Price | N/A | N/A | 21.43 | 18.51 | 20.10 | 28.01 | 24.13 | 24.05 |
Clearwater Analytics Holdings, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 43.1x vs a median of 50.0x. The company's 5-year average ROIC is 10.7% with a gross margin of 71.0%. Total shareholder yield (buybacks) is 0.3%. At current prices, the estimated annualized return to fair value is +31.2%.
Clearwater Analytics Holdings, Inc. (CWAN) has a 5-year average return on invested capital (ROIC) of 10.7%. This indicates solid capital allocation.
Clearwater Analytics Holdings, Inc. (CWAN) has a market capitalization of $6.7B. It is classified as a mid-cap stock.
Clearwater Analytics Holdings, Inc. (CWAN) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.27%.
Clearwater Analytics Holdings, Inc. (CWAN) operates in the Services-Prepackaged Software industry, within the Technology sector.
Clearwater Analytics Holdings, Inc. (CWAN) reported annual revenue of $731 million in its most recent fiscal year, based on SEC EDGAR filings.
Clearwater Analytics Holdings, Inc. (CWAN) has a net profit margin of -5.3%. The company is currently unprofitable.
Clearwater Analytics Holdings, Inc. (CWAN) generated $164 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Clearwater Analytics Holdings, Inc. (CWAN) has a debt-to-equity ratio of 0.43. This indicates a conservatively financed balance sheet.
Clearwater Analytics Holdings, Inc. (CWAN) reported earnings per share (EPS) of $-0.14 in its most recent fiscal year.
Clearwater Analytics Holdings, Inc. (CWAN) has a return on equity (ROE) of -2.6%. A negative ROE may indicate losses or negative equity.
Clearwater Analytics Holdings, Inc. (CWAN) has a 5-year average gross margin of 71.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Clearwater Analytics Holdings, Inc. (CWAN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Clearwater Analytics Holdings, Inc. (CWAN) has a book value per share of $7.29, based on its most recent annual SEC filing.