Clearwater Analytics (CWAN)
Market Price (6/21/2026): $24.27 | Market Cap: $7.2 BilSector: Information Technology | Industry: Application Software
Clearwater Analytics (CWAN)
Market Price (6/21/2026): $24.27Market Cap: $7.2 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 73% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Cloud Computing, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), and Wealth Management Technology. | Trading close to highsDist 52W High is -0.5% Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -26% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.7% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 42x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8% Key risksCWAN key risks include [1] significant challenges integrating major acquisitions, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 73% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Cloud Computing, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), and Wealth Management Technology. |
| Trading close to highsDist 52W High is -0.5% |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -26% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.7% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 42x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8% |
| Key risksCWAN key risks include [1] significant challenges integrating major acquisitions, Show more. |
Qualitative Assessment
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Clearwater Analytics (CWAN) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Clearwater Analytics' stock movement was significantly influenced by the pending acquisition by an investor group led by Permira and Warburg Pincus for $24.55 per share in an all-cash transaction, valued at approximately $8.4 billion.
Shareholders approved this definitive merger agreement on May 6, 2026, with the transaction anticipated to close in Q2 2026, providing a strong anchor for the stock price.
2. The company reported robust first-quarter 2026 financial results on May 7, 2026, demonstrating substantial growth.
Clearwater Analytics announced total revenue of $221.2 million, marking a 74% increase year-over-year and surpassing analyst estimates.
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Clearwater Analytics (CWAN) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Clearwater Analytics' stock movement was significantly influenced by the pending acquisition by an investor group led by Permira and Warburg Pincus for $24.55 per share in an all-cash transaction, valued at approximately $8.4 billion.
Shareholders approved this definitive merger agreement on May 6, 2026, with the transaction anticipated to close in Q2 2026, providing a strong anchor for the stock price.
2. The company reported robust first-quarter 2026 financial results on May 7, 2026, demonstrating substantial growth.
Clearwater Analytics announced total revenue of $221.2 million, marking a 74% increase year-over-year and surpassing analyst estimates.
3. Clearwater Analytics showcased strong profitability and operational success in Q1 2026.
Annualized Recurring Revenue (ARR) grew by 77% year-over-year to $872 million as of March 31, 2026, and Adjusted EBITDA increased by 72% year-over-year to $77.4 million, achieving a 35% margin.
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Stock Movement Drivers
Fundamental Drivers
The 3.8% change in CWAN stock from 2/28/2026 to 6/20/2026 was primarily driven by a 12.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.39 | 24.29 | 3.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 731 | 826 | 12.9% |
| P/S Multiple | 9.2 | 8.7 | -6.0% |
| Shares Outstanding (Mil) | 289 | 295 | -2.1% |
| Cumulative Contribution | 3.8% |
Market Drivers
2/28/2026 to 6/20/2026| Return | Correlation | |
|---|---|---|
| CWAN | 3.8% | |
| Market (SPY) | 9.2% | 24.7% |
| Sector (XLK) | 38.1% | 19.2% |
Fundamental Drivers
The 10.1% change in CWAN stock from 11/30/2025 to 6/20/2026 was primarily driven by a 28.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.06 | 24.29 | 10.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 640 | 826 | 28.9% |
| P/S Multiple | 9.9 | 8.7 | -12.5% |
| Shares Outstanding (Mil) | 288 | 295 | -2.4% |
| Cumulative Contribution | 10.1% |
Market Drivers
11/30/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| CWAN | 10.1% | |
| Market (SPY) | 9.9% | 18.7% |
| Sector (XLK) | 34.1% | 15.3% |
Fundamental Drivers
The 5.2% change in CWAN stock from 5/31/2025 to 6/20/2026 was primarily driven by a 73.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.10 | 24.29 | 5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 476 | 826 | 73.5% |
