Tearsheet

Clearwater Analytics (CWAN)

Market Price (12/23/2025): $24.04 | Market Cap: $6.9 Bil
Sector: Information Technology | Industry: Application Software

Clearwater Analytics (CWAN)

Market Price (12/23/2025): $24.04
Market Cap: $6.9 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%	Weak multi-year price returns 2Y Excs Rtn is -23%, 3Y Excs Rtn is -44%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 2,928x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 76x
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 51%		Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%		Key risks CWAN key risks include [1] significant challenges integrating major acquisitions, Show more.
3	Low stock price volatility Vol 12M is 41%
4	Megatrend and thematic drivers Megatrends include Cloud Computing, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), and Wealth Management Technology.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 51%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
3	Low stock price volatility Vol 12M is 41%
4	Megatrend and thematic drivers Megatrends include Cloud Computing, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), and Wealth Management Technology.
5	Weak multi-year price returns 2Y Excs Rtn is -23%, 3Y Excs Rtn is -44%
6	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 2,928x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 76x
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19%
8	Key risks CWAN key risks include [1] significant challenges integrating major acquisitions, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$24.04	$27.52	$20.03	$18.75	$22.98
Market Cap CYE ($ Bil)	6.9	6.2	4.1	3.6	4.1
Total Debt ($ Bil)	0.9	0.1	0.1	0.1	0.1
Total Cash ($ Bil)	0.1	0.3	0.3	0.3	0.3
Enterprise Value ($ Bil)	7.7	6.3	4.2	3.7	4.2
Valuation Ratios
P/S TTM	10.8	13.4	10.9	11.5	16.2
P/EBIT TTM	2,926.0	493.3	-238.9	679.9	143.5
P/E TTM	17.7	14.2	-184.9	-436.7	-497.2
P/FCF TTM	84.6	87.4	50.6	69.2	-2,449.4
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.1	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.4	13.7	12.2	6.9	13.8

	12/23/25	2024	2023
Share Price CYE	$24.04	$27.52	$20.03
Market Cap CYE ($ Bil)	6.9	6.2	4.1
Total Debt ($ Bil)	0.9	0.1	0.1
Total Cash ($ Bil)	0.1	0.3	0.3
Enterprise Value ($ Bil)	7.7	6.3	4.2
Valuation Ratios
P/S TTM	10.8	13.4	10.9
P/EBIT TTM	2,926.0	493.3	-238.9
P/E TTM	17.7	14.2	-184.9
P/FCF TTM	84.6	87.4	50.6
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.1	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.4	13.7	12.2

	CWAN	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.6
Rev Chg Q	77.1%	7.3%
Rev Chg LTM	50.9%	6.0%
Rev Chg 3Y Avg	30.9%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.4
Op Mgn LTM	0.0%	18.8%
CFO/Rev LTM	14.3%	20.4%
Net Inc Mgn	61.3%	13.1%
VALUATION	HIGH
P/S	10.8	3.2
P/CFO	75.8	15.5
P/FCF	84.6	20.7
P/E	17.7	23.5
STABILITY	GOOD
Debt/Equity	0.13	0.21
Cash/Assets	0.02	0.07

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Metric	Value	Date	Source
Assets on Platform	$8.8 trillion	12312024	Link
Number of Clients	2350	9032025	Link
Clients with Annual Recurring Revenue > $1 million	100	12312024	Link
Gross Revenue Retention Rate	98%	9302025	Link
Net Revenue Retention Rate	108%	9302025	Link
Annualized Recurring Revenue	$807.5 million	9302025	Link

Upcoming
2/18/2026	Earnings Release	Rev: - EPS: -

CWAN Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining the stock movement of Clearwater Analytics (CWAN) from August 31, 2025, to December 23, 2025: 1. Clearwater Analytics announced a definitive agreement to be acquired by an investor group led by Permira and Warburg Pincus for approximately $8.4 billion on December 22, 2025. This all-cash deal offers shareholders $24.55 per share, representing a significant premium of about 47% over the undisturbed share price as of November 10, 2025, and approximately 10% over the closing price on December 19, 2025. This news led to a substantial surge in CWAN's stock price.

2. The company reported strong financial results for the third quarter of 2025, announced on November 5, 2025. Clearwater Analytics achieved a 77% year-over-year revenue increase, reaching $205.1 million, which surpassed analysts' expectations. Adjusted EBITDA also saw an 84% increase to $70.7 million.

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Stock Movement Drivers

Fundamental Drivers

The 29.6% change in CWAN stock from 9/22/2025 to 12/22/2025 was primarily driven by a 42.8% change in the company's P/E Multiple.

