Clearwater Analytics Holdings Inc
CWANBuild a strategy around CWAN
Clearwater Analytics Holdings Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 1.3B is 64% of equity and 3,900x tangible book (324K) - acquisition-heavy model with material impairment risk[Goodwill]
- Net income TTM 392.5M on pretax loss of -64.9M signals one-time tax benefit distorting profitability; operating income near zero (275K)[Net Income TTM]
- 5Y revenue CAGR 30.9% vs industry median 9.4% - 3.3x faster growth with 68.5% gross margin[Total Revenue 5yr Growth]
Watch Triggers
- Operating Margin TTM: Sustained above 5% — Validates operating leverage thesis; current 0.04% masks true unit economics
- Goodwill: Impairment charge announced — 1.3B goodwill (64% of equity) from acquisitions; write-down would expose thin equity base
- Free Cash Flow TTM: Falls below 50M — FCF is only positive metric supporting valuation; decline signals model stress
Bull Case
FCF margin 12.8% (81.8M) despite minimal operating profit shows cash-generative SaaS model; 91.4M operating cash flow funds growth without dilution
31% 5Y revenue CAGR at 640M scale with 68.5% gross margin positions for operating leverage as growth investments moderate
Bear Case
P/S 10.9x vs industry median 2.6x and P/E 15.6x built on non-recurring tax benefit; normalized earnings likely negative given -64.9M pretax
Total debt 882.9M at 0.45x D/E with 16.1M interest expense consumes 18% of EBITDA (64.2M); goodwill 1.3B creates write-down overhang
Bull vs Bear Balance
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Forward Thesis
Operating leverage inflection likely as R&D (28% of revenue) scales against 31% revenue growth
- R&D 180M TTM is 28% of revenue vs industry median ~45M
- Gross margin 68.5% provides cushion for OpEx absorption
- SaaS model with 640M revenue approaching scale threshold
Valuation Context
Caveats
CWAN Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$7.27B | — | ||
$8.05B | — | ||
0.00 | — | ||
$825.73M | +73.5% | — | |
$-0.18 | — | ||
-0.70% | -4.8% | — | |
-5.82% | -96.0% | — | |
$142.31M | +70.4% | — | |
-3.04% | -61.1% | — | |
Beta 5Y (Monthly) | unknown | — |
CWAN Dividend History
CWAN Stock Splits
CWAN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 10-Q | |
02/18/26 | 12/31/25 | 10-K | |
11/05/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/02/25 | 03/31/25 | 10-Q | |
02/26/25 | 12/31/24 | Unknown | |
11/06/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
11/03/23 | 09/30/23 | 10-Q | |
08/04/23 | 06/30/23 | 10-Q | |
05/05/23 | 03/31/23 | 10-Q | |
03/03/23 | 12/31/22 | 10-K | |
11/04/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-Q | |
05/06/22 | 03/31/22 | 10-Q | |
03/16/22 | 12/31/21 | 10-K | |
11/12/21 | 09/30/21 | 10-Q | |
09/27/21 | 06/30/21 | 424B4 | |
05/06/22 | 03/31/21 | 10-Q | |
09/27/21 | 12/31/20 | 424B4 | |
11/12/21 | 09/30/20 | 10-Q |