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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and Clearwater Analytics Holdings, Inc. (CWAN). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($348.6M vs $217.5M, roughly 1.6× Clearwater Analytics Holdings, Inc.). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs -5.4%, a 10.2% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 2.1%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $22.9M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -1.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
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.
APOG vs CWAN — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $348.6M | $217.5M |
| Net Profit | $16.5M | $-11.8M |
| Gross Margin | 23.8% | 67.2% |
| Operating Margin | 7.1% | -3.1% |
| Net Margin | 4.7% | -5.4% |
| Revenue YoY | 2.1% | 72.0% |
| Net Profit YoY | -21.2% | -102.8% |
| EPS (diluted) | $0.77 | $-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 | $348.6M | $217.5M | ||
| Q3 25 | $358.2M | $205.1M | ||
| Q2 25 | $346.6M | $181.9M | ||
| Q1 25 | $345.7M | $126.9M | ||
| Q4 24 | $341.3M | $126.5M | ||
| Q3 24 | $342.4M | $115.8M | ||
| Q2 24 | $331.5M | $106.8M | ||
| Q1 24 | $361.8M | $102.7M |
| Q4 25 | $16.5M | $-11.8M | ||
| Q3 25 | $23.6M | $-10.3M | ||
| Q2 25 | $-2.7M | $-23.2M | ||
| Q1 25 | $2.5M | $6.5M | ||
| Q4 24 | $21.0M | $419.3M | ||
| Q3 24 | $30.6M | $3.6M | ||
| Q2 24 | $31.0M | $-430.0K | ||
| Q1 24 | $15.7M | $1.9M |
| Q4 25 | 23.8% | 67.2% | ||
| Q3 25 | 23.1% | 65.6% | ||
| Q2 25 | 21.7% | 65.1% | ||
| Q1 25 | 21.6% | 73.3% | ||
| Q4 24 | 26.1% | 73.5% | ||
| Q3 24 | 28.4% | 72.9% | ||
| Q2 24 | 29.8% | 72.0% | ||
| Q1 24 | 24.4% | 72.6% |
| Q4 25 | 7.1% | -3.1% | ||
| Q3 25 | 7.5% | 3.2% | ||
| Q2 25 | 2.0% | -8.0% | ||
| Q1 25 | 1.8% | 5.6% | ||
| Q4 24 | 8.4% | 1.0% | ||
| Q3 24 | 12.3% | 6.3% | ||
| Q2 24 | 12.5% | 3.6% | ||
| Q1 24 | 6.0% | -0.2% |
| Q4 25 | 4.7% | -5.4% | ||
| Q3 25 | 6.6% | -5.0% | ||
| Q2 25 | -0.8% | -12.8% | ||
| Q1 25 | 0.7% | 5.1% | ||
| Q4 24 | 6.1% | 331.5% | ||
| Q3 24 | 8.9% | 3.1% | ||
| Q2 24 | 9.4% | -0.4% | ||
| Q1 24 | 4.3% | 1.8% |
| Q4 25 | $0.77 | $-0.04 | ||
| Q3 25 | $1.10 | $-0.04 | ||
| Q2 25 | $-0.13 | $-0.09 | ||
| Q1 25 | $0.12 | $0.03 | ||
| Q4 24 | $0.96 | $1.65 | ||
| Q3 24 | $1.40 | $0.02 | ||
| Q2 24 | $1.41 | $0.00 | ||
| Q1 24 | $0.71 | $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 | $41.3M | $91.2M |
| Total DebtLower is stronger | — | $822.6M |
| Stockholders' EquityBook value | $512.3M | $2.0B |
| Total Assets | $1.1B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.3M | $91.2M | ||
| Q3 25 | $39.5M | $64.1M | ||
| Q2 25 | $32.8M | $71.9M | ||
| Q1 25 | $41.4M | $282.9M | ||
| Q4 24 | $43.9M | $255.5M | ||
| Q3 24 | $51.0M | $305.8M | ||
| Q2 24 | $30.4M | $257.9M | ||
| Q1 24 | $37.2M | $267.6M |
| Q4 25 | — | $822.6M | ||
| Q3 25 | — | $838.9M | ||
| Q2 25 | — | $878.1M | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | $43.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $62.0M | — |
| Q4 25 | $512.3M | $2.0B | ||
| Q3 25 | $500.2M | $2.0B | ||
| Q2 25 | $481.8M | $2.0B | ||
| Q1 25 | $487.9M | $1.1B | ||
| Q4 24 | $522.1M | $1.0B | ||
| Q3 24 | $506.4M | $403.2M | ||
| Q2 24 | $480.0M | $380.6M | ||
| Q1 24 | $471.0M | $406.2M |
| Q4 25 | $1.1B | $3.0B | ||
| Q3 25 | $1.2B | $3.0B | ||
| Q2 25 | $1.2B | $3.0B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $917.1M | $623.5M | ||
| Q2 24 | $889.0M | $585.1M | ||
| Q1 24 | $884.1M | $547.8M |
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.13× | — |
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 | $29.3M | $55.3M |
| Free Cash FlowOCF − Capex | $22.9M | $52.3M |
| FCF MarginFCF / Revenue | 6.6% | 24.0% |
| Capex IntensityCapex / Revenue | 1.9% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | $67.4M | $164.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.3M | $55.3M | ||
| Q3 25 | $57.1M | $49.0M | ||
| Q2 25 | $-19.8M | $47.1M | ||
| Q1 25 | $30.0M | $24.5M | ||
| Q4 24 | $31.0M | $-29.2M | ||
| Q3 24 | $58.7M | $49.6M | ||
| Q2 24 | $5.5M | $43.9M | ||
| Q1 24 | $74.9M | $10.0M |
| Q4 25 | $22.9M | $52.3M | ||
| Q3 25 | $52.4M | $44.9M | ||
| Q2 25 | $-26.9M | $44.1M | ||
| Q1 25 | $19.1M | $23.0M | ||
| Q4 24 | $22.0M | $-30.0M | ||
| Q3 24 | $50.2M | $48.1M | ||
| Q2 24 | $-1.8M | $42.4M | ||
| Q1 24 | $58.7M | $8.6M |
| Q4 25 | 6.6% | 24.0% | ||
| Q3 25 | 14.6% | 21.9% | ||
| Q2 25 | -7.8% | 24.2% | ||
| Q1 25 | 5.5% | 18.2% | ||
| Q4 24 | 6.4% | -23.7% | ||
| Q3 24 | 14.7% | 41.5% | ||
| Q2 24 | -0.5% | 39.7% | ||
| Q1 24 | 16.2% | 8.4% |
| Q4 25 | 1.9% | 1.4% | ||
| Q3 25 | 1.3% | 2.0% | ||
| Q2 25 | 2.1% | 1.6% | ||
| Q1 25 | 3.2% | 1.2% | ||
| Q4 24 | 2.6% | 0.6% | ||
| Q3 24 | 2.5% | 1.3% | ||
| Q2 24 | 2.2% | 1.4% | ||
| Q1 24 | 4.5% | 1.4% |
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | 3.76× | ||
| Q4 24 | 1.48× | -0.07× | ||
| Q3 24 | 1.92× | 13.66× | ||
| Q2 24 | 0.18× | — | ||
| Q1 24 | 4.76× | 5.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Transferred At Point In Time | $163.0M | 47% |
| Architectural Services Segment | $105.2M | 30% |
| Performance Surfaces | $53.0M | 15% |
| UW Interco LLC | $27.9M | 8% |
CWAN
Segment breakdown not available.
