Clearwater Analytics (CWAN)
Market Price (2/6/2026): $23.48 | Market Cap: $6.8 BilSector: Information Technology | Industry: Application Software
Clearwater Analytics (CWAN)
Market Price (2/6/2026): $23.48Market Cap: $6.8 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8% | Weak multi-year price returns2Y Excs Rtn is -16%, 3Y Excs Rtn is -47% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 2,858x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 74x |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 51% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19% | |
| Attractive cash flow generationCFO/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 risksCWAN key risks include [1] significant challenges integrating major acquisitions, Show more. | |
| Low stock price volatilityVol 12M is 40% | ||
| Megatrend and thematic driversMegatrends include Cloud Computing, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), and Wealth Management Technology. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 51% |
| Attractive cash flow generationCFO/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% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Cloud Computing, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), and Wealth Management Technology. |
| Weak multi-year price returns2Y Excs Rtn is -16%, 3Y Excs Rtn is -47% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 2,858x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 74x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Key risksCWAN key risks include [1] significant challenges integrating major acquisitions, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Clearwater Analytics (CWAN) stock has gained about 30% since 10/31/2025 because of the following key factors:
1. Definitive Agreement to be Acquired. The most significant factor contributing to the stock gain was the announcement on December 21, 2025, that Clearwater Analytics had entered into a definitive agreement to be acquired for approximately $8.4 billion by an investor group led by Permira and Warburg Pincus. Stockholders are set to receive $24.55 per share in cash as part of this transaction. This acquisition price provided a clear target for the stock, driving its value upwards.
2. Strong Q3 2025 Financial Performance and Positive Guidance. Clearwater Analytics reported robust third-quarter 2025 financial results on November 5, 2025, which included a 77% year-over-year growth in revenue and Annualized Recurring Revenue (ARR). The company also provided strong guidance for Q4 2025 revenue, projecting 71-72% year-on-year growth, and a positive outlook for full-year 2025 revenue and adjusted EBITDA margins. This strong performance and optimistic forecast likely enhanced investor confidence and potentially fueled the takeover interest that emerged.
Show more
1. Definitive Agreement to be Acquired. The most significant factor contributing to the stock gain was the announcement on December 21, 2025, that Clearwater Analytics had entered into a definitive agreement to be acquired for approximately $8.4 billion by an investor group led by Permira and Warburg Pincus. Stockholders are set to receive $24.55 per share in cash as part of this transaction. This acquisition price provided a clear target for the stock, driving its value upwards.
2. Strong Q3 2025 Financial Performance and Positive Guidance. Clearwater Analytics reported robust third-quarter 2025 financial results on November 5, 2025, which included a 77% year-over-year growth in revenue and Annualized Recurring Revenue (ARR). The company also provided strong guidance for Q4 2025 revenue, projecting 71-72% year-on-year growth, and a positive outlook for full-year 2025 revenue and adjusted EBITDA margins. This strong performance and optimistic forecast likely enhanced investor confidence and potentially fueled the takeover interest that emerged.