	9222025	12222025	Change
Stock Price ($)	18.57	24.06	29.56%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	551.09	640.38	16.20%
Net Income Margin (%)	73.71%	61.25%	-16.90%
P/E Multiple	12.37	17.67	42.78%
Shares Outstanding (Mil)	270.63	287.98	-6.41%
Cumulative Contribution			29.03%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
CWAN	29.6%
Market (SPY)	2.7%	34.7%
Sector (XLK)	2.7%	20.4%

Fundamental Drivers

The 11.1% change in CWAN stock from 6/23/2025 to 12/22/2025 was primarily driven by a 47.5% change in the company's P/E Multiple.

	6232025	12222025	Change
Stock Price ($)	21.65	24.06	11.13%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	475.95	640.38	34.55%
Net Income Margin (%)	90.13%	61.25%	-32.05%
P/E Multiple	11.98	17.67	47.49%
Shares Outstanding (Mil)	237.32	287.98	-21.34%
Cumulative Contribution			6.07%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
CWAN	11.1%
Market (SPY)	14.4%	32.7%
Sector (XLK)	19.7%	20.7%

Fundamental Drivers

The -16.2% change in CWAN stock from 12/22/2024 to 12/22/2025 was primarily driven by a -99.8% change in the company's P/E Multiple.

	12222024	12222025	Change
Stock Price ($)	28.70	24.06	-16.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	424.36	640.38	50.91%
Net Income Margin (%)	0.16%	61.25%	39044.55%
P/E Multiple	9466.21	17.67	-99.81%
Shares Outstanding (Mil)	219.01	287.98	-31.49%
Cumulative Contribution			-24.48%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
CWAN	-16.2%
Market (SPY)	16.9%	48.4%
Sector (XLK)	23.8%	42.3%

Fundamental Drivers

The 29.8% change in CWAN stock from 12/23/2022 to 12/22/2025 was primarily driven by a 120.4% change in the company's Total Revenues ($ Mil).

	12232022	12222025	Change
Stock Price ($)	18.53	24.06	29.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	290.50	640.38	120.44%
P/S Multiple	11.98	10.82	-9.69%
Shares Outstanding (Mil)	187.82	287.98	-53.32%
Cumulative Contribution			-7.08%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
CWAN	20.0%
Market (SPY)	47.7%	36.9%
Sector (XLK)	52.9%	28.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CWAN Return	�	�	-18%	7%	37%	-19%	�
Peers Return	23%	29%	-22%	23%	20%	4%	88%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
CWAN Win Rate	�	33%	50%	50%	58%	58%
Peers Win Rate	62%	63%	43%	52%	57%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
CWAN Max Drawdown	�	�	-48%	-27%	-21%	-42%
Peers Max Drawdown	-36%	-9%	-35%	-8%	-8%	-19%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	CWAN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-54.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	118.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	839 days	464 days

Compare to ADSK, HIT, BMR, GLOO, KNRX

In The Past

Clearwater Analytics's stock fell -54.2% during the 2022 Inflation Shock from a high on 10/22/2021. A -54.2% loss requires a 118.1% gain to breakeven.

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About Clearwater Analytics (CWAN)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Clearwater Analytics Holdings, Inc. develops and provides a Software-as-a-Service solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities. The company offers investment accounting and reporting, performance measurement, compliance monitoring, and risk analytics solutions. Its Clearwater Prism solution enables self-service access to data feeds from accounting, compliance, performance, and risk systems, including those offered by the company and other third-party software vendors, as well as provides flexible reporting to various users. The company was incorporated in 2021 and is headquartered in Boise, Idaho.

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Analogy 1: The Workday for investment portfolio accounting.

Analogy 2: TurboTax for institutional investment reporting.

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Clearwater Analytics Platform: A cloud-native SaaS FinTech solution providing automated investment accounting, performance measurement, risk analytics, and regulatory reporting for institutional investors.

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Clearwater Analytics (CWAN) Major Customers

Clearwater Analytics (CWAN) primarily sells its SaaS-based investment accounting and reporting solutions to other companies (B2B). These customers are predominantly financial institutions, corporations, and asset managers that need robust systems to manage their investment portfolios, accounting, and regulatory reporting. While Clearwater Analytics serves a broad base of institutional clients, and no single customer is typically disclosed in their public filings as accounting for a significant (e.g., 10% or more) portion of their revenue, the company publicly highlights various prominent organizations as part of its customer base through its website, press releases, and case studies. Below are examples of public companies that are known customers of Clearwater Analytics, representing the types of institutions it serves:

JPMorgan Chase & Co. (representing J.P. Morgan Asset Management) - Symbol: JPM
The Allstate Corporation - Symbol: ALL
MetLife, Inc. - Symbol: MET
Primerica, Inc. - Symbol: PRI
Arch Capital Group Ltd. - Symbol: ACGL
American Equity Investment Life Holding Company - Symbol: AEL
AXA S.A. (parent company of AXA XL) - Symbol: AXA (Euronext Paris)
Zurich Insurance Group AG - Symbol: ZURN (SIX Swiss Exchange)

Clearwater Analytics' client base can be broadly categorized into:

Insurance Companies: Including property and casualty, life, and reinsurance companies globally.
Asset Managers & Investment Managers: Firms managing institutional investments for various clients.
Corporate Treasuries: Large corporations managing their internal investment portfolios.
Banks & Financial Institutions: Including wealth managers, credit unions, and pension funds.

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Amazon.com, Inc. (AMZN)

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Sandip Sahai Chief Executive Officer and Board Member

Sandeep Sahai has over 30 years of experience in the software and technology industry. He joined Clearwater Analytics as Executive Chairman in September 2016 and assumed the role of Chief Executive Officer in July 2018. Prior to Clearwater, Sahai served as President and CEO of Headstrong, a solutions and managed services provider to financial institutions worldwide, which was acquired by Genpact in 2011. He was also a founder and partner of the consulting firm TechSpan, CEO of SkanSoft, and spent 10 years with the HCL group. Sahai served as CEO of Solmark, an investment partnership, and as an Operating Partner at Welsh, Carson, Anderson & Stowe (WCAS), a private equity firm. He also held positions as Chairman of AIM Software and Board Member of Simeio Solutions.

Jim Cox Chief Financial Officer

Jim Cox was appointed Chief Financial Officer of Clearwater Analytics in 2019. He possesses extensive experience with public and private technology companies, including strategic transactions and integration activities. Before joining Clearwater, Cox served as CFO of Glassdoor, where he oversaw its preparation for an initial public offering (IPO) and its $1.2 billion acquisition by Recruit Holdings Co., Ltd. He also held CFO positions at Lithium Technologies and Advent Software. During his nine-year tenure at Advent, he oversaw a period of significant growth where revenue doubled and operating income tripled following the company's IPO. Earlier in his career, Cox held management roles at UTStarcom and PricewaterhouseCoopers (PwC).

Subi Sethi Chief Operating Officer

Subi Sethi was promoted to Chief Operating Officer in April 2025. During her five-year tenure at Clearwater, she has been instrumental in transforming the company's business operations, leading to significant improvements in gross margin and client satisfaction, and successfully establishing global operation centers. As COO, she focuses on enhancing the client experience through operational innovation and AI-driven solutions, and driving efficiency across operations.

Cindy Blendu Chief Administrative Officer

Cindy Blendu was promoted to Chief Administrative Officer in April 2025, expanding her responsibilities to include Human Resources, Corporate IT, and Facilities management. With over six years at Clearwater, Blendu has been crucial in fostering a culture of responsibility, accountability, and excellence, which has led to improved engagement, efficiency, and productivity within the organization. Her expertise lies in aligning people, technology, and corporate infrastructure to support Clearwater's growth.

Scott Erickson Chief Revenue Officer

Scott Erickson has served as Chief Revenue Officer (CRO) at Clearwater Analytics since April 2023. Prior to this role, he held various senior executive positions, including President of Americas and New Markets from 2021 to 2023, and Chief Operating Officer (COO) from 2017 to 2021. As CRO, he is focused on building high-performance teams and ensuring success for Clearwater clients globally.

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The key risks to Clearwater Analytics (CWAN) include:

Risks Related to Acquisitions and Integration: Clearwater Analytics faces significant risks associated with its strategy of acquiring other companies, particularly the integration of Enfusion. These risks encompass challenges in successfully merging operations and technology, retaining key employees and clients from acquired entities, and managing the substantial debt incurred to finance these acquisitions. The integration process can lead to increased complexity, potential disruptions to financial performance, and volatility in stock price.
Vulnerability to Financial Market Volatility: The company's revenue is heavily reliant on fees derived from the value of assets managed on its platform. Consequently, Clearwater Analytics is directly exposed to fluctuations in financial market asset values, interest rate changes, and broader economic downturns. Market volatility can adversely affect the volume and value of assets under management, leading to reduced revenue and impacting financial performance and cash flows.
Intense Competition and Challenges in Sustaining Revenue Growth: Clearwater Analytics operates within a highly competitive market for financial services software and solutions. The company faces ongoing challenges in sustaining its revenue growth, attracting new clients, and retaining existing ones. The competitive landscape can put pressure on pricing and demand continuous innovation to maintain market share. Additionally, the need to attract and retain top talent in this competitive environment can increase operational costs and impact service delivery.