| P/S Multiple | 11.5 | 8.7 | -24.7% |
| Shares Outstanding (Mil) | 237 | 295 | -19.5% |
| Cumulative Contribution | 5.2% |
Market Drivers
5/31/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| CWAN | 5.2% | |
| Market (SPY) | 28.1% | 24.8% |
| Sector (XLK) | 66.8% | 16.4% |
Fundamental Drivers
The 50.7% change in CWAN stock from 5/31/2023 to 6/20/2026 was primarily driven by a 160.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.12 | 24.29 | 50.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 317 | 826 | 160.3% |
| P/S Multiple | 9.8 | 8.7 | -11.5% |
| Shares Outstanding (Mil) | 193 | 295 | -34.6% |
| Cumulative Contribution | 50.7% |
Market Drivers
5/31/2023 to 6/20/2026| Return | Correlation | |
|---|---|---|
| CWAN | 50.7% | |
| Market (SPY) | 85.7% | 34.7% |
| Sector (XLK) | 137.9% | 26.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CWAN Return | -9% | -18% | 7% | 37% | -12% | 1% | -4% |
| Peers Return | 29% | -22% | 23% | 20% | 4% | -9% | 39% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| CWAN Win Rate | 50% | 50% | 50% | 58% | 58% | 50% | |
| Peers Win Rate | 63% | 43% | 52% | 57% | 60% | 37% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CWAN Max Drawdown | - | -48% | -31% | -21% | -49% | -6% | |
| Peers Max Drawdown | -13% | -36% | -20% | -12% | -27% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SSNC, BLK, STT, BR, FDS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | CWAN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.7% | -6.7% |
| % Gain to Breakeven | 40.2% | 7.1% |
| Time to Breakeven | 181 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.7% | -24.5% |
| % Gain to Breakeven | 77.7% | 32.4% |
| Time to Breakeven | 763 days | 427 days |
In The Past
Clearwater Analytics's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | CWAN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.7% | -6.7% |
| % Gain to Breakeven | 40.2% | 7.1% |
| Time to Breakeven | 181 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.7% | -24.5% |
| % Gain to Breakeven | 77.7% | 32.4% |
| Time to Breakeven | 763 days | 427 days |
In The Past
Clearwater Analytics's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Clearwater Analytics (CWAN)
Clearwater Analytics (CWAN) is a Software-as-a-Service (SaaS) provider offering a comprehensive solution for automated investment data management. The company specializes in aggregating, reconciling, accounting for, and reporting on investment data, helping organizations streamline the complex process of overseeing their investment portfolios through a unified cloud-native platform.
Its core offerings encompass robust solutions for investment accounting and reporting, performance measurement, compliance monitoring, and risk analytics. A key product, Clearwater Prism, empowers clients with self-service access to critical data feeds from various systems, including Clearwater's own and third-party software vendors. This facilitates highly flexible reporting tailored to diverse user needs across their investment operations.
Clearwater Analytics serves a broad spectrum of sophisticated financial and corporate clients. Its primary customer base includes insurers, investment managers, large corporations, institutional investors, and government entities. These organizations depend on Clearwater's platform to ensure accuracy, transparency, and efficiency in managing their extensive investment portfolios while meeting stringent regulatory and internal reporting requirements.
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Here are 1-3 brief analogies for Clearwater Analytics (CWAN):
- It's like Workday, but specifically for institutional investment accounting and reporting.
- Think of it as the SAP or Oracle of investment portfolio management and accounting.
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- SaaS Investment Accounting and Reporting: A comprehensive Software-as-a-Service solution for automated investment data aggregation, reconciliation, accounting, and reporting services.
- Performance Measurement: Provides tools and services designed to analyze and report on the performance of investment portfolios.
- Compliance Monitoring: Offers solutions to help clients monitor and ensure adherence to investment guidelines and regulatory requirements.
- Risk Analytics: Delivers capabilities for assessing, analyzing, and managing financial risks associated with investments.
- Clearwater Prism: A self-service data and reporting solution providing access to data feeds from various systems and flexible reporting capabilities.
