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Side-by-side financial comparison of Axsome Therapeutics, Inc. (AXSM) 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 $191.2M, roughly 1.1× Axsome Therapeutics, Inc.). On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 57.4%). Over the past eight quarters, Axsome Therapeutics, Inc.'s revenue compounded faster (48.1% CAGR vs 45.5%).
Jazz Pharmaceuticals plc is a global biopharmaceutical company with a focus on oncology and neuroscience. It was founded in 2003 in California, United States and is now headquartered in Dublin, Ireland.
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.
AXSM vs CWAN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $191.2M | $217.5M |
| Net Profit | — | $-11.8M |
| Gross Margin | — | 67.2% |
| Operating Margin | -33.1% | -3.1% |
| Net Margin | — | -5.4% |
| Revenue YoY | 57.4% | 72.0% |
| Net Profit YoY | — | -102.8% |
| EPS (diluted) | — | $-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.
| Q1 26 | $191.2M | — | ||
| Q4 25 | $196.0M | $217.5M | ||
| Q3 25 | $171.0M | $205.1M | ||
| Q2 25 | $150.0M | $181.9M | ||
| Q1 25 | $121.5M | $126.9M | ||
| Q4 24 | $118.8M | $126.5M | ||
| Q3 24 | $104.8M | $115.8M | ||
| Q2 24 | $87.2M | $106.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-28.6M | $-11.8M | ||
| Q3 25 | $-47.2M | $-10.3M | ||
| Q2 25 | $-48.0M | $-23.2M | ||
| Q1 25 | $-59.4M | $6.5M | ||
| Q4 24 | $-74.9M | $419.3M | ||
| Q3 24 | $-64.6M | $3.6M | ||
| Q2 24 | $-79.3M | $-430.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | 67.2% | ||
| Q3 25 | — | 65.6% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | — | 73.3% | ||
| Q4 24 | — | 73.5% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 72.0% |
| Q1 26 | -33.1% | — | ||
| Q4 25 | -13.8% | -3.1% | ||
| Q3 25 | -27.0% | 3.2% | ||
| Q2 25 | -24.5% | -8.0% | ||
| Q1 25 | -46.9% | 5.6% | ||
| Q4 24 | -61.1% | 1.0% | ||
| Q3 24 | -59.8% | 6.3% | ||
| Q2 24 | -89.5% | 3.6% |
| Q1 26 | — | — | ||
| Q4 25 | -14.6% | -5.4% | ||
| Q3 25 | -27.6% | -5.0% | ||
| Q2 25 | -32.0% | -12.8% | ||
| Q1 25 | -48.9% | 5.1% | ||
| Q4 24 | -63.1% | 331.5% | ||
| Q3 24 | -61.7% | 3.1% | ||
| Q2 24 | -91.0% | -0.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.55 | $-0.04 | ||
| Q3 25 | $-0.94 | $-0.04 | ||
| Q2 25 | $-0.97 | $-0.09 | ||
| Q1 25 | $-1.22 | $0.03 | ||
| Q4 24 | $-1.54 | $1.65 | ||
| Q3 24 | $-1.34 | $0.02 | ||
| Q2 24 | $-1.67 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $305.1M | $91.2M |
| Total DebtLower is stronger | $70.0M | $822.6M |
| Stockholders' EquityBook value | — | $2.0B |
| Total Assets | $713.6M | $3.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $305.1M | — | ||
| Q4 25 | $322.9M | $91.2M | ||
| Q3 25 | $325.3M | $64.1M | ||
| Q2 25 | $303.0M | $71.9M | ||
| Q1 25 | $300.9M | $282.9M | ||
| Q4 24 | $315.4M | $255.5M | ||
| Q3 24 | $327.3M | $305.8M | ||
| Q2 24 | $315.7M | $257.9M |
| Q1 26 | $70.0M | — | ||
| Q4 25 | — | $822.6M | ||
| Q3 25 | — | $838.9M | ||
| Q2 25 | — | $878.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $43.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $88.3M | $2.0B | ||
| Q3 25 | $73.7M | $2.0B | ||
| Q2 25 | $73.1M | $2.0B | ||
| Q1 25 | $53.2M | $1.1B | ||
| Q4 24 | $57.0M | $1.0B | ||
| Q3 24 | $92.9M | $403.2M | ||
| Q2 24 | $102.9M | $380.6M |
| Q1 26 | $713.6M | — | ||
| Q4 25 | $689.8M | $3.0B | ||
| Q3 25 | $669.3M | $3.0B | ||
| Q2 25 | $639.8M | $3.0B | ||
| Q1 25 | $596.7M | $1.3B | ||
| Q4 24 | $568.5M | $1.2B | ||
| Q3 24 | $561.5M | $623.5M | ||
| Q2 24 | $548.2M | $585.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $55.3M |
| Free Cash FlowOCF − Capex | — | $52.3M |
| FCF MarginFCF / Revenue | — | 24.0% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $164.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-18.7M | $55.3M | ||
| Q3 25 | $1.0M | $49.0M | ||
| Q2 25 | $-32.4M | $47.1M | ||
| Q1 25 | $-43.4M | $24.5M | ||
| Q4 24 | $-26.2M | $-29.2M | ||
| Q3 24 | $-18.6M | $49.6M | ||
| Q2 24 | $-30.1M | $43.9M |
| Q1 26 | — | — | ||
| Q4 25 | $-18.7M | $52.3M | ||
| Q3 25 | $988.0K | $44.9M | ||
| Q2 25 | $-32.4M | $44.1M | ||
| Q1 25 | $-43.7M | $23.0M | ||
| Q4 24 | $-26.2M | $-30.0M | ||
| Q3 24 | $-18.7M | $48.1M | ||
| Q2 24 | $-30.2M | $42.4M |
| Q1 26 | — | — | ||
| Q4 25 | -9.6% | 24.0% | ||
| Q3 25 | 0.6% | 21.9% | ||
| Q2 25 | -21.6% | 24.2% | ||
| Q1 25 | -36.0% | 18.2% | ||
| Q4 24 | -22.1% | -23.7% | ||
| Q3 24 | -17.9% | 41.5% | ||
| Q2 24 | -34.6% | 39.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 1.4% | ||
| Q3 25 | 0.0% | 2.0% | ||
| Q2 25 | 0.0% | 1.6% | ||
| Q1 25 | 0.3% | 1.2% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 0.1% | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.76× | ||
| Q4 24 | — | -0.07× | ||
| Q3 24 | — | 13.66× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXSM
| Product sales, net | $189.4M | 99% |
| Royalty revenue and milestone revenue | $1.8M | 1% |
CWAN
Segment breakdown not available.