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Clearwater Analytics (CWAN) operates within a total addressable market (TAM) that the company itself estimates to be approximately $23.3 billion. Other reports cite a TAM of $23 billion, reflecting strategic acquisitions and an expanded offering across investment management technology. This global market encompasses their main products and services, which include SaaS-based investment accounting, reporting, performance, compliance, risk management, and analytics solutions.

Breaking down the market sizes for the key components of Clearwater Analytics' offerings:

Investment Accounting Software: The global investment accounting software market was valued at approximately $7.21 billion in 2024 and is projected to reach $17.98 billion by 2032, growing at a compound annual growth rate (CAGR) of 12.1% from 2026 to 2032. Another estimate places the global market at $5.7 billion in 2023, anticipated to grow to $12.8 billion by 2033. North America is a dominant region in this market, holding a significant share.
Investment Management Software: The global investment management software market size was approximately $3.5 billion in 2023 and is projected to reach $7.6 billion by 2032, with a CAGR of 9.2%. North America held nearly 40% of the global market share in 2023.
Risk Analytics: The global risk analytics market was valued at $40.8 billion in 2023, is poised to grow to $45.49 billion in 2024, and is projected to reach $108.68 billion by 2032, at a CAGR of 11.5% during the forecast period (2025-2032). Other estimates for the global market include $44.88 billion in 2024, projected to grow to $126.47 billion by 2033. North America holds the largest market share in risk analytics.

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Clearwater Analytics (CWAN) is expected to drive future revenue growth over the next two to three years through several key strategies:

Strategic Acquisitions and Integration: The successful integration of recent acquisitions such as Enfusion, Beacon, and Bistro is a significant driver. These acquisitions have substantially contributed to past revenue growth by expanding Clearwater Analytics' market share and service offerings, and this trend is projected to continue. The company has also effectively improved the margin and profitability of these acquired entities, aligning them with Clearwater Analytics' standards.
Global Expansion and New Client Acquisition: Clearwater Analytics is actively pursuing opportunities for global expansion and has demonstrated a consistent ability to secure new clients across diverse financial sectors, including insurance companies, hedge funds, asset managers, and asset owners worldwide.
Technological Innovation, Particularly Generative AI: Substantial investments in research and development, with a specific emphasis on Generative AI, are expected to fuel future revenue. The company's "single instance, single security master architecture" enables rapid learning for AI models and agents, which is anticipated to drive significant growth in unit economics and enhance client efficiency through new product innovations. Clients are already experiencing benefits such as substantial reductions in manual reconciliation efforts and faster report generation.
Expansion of Total Addressable Market (TAM) and Upselling to Existing Clients: Clearwater Analytics is strategically expanding its Total Addressable Market, particularly within asset management. The company also continues to grow revenue from its existing client base by introducing new product innovations and successfully increasing its "wallet share" with current clients. The strong net revenue retention rate of its core platform underscores its ability to expand business with existing customers.
Front-to-Back Office Strategy: The company's expansion into front-office and middle-office capabilities, achieved through a combination of strategic acquisitions and internal platform development, positions Clearwater Analytics as a comprehensive solution across the entire investment lifecycle. This integrated approach aims to attract new clients seeking an end-to-end platform and deepen relationships with existing ones.

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Share Repurchases

Clearwater Analytics authorized a $100 million share repurchase program on September 3, 2025.
This program aims to partially offset the dilutive impact of recent share issuances and reduce the company's public float.
The company expects to complete this repurchase while also working to reduce its debt-to-EBITDA ratio below 3.0 by December 2026, leveraging significant excess free cash flows.

Share Issuance

Clearwater Analytics completed its Initial Public Offering (IPO) in September 2021, raising $450 million by issuing 30 million shares at $14.00-$16.00 per share.
Multiple secondary public offerings of Class A common stock occurred in 2023 and 2024 (e.g., 13 million shares in March 2023, 10 million shares in June 2023, 16.25 million shares in March 2024, 12 million shares in June 2024, and 25 million shares in November 2024), where the company itself did not receive proceeds, as these were sales by existing stockholders.
The number of shares outstanding increased by 27.27% in the year leading up to November 5, 2025.

Outbound Investments

In January 2025, Clearwater Analytics announced the acquisition of Enfusion for $1.5 billion, structured as a mix of cash and stock, to expand its front-office capabilities and create a comprehensive front-to-back investment management platform.
Around early 2025, Clearwater Analytics acquired Beacon Platform for approximately $560 million (60% cash, remainder in stock), adding cross-asset class modeling and risk analytics capabilities.
Also in early 2025, the company acquired Blackstone's Bistro, a portfolio visualization software, for $125 million ($10 million cash, remainder in stock).