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Major Customers of Clearwater Analytics (CWAN)
Clearwater Analytics primarily sells its Software-as-a-Service solution for investment data aggregation, reconciliation, accounting, and reporting to other companies and institutional entities rather than individuals. While the company does not typically disclose the specific names of its individual major customers, it serves a diverse range of clients across several key categories:
- Insurers
- Investment Managers
- Corporations
- Institutional Investors (which include entities such as pension funds and endowments)
- Government Entities
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- Amazon.com, Inc. (AMZN)
- FactSet Research Systems Inc. (FDS)
- MSCI Inc. (MSCI)
- S&P Global Inc. (SPGI)
- Refinitiv
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Sandeep Sahai, Chief Executive Officer and Board Member
Sandeep Sahai joined Clearwater Analytics as Executive Chairman in September 2016 and became Chief Executive Officer on July 1, 2018. Prior to his tenure at Clearwater, Sahai served as President and CEO of Headstrong, a provider of solutions and managed services to financial institutions, which was successfully acquired by Genpact in 2011. He also co-founded and was a partner at TechSpan, a consulting firm, and served as CEO of SkanSoft. Sahai has experience with private equity-backed companies, having been an Operating Partner at Welsh, Carson, Anderson & Stowe (WCAS), where he focused on investments in emerging business models, and Headstrong was a former WCAS portfolio company. He also held the role of CEO at Solmark, an investment partnership.
Jim Cox, Chief Financial Officer
Jim Cox was appointed Chief Financial Officer of Clearwater Analytics in April 2019. Before joining Clearwater, Cox served as CFO of Glassdoor, where he oversaw the company's preparation for an initial public offering (IPO). His previous experience includes serving as CFO at Lithium Technologies and Advent Software. Cox has a background in strategic transactions and integration activities, having been involved in numerous deals as both a buyer and seller. Earlier in his career, he held management positions at multinational firms UTStarcom and PricewaterhouseCoopers.
Subi Sethi, Chief Operating Officer
Subi Sethi was promoted to Chief Operating Officer in April 2025. During her five-year tenure at Clearwater Analytics, she has been credited with transforming the company's business operations, leading to significant improvements in gross margin, enhanced client satisfaction, and the successful establishment of global operation centers. Prior to this role, Sethi served as Chief Client Officer.
Cindy Blendu, Chief Administrative Officer
Cindy Blendu was promoted to Chief Administrative Officer in April 2025, where her portfolio expanded to include Human Resources, Corporate IT, and Facilities management. With six years at Clearwater, Blendu has been instrumental in fostering a culture of responsibility, accountability, and excellence, which has contributed to improved engagement, efficiency, and productivity across the organization. She has also been listed as Chief Transformation Officer.
James Price, Chief Quality Officer
James Price has served as Chief Quality Officer at Clearwater Analytics since April 2020. He originally joined the company in November 2004. His prior roles at Clearwater include Chief Technology Officer from 2016 to 2020, Director of Development from 2004 to 2016, and the company's first software development team lead. Before his time at Clearwater, Price worked as a Senior Software Developer at CQG from 2001 to 2004 and as a Software Engineer at Hewlett Packard from 1998 to 2000. He rejoined the founders of Clearwater Analytics in 2004 after a previous venture he was involved with, Xpit.com, was sold.
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The key risks to Clearwater Analytics (CWAN) are:
-
Dependence on Asset Values and Market Volatility: Clearwater Analytics' revenue is heavily influenced by fees tied to the value of assets on its platform. This makes the company vulnerable to fluctuations in financial market asset values, interest rate changes, and broader economic downturns or volatility, which could materially impact its financial performance and cash flows.
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Cybersecurity Breaches, System Outages, and Data Integrity: As a Software-as-a-Service (SaaS) provider handling sensitive investment data, Clearwater Analytics faces significant risks related to the security, integrity, and availability of its platform. Potential failures in its investment accounting and reporting solutions, reliance on cloud-based services, or third-party IT systems could lead to service disruptions, data breaches, financial losses, and severe reputational damage.
