Clearwater Analytics Holdings, Inc.
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Range $24.55 – $24.55
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About the company
Clearwater Analytics Holdings, Inc. offers a cloud-based (Software-as-a-Service) platform engineered to automate and centralize the entire lifecycle of investment data. This encompasses aggregation, reconciliation, comprehensive accounting, and detailed reporting capabilities for a diverse clientele, including insurers, asset managers, corporations, institutional investors, and government entities.
- CEO
- Sandeep Sahai
- IPO
- 2021
- Employees
- 3,000
- HQ
- Boise, ID, US
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- Market Cap
- $7.30B
- P/E
- -143.54
- Fwd P/E
- 36.22
- PEG
- 1.37
- P/S
- 8.84
- P/B
- 3.53
- EV/EBITDA
- 75.13
- Div Yield
- 0.00%
- Gross Margin
- 65.97%
- Op Margin
- -0.70%
- Net Margin
- -5.82%
- ROE
- -2.40%
- ROIC
- -0.16%
Latest fiscal year · YoY change
- Revenue
- $731.37M+61.9%
- Gross Profit
- $492.15M+49.7%
- Op Income
- $-7,686,000
- Net Income
- $-38,807,000-109.1%
- EPS
- $-0.14-107.3%
- OCF Growth
- +136.7%
- FCF Growth
- +138.0%
- 52W High
- $24.56
- 52W Low
- $15.73
- 50D MA
- $24.31
- 200D MA
- $22.31
- Beta
- 0.60
- RSI (14)
- 68
- Avg Volume
- 4.63M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
CWAN posted a very strong first full quarter after its acquisitions, with revenue and ARR up 77% year over year, margins improving, and management sounding increasingly confident about cross-sell and 2026 acceleration.· November 6, 2025
- Revenue was $205.1 million, up 77% year over year, and ARR reached a record $807.5 million, also up 77%.
- Adjusted EBITDA was $70.7 million with a 34.5% margin, and gross margin was 78.5%; management said both exceeded expectations.
- Gross revenue retention stayed at 98%, and net revenue retention was 108% as cross-sell, price, and upsell trends improved.
- Management said bookings were broad-based but especially strong in alternatives, risk, insurance in Europe, and hedge funds, with the best pipeline in company history.
- Guidance points to Q4 revenue of $216 million to $217 million and full-year 2025 revenue of $730 million to $731 million; Q4 EBITDA is expected at $73 million and full-year EBITDA at $247 million.
Q3 2025 revenue was $205.1 million, up 77% year over year, and adjusted EBITDA was $70.7 million, up from $58.3 million in Q2. ARR ended the quarter at a record $807.5 million, also up 77% year over year; organic ARR was $534.4 million, up $22 million from June 2025. Gross margin was 78.5%, flat year over year, and EBITDA margin was 34.5%, 140 basis points better than Q3 2024. Gross revenue retention was 98% and net revenue retention was 108%. For Q4 2025, management guided to revenue of $216 million to $217 million, or 71% to 72% growth, and adjusted EBITDA of $73 million. For full-year 2025, revenue is expected to be $730 million to $731 million and EBITDA $247 million, implying a 34% margin.
Sandeep Sahai struck a highly upbeat tone, calling Q3 a very strong quarter and saying the company is building the “investment management platform of the future.” He emphasized that the combined platform is already showing strategic and financial benefits: better-than-expected margins, strong retention, and a much larger TAM around $23 billion. He also highlighted GenAI as a differentiator, saying CWAN is already deploying production-grade AI at scale and that the company’s architecture gives it a multiyear moat.
Jim Cox focused on the first full quarter contribution from Enfusion, Beacon, and Bistro and highlighted the hard numbers behind the integration progress. He cited 98% gross retention for 26 of the last 27 quarters, 108% net retention, 78.5% gross margin, and $70.7 million of adjusted EBITDA, which was more than $5 million above guidance. He also pointed out that CWAN used the strong EBITDA to pay down $40 million of debt, repurchase more than 800,000 shares, and end with net debt to annualized Q3 EBITDA leverage of 2.7x, below the targeted 3x.
