Clearwater Analytics CWAN Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 66%-7.0pp | 67.3%-5.5pp | 68.5%-3.7pp | 70.6%-1.3pp | 73%+1.6pp | |
| Operating margin | -0.7%-4.8pp | -1.1%-3.8pp | 0%— | 0.2%— | 4.1%— | |
| Net margin | -5.9%-96.0pp | -5.3%-99.3pp | 61.3%+61.1pp | 73.7%+74.9pp | 90.1%+94.1pp | |
| EBITDA margin | 12.9%+6.1pp | 10.6%+5.2pp | 9.3%+6.9pp | 6.3%+7.2pp | 6.8%+10.8pp | |
| Free cash flow margin | 18.5%— | 22.5%— | —— | —— | —— | |
| Returns | ||||||
| Return on equity | -3.1%-59.4pp | -2.6%-64.9pp | 32.9%+32.7pp | 34.6%+35.9pp | 56.4%+60.4pp | |
| Return on assets | -2.2%-49.0pp | -1.9%-51.0pp | 21.7%+21.6pp | 22.5%+23.4pp | 46.8%+49.8pp | |
| Return on invested capital | -0.3%-3.9pp | -0.4%-3.2pp | 0%+0.8pp | 0.1%+9.0pp | 3.6%+17.9pp | |
| Efficiency | ||||||
| Asset turnover | 0.4×-0.1× | 0.3×-0.2× | 0.4×-0.4× | 0.3×-0.4× | 0.5×-0.2× | |
| Liquidity | ||||||
| Current ratio | 2.3×-2.8× | 1.8×-3.2× | 2×-2.7× | 2×-2.8× | 5.1×-0.5× | |
| Quick ratio | 2.3×-2.8× | 1.8×-3.2× | 2×-2.7× | 2×-2.8× | 5.1×-0.5× | |
| Cash ratio | 0.6×-2.8× | 0.6×-3.1× | 0.5×-3.1× | 0.6×-3.2× | 3.4×-0.8× | |
| Leverage | ||||||
| Debt-to-equity | 0.4×+0.4× | 0.4×+0.4× | 0.4×+0.3× | 0.5×+0.3× | 0.1×-0.1× | |
| Debt-to-assets | 0.3×+0.2× | 0.3×+0.2× | 0.3×+0.2× | 0.3×+0.2× | 0.1×-0.1× | |
| Net debt / EBITDA | 7.3×+14.0× | 9.9×+18.8× | 13.7×+39.9× | 24.7×— | -6.7×— | |
| Per Share | ||||||
| Book value per share | $6.95+53.3% | $7.45+88.0% | $6.88+295% | $7.27+317% | $4.53+185% | |
| Valuation | ||||||
| Market capitalization | $6.96B+8.9% | $7.07B+12.4% | $5.27B-4.4% | $6.05B+53.2% | $6.39B+69.4% | |
| Enterprise value | $7.74B+25.4% | $7.84B+29.1% | $6.09B+16.0% | $6.9B+85.3% | $6.18B+73.9% | |
| Price / sales | 8.4×-5.0× | 9.7×-4.3× | 8.2×-4.8× | 11×+1.2× | 13.4×+3.7× | |
| Price / book | 3.4×-2.3× | 3.5×-2.7× | 2.7×-11.0× | 3.1×-7.3× | 5.7×-3.6× | |
| EV / EBITDA | 72.9×-119× | 100.7×-148× | 101.9×-416× | 200.1×— | 191.4×— | |
| EV / sales | 9.4×-3.6× | 10.7×-2.7× | 9.5×-2.9× | 12.5×+3.3× | 13×+3.8× | |
| Free cash flow yield | 2.2%— | 2.3%— | —— | —— | —— | |
| Earnings yield | -0.7%-7.4pp | -0.6%-7.3pp | 7.4%+7.4pp | 6.7%+6.8pp | 6.7%+7.1pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →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.
