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Side-by-side financial comparison of BYLINE BANCORP, INC. (BY) 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 $112.4M, roughly 1.9× BYLINE BANCORP, INC.). BYLINE BANCORP, INC. runs the higher net margin — 33.4% vs -5.4%, a 38.8% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 9.0%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 6.4%).
Byline Bank is a bank headquartered in Chicago, Illinois, United States. It is the primary subsidiary of Byline Bancorp, Inc., a bank holding company, and the 4th largest SBA 7(a) lender.
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.
BY vs CWAN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $112.4M | $217.5M |
| Net Profit | $37.6M | $-11.8M |
| Gross Margin | — | 67.2% |
| Operating Margin | — | -3.1% |
| Net Margin | 33.4% | -5.4% |
| Revenue YoY | 9.0% | 72.0% |
| Net Profit YoY | 33.0% | -102.8% |
| EPS (diluted) | $0.83 | $-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 | $112.4M | — | ||
| Q4 25 | $117.0M | $217.5M | ||
| Q3 25 | $115.7M | $205.1M | ||
| Q2 25 | $110.5M | $181.9M | ||
| Q1 25 | $103.1M | $126.9M | ||
| Q4 24 | $104.7M | $126.5M | ||
| Q3 24 | $101.8M | $115.8M | ||
| Q2 24 | $99.4M | $106.8M |
| Q1 26 | $37.6M | — | ||
| Q4 25 | $34.5M | $-11.8M | ||
| Q3 25 | $37.2M | $-10.3M | ||
| Q2 25 | $30.1M | $-23.2M | ||
| Q1 25 | $28.2M | $6.5M | ||
| Q4 24 | $30.3M | $419.3M | ||
| Q3 24 | $30.3M | $3.6M | ||
| Q2 24 | $29.7M | $-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 | — | — | ||
| Q4 25 | 40.1% | -3.1% | ||
| Q3 25 | 43.1% | 3.2% | ||
| Q2 25 | 35.2% | -8.0% | ||
| Q1 25 | 36.4% | 5.6% | ||
| Q4 24 | 38.6% | 1.0% | ||
| Q3 24 | 39.3% | 6.3% | ||
| Q2 24 | 40.4% | 3.6% |
| Q1 26 | 33.4% | — | ||
| Q4 25 | 34.1% | -5.4% | ||
| Q3 25 | 32.1% | -5.0% | ||
| Q2 25 | 27.2% | -12.8% | ||
| Q1 25 | 27.4% | 5.1% | ||
| Q4 24 | 34.3% | 331.5% | ||
| Q3 24 | 29.8% | 3.1% | ||
| Q2 24 | 29.9% | -0.4% |
| Q1 26 | $0.83 | — | ||
| Q4 25 | $0.77 | $-0.04 | ||
| Q3 25 | $0.82 | $-0.04 | ||
| Q2 25 | $0.66 | $-0.09 | ||
| Q1 25 | $0.64 | $0.03 | ||
| Q4 24 | $0.68 | $1.65 | ||
| Q3 24 | $0.69 | $0.02 | ||
| Q2 24 | $0.68 | $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 | $198.4M | $91.2M |
| Total DebtLower is stronger | — | $822.6M |
| Stockholders' EquityBook value | $1.3B | $2.0B |
| Total Assets | $9.9B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $198.4M | — | ||
| Q4 25 | $149.1M | $91.2M | ||
| Q3 25 | $259.0M | $64.1M | ||
| Q2 25 | $218.3M | $71.9M | ||
| Q1 25 | $421.3M | $282.9M | ||
| Q4 24 | $563.1M | $255.5M | ||
| Q3 24 | $452.6M | $305.8M | ||
| Q2 24 | $730.5M | $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 | $1.2B | $2.0B | ||
| Q2 25 | $1.2B | $2.0B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $403.2M | ||
| Q2 24 | $1.0B | $380.6M |
| Q1 26 | $9.9B | — | ||
| Q4 25 | $9.7B | $3.0B | ||
| Q3 25 | $9.8B | $3.0B | ||
| Q2 25 | $9.7B | $3.0B | ||
| Q1 25 | $9.6B | $1.3B | ||
| Q4 24 | $9.5B | $1.2B | ||
| Q3 24 | $9.4B | $623.5M | ||
| Q2 24 | $9.6B | $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 | — | $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 | $140.3M | $55.3M | ||
| Q3 25 | $38.3M | $49.0M | ||
| Q2 25 | $16.3M | $47.1M | ||
| Q1 25 | $27.1M | $24.5M | ||
| Q4 24 | $175.2M | $-29.2M | ||
| Q3 24 | $19.8M | $49.6M | ||
| Q2 24 | $40.1M | $43.9M |
| Q1 26 | — | — | ||
| Q4 25 | $136.3M | $52.3M | ||
| Q3 25 | $38.0M | $44.9M | ||
| Q2 25 | $15.2M | $44.1M | ||
| Q1 25 | $25.0M | $23.0M | ||
| Q4 24 | $171.2M | $-30.0M | ||
| Q3 24 | $19.1M | $48.1M | ||
| Q2 24 | $39.4M | $42.4M |
| Q1 26 | — | — | ||
| Q4 25 | 116.5% | 24.0% | ||
| Q3 25 | 32.8% | 21.9% | ||
| Q2 25 | 13.7% | 24.2% | ||
| Q1 25 | 24.3% | 18.2% | ||
| Q4 24 | 163.5% | -23.7% | ||
| Q3 24 | 18.8% | 41.5% | ||
| Q2 24 | 39.7% | 39.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 1.4% | ||
| Q3 25 | 0.3% | 2.0% | ||
| Q2 25 | 1.0% | 1.6% | ||
| Q1 25 | 2.0% | 1.2% | ||
| Q4 24 | 3.8% | 0.6% | ||
| Q3 24 | 0.6% | 1.3% | ||
| Q2 24 | 0.7% | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.06× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.96× | 3.76× | ||
| Q4 24 | 5.78× | -0.07× | ||
| Q3 24 | 0.65× | 13.66× | ||
| Q2 24 | 1.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
