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Side-by-side financial comparison of Confluent, Inc. (CFLT) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
Confluent, Inc. is the larger business by last-quarter revenue ($314.8M vs $233.0M, roughly 1.4× CSW INDUSTRIALS, INC.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -25.2%, a 29.6% gap on every dollar of revenue. On growth, Confluent, Inc. posted the faster year-over-year revenue change (20.5% vs 20.3%). Confluent, Inc. produced more free cash flow last quarter ($41.7M vs $22.7M). Over the past eight quarters, Confluent, Inc.'s revenue compounded faster (20.4% CAGR vs 5.1%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
CFLT vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $233.0M |
| Net Profit | $-79.2M | $10.3M |
| Gross Margin | 74.7% | 39.7% |
| Operating Margin | -31.5% | 7.4% |
| Net Margin | -25.2% | 4.4% |
| Revenue YoY | 20.5% | 20.3% |
| Net Profit YoY | 10.0% | -61.9% |
| EPS (diluted) | $-0.23 | $0.62 |
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 | $314.8M | $233.0M | ||
| Q3 25 | $298.5M | $277.0M | ||
| Q2 25 | $282.3M | $263.6M | ||
| Q1 25 | $271.1M | $230.5M | ||
| Q4 24 | $261.2M | $193.6M | ||
| Q3 24 | $250.2M | $227.9M | ||
| Q2 24 | $235.0M | $226.2M | ||
| Q1 24 | $217.2M | $210.9M |
| Q4 25 | $-79.2M | $10.3M | ||
| Q3 25 | $-66.5M | $40.7M | ||
| Q2 25 | $-82.0M | $40.9M | ||
| Q1 25 | $-67.6M | $35.1M | ||
| Q4 24 | $-88.1M | $26.9M | ||
| Q3 24 | $-74.1M | $36.1M | ||
| Q2 24 | $-89.9M | $38.6M | ||
| Q1 24 | $-93.0M | $31.8M |
| Q4 25 | 74.7% | 39.7% | ||
| Q3 25 | 74.2% | 43.0% | ||
| Q2 25 | 73.7% | 43.8% | ||
| Q1 25 | 74.5% | 44.2% | ||
| Q4 24 | 74.1% | 41.4% | ||
| Q3 24 | 74.5% | 45.6% | ||
| Q2 24 | 72.3% | 47.5% | ||
| Q1 24 | 71.8% | 44.4% |
| Q4 25 | -31.5% | 7.4% | ||
| Q3 25 | -27.9% | 20.5% | ||
| Q2 25 | -34.2% | 20.8% | ||
| Q1 25 | -37.3% | 19.5% | ||
| Q4 24 | -40.5% | 15.3% | ||
| Q3 24 | -37.4% | 22.6% | ||
| Q2 24 | -46.1% | 24.3% | ||
| Q1 24 | -51.3% | 21.0% |
| Q4 25 | -25.2% | 4.4% | ||
| Q3 25 | -22.3% | 14.7% | ||
| Q2 25 | -29.0% | 15.5% | ||
| Q1 25 | -24.9% | 15.2% | ||
| Q4 24 | -33.7% | 13.9% | ||
| Q3 24 | -29.6% | 15.8% | ||
| Q2 24 | -38.3% | 17.1% | ||
| Q1 24 | -42.8% | 15.1% |
| Q4 25 | $-0.23 | $0.62 | ||
| Q3 25 | $-0.19 | $2.41 | ||
| Q2 25 | $-0.24 | $2.43 | ||
| Q1 25 | $-0.20 | $2.05 | ||
| Q4 24 | $-0.26 | $1.60 | ||
| Q3 24 | $-0.23 | $2.26 | ||
| Q2 24 | $-0.28 | $2.47 | ||
| Q1 24 | $-0.30 | $2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $347.2M | $40.2M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.2B | $1.1B |
| Total Assets | $3.0B | $2.3B |
| Debt / EquityLower = less leverage | 0.94× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $347.2M | $40.2M | ||
| Q3 25 | $298.5M | $31.5M | ||
| Q2 25 | $295.6M | $38.0M | ||
| Q1 25 | $278.6M | $225.8M | ||
| Q4 24 | $386.0M | $213.8M | ||
| Q3 24 | $322.6M | $273.2M | ||
| Q2 24 | $311.3M | $18.9M | ||
| Q1 24 | $336.4M | $22.2M |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | $800.1M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $166.0M |
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $961.2M | $1.0B | ||
| Q3 24 | $934.3M | $1.0B | ||
| Q2 24 | $873.9M | $650.2M | ||
| Q1 24 | $845.2M | $615.7M |
| Q4 25 | $3.0B | $2.3B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.8B | $1.5B | ||
| Q1 25 | $2.7B | $1.4B | ||
| Q4 24 | $2.7B | $1.4B | ||
| Q3 24 | $2.6B | $1.4B | ||
| Q2 24 | $2.5B | $1.1B | ||
| Q1 24 | $2.4B | $1.0B |
| Q4 25 | 0.94× | — | ||
| Q3 25 | 0.98× | — | ||
| Q2 25 | 1.03× | — | ||
| Q1 25 | 1.07× | 0.75× | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 1.17× | — | ||
| Q2 24 | 1.25× | — | ||
| Q1 24 | 1.29× | 0.27× |
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 | $42.1M | $28.9M |
| Free Cash FlowOCF − Capex | $41.7M | $22.7M |
| FCF MarginFCF / Revenue | 13.2% | 9.8% |
| Capex IntensityCapex / Revenue | 0.1% | 2.6% |
| Cash ConversionOCF / Net Profit | — | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.1M | $28.9M | ||
| Q3 25 | $30.8M | $61.8M | ||
| Q2 25 | $18.1M | $60.6M | ||
| Q1 25 | $-26.8M | $27.3M | ||
| Q4 24 | $35.2M | $11.6M | ||
| Q3 24 | $15.6M | $66.8M | ||
| Q2 24 | $8.6M | $62.7M | ||
| Q1 24 | $-26.0M | $22.4M |
| Q4 25 | $41.7M | $22.7M | ||
| Q3 25 | $30.0M | $58.7M | ||
| Q2 25 | $17.2M | $57.7M | ||
| Q1 25 | $-28.2M | $22.8M | ||
| Q4 24 | $34.5M | $8.5M | ||
| Q3 24 | $15.0M | $61.3M | ||
| Q2 24 | $7.5M | $59.6M | ||
| Q1 24 | $-26.1M | $17.5M |
| Q4 25 | 13.2% | 9.8% | ||
| Q3 25 | 10.0% | 21.2% | ||
| Q2 25 | 6.1% | 21.9% | ||
| Q1 25 | -10.4% | 9.9% | ||
| Q4 24 | 13.2% | 4.4% | ||
| Q3 24 | 6.0% | 26.9% | ||
| Q2 24 | 3.2% | 26.3% | ||
| Q1 24 | -12.0% | 8.3% |
| Q4 25 | 0.1% | 2.6% | ||
| Q3 25 | 0.3% | 1.1% | ||
| Q2 25 | 0.3% | 1.1% | ||
| Q1 25 | 0.5% | 2.0% | ||
| Q4 24 | 0.3% | 1.6% | ||
| Q3 24 | 0.2% | 2.4% | ||
| Q2 24 | 0.5% | 1.4% | ||
| Q1 24 | 0.1% | 2.3% |
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | — | 1.62× | ||
| Q1 24 | — | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 4% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
