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Side-by-side financial comparison of BALCHEM CORP (BCPC) and Clearwater Analytics Holdings, Inc. (CWAN). Click either name above to swap in a different company.
BALCHEM CORP is the larger business by last-quarter revenue ($270.7M vs $217.5M, roughly 1.2× Clearwater Analytics Holdings, Inc.). BALCHEM CORP runs the higher net margin — 14.9% vs -5.4%, a 20.3% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 8.1%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $33.8M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 7.5%).
Balchem Corp is a global specialty chemicals and nutritional ingredients provider that develops, manufactures and distributes application-specific products for human nutrition, animal health, pharmaceutical and industrial end markets, serving customers across North America, Europe and Asia Pacific.
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.
BCPC vs CWAN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.7M | $217.5M |
| Net Profit | $40.3M | $-11.8M |
| Gross Margin | — | 67.2% |
| Operating Margin | 20.5% | -3.1% |
| Net Margin | 14.9% | -5.4% |
| Revenue YoY | 8.1% | 72.0% |
| Net Profit YoY | 8.7% | -102.8% |
| EPS (diluted) | $1.25 | $-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 | $270.7M | — | ||
| Q4 25 | $263.6M | $217.5M | ||
| Q3 25 | $267.6M | $205.1M | ||
| Q2 25 | $255.5M | $181.9M | ||
| Q1 25 | $250.5M | $126.9M | ||
| Q4 24 | $240.0M | $126.5M | ||
| Q3 24 | $239.9M | $115.8M | ||
| Q2 24 | $234.1M | $106.8M |
| Q1 26 | $40.3M | — | ||
| Q4 25 | $39.2M | $-11.8M | ||
| Q3 25 | $40.3M | $-10.3M | ||
| Q2 25 | $38.3M | $-23.2M | ||
| Q1 25 | $37.1M | $6.5M | ||
| Q4 24 | $33.6M | $419.3M | ||
| Q3 24 | $33.8M | $3.6M | ||
| Q2 24 | $32.1M | $-430.0K |
| Q1 26 | — | — | ||
| Q4 25 | 35.6% | 67.2% | ||
| Q3 25 | 35.7% | 65.6% | ||
| Q2 25 | 36.4% | 65.1% | ||
| Q1 25 | 35.2% | 73.3% | ||
| Q4 24 | 36.0% | 73.5% | ||
| Q3 24 | 35.6% | 72.9% | ||
| Q2 24 | 35.5% | 72.0% |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 19.8% | -3.1% | ||
| Q3 25 | 20.4% | 3.2% | ||
| Q2 25 | 20.1% | -8.0% | ||
| Q1 25 | 20.4% | 5.6% | ||
| Q4 24 | 19.8% | 1.0% | ||
| Q3 24 | 20.0% | 6.3% | ||
| Q2 24 | 19.6% | 3.6% |
| Q1 26 | 14.9% | — | ||
| Q4 25 | 14.9% | -5.4% | ||
| Q3 25 | 15.1% | -5.0% | ||
| Q2 25 | 15.0% | -12.8% | ||
| Q1 25 | 14.8% | 5.1% | ||
| Q4 24 | 14.0% | 331.5% | ||
| Q3 24 | 14.1% | 3.1% | ||
| Q2 24 | 13.7% | -0.4% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.21 | $-0.04 | ||
| Q3 25 | $1.24 | $-0.04 | ||
| Q2 25 | $1.17 | $-0.09 | ||
| Q1 25 | $1.13 | $0.03 | ||
| Q4 24 | $1.03 | $1.65 | ||
| Q3 24 | $1.03 | $0.02 | ||
| Q2 24 | $0.98 | $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 | $72.9M | $91.2M |
| Total DebtLower is stronger | — | $822.6M |
| Stockholders' EquityBook value | $1.3B | $2.0B |
| Total Assets | $1.7B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $72.9M | — | ||
| Q4 25 | $74.6M | $91.2M | ||
| Q3 25 | $65.1M | $64.1M | ||
| Q2 25 | $65.4M | $71.9M | ||
| Q1 25 | $49.9M | $282.9M | ||
| Q4 24 | $49.5M | $255.5M | ||
| Q3 24 | $73.7M | $305.8M | ||
| Q2 24 | $63.7M | $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 | $1.3B | — | ||
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $1.3B | $2.0B | ||
| Q2 25 | $1.3B | $2.0B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.2B | $403.2M | ||
| Q2 24 | $1.1B | $380.6M |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.7B | $3.0B | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.7B | $3.0B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.6B | $623.5M | ||
| Q2 24 | $1.6B | $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 | $40.1M | $55.3M |
| Free Cash FlowOCF − Capex | $33.8M | $52.3M |
| FCF MarginFCF / Revenue | 12.5% | 24.0% |
| Capex IntensityCapex / Revenue | 2.3% | 1.4% |
| Cash ConversionOCF / Net Profit | 0.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $164.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.1M | — | ||
| Q4 25 | $67.3M | $55.3M | ||
| Q3 25 | $65.6M | $49.0M | ||
| Q2 25 | $47.3M | $47.1M | ||
| Q1 25 | $36.5M | $24.5M | ||
| Q4 24 | $52.3M | $-29.2M | ||
| Q3 24 | $51.3M | $49.6M | ||
| Q2 24 | $45.0M | $43.9M |
| Q1 26 | $33.8M | — | ||
| 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 | 12.5% | — | ||
| 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 | 2.3% | — | ||
| 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 | 0.99× | — | ||
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 0.98× | 3.76× | ||
| Q4 24 | 1.56× | -0.07× | ||
| Q3 24 | 1.52× | 13.66× | ||
| Q2 24 | 1.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