Capital Expenditures

Annual capital expenditures were reported as $5.26 million in 2024, $5.62 million in 2023, $7.76 million in 2022, and $5.03 million in 2021.
Projected capital expenditures are $10 million for 2025 and $11 million for 2026.
The primary focus of capital expenditures is for investing back into the business.

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ORCL (31.9%)

Oracle

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for CWAN: 14.3%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

ORCL (36.5%)

Oracle

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for CWAN: 12.8%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

Higher Total Yield (Value for CWAN: 5.7%)

MSTR (16.9%)

Strategy

FISV (9.7%)

Fiserv

DELL (7.8%)

Dell Technologies

ACN (6.8%)

Accenture

TXN (6.1%)

Texas Instruments

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CWAN: 30.9% | 10.8x)

KKR (44.5% | 7.0x)

KKR

MELI (39.5% | 3.9x)

MercadoLibre

APO (89.3% | 3.2x)

Apollo Asset Management

RCL (37.7% | 4.7x)

Royal Caribbean

NU (62.1% | 8.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CWAN: 30.9% | 25,287.5x)

KKR (44.5% | 274.8x)

KKR

HOOD (47.5% | 54.3x)

Robinhood Markets

MELI (39.5% | 32.3x)

MercadoLibre

APO (89.3% | 10.9x)

Apollo Asset Management

RCL (37.7% | 17.8x)

Royal Caribbean

Higher Rev Chg LTM (Value for CWAN: 50.9%)

HOOD (74.6%)

Robinhood Markets

AU (61.8%)

Anglogold Ashanti

OKE (58.4%)

ONEOK

TFC (55.5%)

Truist Financial

ALNY (53.2%)

Alnylam Pharmaceuticals

Higher Rev Chg 3Y Avg (Value for CWAN: 30.9%)

APO (89.3%)

Apollo Asset Management

HOOD (47.5%)

Robinhood Markets

KKR (44.5%)

KKR

MELI (39.5%)

MercadoLibre

RCL (37.7%)

Royal Caribbean

Higher Op Mgn LTM (Value for CWAN: 0.0%)

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

AMZN (11.4%)

Amazon.com

TSLA (5.1%)

Tesla

Higher CFO/Rev LTM (Value for CWAN: 14.3%)

META (56.8%)

Meta Platforms

GOOGL (39.3%)

Alphabet

LLY (20.5%)

Eli Lilly

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

Higher FCF/Rev LTM (Value for CWAN: 12.8%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

META (23.7%)

Meta Platforms

JNJ (20.3%)

Johnson & Johnson

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for CWAN: 5.7%)

XOM (9.3%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

BAC (7.1%)

Bank of America

JPM (6.5%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

		Best Bets In Information Technology Sector
	CWAN	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	17.7	28.3	17.2	45.0	44.8	30.0	16.9	14.8	19.6	23.9	20.0
P/EBIT	2928.5	20.5	14.0	38.4	38.2	10.6	24.5	12.0	21.4	65.4	22.8
What You Get
Rev Chg Q	77.1%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	50.9%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	30.9%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	20.7%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Clearwater Analytics Earnings Notes
2	Clearwater Analytics Earnings Notes
3	With Clearwater Analytics Stock Surging, Have You Considered The Downside?	Return
4	Why Clearwater Analytics Stock Moved: CWAN Stock Has Lost 19% Since 2024 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
5	CWAN Dip Buy Analysis
6	Clearwater Analytics (CWAN) Valuation Ratios Comparison	Financials
7	Clearwater Analytics Total Shareholder Return (TSR): 37.4% in 2024 and ...% 3-yr compounded annual returns (below peer average)
8	Should You Buy Clearwater Analytics Stock?	Buy or Fear
9	Clearwater Analytics (CWAN) Operating Cash Flow Comparison	Financials
10	Clearwater Analytics (CWAN) Net Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to CWAN. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	16.1%	16.1%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.0%	12.0%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.7%	16.7%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	12.8%	12.8%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.8%	7.8%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Clearwater Analytics

Peers to compare with:

Financials

	CWAN	SSNC	BLK	STT	BR	FDS	Median
Name	Clearwat.	SS&C Tec.	BlackRock	State St.	Broadrid.	FactSet .
Mkt Price	24.06	88.91	1,088.21	130.87	228.22	290.94	179.55
Mkt Cap	6.9	21.7	168.6	37.1	26.7	11.0	24.2
Rev LTM	640	6,148	22,885	13,710	7,056	2,322	6,602
Op Inc LTM	0	1,426	7,721	-	1,243	748	1,243
FCF LTM	82	1,298	3,933	-6,611	1,227	617	922
FCF 3Y Avg	92	1,098	3,922	-2,121	993	605	799
CFO LTM	91	1,588	4,268	-5,574	1,339	726	1,033
CFO 3Y Avg	99	1,358	4,248	-1,209	1,099	691	895