Show more
Stock Movement Drivers
Fundamental Drivers
The 27.5% change in CWAN stock from 10/31/2025 to 2/5/2026 was primarily driven by a 40.5% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2052026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.41 | 23.48 | 27.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 551 | 640 | 16.2% |
| Net Income Margin (%) | 73.7% | 61.3% | -16.9% |
| P/E Multiple | 12.3 | 17.2 | 40.5% |
| Shares Outstanding (Mil) | 271 | 288 | -6.0% |
| Cumulative Contribution | 27.5% |
Market Drivers
10/31/2025 to 2/5/2026| Return | Correlation | |
|---|---|---|
| CWAN | 27.5% | |
| Market (SPY) | -0.7% | 30.7% |
| Sector (XLK) | -9.8% | 19.1% |
Fundamental Drivers
The 15.9% change in CWAN stock from 7/31/2025 to 2/5/2026 was primarily driven by a 53.8% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2052026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.26 | 23.48 | 15.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 476 | 640 | 34.5% |
| Net Income Margin (%) | 90.1% | 61.3% | -32.0% |
| P/E Multiple | 11.2 | 17.2 | 53.8% |
| Shares Outstanding (Mil) | 237 | 288 | -17.6% |
| Cumulative Contribution | 15.9% |
Market Drivers
7/31/2025 to 2/5/2026| Return | Correlation | |
|---|---|---|
| CWAN | 15.9% | |
| Market (SPY) | 7.5% | 30.4% |
| Sector (XLK) | 3.4% | 19.9% |
Fundamental Drivers
The -16.6% change in CWAN stock from 1/31/2025 to 2/5/2026 was primarily driven by a -99.8% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2052026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.16 | 23.48 | -16.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 424 | 640 | 50.9% |
| Net Income Margin (%) | 0.2% | 61.3% | 39044.5% |
| P/E Multiple | 9,288.1 | 17.2 | -99.8% |
| Shares Outstanding (Mil) | 219 | 288 | -23.9% |
| Cumulative Contribution | -16.6% |
Market Drivers
1/31/2025 to 2/5/2026| Return | Correlation | |
|---|---|---|
| CWAN | -16.6% | |
| Market (SPY) | 13.6% | 47.4% |
| Sector (XLK) | 18.1% | 41.4% |
Fundamental Drivers
The 19.9% change in CWAN stock from 1/31/2023 to 2/5/2026 was primarily driven by a 120.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2052026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.58 | 23.48 | 19.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 291 | 640 | 120.4% |
| P/S Multiple | 12.7 | 10.6 | -16.6% |
| Shares Outstanding (Mil) | 188 | 288 | -34.8% |
| Cumulative Contribution | 19.9% |
Market Drivers
1/31/2023 to 2/5/2026| Return | Correlation | |
|---|---|---|
| CWAN | 19.9% | |
| Market (SPY) | 72.9% | 36.9% |
| Sector (XLK) | 103.6% | 28.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CWAN Return | -9% | -18% | 7% | 37% | -12% | -3% | -8% |
| Peers Return | 29% | -22% | 23% | 20% | 4% | -10% | 38% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 83% |
Monthly Win Rates [3] | |||||||
| CWAN Win Rate | 50% | 50% | 50% | 58% | 58% | 0% | |
| Peers Win Rate | 63% | 43% | 52% | 57% | 60% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CWAN Max Drawdown | -22% | -48% | -27% | -21% | -42% | -3% | |
| Peers Max Drawdown | -9% | -35% | -8% | -8% | -19% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 2/5/2026 (YTD)
How Low Can It Go
| Event | CWAN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -54.2% | -25.4% |
| % Gain to Breakeven | 118.1% | 34.1% |
| Time to Breakeven | 839 days | 464 days |
Compare to SSNC, BLK, STT, BR, FDS
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.
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 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.
AI Analysis | Feedback
Analogy 1: The Workday for investment portfolio accounting.
Analogy 2: TurboTax for institutional investment reporting.
AI Analysis | Feedback
- Clearwater Analytics Platform: A cloud-native SaaS FinTech solution providing automated investment accounting, performance measurement, risk analytics, and regulatory reporting for institutional investors.
AI Analysis | Feedback
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)
- 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.
