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Clearwater Analytics Holdings, Inc. develops and provides a Software-as-a-Service (SaaS) solution for automated investment data aggregation, reconciliation, accounting, and reporting services in the United States and internationally. It offers portfolio management, order and execution management systems (OEMS), investment accounting, reconciliation, regulatory reporting, performance measurement, compliance monitoring, and risk analytics. The company offers a single instance, multi-tenant technology platform that automates data aggregation, reconciliation, validation, and trade management. It serves insurers, asset managers, hedge funds, banks, corporations, and government entities. The company was founded in 2004 and is headquartered in Boise, Idaho.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $731M | $82M | $-39M | $154M | -1.9% | 61.9% | -109.1% |
| 2024 | $452M | $-14M | $424M | $69M | 42.1% | 22.7% | -2062.3% |
| 2023 | $368M | $-8M | $-22M | $79M | -6.1% | 21.3% | 171.5% |
| 2022 | $303M | $10M | $-8M | $50M | -3.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 303.43 | 368.17 | 451.80 | 731.37 |
| Operating Revenue | - | 303.43 | 368.17 | 451.80 | 731.37 |
| Cost Of Revenue | - | 87.78 | 107.13 | 122.99 | 239.22 |
| Gross Profit | - | 215.64 | 261.04 | 328.82 | 492.15 |
| Operating Expense | - | 210.52 | 277.79 | 316.58 | 499.83 |
| Research And Development | - | 94.12 | 123.92 | 150.56 | 196.23 |
| Selling General And Administration | - | 116.40 | 153.86 | 166.02 | 303.61 |
| Total Expenses | - | 298.31 | 384.91 | 439.57 | 739.05 |
| Operating Income | - | 5.12 | -16.74 | 12.23 | -7.69 |
| Total Operating Income As Reported | - | 5.12 | -16.74 | 12.23 | -7.69 |
| EBITDA | - | 10.26 | -8.21 | -13.56 | 81.53 |
| Normalized EBITDA | - | 10.26 | -8.21 | -13.56 | 81.53 |
| EBIT | - | 5.12 | -18.14 | -25.74 | -4.01 |
| Interest Income | - | 1.14 | 6.40 | 8.62 | - |
| Interest Expense | 25.68 | - | 4.73 | 4.32 | 45.66 |
| Net Interest Income | - | 1.14 | -4.73 | -4.32 | -45.66 |
| Other Non Operating Income Expenses | - | -11.59 | -1.39 | -37.97 | 3.68 |
| Other Income Expense | - | -11.59 | -1.39 | -37.97 | 3.68 |
| Interest Income Non Operating | - | 1.14 | 6.40 | 8.62 | - |
| Interest Expense Non Operating | 25.68 | - | 4.73 | 4.32 | 45.66 |
| Net Non Operating Interest Income Expense | - | 1.14 | -4.73 | -4.32 | -45.66 |
| Pretax Income | - | -5.34 | -22.87 | -30.06 | -49.67 |
| Tax Provision | - | 1.36 | 0.22 | -457.65 | -9.42 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -6.70 | -23.08 | 427.58 | -40.25 |
| Net Income From Continuing And Discontinued Operation | - | -7.97 | -21.63 | 424.38 | -38.81 |
| Net Income From Continuing Operation Net Minority Interest | - | -7.97 | -21.63 | 424.38 | -38.81 |
| Net Income | - | -7.97 | -21.63 | 424.38 | -38.81 |
| Net Income Common Stockholders | - | -7.97 | -21.63 | 424.38 | -38.81 |
| Net Income Including Noncontrolling Interests | - | -6.70 | -23.08 | 427.58 | -40.25 |
| Normalized Income | - | -7.97 | -21.63 | 424.38 | -38.81 |
| Diluted NI Availto Com Stockholders | - | -7.97 | -21.63 | 424.38 | -38.81 |
| Basic Average Shares | - | 185.56 | 199.69 | 219.32 | 271.32 |
| Diluted Average Shares | - | 185.56 | 199.69 | 254.36 | 271.32 |
| Reconciled Depreciation | - | 5.14 | 9.93 | 12.18 | 85.54 |
| Reconciled Cost Of Revenue | - | 87.78 | 107.13 | 122.99 | 239.22 |
| Total Unusual Items | -10.30 | 0 | 0 | - | - |
| Total Unusual Items Excluding Goodwill | -10.30 | 0 | 0 | - | - |
| Minority Interests | - | -1.27 | 1.46 | -3.21 | 1.45 |
| Special Income Charges | -10.30 | 0 | 0 | - | - |
| Other Special Charges | 10.30 | - | - | - | - |
| General And Administrative Expense | - | 63.77 | 93.50 | 98.77 | 154.43 |
| Other Gand A | - | 63.77 | 93.50 | 98.77 | 154.43 |
| Salaries And Wages | 21.50 | 38.70 | - | - | - |
| Total Other Finance Cost | 25.68 | -1.14 | -6.40 | - | - |
| Selling And Marketing Expense | - | 52.64 | 60.36 | 67.25 | 149.18 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Clearwater Analytics Holdings, Inc.this co. | CWAN | $7.3B | -187.52 | 3.60 | -1.9% | 98.69 |
| Core Scientific, Inc. | CORZ | $8.9B | -30.74 | -9.22 | 30.0% | -67.35 |
| Rigetti Computing, Inc. | RGTI | $8.0B | -37.14 | 14.70 | -39.6% | -38.42 |
| Navitas Semiconductor Corporation | NVTS | $7.3B | -62.15 | 16.38 | -26.4% | -104.54 |
| Silicon Laboratories Inc. |
| 2021 | - | - | - | - | - | - | - |
| SLAB |
| $7.2B |
| -111.28 |
| 6.60 |
| -5.9% |
| -365.09 |
| InterDigital, Inc. | IDCC | $6.7B | 16.59 | 6.13 | 36.9% | 11.07 |
| Novanta Inc. | NOVT | $5.9B | 109.22 | 4.47 | 4.1% | 32.48 |
| Zeta Global Holdings Corp. | ZETA | $5.8B | -183.13 | 7.17 | -3.9% | 143.62 |
| Navan, Inc. | NAVN | $5.6B | -14.12 | 4.65 | -32.9% | -18.33 |
| Peer Median | - | -33.94 | 6.36 | -4.9% | -28.38 | |