Growth & Margins

	CWAN	SSNC	BLK	STT	BR	FDS	Median
Name	Clearwat.	SS&C Tec.	BlackRock	State St.	Broadrid.	FactSet .
Rev Chg LTM	50.9%	6.7%	18.2%	9.2%	8.6%	5.4%	8.9%
Rev Chg 3Y Avg	30.9%	5.5%	7.5%	4.5%	6.8%	8.0%	7.2%
Rev Chg Q	77.1%	7.0%	25.2%	11.5%	11.7%	6.2%	11.6%
QoQ Delta Rev Chg LTM	16.2%	1.7%	6.1%	2.8%	2.4%	1.5%	2.6%
Op Mgn LTM	0.0%	23.2%	33.7%	-	17.6%	32.2%	23.2%
Op Mgn 3Y Avg	-0.4%	22.6%	35.3%	-	16.4%	31.4%	22.6%
QoQ Delta Op Mgn LTM	-0.1%	0.3%	-1.9%	-	0.4%	1.7%	0.3%
CFO/Rev LTM	14.3%	25.8%	18.6%	-40.7%	19.0%	31.3%	18.8%
CFO/Rev 3Y Avg	22.2%	23.4%	21.5%	-8.0%	16.6%	31.3%	21.9%
FCF/Rev LTM	12.8%	21.1%	17.2%	-48.2%	17.4%	26.6%	17.3%
FCF/Rev 3Y Avg	20.7%	18.9%	19.9%	-15.1%	15.0%	27.5%	19.4%

Valuation

	CWAN	SSNC	BLK	STT	BR	FDS	Median
Name	Clearwat.	SS&C Tec.	BlackRock	State St.	Broadrid.	FactSet .
Mkt Cap	6.9	21.7	168.6	37.1	26.7	11.0	24.2
P/S	10.8	3.5	7.4	2.7	3.8	4.7	4.3
P/EBIT	2,928.5	15.1	19.3	-	20.6	14.1	19.3
P/E	17.7	25.4	27.7	12.4	28.9	18.4	21.9
P/CFO	75.8	13.7	39.5	-6.7	19.9	15.1	17.5
Total Yield	5.7%	5.1%	5.6%	8.0%	5.0%	6.9%	5.6%
Dividend Yield	0.0%	1.2%	2.0%	0.0%	1.5%	1.5%	1.3%
FCF Yield 3Y Avg	1.9%	6.4%	3.0%	-5.5%	4.0%	4.2%	3.5%
D/E	0.1	0.3	0.1	0.9	0.1	0.1	0.1
Net D/E	0.1	0.3	0.0	-2.9	0.1	0.1	0.1

Returns

	CWAN	SSNC	BLK	STT	BR	FDS	Median
Name	Clearwat.	SS&C Tec.	BlackRock	State St.	Broadrid.	FactSet .
1M Rtn	11.5%	6.3%	7.8%	14.4%	0.3%	5.4%	7.0%
3M Rtn	29.6%	-0.5%	-3.8%	16.3%	-5.1%	-1.2%	-0.8%
6M Rtn	11.1%	10.8%	11.4%	31.1%	-4.3%	-33.0%	10.9%
12M Rtn	-16.2%	18.7%	8.0%	37.4%	2.6%	-39.1%	5.3%
3Y Rtn	29.8%	80.7%	66.2%	87.0%	78.4%	-24.7%	72.3%
1M Excs Rtn	10.8%	2.7%	5.0%	10.3%	-4.3%	1.8%	3.8%
3M Excs Rtn	28.9%	-2.9%	-6.7%	13.4%	-7.4%	-2.0%	-2.5%
6M Excs Rtn	-5.3%	-3.0%	-3.6%	16.1%	-17.8%	-46.0%	-4.4%
12M Excs Rtn	-30.9%	5.1%	-8.3%	25.3%	-13.2%	-54.9%	-10.8%
3Y Excs Rtn	-44.4%	5.7%	-9.0%	8.6%	1.2%	-107.0%	-3.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/26/2025	2/29/2024	3/3/2023	3/16/2022	9/27/2021	3/16/2022
Key Financials
Total Revenue	640	452	368	303	252	203	168
EBITDA	62	24	-7	10	32	-18	28
Operating Income	0	12	-17	5	28	-20	26
Net Income	392	424	-22	-8	-8	0	8
EPS	1.75	1.93	-0.11	-0.04	-0.05	0.00	0.04
Growth Rates
Total Revenue Growth	50.9%	22.7%	21.3%	20.4%	24.0%	21.0%	-
EBITDA Growth	201.2%	458.2%	-166.5%	-67.9%	276.1%	-165.7%	-
Operating Income Growth	-98.0%	173.1%	-427.2%	-82.0%	239.4%	-179.5%	-
Net Income Growth	58971.1%	2062.3%	-171.5%	3.0%	-∞%	-100.0%	-
Margins
EBITDA Margin	9.7%	5.4%	-1.9%	3.4%	12.7%	-8.9%	16.4%
Operating Income Margin	0.0%	2.7%	-4.5%	1.7%	11.3%	-10.0%	15.3%
Net Income Margin	61.3%	93.9%	-5.9%	-2.6%	-3.3%	0.0%	4.6%
Cash & Debt
Total Cash	64	255	296	256	255	61	20
Total Debt	883	72	72	77	54	425	247
Net Debt / (Cash)	819	-184	-224	-179	-201	364	227
Cash Flows
Net Cash from Operations	91	74	85	58	3	-6	-230
Free Cash from Operations	82	69	79	50	-2	-10	-233
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	173	-0
Share Repurchases	-0	-0	-0	-0	1	1	4