Analysts pressed management on the strength of the pipeline, the gap between core ARR growth and booking momentum, and the timing of Enfusion pricing changes. Management said demand was broad-based across verticals and geographies, but called out especially strong momentum in alternatives, risk, insurance in Europe, and hedge funds, with Q4 shaping up well. On Enfusion, management said the new pricing model starts with new clients on January 1, 2026 and then rolls through the existing base over 2026, while also noting that larger deals create quarter-to-quarter ARR lumpiness.
The bull case from this call is that the combined platform is already generating faster growth with better margins, not just promise. Management described record pipeline strength, broad-based booking momentum, and strong early cross-sell traction, while also saying the company is ahead of schedule on margin targets and seeing GenAI drive real operating leverage.
The main risks are that a lot of the post-acquisition upside is still in the integration phase and may take time to show up in ARR and revenue. Management acknowledged lumpiness from larger deals, slower hedge fund growth earlier in the year, and that pricing, cross-sell, and product integration benefits will mostly play out through 2026 and into 2027 rather than immediately.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 98.7%
- Shares Outstanding
- 297.38M
- Float Shares
- 293.64M
of shares held by institutions
425 13F filers
Buy/sell ratio 0.29. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 33.31M | ▲ 50.36K |
| Kryger Capital Ltd | 2.47M | ▲ 2.47M |
| Janus Henderson Group PLC | 1.32M | ▼ 2.16M |
| Comerica Bank | 731.34K | ▲ 118.81K |
| Absolute Gestao De Investimentos Ltda. | 699.57K | ▲ 699.57K |
| Cibra Capital Ltd | 458.42K | ▲ 458.42K |
| Groupe La Francaise | 421.57K | ▲ 421.57K |
| California State Teachers Retirement System | 335.00K | ▲ 63.40K |
| Forge First Asset Management Inc. | 215.40K | ▲ 215.40K |
| Advantage Alpha Capital Partners LP | 163.65K | ▲ 87.47K |
| Congress Wealth Management LLC / De / | 119.87K | ▲ 10.26K |
| Glenmede Investment Management, LP | 79.60K | ▼ 5.17K |
Held by 30 ETFs
Biggest fund positions in CWAN by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 25, 26 | Cox James S | sell | 31,031 |
| Jun 25, 26 | Cox James S | other | 91,665 |
| Jun 25, 26 | Cox James S | other | 18,333 |
| Jun 25, 26 | Cox James S | sell | 188,984 |
| Jun 25, 26 | Cox James S | sell | 208,109 |
| Jun 25, 26 | Cox James S | sell | 480,419 |
| Jun 25, 26 | Cox James S | sell | 91,665 |
| Jun 25, 26 | Erickson Scott Stanley | sell | 157,495 |
| Jun 25, 26 | Erickson Scott Stanley | other | 60,500 |
| Jun 25, 26 | Erickson Scott Stanley | other | 18,333 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our CWAN coverage
Recent articles, reports, and earnings notes.
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Generate CWAN report →MSIG Europe Selects Clearwater Analytics to Modernize Investment Operations
businesswire.com · Jul 8
Clearwater Analytics Completes $8.4 Billion Take-Private Acquisition by Permira and Warburg Pincus
businesswire.com · Jun 25
Clearwater Analytics Benchmarks Private Credit Strategy, Performance, and Risk Across Institutional Portfolios
gurufocus.com · Jun 24
Clearwater Analytics Benchmarks Private Credit Strategy, Performance, and Risk Across Institutional Portfolios
businesswire.com · Jun 24
Clearwater Analytics (CWAN) is an Incredible Growth Stock: 3 Reasons Why
zacks.com · Jun 18
Clearwater Analytics Launches Fund Analytics, Bringing Verified Intelligence to Private Markets
businesswire.com · Jun 17
Clearwater Analytics Unifies Factor Risk Across Portfolio Management and Risk Oversight
businesswire.com · Jun 10
Baron Discovery Fund Q1 2026: Who Moved The Needle
seekingalpha.com · Jun 8
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