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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and Clearwater Analytics Holdings, Inc. (CWAN). Click either name above to swap in a different company.
Clearwater Analytics Holdings, Inc. is the larger business by last-quarter revenue ($217.5M vs $139.2M, roughly 1.6× ADMA BIOLOGICS, INC.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs -5.4%, a 40.9% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 18.4%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $34.6M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 30.4%).
ADMA Biologics Inc. is a biopharmaceutical enterprise focused on the research, development, manufacturing and commercialization of specialty plasma-derived immunoglobulin therapies. It primarily operates in the United States, catering to patients with primary immunodeficiency and other immune-related disorders, healthcare providers and medical institutions across its core immune health therapeutic segment.
Clearwater Analytics Holdings, Inc. is an American software-as-a-service (SaaS) fintech company that provides automated investment accounting, performance, compliance, and risk reporting worldwide. Clearwater is a publicly traded company headquartered in Boise, Idaho, with additional offices in London, Edinburgh, New York City and Noida.
ADMA vs CWAN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $217.5M |
| Net Profit | $49.4M | $-11.8M |
| Gross Margin | 63.8% | 67.2% |
| Operating Margin | 45.1% | -3.1% |
| Net Margin | 35.5% | -5.4% |
| Revenue YoY | 18.4% | 72.0% |
| Net Profit YoY | -55.9% | -102.8% |
| EPS (diluted) | $0.20 | $-0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $139.2M | $217.5M | ||
| Q3 25 | $134.2M | $205.1M | ||
| Q2 25 | $122.0M | $181.9M | ||
| Q1 25 | $114.8M | $126.9M | ||
| Q4 24 | $117.5M | $126.5M | ||
| Q3 24 | $119.8M | $115.8M | ||
| Q2 24 | $107.2M | $106.8M | ||
| Q1 24 | $81.9M | $102.7M |
| Q4 25 | $49.4M | $-11.8M | ||
| Q3 25 | $36.4M | $-10.3M | ||
| Q2 25 | $34.2M | $-23.2M | ||
| Q1 25 | $26.9M | $6.5M | ||
| Q4 24 | $111.9M | $419.3M | ||
| Q3 24 | $35.9M | $3.6M | ||
| Q2 24 | $32.1M | $-430.0K | ||
| Q1 24 | $17.8M | $1.9M |
| Q4 25 | 63.8% | 67.2% | ||
| Q3 25 | 56.3% | 65.6% | ||
| Q2 25 | 55.1% | 65.1% | ||
| Q1 25 | 53.2% | 73.3% | ||
| Q4 24 | 53.9% | 73.5% | ||
| Q3 24 | 49.8% | 72.9% | ||
| Q2 24 | 53.6% | 72.0% | ||
| Q1 24 | 47.8% | 72.6% |
| Q4 25 | 45.1% | -3.1% | ||
| Q3 25 | 38.0% | 3.2% | ||
| Q2 25 | 35.1% | -8.0% | ||
| Q1 25 | 30.4% | 5.6% | ||
| Q4 24 | 32.6% | 1.0% | ||
| Q3 24 | 33.1% | 6.3% | ||
| Q2 24 | 36.6% | 3.6% | ||
| Q1 24 | 26.7% | -0.2% |
| Q4 25 | 35.5% | -5.4% | ||
| Q3 25 | 27.1% | -5.0% | ||
| Q2 25 | 28.1% | -12.8% | ||
| Q1 25 | 23.4% | 5.1% | ||
| Q4 24 | 95.2% | 331.5% | ||
| Q3 24 | 30.0% | 3.1% | ||
| Q2 24 | 29.9% | -0.4% | ||
| Q1 24 | 21.7% | 1.8% |
| Q4 25 | $0.20 | $-0.04 | ||
| Q3 25 | $0.15 | $-0.04 | ||
| Q2 25 | $0.14 | $-0.09 | ||
| Q1 25 | $0.11 | $0.03 | ||