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/2/2025	2/26/2025	11/6/2024	8/1/2024	5/2/2024	2/29/2024	11/3/2023	8/4/2023	5/5/2023	3/3/2023
Key Financials Quarterly
Total Revenue	205	182	127	126	116	107	103	99	95	90	85	83
Ebitda	35	11	10	6	9	4	2	5	-3	-5	-4	6
Operating Income	7	-15	7	1	7	4	-0	3	-6	-7	-6	4
Net Income	-10	-23	7	419	4	-0	2	-4	-2	-11	-4	-3
EPS	-0.04	-0.09	0.03	1.85	0.02	0.00	0.01	-0.02	-0.01	-0.06	-0.02	-0.02
Key Financials TTM
Total Revenue TTM	640	551	476	452	424	403	386	368	352	334	317	303
Ebitda TTM	62	35	29	21	21	9	-1	-7	-6	-3	4	10
Operating Income TTM	0	1	19	12	14	0	-11	-17	-15	-11	-2	5
Net Income TTM	392	406	429	424	1	-5	-15	-22	-20	-21	-13	-8
Growth Rates Quarterly
Total Revenue Growth	77.1%	70.4%	23.5%	27.7%	22.4%	18.8%	21.4%	19.8%	23.7%	22.4%	19.5%	18.5%
EBITDA Growth	311.9%	141.5%	329.0%	9.1%	352.1%	192.9%	161.5%	-6.0%	-1671.9%	-306.2%	-273.1%	183.8%
Operating Income Growth	-10.7%	-479.3%	4366.3%	-53.0%	224.6%	154.0%	97.4%	-33.2%	-405.8%	-732.2%	-594.4%	492.5%
Net Income Growth	-384.8%	-5301.2%	243.0%	9558.2%	292.1%	96.1%	143.3%	-49.7%	36.5%	-349.8%	-1201.5%	-3032.7%
Margins Quarterly
EBITDA Margin	17.3%	5.8%	8.1%	4.5%	7.4%	4.1%	2.3%	5.2%	-3.6%	-5.2%	-4.6%	6.7%
Operating Income Margin	3.2%	-8.0%	5.6%	1.0%	6.3%	3.6%	-0.2%	2.6%	-6.2%	-7.9%	-7.5%	4.7%
Net Income Margin	-5.0%	-12.8%	5.1%	331.5%	3.1%	-0.4%	1.8%	-4.5%	-2.0%	-12.2%	-5.2%	-3.6%
Cash & Debt
Total Cash	64	72	283	255	306	258	268	296	285	254	240	256
Total Debt	883	925	70	72	74	77	77	72	73	76	78	77
Net Debt / (Cash)	819	853	-213	-184	-232	-181	-191	-224	-212	-178	-162	-179
Cash Flows Quarterly
FCF from Operations	49	47	24	-29	50	44	10	24	31	21	8	18
Cash Flows TTM
FCF from Operations TTM	91	92	89	74	128	109	87	85	79	62	59	58
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	1.0%	-2.1%	3.8%	0.9%	8.7%	3.2%	-0.2%	3.3%	-6.9%	-8.8%	-8.1%	5.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	0.0%	0.0%	3.2%	2.3%	4.0%	0.1%	-3.1%	-5.4%	-5.1%	-3.4%	-0.8%	1.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021
Provider of a solution for investment data aggregation, accounting, analytics, and reporting	368	303	252	203
Total	368	303	252	203