AI Analysis | Feedback
Amazon.com, Inc. (AMZN)
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
nullAI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 161.12 |
| Mkt Cap | 20.4 |
| Rev LTM | 6,664 |
| Op Inc LTM | 1,238 |
| FCF LTM | 973 |
| FCF 3Y Avg | 833 |
| CFO LTM | 1,094 |
| CFO 3Y Avg | 931 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.3% |
| Rev Chg 3Y Avg | 7.1% |
| Rev Chg Q | 9.7% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Mgn LTM | 23.2% |
| Op Mgn 3Y Avg | 22.6% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 19.3% |
| CFO/Rev 3Y Avg | 21.9% |
| FCF/Rev LTM | 17.8% |
| FCF/Rev 3Y Avg | 19.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 20.4 |
| P/S | 3.2 |
| P/EBIT | 15.2 |
| P/E | 19.2 |
| P/CFO | 13.7 |
| Total Yield | 6.3% |
| Dividend Yield | 1.6% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.9% |
| 3M Rtn | -5.8% |
| 6M Rtn | -8.5% |
| 12M Rtn | -12.7% |
| 3Y Rtn | 32.7% |
| 1M Excs Rtn | -6.8% |
| 3M Excs Rtn | -6.5% |
| 6M Excs Rtn | -15.8% |
| 12M Excs Rtn | -24.6% |
| 3Y Excs Rtn | -34.3% |
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 |
| $ 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 | $23.48 | |
| Market Cap ($ Bil) | 6.8 | |
| First Trading Date | 09/24/2021 | |
| Distance from 52W High | -24.9% | |
| 50 Days | 200 Days | |
| DMA Price | $23.16 | $21.26 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 1.4% | 10.4% |
| 3M | 1YR | |
| Volatility | 38.4% | 40.3% |
| Downside Capture | 29.50 | 123.95 |
| Upside Capture | 257.68 | 87.45 |
| Correlation (SPY) | 28.4% | 47.7% |
CWAN Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.10 | 0.59 | 1.15 | 1.15 | 0.99 | 0.90 |
| Up Beta | 0.22 | 1.57 | 0.28 | 1.70 | 0.92 | 0.88 |
| Down Beta | -0.11 | -0.60 | 0.54 | 0.31 | 1.05 | 1.02 |
| Up Capture | -16% | 177% | 280% | 151% | 78% | 56% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 8 | 21 | 33 | 64 | 119 | 382 |
| Down Capture | -20% | 52% | 97% | 126% | 111% | 97% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 9 | 16 | 24 | 57 | 125 | 354 |
[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 | -19.2% | 40.2% | -0.44 | - |
| Sector ETF (XLK) | 18.1% | 27.2% | 0.59 | 41.9% |
| Equity (SPY) | 13.6% | 19.3% | 0.54 | 48.0% |
| Gold (GLD) | 69.7% | 24.7% | 2.11 | 4.3% |
| Commodities (DBC) | 7.1% | 16.6% | 0.24 | 8.0% |
| Real Estate (VNQ) | 4.4% | 16.5% | 0.09 | 45.4% |
| Bitcoin (BTCUSD) | -26.6% | 40.5% | -0.66 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWAN | |
|---|---|---|---|---|
| CWAN | -2.0% | 41.3% | 0.06 | - |
| Sector ETF (XLK) | 16.9% | 24.7% | 0.62 | 35.6% |
| Equity (SPY) | 14.4% | 17.0% | 0.67 | 40.5% |
| Gold (GLD) | 20.8% | 16.9% | 1.01 | 4.2% |
| Commodities (DBC) | 11.7% | 18.9% | 0.50 | 6.7% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 35.6% |
| Bitcoin (BTCUSD) | 16.0% | 57.4% | 0.49 | 16.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWAN | |
|---|---|---|---|---|
| CWAN | -1.0% | 41.3% | 0.06 | - |
| Sector ETF (XLK) | 22.5% | 24.2% | 0.85 | 35.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 40.5% |
| Gold (GLD) | 15.4% | 15.5% | 0.83 | 4.2% |
| Commodities (DBC) | 7.9% | 17.6% | 0.37 | 6.7% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.26 | 35.6% |
| Bitcoin (BTCUSD) | 69.0% | 66.5% | 1.08 | 16.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
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% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Das, Souvik | Chief Technology Officer | Direct | Sell | 1052026 | 24.09 | 41,594 | 1,002,103 | 3,571,087 | Form |
| 2 | Cox, James S | Chief Financial Officer | Direct | Sell | 1052026 | 24.09 | 63,709 | 1,534,909 | 9,653,648 | Form |
| 3 | Erickson, Scott Stanley | Chief Revenue Officer | Direct | Sell | 1052026 | 24.09 | 44,386 | 1,069,370 | 1,756,753 | Form |
| 4 | Sethi, Subi | Chief Client Officer | Direct | Sell | 1052026 | 24.09 | 25,646 | 617,876 | 6,678,176 | Form |
| 5 | Sahai, Sandeep | Chief Executive Officer | Direct | Sell | 1052026 | 24.09 | 134,130 | 3,231,527 | 26,331,247 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.