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Clearwater Analytics CWAN Net debt / EBITDA

Net debt / EBITDA at other companies

Northern Trust logo
Northern TrustNTRS
0.1×0.0×
State Street logo
State StreetSTT
1.5×-0.1×
SS&C Technologies logo
SS&C TechnologiesSSNC
3.3×+0.1×
Blackrock logo
BlackrockBLK
0.5×-0.3×
WAT
Waters CorporationWAT
6.7×+5.6×
S&P Global logo
S&P GlobalSPGI
1.2×-0.4×

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
FCF margin18.5%—

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.

net debt/ebitda=7.3×

Based on the most recent quarter.

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 net debt / EBITDA?
Clearwater Analytics (CWAN) reported net debt / EBITDA of 7.3× in Q1 2026.
How has Clearwater Analytics's net debt / EBITDA changed year-over-year?
Clearwater Analytics's net debt / EBITDA increased by 209.6% year-over-year, from -6.7× to 7.3×.
What is the long-term trend for Clearwater Analytics's net debt / EBITDA?
Over 3 years (2021 to 2025), Clearwater Analytics's net debt / EBITDA has grown at a 15.7% compound annual growth rate (CAGR), from -6.4× to 9.9×.
What does net debt / EBITDA mean?
Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.