What are Clearwater Analytics's profit margins?

Clearwater Analytics (CWAN) runs a 66.0% gross margin and a -0.7% operating margin, with a -5.9% net margin.

Where do Clearwater Analytics's ratios come from?

Every ratio is computed from Clearwater Analytics's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Clearwater Analytics CWAN Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	66%-1.3pp	67.3%-1.2pp	68.5%-2.0pp	70.6%-2.4pp	73%+0.2pp
Operating margin	-0.7%+0.4pp	-1.1%-1.1pp	0%-0.1pp	0.2%-3.9pp	4.1%+1.4pp
Net margin	-5.9%-0.5pp	-5.3%-66.6pp	61.3%-12.5pp	73.7%-16.4pp	90.1%-3.8pp
EBITDA margin	12.9%+2.2pp	10.6%+1.3pp	9.3%+3.1pp	6.3%-0.5pp	6.8%+1.4pp
Free cash flow margin	18.5%-4.0pp	22.5%—	——	——	——
Returns
Return on equity	-3.1%-0.5pp	-2.6%-35.5pp	32.9%-1.7pp	34.6%-21.8pp	56.4%-5.9pp
Return on assets	-2.2%-0.4pp	-1.9%-23.6pp	21.7%-0.8pp	22.5%-24.3pp	46.8%-2.3pp
Return on invested capital	-0.3%+0.1pp	-0.4%-0.4pp	0%-0.1pp	0.1%-3.5pp	3.6%+0.9pp
Efficiency
Asset turnover	0.4×0.0×	0.3×0.0×	0.4×0.0×	0.3×-0.2×	0.5×0.0×
Liquidity
Current ratio	2.3×+0.4×	1.8×-0.1×	2×-0.1×	2×-3.1×	5.1×+0.1×
Quick ratio	2.3×+0.4×	1.8×-0.1×	2×-0.1×	2×-3.1×	5.1×+0.1×
Cash ratio	0.6×+0.1×	0.6×+0.1×	0.5×-0.1×	0.6×-2.8×	3.4×-0.3×
Leverage
Debt-to-equity	0.4×0.0×	0.4×0.0×	0.4×0.0×	0.5×+0.4×	0.1×0.0×
Debt-to-assets	0.3×0.0×	0.3×0.0×	0.3×0.0×	0.3×+0.3×	0.1×0.0×
Net debt / EBITDA	7.3×-2.5×	9.9×-3.8×	13.7×-11.0×	24.7×+31.4×	-6.7×+2.2×
Per Share
Book value per share	$6.95-6.8%	$7.45+8.3%	$6.88-5.4%	$7.27+60.4%	$4.53+14.3%
Valuation
Market capitalization	$6.96B-1.5%	$7.07B+34.2%	$5.27B-12.9%	$6.05B-5.3%	$6.39B+1.6%
Enterprise value	$7.74B-1.3%	$7.84B+28.8%	$6.09B-11.8%	$6.9B+11.8%	$6.18B+1.7%
Price / sales	8.4×-1.2×	9.7×+1.4×	8.2×-2.8×	11×-2.4×	13.4×-0.5×
Price / book	3.4×-0.1×	3.5×+0.8×	2.7×-0.4×	3.1×-2.7×	5.7×-0.5×
EV / EBITDA	72.9×-27.8×	100.7×-1.2×	101.9×-98.3×	200.1×+8.7×	191.4×-57.4×
EV / sales	9.4×-1.3×	10.7×+1.2×	9.5×-3.0×	12.5×-0.4×	13×-0.5×
Free cash flow yield	2.2%-0.1pp	2.3%—	——	——	——
Earnings yield	-0.7%-0.1pp	-0.6%-8.0pp	7.4%+0.7pp	6.7%0.0pp	6.7%0.0pp

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Questions, answered.

What are Clearwater Analytics's profit margins?: Clearwater Analytics (CWAN) runs a 66.0% gross margin and a -0.7% operating margin, with a -5.9% net margin.
Where do Clearwater Analytics's ratios come from?: Every ratio is computed from Clearwater Analytics's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.