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Side-by-side financial comparison of Bandwidth Inc. (BAND) 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 $208.8M, roughly 1.0× Bandwidth Inc.). Bandwidth Inc. runs the higher net margin — 1.9% vs -5.4%, a 7.3% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 20.1%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $-1.0M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 9.7%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
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.
BAND vs CWAN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $217.5M |
| Net Profit | $4.0M | $-11.8M |
| Gross Margin | 37.3% | 67.2% |
| Operating Margin | 60.5% | -3.1% |
| Net Margin | 1.9% | -5.4% |
| Revenue YoY | 20.1% | 72.0% |
| Net Profit YoY | 200.0% | -102.8% |
| EPS (diluted) | $-0.08 | $-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 | $208.8M | — | ||
| Q4 25 | $207.7M | $217.5M | ||
| Q3 25 | $191.9M | $205.1M | ||
| Q2 25 | $180.0M | $181.9M | ||
| Q1 25 | $174.2M | $126.9M | ||
| Q4 24 | $210.0M | $126.5M | ||
| Q3 24 | $193.9M | $115.8M | ||
| Q2 24 | $173.6M | $106.8M |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $-11.8M | ||
| Q3 25 | $-1.2M | $-10.3M | ||
| Q2 25 | $-4.9M | $-23.2M | ||
| Q1 25 | $-3.7M | $6.5M | ||
| Q4 24 | — | $419.3M | ||
| Q3 24 | $413.0K | $3.6M | ||
| Q2 24 | $4.1M | $-430.0K |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | 67.2% | ||
| Q3 25 | 38.5% | 65.6% | ||
| Q2 25 | 39.8% | 65.1% | ||
| Q1 25 | 41.0% | 73.3% | ||
| Q4 24 | 36.4% | 73.5% | ||
| Q3 24 | 37.7% | 72.9% | ||
| Q2 24 | 37.3% | 72.0% |
| Q1 26 | 60.5% | — | ||
| Q4 25 | -1.9% | -3.1% | ||
| Q3 25 | -1.0% | 3.2% | ||
| Q2 25 | -2.1% | -8.0% | ||
| Q1 25 | -2.7% | 5.6% | ||
| Q4 24 | -1.3% | 1.0% | ||
| Q3 24 | -0.5% | 6.3% | ||
| Q2 24 | -3.5% | 3.6% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | -5.4% | ||
| Q3 25 | -0.6% | -5.0% | ||
| Q2 25 | -2.7% | -12.8% | ||
| Q1 25 | -2.1% | 5.1% | ||
| Q4 24 | — | 331.5% | ||
| Q3 24 | 0.2% | 3.1% | ||
| Q2 24 | 2.3% | -0.4% |
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $-0.10 | $-0.04 | ||
| Q3 25 | $-0.04 | $-0.04 | ||
| Q2 25 | $-0.16 | $-0.09 | ||
| Q1 25 | $-0.13 | $0.03 | ||
| Q4 24 | $0.27 | $1.65 | ||
| Q3 24 | $0.01 | $0.02 | ||
| Q2 24 | $-0.17 | $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 | $47.3M | $91.2M |
| Total DebtLower is stronger | — | $822.6M |
| Stockholders' EquityBook value | $405.7M | $2.0B |
| Total Assets | $984.2M | $3.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | — | ||
| Q4 25 | $111.3M | $91.2M | ||
| Q3 25 | $80.4M | $64.1M | ||
| Q2 25 | $68.1M | $71.9M | ||
| Q1 25 | $41.7M | $282.9M | ||
| Q4 24 | $83.8M | $255.5M | ||
| Q3 24 | $79.9M | $305.8M | ||
| Q2 24 | $76.4M | $257.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $822.6M | ||
| Q3 25 | — | $838.9M | ||
| Q2 25 | — | $878.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $43.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $405.7M | — | ||
| Q4 25 | $400.0M | $2.0B | ||
| Q3 25 | $392.7M | $2.0B | ||
| Q2 25 | $384.5M | $2.0B | ||
| Q1 25 | $345.4M | $1.1B | ||
| Q4 24 | $312.5M | $1.0B | ||
| Q3 24 | $336.6M | $403.2M | ||
| Q2 24 | $307.4M | $380.6M |
| Q1 26 | $984.2M | — | ||
| Q4 25 | $1.1B | $3.0B | ||
| Q3 25 | $1.0B | $3.0B | ||
| Q2 25 | $1.0B | $3.0B | ||
| Q1 25 | $964.4M | $1.3B | ||
| Q4 24 | $989.2M | $1.2B | ||
| Q3 24 | $1.0B | $623.5M | ||
| Q2 24 | $1.0B | $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 | $-1.0M | $52.3M |
| FCF MarginFCF / Revenue | -0.5% | 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 | $38.6M | $55.3M | ||
| Q3 25 | $22.2M | $49.0M | ||
| Q2 25 | $31.7M | $47.1M | ||
| Q1 25 | $-3.1M | $24.5M | ||
| Q4 24 | $36.5M | $-29.2M | ||
| Q3 24 | $20.5M | $49.6M | ||
| Q2 24 | $24.4M | $43.9M |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | $52.3M | ||
| Q3 25 | — | $44.9M | ||
| Q2 25 | — | $44.1M | ||
| Q1 25 | — | $23.0M | ||
| Q4 24 | — | $-30.0M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $42.4M |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | 24.0% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 18.2% | ||
| Q4 24 | — | -23.7% | ||
| Q3 24 | — | 41.5% | ||
| Q2 24 | — | 39.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.76× | ||
| Q4 24 | — | -0.07× | ||
| Q3 24 | 49.55× | 13.66× | ||
| Q2 24 | 6.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
