📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

Clearwater Analytics Holdings, Inc. develops and provides a Software-as-a-Service (SaaS) solution for automated investment data aggregation, reconciliation, accounting, and reporting services in the United States and internationally. It offers portfolio management, order and execution management systems (OEMS), investment accounting, reconciliation, regulatory reporting, performance measurement, compliance monitoring, and risk analytics. The company offers a single instance, multi-tenant technology platform that automates data aggregation, reconciliation, validation, and trade management. It serves insurers, asset managers, hedge funds, banks, corporations, and government entities. The company was founded in 2004 and is headquartered in Boise, Idaho.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q4 2024

Confident Specific

Management consistently used superlatives like 'outstanding quarter', 'spectacular', 'record highs', and 'beat guidance by $6.3M'. They provided specific numbers for revenue growth (28%), ARR growth (25%), NRR (116% a year early), and margin expansion (190 bps gross margin improvement). The tone was direct and optimistic, with no hedging on key metrics.

Q1 2025

Confident Specific

Management consistently used precise metrics (revenue $126.9M, 23.5% YoY; ARR $493.9M; EBITDA margin 35.5%; gross margin 78.9%) and repeatedly highlighted beating their own guidance and exceeding prior commitments. Language such as 'extraordinary,' 'impressive trajectory,' 'solid execution' reinforces strong conviction.

Q2 2025

Confident Specific

Management used emphatic language like 'very strong', 'remarkable', 'outstanding', and 'comfortably beat guidance.' They provided specific numbers (e.g., gross margin 77.4% vs. expected 76.5%) and highlighted early achievement of $20M synergies, emphasizing execution ahead of schedule.

Q3 2025 latest

Confident Specific

The CEO used language like 'stunning' and 'exceptional' while citing precise metrics: 77% revenue growth, 34.5% EBITDA margin, 98% GRR, and 78.5% gross margin – all exceeding or hitting targets earlier than planned.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. The company delivered on its post-acquisition margin expansion promise faster than the guided timeline (78.5% gross margin vs. a 2027 target), and EBITDA margin improved while absorbing lower-margin businesses. The cross-sell narrative is now backed by a 70% bookings increase and seven-figure risk deals, supporting the path to 115% NRR. Strong client retention (98% GRR) reinforces the platform's stickiness. The AI moat appears credible with production-scale deployment and specific client efficiency gains. However, organic ARR acceleration was modest ($22M QoQ) and Enfusion's growth reacceleration remains unproven. Next quarter, watch for commercial model impact on Enfusion's bookings, continued cross-sell momentum, and any progress on the unified platform build timeline.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED CWAN Q3 2025: Revenue $205.1M, ARR $807.5M, 77% YoY growth, EBITDA margin 34.5%

Revenue & Profitability

Revenue for Q3 2025 was $205.1 million, exceeding guidance and up 77% year-over-year. ARR reached $807.5 million, also up 77%. Adjusted EBITDA was $70.7 million, representing a margin of 34.5%, up from 32.1% in Q2 and 140 basis points better than Q3 2024. Gross margin was 78.5%. Full-year 2025 revenue is expected between $730 million and $731 million (62% YoY growth), with EBITDA of $247 million (34% margin). Net income was not explicitly reported.

Outlook

Management sees strong industry tailwinds: the move to alternative assets, portfolio globalization, increased need for risk/performance analytics, and regulatory complexity are driving demand. The total addressable market is estimated at roughly $23 billion, balanced across geographies. The competitive landscape is favorable, with CWAN positioned as an 'uncontested' provider of a modular, extensible front-to-back platform.

Growth Drivers

Growth vectors include: core Clearwater (approx. 21% YTD growth), Enfusion (expected 12% growth in 2025), and cross-selling of modules like LPX, MLX, Prism, and Risk (70% increase in bookings year-over-year). New client wins span hedge funds (record three-month sales cycle), insurance (global and European wins), and asset owners (e.g., Texas Treasury Safekeeping Trust). International expansion is also a driver, with wins in the UK and Latin America.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Q3 2025 gross margin was 78.5%, flat year-over-year but achieving investor day 2027 targets a quarter early. Steady-state core Clearwater clients reached 82% gross margin. Adjusted EBITDA margin was 34.5%, up from 32.1% sequentially and 140 basis points year-over-year. For full-year 2025, EBITDA margin guidance is 34%, 180 basis points better than 2024, despite integrating lower-margin businesses.

Key Risks

Risks mentioned include lumpiness in ARR due to large deals, as seen in Q3 where organic ARR growth was 17% while core Clearwater grew ~21% year-to-date. The commercial model revision for Enfusion may take all of 2026 to implement fully. No explicit macro headwinds were called out, but management noted a slower Q1 for hedge fund bookings before acceleration in Q2 and Q3.

Generated by AI · Q3 2025 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2025 Q3 2025 2025-11-05

Q3 2025 saw 77% year-over-year revenue and ARR growth, with adjusted EBITDA margin rising to 34.5%. Gross revenue retention remained at 98%, and cross-sell bookings surged 70% year-over-year, driven by strong demand in alternatives and risk solutions.

Q2 2025 Q2 2025 2025-08-06

Record Q2 revenue and EBITDA growth driven by strong core and acquired business performance, rapid integration, and realization of $20M in synergies. Gross margin and retention metrics exceeded expectations, with robust guidance for continued growth and margin expansion.

Q1 2025 Q1 2025 2025-04-30

Q1 2025 saw 23.5% revenue growth, record margins, and strong EBITDA, with major acquisitions positioning the company for integrated, cloud-native investment solutions. Guidance calls for 59–61% revenue growth in 2025, with synergies and cross-sell expected to accelerate future performance.

Q4 2024 Q4 2024 2025-02-19

Q4 and full-year 2024 saw record revenue, margin expansion, and 116% NRR, with strong client wins and robust international growth. The Enfusion acquisition is set to create a unified front-to-back platform, supporting continued growth and operational efficiency.

Q3 2024 Q3 2024 2024-11-06

Q3 2024 saw record revenue and ARR growth, exceptional retention, and strong free cash flow. Guidance for 2024 was raised, and a proposal to terminate the TRA could save significant future costs. International expansion, new products, and partnerships are fueling broad-based growth.

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