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Intense Competition and Acquisition Integration Challenges: Clearwater Analytics operates in a highly competitive financial services software and services market. Its ability to sustain revenue growth depends on its continued innovation and market leadership. Furthermore, the company has undertaken strategic acquisitions, such as Enfusion, Beacon, and Bistro. Difficulties in successfully integrating these acquired businesses, achieving anticipated synergies, or managing potential drags on margins could negatively affect its financial performance and competitive position.
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Clearwater Analytics Holdings, Inc. (symbol: CWAN) offers a Software-as-a-Service solution that provides automated investment data aggregation, reconciliation, accounting, and reporting services, as well as performance measurement, compliance monitoring, and risk analytics solutions to institutional investors.
Addressable Markets for Clearwater Analytics
- The total addressable market for Clearwater Analytics across insurance, asset management, hedge funds, and asset owner verticals is estimated to be $23.3 billion globally.
- The global investment accounting and analytics market, which encompasses Clearwater's solutions and client end-markets, is estimated to be an approximately $10 billion global revenue opportunity.
- The broader global investment management software market is anticipated to reach $49.6 billion by 2032, expanding at a CAGR of 10.2% from 2024 to 2032. North America accounts for approximately 45% of this global market share.
- The global investment accounting software market was valued at $1,677.02 million in 2021 and is projected to reach $5,081.27 million by 2033, growing at a CAGR of 9.678% from 2025 to 2033. North America holds about 39.69% of the market share. Another estimate projects this market to grow from USD 3.70 billion in 2022 to USD 8.44 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 16.00%.
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Clearwater Analytics (CWAN) is expected to drive future revenue growth over the next two to three years through several key initiatives:
-
Strategic Acquisitions and Platform Integration: Clearwater Analytics' acquisition strategy, notably the integration of Enfusion, Beacon, and Bistro, is a significant driver. These acquisitions aim to expand Clearwater's capabilities from its traditional middle and back-office functions to a comprehensive, unified front-to-back investment management platform. This expansion allows the company to offer a more complete solution to clients, leading to potential cross-selling opportunities and a broader appeal to institutional investors.
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Generative AI (GenAI) Investments and Product Innovation: Clearwater Analytics is aggressively investing in and embedding Generative AI capabilities across its platform, including its Beacon risk and quantitative analytics platform. These AI investments are designed to enhance operational efficiencies, accelerate processes like model validation and regulatory reporting, and deliver advanced "agentic solutions" to clients. This focus on cutting-edge technology is expected to drive demand and maintain a competitive edge.
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International Expansion and New Market Penetration: The company has identified significant growth opportunities in expanding its global footprint, particularly in international markets like Europe and Asia. Recent successes include securing mandates from large international banks and insurers, indicating a strategic push to gain market share beyond North America.
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Expansion of Product Offerings to a Comprehensive Front-to-Back Platform: Beyond specific acquisitions, Clearwater Analytics is committed to building out a unified, front-to-back solution that integrates portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics. This holistic approach, including support for alternatives and multi-asset strategies, aims to replace outdated legacy systems and cater to the increasing complexity of global portfolios. Partnerships, such as the strategic collaboration with Bloomberg, further enhance this integrated offering.
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Share Repurchases
- Clearwater Analytics' Board of Directors authorized a $100 million share repurchase program in September 2025.
- The company intends to execute this program by buying Class A common stock in the open market, aiming to partially offset the dilutive impact of recent share issuances and reduce the public float.
Share Issuance
- Clearwater Analytics launched its Initial Public Offering (IPO) in September 2021.
- The IPO involved the pricing of 30,000,000 shares of its Class A common stock at $18.00 per share.
- Underwriters were granted a 30-day option to purchase up to an additional 4,500,000 shares of Class A common stock at the public offering price.
Outbound Investments
- Clearwater Analytics acquired Enfusion, a move that integrated Enfusion by CWAN capabilities for structured credit operations.
- This acquisition significantly expanded Clearwater Analytics' total addressable market and enhanced its platform capabilities.
