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Side-by-side financial comparison of Arlo Technologies, Inc. (ARLO) 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 $141.3M, roughly 1.5× Arlo Technologies, Inc.). Arlo Technologies, Inc. runs the higher net margin — 4.1% vs -5.4%, a 9.5% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 16.2%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 6.7%).
Arlo Technologies is an American company that makes wireless surveillance cameras. Prior to an initial public offering (IPO) on the New York Stock Exchange in August 2018, Arlo was a brand of such products by Netgear, which retained majority control after the IPO.
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.
ARLO vs CWAN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.3M | $217.5M |
| Net Profit | $5.8M | $-11.8M |
| Gross Margin | 46.4% | 67.2% |
| Operating Margin | 3.3% | -3.1% |
| Net Margin | 4.1% | -5.4% |
| Revenue YoY | 16.2% | 72.0% |
| Net Profit YoY | 218.6% | -102.8% |
| EPS (diluted) | $0.06 | $-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 | $141.3M | $217.5M | ||
| Q3 25 | $139.5M | $205.1M | ||
| Q2 25 | $129.4M | $181.9M | ||
| Q1 25 | $119.1M | $126.9M | ||
| Q4 24 | $121.6M | $126.5M | ||
| Q3 24 | $137.7M | $115.8M | ||
| Q2 24 | $127.4M | $106.8M | ||
| Q1 24 | $124.2M | $102.7M |
| Q4 25 | $5.8M | $-11.8M | ||
| Q3 25 | $6.9M | $-10.3M | ||
| Q2 25 | $3.1M | $-23.2M | ||
| Q1 25 | $-835.0K | $6.5M | ||
| Q4 24 | $-4.9M | $419.3M | ||
| Q3 24 | $-4.4M | $3.6M | ||
| Q2 24 | $-11.6M | $-430.0K | ||
| Q1 24 | $-9.6M | $1.9M |
| Q4 25 | 46.4% | 67.2% | ||
| Q3 25 | 40.5% | 65.6% | ||
| Q2 25 | 44.9% | 65.1% | ||
| Q1 25 | 44.3% | 73.3% | ||
| Q4 24 | 36.9% | 73.5% | ||
| Q3 24 | 35.2% | 72.9% | ||
| Q2 24 | 36.8% | 72.0% | ||
| Q1 24 | 38.1% | 72.6% |
| Q4 25 | 3.3% | -3.1% | ||
| Q3 25 | 0.6% | 3.2% | ||
| Q2 25 | 1.5% | -8.0% | ||
| Q1 25 | -1.2% | 5.6% | ||
| Q4 24 | -5.0% | 1.0% | ||
| Q3 24 | -4.0% | 6.3% | ||
| Q2 24 | -10.0% | 3.6% | ||
| Q1 24 | -8.5% | -0.2% |
| Q4 25 | 4.1% | -5.4% | ||
| Q3 25 | 4.9% | -5.0% | ||
| Q2 25 | 2.4% | -12.8% | ||
| Q1 25 | -0.7% | 5.1% | ||
| Q4 24 | -4.0% | 331.5% | ||
| Q3 24 | -3.2% | 3.1% | ||
| Q2 24 | -9.1% | -0.4% | ||
| Q1 24 | -7.8% | 1.8% |
| Q4 25 | $0.06 | $-0.04 | ||
| Q3 25 | $0.06 | $-0.04 | ||
| Q2 25 | $0.03 | $-0.09 | ||
| Q1 25 | $-0.01 | $0.03 | ||
| Q4 24 | $-0.05 | $1.65 | ||
| Q3 24 | $-0.04 | $0.02 | ||
| Q2 24 | $-0.12 | $0.00 | ||
| Q1 24 | $-0.10 | $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 | $146.4M | $91.2M |
| Total DebtLower is stronger | — | $822.6M |
| Stockholders' EquityBook value | $127.8M | $2.0B |
| Total Assets | $310.5M | $3.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $146.4M | $91.2M | ||
| Q3 25 | $86.0M | $64.1M | ||
| Q2 25 | $71.2M | $71.9M | ||
| Q1 25 | $84.0M | $282.9M | ||
| Q4 24 | $82.0M | $255.5M | ||
| Q3 24 | $77.0M | $305.8M | ||
| Q2 24 | $62.9M | $257.9M | ||
| Q1 24 | $62.1M | $267.6M |
| Q4 25 | — | $822.6M | ||
| Q3 25 | — | $838.9M | ||
| Q2 25 | — | $878.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $43.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $127.8M | $2.0B | ||
| Q3 25 | $129.2M | $2.0B | ||
| Q2 25 | $118.3M | $2.0B | ||
| Q1 25 | $103.4M | $1.1B | ||
| Q4 24 | $100.9M | $1.0B | ||
| Q3 24 | $96.9M | $403.2M | ||
| Q2 24 | $99.3M | $380.6M | ||
| Q1 24 | $99.9M | $406.2M |
| Q4 25 | $310.5M | $3.0B | ||
| Q3 25 | $350.9M | $3.0B | ||
| Q2 25 | $319.7M | $3.0B | ||
| Q1 25 | $296.6M | $1.3B | ||
| Q4 24 | $298.4M | $1.2B | ||
| Q3 24 | $312.4M | $623.5M | ||
| Q2 24 | $295.8M | $585.1M | ||
| Q1 24 | $289.8M | $547.8M |
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 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 | $19.8M | $55.3M |
| Free Cash FlowOCF − Capex | — | $52.3M |
| FCF MarginFCF / Revenue | — | 24.0% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | 3.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $164.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.8M | $55.3M | ||
| Q3 25 | $19.2M | $49.0M | ||
| Q2 25 | $8.8M | $47.1M | ||
| Q1 25 | $30.9M | $24.5M | ||
| Q4 24 | $6.7M | $-29.2M | ||
| Q3 24 | $18.4M | $49.6M | ||
| Q2 24 | $6.5M | $43.9M | ||
| Q1 24 | $19.8M | $10.0M |
| Q4 25 | — | $52.3M | ||
| Q3 25 | — | $44.9M | ||
| Q2 25 | — | $44.1M | ||
| Q1 25 | $28.1M | $23.0M | ||
| Q4 24 | $5.6M | $-30.0M | ||
| Q3 24 | $17.4M | $48.1M | ||
| Q2 24 | $6.2M | $42.4M | ||
| Q1 24 | $19.4M | $8.6M |
| Q4 25 | — | 24.0% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | 23.6% | 18.2% | ||
| Q4 24 | 4.6% | -23.7% | ||
| Q3 24 | 12.6% | 41.5% | ||
| Q2 24 | 4.8% | 39.7% | ||
| Q1 24 | 15.7% | 8.4% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | 2.4% | 1.2% | ||
| Q4 24 | 0.9% | 0.6% | ||
| Q3 24 | 0.7% | 1.3% | ||
| Q2 24 | 0.2% | 1.4% | ||
| Q1 24 | 0.3% | 1.4% |
| Q4 25 | 3.43× | — | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 2.83× | — | ||
| Q1 25 | — | 3.76× | ||
| Q4 24 | — | -0.07× | ||
| Q3 24 | — | 13.66× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 5.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARLO
| Subscriptions And Services | $89.4M | 63% |
| Products | $51.9M | 37% |
CWAN
Segment breakdown not available.