Net Income by Segment

$ Mil	2024	2023	2022	2021
Provider of a solution for investment data aggregation, accounting, analytics, and reporting	-23
Total	-23

Price Behavior

Price Behavior

Market Price	$24.06
Market Cap ($ Bil)	6.9
First Trading Date	09/24/2021
Distance from 52W High	-23.0%
	50 Days	200 Days
DMA Price	$19.91	$21.49
DMA Trend	down	up
Distance from DMA	20.9%	11.9%
	3M	1YR
Volatility	46.5%	41.5%
Downside Capture	107.83	128.66
Upside Capture	220.59	91.55
Correlation (SPY)	34.1%	48.8%

CWAN Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.52	1.13	1.02	1.26	1.04	0.90
Up Beta	-0.98	0.89	1.42	2.10	1.01	0.91
Down Beta	2.99	1.32	1.16	0.43	1.14	1.05
Up Capture	383%	188%	85%	96%	62%	49%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	24	30	60	115	377
Down Capture	104%	63%	84%	158%	113%	97%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	17	32	64	130	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	27,491,229
Short Interest: % Change Since 11152025	15.5%
Average Daily Volume	7,983,116
Days-to-Cover Short Interest	3.44
Basic Shares Quantity	287,979,411
Short % of Basic Shares	9.5%

Returns Analyses

	Title
0	With Clearwater Analytics Stock Surging, Have You Considered The Downside?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
2/28/2024	-11.4%	-10.7%	-9.0%
11/1/2023	3.8%	7.1%	10.2%
...
SUMMARY STATS
# Positive	8	9	11
# Negative	7	6	4
Median Positive	8.2%	8.5%	10.2%
Median Negative	-6.8%	-3.3%	-7.0%
Max Positive	20.3%	15.1%	25.7%
Max Negative	-11.4%	-10.7%	-22.9%

	Forward Returns
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%
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%
3/2/2022	-5.6%	-2.6%	11.1%
11/3/2021	5.6%	-0.7%	-4.9%
SUMMARY STATS
# Positive	8	9	11
# Negative	7	6	4
Median Positive	8.2%	8.5%	10.2%
Median Negative	-6.8%	-3.3%	-7.0%
Max Positive	20.3%	15.1%	25.7%
Max Negative	-11.4%	-10.7%	-22.9%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5022025	10-Q 3/31/2025
12312024	2262025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	3032023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	3162022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Clearwater Analytics (CWAN)

Market Price (12/23/2025): $24.04 | Market Cap: $6.9 BilSector: Information Technology | Industry: Application Software

Clearwater Analytics (CWAN)

Market Price (12/23/2025): $24.04Market Cap: $6.9 BilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

CWAN Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Clearwater Analytics (CWAN)

Clearwater Analytics (CWAN) Major Customers

Interactive Breakdown

Better Bets than Clearwater Analytics (CWAN)

INDUSTRY: Application Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for CWAN: 30.9% | 10.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CWAN: 30.9% | 25,287.5x)

Higher Rev Chg LTM (Value for CWAN: 50.9%)

Higher Rev Chg 3Y Avg (Value for CWAN: 30.9%)

Higher Op Mgn LTM (Value for CWAN: 0.0%)

Higher CFO/Rev LTM (Value for CWAN: 14.3%)

Higher FCF/Rev LTM (Value for CWAN: 12.8%)

Higher Total Yield (Value for CWAN: 5.7%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for CWAN: 30.9% | 10.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CWAN: 30.9% | 25,287.5x)

Higher Rev Chg LTM (Value for CWAN: 50.9%)

Higher Rev Chg 3Y Avg (Value for CWAN: 30.9%)

Higher Op Mgn LTM (Value for CWAN: 0.0%)

Higher CFO/Rev LTM (Value for CWAN: 14.3%)

Higher FCF/Rev LTM (Value for CWAN: 12.8%)

Higher Total Yield (Value for CWAN: 5.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CWAN: 30.9% | 10.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CWAN: 30.9% | 25,287.5x)

Higher Rev Chg LTM (Value for CWAN: 50.9%)

Higher Rev Chg 3Y Avg (Value for CWAN: 30.9%)

Higher Op Mgn LTM (Value for CWAN: 0.0%)

Higher CFO/Rev LTM (Value for CWAN: 14.3%)

Higher FCF/Rev LTM (Value for CWAN: 12.8%)

Higher Total Yield (Value for CWAN: 5.7%)

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Market Price (12/23/2025): $24.04 | Market Cap: $6.9 Bil
Sector: Information Technology | Industry: Application Software

Market Price (12/23/2025): $24.04
Market Cap: $6.9 Bil
Sector: Information Technology
Industry: Application Software