| Q4 24 | $0.45 | $1.65 | ||
| Q3 24 | $0.15 | $0.02 | ||
| Q2 24 | $0.13 | $0.00 | ||
| Q1 24 | $0.08 | $0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | $91.2M |
| Total DebtLower is stronger | $72.1M | $822.6M |
| Stockholders' EquityBook value | $477.3M | $2.0B |
| Total Assets | $624.2M | $3.0B |
| Debt / EquityLower = less leverage | 0.15× | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $91.2M | ||
| Q3 25 | $61.4M | $64.1M | ||
| Q2 25 | $90.3M | $71.9M | ||
| Q1 25 | $71.6M | $282.9M | ||
| Q4 24 | $103.1M | $255.5M | ||
| Q3 24 | $86.7M | $305.8M | ||
| Q2 24 | $88.2M | $257.9M | ||
| Q1 24 | $45.3M | $267.6M |
| Q4 25 | $72.1M | $822.6M | ||
| Q3 25 | $72.4M | $838.9M | ||
| Q2 25 | — | $878.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | $72.3M | $43.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $477.3M | $2.0B | ||
| Q3 25 | $431.2M | $2.0B | ||
| Q2 25 | $398.3M | $2.0B | ||
| Q1 25 | $373.4M | $1.1B | ||
| Q4 24 | $349.0M | $1.0B | ||
| Q3 24 | $231.9M | $403.2M | ||
| Q2 24 | $188.3M | $380.6M | ||
| Q1 24 | $153.7M | $406.2M |
| Q4 25 | $624.2M | $3.0B | ||
| Q3 25 | $568.7M | $3.0B | ||
| Q2 25 | $558.4M | $3.0B | ||
| Q1 25 | $510.6M | $1.3B | ||
| Q4 24 | $488.7M | $1.2B | ||
| Q3 24 | $390.6M | $623.5M | ||
| Q2 24 | $376.4M | $585.1M | ||
| Q1 24 | $350.9M | $547.8M |
| Q4 25 | 0.15× | 0.41× | ||
| Q3 25 | 0.17× | 0.42× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | 0.04× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $35.6M | $55.3M |
| Free Cash FlowOCF − Capex | $34.6M | $52.3M |
| FCF MarginFCF / Revenue | 24.8% | 24.0% |
| Capex IntensityCapex / Revenue | 0.8% | 1.4% |
| Cash ConversionOCF / Net Profit | 0.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $164.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $55.3M | ||
| Q3 25 | $13.3M | $49.0M | ||
| Q2 25 | $21.1M | $47.1M | ||
| Q1 25 | $-19.7M | $24.5M | ||
| Q4 24 | $50.2M | $-29.2M | ||
| Q3 24 | $25.0M | $49.6M | ||
| Q2 24 | $45.6M | $43.9M | ||
| Q1 24 | $-2.2M | $10.0M |
| Q4 25 | $34.6M | $52.3M | ||
| Q3 25 | $-1.1M | $44.9M | ||
| Q2 25 | $18.7M | $44.1M | ||
| Q1 25 | $-24.4M | $23.0M | ||
| Q4 24 | $47.5M | $-30.0M | ||
| Q3 24 | $24.0M | $48.1M | ||
| Q2 24 | $43.6M | $42.4M | ||
| Q1 24 | $-4.6M | $8.6M |
| Q4 25 | 24.8% | 24.0% | ||
| Q3 25 | -0.8% | 21.9% | ||
| Q2 25 | 15.3% | 24.2% | ||
| Q1 25 | -21.2% | 18.2% | ||
| Q4 24 | 40.4% | -23.7% | ||
| Q3 24 | 20.0% | 41.5% | ||
| Q2 24 | 40.7% | 39.7% | ||
| Q1 24 | -5.6% | 8.4% |
| Q4 25 | 0.8% | 1.4% | ||
| Q3 25 | 10.7% | 2.0% | ||
| Q2 25 | 2.0% | 1.6% | ||
| Q1 25 | 4.1% | 1.2% | ||
| Q4 24 | 2.3% | 0.6% | ||
| Q3 24 | 0.9% | 1.3% | ||
| Q2 24 | 1.9% | 1.4% | ||
| Q1 24 | 2.9% | 1.4% |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | -0.73× | 3.76× | ||
| Q4 24 | 0.45× | -0.07× | ||
| Q3 24 | 0.70× | 13.66× | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | -0.12× | 5.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
CWAN
Segment breakdown not available.
