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Side-by-side financial comparison of Clearwater Paper Corp (CLW) and Clearwater Analytics Holdings, Inc. (CWAN). Click either name above to swap in a different company.
Clearwater Paper Corp is the larger business by last-quarter revenue ($360.3M vs $217.5M, roughly 1.7× Clearwater Analytics Holdings, Inc.). Clearwater Paper Corp runs the higher net margin — -3.6% vs -5.4%, a 1.9% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -4.7%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 2.3%).
Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.
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.
CLW vs CWAN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $360.3M | $217.5M |
| Net Profit | $-12.8M | $-11.8M |
| Gross Margin | -0.2% | 67.2% |
| Operating Margin | — | -3.1% |
| Net Margin | -3.6% | -5.4% |
| Revenue YoY | -4.7% | 72.0% |
| Net Profit YoY | -103.2% | -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 | $360.3M | — | ||
| Q4 25 | $386.4M | $217.5M | ||
| Q3 25 | $399.0M | $205.1M | ||
| Q2 25 | $391.8M | $181.9M | ||
| Q1 25 | $378.2M | $126.9M | ||
| Q4 24 | $387.1M | $126.5M | ||
| Q3 24 | $393.3M | $115.8M | ||
| Q2 24 | $344.4M | $106.8M |
| Q1 26 | $-12.8M | — | ||
| Q4 25 | $38.3M | $-11.8M | ||
| Q3 25 | $-53.3M | $-10.3M | ||
| Q2 25 | $2.7M | $-23.2M | ||
| Q1 25 | $-6.3M | $6.5M | ||
| Q4 24 | $199.1M | $419.3M | ||
| Q3 24 | $5.8M | $3.6M | ||
| Q2 24 | $-25.8M | $-430.0K |
| Q1 26 | -0.2% | — | ||
| Q4 25 | 4.5% | 67.2% | ||
| Q3 25 | 4.7% | 65.6% | ||
| Q2 25 | 11.0% | 65.1% | ||
| Q1 25 | 9.7% | 73.3% | ||
| Q4 24 | 3.8% | 73.5% | ||
| Q3 24 | 7.7% | 72.9% | ||
| Q2 24 | -0.6% | 72.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | -3.1% | ||
| Q3 25 | -13.9% | 3.2% | ||
| Q2 25 | 2.5% | -8.0% | ||
| Q1 25 | -1.1% | 5.6% | ||
| Q4 24 | -4.0% | 1.0% | ||
| Q3 24 | -0.3% | 6.3% | ||
| Q2 24 | -13.6% | 3.6% |
| Q1 26 | -3.6% | — | ||
| Q4 25 | 9.9% | -5.4% | ||
| Q3 25 | -13.4% | -5.0% | ||
| Q2 25 | 0.7% | -12.8% | ||
| Q1 25 | -1.7% | 5.1% | ||
| Q4 24 | 51.4% | 331.5% | ||
| Q3 24 | 1.5% | 3.1% | ||
| Q2 24 | -7.5% | -0.4% |
| Q1 26 | — | — | ||
| Q4 25 | $2.36 | $-0.04 | ||
| Q3 25 | $-3.30 | $-0.04 | ||
| Q2 25 | $0.17 | $-0.09 | ||
| Q1 25 | $-0.38 | $0.03 | ||
| Q4 24 | $11.87 | $1.65 | ||
| Q3 24 | $0.35 | $0.02 | ||
| Q2 24 | $-1.55 | $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 | $36.5M | $91.2M |
| Total DebtLower is stronger | $361.1M | $822.6M |
| Stockholders' EquityBook value | $813.8M | $2.0B |
| Total Assets | $1.6B | $3.0B |
| Debt / EquityLower = less leverage | 0.44× | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.5M | — | ||
| Q4 25 | $30.7M | $91.2M | ||
| Q3 25 | $34.4M | $64.1M | ||
| Q2 25 | $46.7M | $71.9M | ||
| Q1 25 | $44.0M | $282.9M | ||
| Q4 24 | $79.6M | $255.5M | ||
| Q3 24 | $35.5M | $305.8M | ||
| Q2 24 | $39.6M | $257.9M |
| Q1 26 | $361.1M | — | ||
| Q4 25 | $346.8M | $822.6M | ||
| Q3 25 | $337.0M | $838.9M | ||
| Q2 25 | $330.1M | $878.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | $283.4M | $43.3M | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — |
| Q1 26 | $813.8M | — | ||
| Q4 25 | $825.3M | $2.0B | ||
| Q3 25 | $783.0M | $2.0B | ||
| Q2 25 | $836.8M | $2.0B | ||
| Q1 25 | $836.6M | $1.1B | ||
| Q4 24 | $854.6M | $1.0B | ||
| Q3 24 | $664.6M | $403.2M | ||
| Q2 24 | $658.6M | $380.6M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $3.0B | ||
| Q3 25 | $1.6B | $3.0B | ||
| Q2 25 | $1.6B | $3.0B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $2.5B | $623.5M | ||
| Q2 24 | $2.5B | $585.1M |
| Q1 26 | 0.44× | — | ||
| Q4 25 | 0.42× | 0.41× | ||
| Q3 25 | 0.43× | 0.42× | ||
| Q2 25 | 0.39× | 0.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.33× | 0.04× | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 1.74× | — |
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 | $5.0M | $55.3M | ||
| Q3 25 | $34.0M | $49.0M | ||
| Q2 25 | $-28.2M | $47.1M | ||
| Q1 25 | $1.5M | $24.5M | ||
| Q4 24 | $-35.1M | $-29.2M | ||
| Q3 24 | $16.2M | $49.6M | ||
| Q2 24 | $21.1M | $43.9M |
| Q1 26 | — | — | ||
| Q4 25 | $-9.9M | $52.3M | ||
| Q3 25 | $15.7M | $44.9M | ||
| Q2 25 | $-51.1M | $44.1M | ||
| Q1 25 | $-31.2M | $23.0M | ||
| Q4 24 | $-68.1M | $-30.0M | ||
| Q3 24 | $-30.8M | $48.1M | ||
| Q2 24 | $3.0M | $42.4M |
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | 24.0% | ||
| Q3 25 | 3.9% | 21.9% | ||
| Q2 25 | -13.0% | 24.2% | ||
| Q1 25 | -8.2% | 18.2% | ||
| Q4 24 | -17.6% | -23.7% | ||
| Q3 24 | -7.8% | 41.5% | ||
| Q2 24 | 0.9% | 39.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 1.4% | ||
| Q3 25 | 4.6% | 2.0% | ||
| Q2 25 | 5.8% | 1.6% | ||
| Q1 25 | 8.6% | 1.2% | ||
| Q4 24 | 8.5% | 0.6% | ||
| Q3 24 | 12.0% | 1.3% | ||
| Q2 24 | 5.3% | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.13× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -10.44× | — | ||
| Q1 25 | — | 3.76× | ||
| Q4 24 | -0.18× | -0.07× | ||
| Q3 24 | 2.79× | 13.66× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