Capital Expenditures
- Clearwater Analytics reported capital expenditures of -$11.55 million in the last 12 months as of Q2 2025.
- The company projects capital expenditures of $16 million for 2026, with forecasts showing an increase to $18 million in 2027, $21 million in 2028, $23 million in 2029, and $25 million in 2030.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 152.95 |
| Mkt Cap | 15.9 |
| Rev LTM | 6,864 |
| Op Inc LTM | 1,253 |
| FCF LTM | 969 |
| FCF 3Y Avg | 858 |
| CFO LTM | 1,083 |
| CFO 3Y Avg | 960 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.5% |
| Rev Chg 3Y Avg | 6.7% |
| Rev Chg Q | 12.2% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | 7.9% |
| Op Inc Chg 3Y Avg | 9.3% |
| Op Mgn LTM | 23.1% |
| Op Mgn 3Y Avg | 22.9% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 19.6% |
| CFO/Rev 3Y Avg | 20.1% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 18.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Provider of a comprehensive solution that integrates portfolio management, trading, investment | 731 | 452 | 368 | 303 | 252 |
| Total | 731 | 452 | 368 | 303 | 252 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Provider of a comprehensive solution that integrates portfolio management, trading, investment | -40 | 428 | -23 |
| Total | -40 | 428 | -23 |
Price Behavior
| Market Price | $24.29 | |
| Market Cap ($ Bil) | 7.2 | |
| First Trading Date | 09/24/2021 | |
| Distance from 52W High | -0.5% | |
| 50 Days | 200 Days | |
| DMA Price | $24.26 | $22.21 |
| DMA Trend | up | up |
| Distance from DMA | 0.1% | 9.4% |
| 3M | 1YR | |
| Volatility | 3.8% | 30.6% |
| Downside Capture | -2.65 | 80.36 |
| Upside Capture | 10.46 | 73.53 |
| Correlation (SPY) | 15.9% | 24.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.12 | 0.10 | 0.10 | 0.29 | 0.70 | 0.82 |
| Up Beta | 0.32 | 0.17 | 0.12 | 0.27 | 0.89 | 0.90 |
| Down Beta | 0.20 | 0.13 | 0.03 | -0.16 | 0.09 | 0.90 |
| Up Capture | 7% | 11% | 15% | 47% | 66% | 42% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 24 | 36 | 63 | 124 | 389 |
| Down Capture | 0% | -10% | 3% | 42% | 99% | 89% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 14 | 23 | 53 | 117 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWAN | |
|---|---|---|---|---|
| CWAN | 7.9% | 30.6% | 0.26 | - |
| Sector ETF (XLK) | 59.9% | 23.1% | 1.96 | 16.3% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 24.7% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 8.8% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -5.5% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 22.7% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 10.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWAN | |
|---|---|---|---|---|
| CWAN | -1.3% | 39.7% | 0.07 | - |
| Sector ETF (XLK) | 22.9% | 25.3% | 0.80 | 34.2% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 39.7% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 4.0% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 6.6% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 35.0% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 15.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWAN | |
|---|---|---|---|---|
| CWAN | -0.7% | 39.7% | 0.07 | - |
