What is Clearwater Analytics's net margin?

Clearwater Analytics (CWAN) reported net margin of -5.9% in Q1 2026.

How has Clearwater Analytics's net margin changed year-over-year?

Clearwater Analytics's net margin decreased by 106.5% year-over-year, from 90.1% to -5.9%.

What is the long-term trend for Clearwater Analytics's net margin?

Over 4 years (2021 to 2025), Clearwater Analytics's net margin has grown at a -4.3% compound annual growth rate (CAGR), from -6.4% to -5.3%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

Clearwater Analytics CWAN Net margin

Net margin at other companies

Northern TrustNTRS

22.8%-3.9pp

State StreetSTT

21.2%-0.6pp

SS&C TechnologiesSSNC

12.6%-1.0pp

BlackrockBLK

24.4%-5.7pp

SnowflakeSNOW

-23.8%-6.1pp

MicroStrategyMSTR

1,663.1%+1,587pp

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

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 income/total revenue=-5.9%

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 net margin?: Clearwater Analytics (CWAN) reported net margin of -5.9% in Q1 2026.
How has Clearwater Analytics's net margin changed year-over-year?: Clearwater Analytics's net margin decreased by 106.5% year-over-year, from 90.1% to -5.9%.
What is the long-term trend for Clearwater Analytics's net margin?: Over 4 years (2021 to 2025), Clearwater Analytics's net margin has grown at a -4.3% compound annual growth rate (CAGR), from -6.4% to -5.3%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.