What is Clearwater Analytics's free cash flow margin?

Clearwater Analytics (CWAN) reported free cash flow margin of 18.5% in Q1 2026.

What is the long-term trend for Clearwater Analytics's free cash flow margin?

Over 2 years (2022 to 2025), Clearwater Analytics's free cash flow margin has grown at a 16.5% compound annual growth rate (CAGR), from 16.6% to 22.5%.

What does free cash flow margin mean?

Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

Clearwater Analytics CWAN Free cash flow margin

Free cash flow margin at other companies

Northern TrustNTRS

65.1%-24.5pp

State StreetSTT

-25.9%—

SS&C TechnologiesSSNC

26.5%+2.8pp

BlackrockBLK

14.3%-4.6pp

SnowflakeSNOW

23.2%+3.5pp

WAT

Waters CorporationWAT

7%-13.8pp

Other financials

Income statement

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Revenue$221.2M+74.4%

Gross profit$145.5M+56.6%

Operating income$9.0M+26.9%

Net income-$2.8M-143%

EPS (diluted)-$0.01-133%

Balance sheet

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Cash & equivalents$81.5M-71.2%

Total debt$860.8M+1,189%

Total equity$2.0B+83.7%

Total assets$3.0B+135%

Cash flow

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Operating cash flow$17.7M-27.9%

CapEx$6.4M+339%

Free cash flow$11.2M-51.2%

Valuation

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Market cap$7.22B+8.9%

Enterprise value$8B+25.4%

P/S8.8×-5.2×

Profitability

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Gross margin66%-7.0pp

Operating margin-0.7%-4.8pp

Net margin-5.9%-96.0pp

Returns & leverage

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Return on equity-3.1%-59.4pp

Debt / equity0.4×+0.4×

Current ratio2.3×-2.8×

Where this comes from

Calculated from Clearwater Analytics’s reported figures.

free cash flow/total revenue=18.5%

Based on trailing twelve months.

The official record: Clearwater Analytics’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Clearwater Analytics's free cash flow margin?: Clearwater Analytics (CWAN) reported free cash flow margin of 18.5% in Q1 2026.
What is the long-term trend for Clearwater Analytics's free cash flow margin?: Over 2 years (2022 to 2025), Clearwater Analytics's free cash flow margin has grown at a 16.5% compound annual growth rate (CAGR), from 16.6% to 22.5%.
What does free cash flow margin mean?: Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.