| Sector ETF (XLK) | 25.4% | 24.7% | 0.93 | 34.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 39.7% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 4.0% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 6.6% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 35.0% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 15.9% |
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Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 0.2% | 0.3% | 0.4% |
| 2/18/2026 | 0.9% | 1.6% | 1.0% |
| 11/5/2025 | -8.2% | 14.3% | 25.7% |
| 8/6/2025 | -8.0% | -4.0% | 1.7% |
| 4/30/2025 | 0.7% | 0.7% | 1.6% |
| 2/19/2025 | 10.7% | 12.2% | -1.3% |
| 11/6/2024 | 14.7% | 5.8% | 4.1% |
| 7/31/2024 | 20.3% | 15.1% | 25.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 14 |
| # Negative | 8 | 7 | 5 |
| Median Positive | 5.6% | 7.8% | 9.7% |
| Median Negative | -7.1% | -4.0% | -9.0% |
| Max Positive | 20.3% | 15.1% | 25.7% |
| Max Negative | -11.4% | -17.9% | -25.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 0.2% | 0.3% | 0.4% |
| 2/18/2026 | 0.9% | 1.6% | 1.0% |
| 11/5/2025 | -8.2% | 14.3% | 25.7% |
| 8/6/2025 | -8.0% | -4.0% | 1.7% |
| 4/30/2025 | 0.7% | 0.7% | 1.6% |
| 2/19/2025 | 10.7% | 12.2% | -1.3% |
| 11/6/2024 | 14.7% | 5.8% | 4.1% |
| 7/31/2024 | 20.3% | 15.1% | 25.7% |
| 5/1/2024 | 8.6% | 14.1% | 20.0% |
| 2/28/2024 | -11.4% | -10.7% | -9.0% |
| 11/1/2023 | 3.8% | 7.1% | 10.2% |
| 8/2/2023 | 4.9% | -1.4% | 8.2% |
| 5/4/2023 | -1.8% | 2.9% | 9.1% |
| 2/21/2023 | -6.8% | -9.4% | -22.9% |
| 11/2/2022 | 12.9% | 8.5% | 23.6% |
| 8/3/2022 | -0.7% | 14.2% | 12.0% |
| 5/4/2022 | -7.3% | -17.9% | -25.1% |
| 3/2/2022 | -5.6% | -2.6% | 11.1% |
| 11/3/2021 | 5.6% | -0.7% | -4.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 14 |
| # Negative | 8 | 7 | 5 |
| Median Positive | 5.6% | 7.8% | 9.7% |
| Median Negative | -7.1% | -4.0% | -9.0% |
| Max Positive | 20.3% | 15.1% | 25.7% |
| Max Negative | -11.4% | -17.9% | -25.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/03/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/03/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/16/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 09/27/2021 | 424B4 |
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | MacKesy, D Scott | See footnote | Sell | 6172026 | 24.30 | 633,879 | Form | |||
| 2 | Das, Souvik | Chief Technology Officer | Direct | Sell | 6092026 | 24.35 | 10,000 | 243,540 | 4,386,375 | Form |
| 3 | Das, Souvik | Chief Technology Officer | Direct | Sell | 5112026 | 24.34 | 10,000 | 243,359 | 4,626,474 | Form |
| 4 | Cox, James S | Chief Financial Officer | Direct | Sell | 4162026 | 24.07 | 18,700 | 450,118 | 11,563,927 | Form |
| 5 | Das, Souvik | Chief Technology Officer | Direct | Sell | 4102026 | 24.01 | 10,000 | 240,120 | 4,805,017 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | MacKesy, D Scott | See footnote | Sell | 6172026 | 24.30 | 633,879 | Form | |||
| 2 | Das, Souvik | Chief Technology Officer | Direct | Sell | 6092026 | 24.35 | 10,000 | 243,540 | 4,386,375 | Form |
| 3 | Das, Souvik | Chief Technology Officer | Direct | Sell | 5112026 | 24.34 | 10,000 | 243,359 | 4,626,474 | Form |
| 4 | Cox, James S | Chief Financial Officer | Direct | Sell | 4162026 | 24.07 | 18,700 | 450,118 | 11,563,927 | Form |
| 5 | Das, Souvik | Chief Technology Officer | Direct | Sell | 4102026 | 24.01 | 10,000 | 240,120 | 4,805,017 | Form |
