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

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM 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%—	-1.1%—	0%—	——	——
Net margin	-5.9%-96.0pp	-5.3%-99.3pp	61.3%+61.1pp	73.7%+74.9pp	90.1%+94.1pp
Returns
Return on equity	-3.1%-59.4pp	-2.6%-64.9pp	32.9%+32.7pp	34.6%—	56.4%—
Return on invested capital	-0.3%-3.9pp	-0.4%-3.2pp	0%+0.8pp	0.1%—	3.6%—
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×
Leverage
Debt-to-equity	0.4×+0.4×	0.4×+0.4×	0.4×+0.3×	0.5×+0.3×	0.1×-0.1×
Net debt / EBITDA	7.3×—	9.9×—	13.7×—	24.7×—	——
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%
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×—	100.7×—	101.9×—	200.1×—	——

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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.