| 6 | Erickson, Scott Stanley | Chief Revenue Officer | Direct | Sell | 4022026 | 23.80 | 18,790 | 447,193 | 3,691,755 | Form |
| 7 | Cox, James S | Chief Financial Officer | Direct | Sell | 4022026 | 23.80 | 21,631 | 514,807 | 11,552,729 | Form |
| 8 | Das, Souvik | Chief Technology Officer | Direct | Sell | 4022026 | 23.80 | 14,686 | 349,519 | 5,000,489 | Form |
| 9 | Sethi, Subi | Chief Client Officer | Direct | Sell | 4022026 | 23.80 | 19,858 | 472,610 | 9,240,299 | Form |
| 10 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 4022026 | 23.80 | 51,967 | 1,236,789 | 33,691,024 | Form |
| 11 | Cox, James S | Chief Financial Officer | Direct | Sell | 3172026 | 23.33 | 18,700 | 436,355 | 10,946,542 | Form |
| 12 | Das, Souvik | Chief Technology Officer | Direct | Sell | 3102026 | 23.37 | 10,000 | 233,730 | 4,607,566 | Form |
| 13 | Sethi, Subi | Chief Client Officer | Direct | Sell | 2202026 | 23.44 | 76,689 | 1,797,721 | 8,567,707 | Form |
| 14 | Cox, James S | Chief Financial Officer | Direct | Sell | 2202026 | 23.44 | 93,930 | 2,201,879 | 11,114,038 | Form |
| 15 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 2202026 | 23.44 | 233,813 | 5,480,974 | 31,813,622 | Form |
| 16 | Erickson, Scott Stanley | Chief Revenue Officer | Direct | Sell | 2202026 | 23.44 | 74,530 | 1,747,110 | 3,249,723 | Form |
| 17 | Das, Souvik | Chief Technology Officer | Direct | Sell | 2202026 | 23.44 | 88,848 | 2,082,748 | 4,855,526 | Form |
| 18 | Cox, James S | Chief Financial Officer | Direct | Sell | 2182026 | 22.96 | 18,700 | 429,405 | 8,971,501 | Form |
| 19 | Das, Souvik | Chief Technology Officer | Direct | Sell | 2092026 | 23.89 | 10,000 | 238,875 | 3,063,094 | Form |
| 20 | Cox, James S | Chief Financial Officer | Direct | Sell | 1192026 | 24.14 | 18,700 | 451,440 | 9,552,601 | Form |
| 21 | Das, Souvik | Chief Technology Officer | Direct | Sell | 1122026 | 24.08 | 10,000 | 240,825 | 3,328,924 | Form |
| 22 | Das, Souvik | Chief Technology Officer | Direct | Sell | 1052026 | 24.09 | 41,594 | 1,002,103 | 3,571,087 | Form |
| 23 | Cox, James S | Chief Financial Officer | Direct | Sell | 1052026 | 24.09 | 63,709 | 1,534,909 | 9,653,648 | Form |
| 24 | Erickson, Scott Stanley | Chief Revenue Officer | Direct | Sell | 1052026 | 24.09 | 44,386 | 1,069,370 | 1,756,753 | Form |
| 25 | Sethi, Subi | Chief Client Officer | Direct | Sell | 1052026 | 24.09 | 25,646 | 617,876 | 6,678,176 | Form |
| 26 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 1052026 | 24.09 | 134,130 | 3,231,527 | 26,331,247 | Form |
| 27 | Sethi, Subi | Chief Client Officer | Direct | Sell | 1052026 | 24.08 | 7,344 | 176,870 | 5,665,908 | Form |
| 28 | Erickson, Scott Stanley | Chief Revenue Officer | Direct | Sell | 1052026 | 24.08 | 4,454 | 107,268 | 563,050 | Form |
| 29 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 1052026 | 24.08 | 16,394 | 394,827 | 22,439,533 | Form |
| 30 | Cox, James S | Chief Financial Officer | Direct | Sell | 1022026 | 24.08 | 5,859 | 141,106 | 8,045,391 | Form |
| 31 | Das, Souvik | Chief Technology Officer | Direct | Sell | 1022026 | 24.08 | 5,273 | 126,993 | 2,426,567 | Form |
| 32 | Cox, James S | Chief Financial Officer | Direct | Sell | 12172025 | 22.00 | 7,425 | 163,350 | 7,237,626 | Form |
| 33 | Cox, James S | Chief Financial Officer | Direct | Sell | 12172025 | 21.41 | 11,275 | 241,377 | 7,042,933 | Form |
| 34 | Das, Souvik | Chief Technology Officer | Direct | Sell | 12092025 | 21.59 | 10,000 | 215,880 | 2,076,463 | Form |
| 35 | Cox, James S | Chief Financial Officer | Direct | Sell | 11262025 | 22.00 | 29,700 | 653,400 | 7,347,626 | Form |
| 36 | Cox, James S | Chief Financial Officer | Direct | Sell | 11182025 | 19.74 | 11,275 | 222,612 | 6,594,109 | Form |
| 37 | Das, Souvik | Chief Technology Officer | Direct | Sell | 11132025 | 20.21 | 20,000 | 404,194 | 2,143,562 | Form |
| 38 | Cox, James S | Chief Financial Officer | Direct | Sell | 10152025 | 17.98 | 11,275 | 202,678 | 6,093,501 | Form |
| 39 | Sethi, Subi | Chief Client Officer | Direct | Sell | 10012025 | 17.68 | 7,434 | 131,412 | 4,012,371 | Form |
| 40 | Das, Souvik | Chief Technology Officer | Direct | Sell | 10012025 | 17.68 | 5,327 | 94,166 | 2,405,266 | Form |
| 41 | Erickson, Scott Stanley | Chief Revenue Officer | Direct | Sell | 10012025 | 17.68 | 4,505 | 79,636 | 345,625 | Form |
| 42 | Cox, James S | Chief Financial Officer | Direct | Sell | 10012025 | 17.68 | 5,919 | 104,631 | 6,080,656 | Form |
| 43 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 10012025 | 17.68 | 16,592 | 293,300 | 16,149,890 | Form |
| 44 | Cox, James S | Chief Financial Officer | Direct | Sell | 9172025 | 19.51 | 11,275 | 219,937 | 6,612,045 | Form |
| 45 | Das, Souvik | Chief Technology Officer | Direct | Sell | 9102025 | 20.57 | 10,000 | 205,750 | 2,500,871 | Form |
| 46 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 8252025 | 20.12 | 46,962 | 944,918 | 18,021,546 | Form |
| 47 | Das, Souvik | Chief Technology Officer | Direct | Sell | 8212025 | 20.00 | 10,000 | 200,000 | 2,650,980 | Form |
| 48 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 8212025 | 20.01 | 3,038 | 60,790 | 17,922,217 | Form |
| 49 | Cox, James S | Chief Financial Officer | Direct | Sell | 8182025 | 19.42 | 11,275 | 218,906 | 6,678,127 | Form |
| 50 | Cox, James S | Chief Financial Officer | Direct | Sell | 7162025 | 22.50 | 18,700 | 420,694 | 7,850,637 | Form |
| 51 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 7152025 | 22.15 | 50,000 | 1,107,625 | 19,841,175 | Form |
| 52 | Sethi, Subi | Chief Client Officer | Direct | Sell | 7022025 | 21.67 | 7,358 | 159,471 | 4,741,836 | Form |
| 53 | Erickson, Scott Stanley | Chief Revenue Officer | Direct | Sell | 7022025 | 21.67 | 4,460 | 96,662 | 341,916 | Form |
| 54 | Das, Souvik | Chief Technology Officer | Direct | Sell | 7022025 | 21.67 | 5,273 | 114,283 | 3,089,493 | Form |
| 55 | Cox, James S | Chief Financial Officer | Direct | Sell | 7022025 | 21.67 | 5,858 | 126,962 | 7,671,533 | Form |
| 56 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 7022025 | 21.67 | 16,424 | 355,961 | 19,411,883 | Form |
| 57 | Cox, James S | Chief Financial Officer | Direct | Sell | 6182025 | 22.25 | 18,700 | 416,062 | 7,762,441 | Form |
| 58 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 6162025 | 22.25 | 50,000 | 1,112,565 | 19,508,916 | Form |
| 59 | Wcas, Xiii Carbon Analytics Acquisition, LP | See Footnotes | Sell | 6122025 | 24.07 | 14,137,500 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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