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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and ESCO TECHNOLOGIES INC (ESE). Click either name above to swap in a different company.
ESCO TECHNOLOGIES INC is the larger business by last-quarter revenue ($289.7M vs $217.5M, roughly 1.3× Clearwater Analytics Holdings, Inc.). ESCO TECHNOLOGIES INC runs the higher net margin — 9.9% vs -5.4%, a 15.3% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 17.3%). ESCO TECHNOLOGIES INC produced more free cash flow last quarter ($63.0M vs $52.3M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 7.8%).
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.
Esco is a Singaporean brand that develops, manufactures, and sells products and services for laboratories.
CWAN vs ESE — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $289.7M |
| Net Profit | $-11.8M | $28.7M |
| Gross Margin | 67.2% | 41.4% |
| Operating Margin | -3.1% | 13.2% |
| Net Margin | -5.4% | 9.9% |
| Revenue YoY | 72.0% | 17.3% |
| Net Profit YoY | -102.8% | 22.2% |
| EPS (diluted) | $-0.04 | $1.11 |
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 | $217.5M | $289.7M | ||
| Q3 25 | $205.1M | $286.5M | ||
| Q2 25 | $181.9M | $296.3M | ||
| Q1 25 | $126.9M | $265.5M | ||
| Q4 24 | $126.5M | $247.0M | ||
| Q3 24 | $115.8M | $298.5M | ||
| Q2 24 | $106.8M | $260.8M | ||
| Q1 24 | $102.7M | $249.1M |
| Q4 25 | $-11.8M | $28.7M | ||
| Q3 25 | $-10.3M | $218.7M | ||
| Q2 25 | $-23.2M | $26.1M | ||
| Q1 25 | $6.5M | $31.0M | ||
| Q4 24 | $419.3M | $23.5M | ||
| Q3 24 | $3.6M | $34.3M | ||
| Q2 24 | $-430.0K | $29.2M | ||
| Q1 24 | $1.9M | $23.2M |
| Q4 25 | 67.2% | 41.4% | ||
| Q3 25 | 65.6% | 45.9% | ||
| Q2 25 | 65.1% | 41.2% | ||
| Q1 25 | 73.3% | 41.1% | ||
| Q4 24 | 73.5% | 39.8% | ||
| Q3 24 | 72.9% | 40.1% | ||
| Q2 24 | 72.0% | 39.6% | ||
| Q1 24 | 72.6% | 38.8% |
| Q4 25 | -3.1% | 13.2% | ||
| Q3 25 | 3.2% | 17.2% | ||
| Q2 25 | -8.0% | 11.2% | ||
| Q1 25 | 5.6% | 15.3% | ||
| Q4 24 | 1.0% | 11.4% | ||
| Q3 24 | 6.3% | 14.8% | ||
| Q2 24 | 3.6% | 14.3% | ||
| Q1 24 | -0.2% | 11.7% |
| Q4 25 | -5.4% | 9.9% | ||
| Q3 25 | -5.0% | 76.3% | ||
| Q2 25 | -12.8% | 8.8% | ||
| Q1 25 | 5.1% | 11.7% | ||
| Q4 24 | 331.5% | 9.5% | ||
| Q3 24 | 3.1% | 11.5% | ||
| Q2 24 | -0.4% | 11.2% | ||
| Q1 24 | 1.8% | 9.3% |
| Q4 25 | $-0.04 | $1.11 | ||
| Q3 25 | $-0.04 | $8.43 | ||
| Q2 25 | $-0.09 | $1.01 | ||
| Q1 25 | $0.03 | $1.20 | ||
| Q4 24 | $1.65 | $0.91 | ||
| Q3 24 | $0.02 | $1.32 | ||
| Q2 24 | $0.00 | $1.13 | ||
| Q1 24 | $0.01 | $0.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $91.2M | $103.8M |
| Total DebtLower is stronger | $822.6M | $145.5M |
| Stockholders' EquityBook value | $2.0B | $1.6B |
| Total Assets | $3.0B | $2.4B |
| Debt / EquityLower = less leverage | 0.41× | 0.09× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $103.8M | ||
| Q3 25 | $64.1M | $101.3M | ||
| Q2 25 | $71.9M | $78.7M | ||
| Q1 25 | $282.9M | $57.4M | ||
| Q4 24 | $255.5M | $71.3M | ||
| Q3 24 | $305.8M | $66.0M | ||
| Q2 24 | $257.9M | $63.0M | ||
| Q1 24 | $267.6M | $59.4M |
| Q4 25 | $822.6M | $145.5M | ||
| Q3 25 | $838.9M | $186.0M | ||
| Q2 25 | $878.1M | $525.0M | ||
| Q1 25 | — | $88.0M | ||
| Q4 24 | $43.3M | $112.0M | ||
| Q3 24 | — | $122.0M | ||
| Q2 24 | — | $173.0M | ||
| Q1 24 | — | $191.0M |
| Q4 25 | $2.0B | $1.6B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $403.2M | $1.2B | ||
| Q2 24 | $380.6M | $1.2B | ||
| Q1 24 | $406.2M | $1.2B |
| Q4 25 | $3.0B | $2.4B | ||
| Q3 25 | $3.0B | $2.4B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $1.3B | $1.8B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $623.5M | $1.8B | ||
| Q2 24 | $585.1M | $1.8B | ||
| Q1 24 | $547.8M | $1.8B |
| Q4 25 | 0.41× | 0.09× | ||
| Q3 25 | 0.42× | 0.12× | ||
| Q2 25 | 0.45× | 0.40× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | 0.04× | 0.09× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.16× |
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 | $68.9M |
| Free Cash FlowOCF − Capex | $52.3M | $63.0M |
| FCF MarginFCF / Revenue | 24.0% | 21.7% |
| Capex IntensityCapex / Revenue | 1.4% | 2.0% |
| Cash ConversionOCF / Net Profit | — | 2.40× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $239.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $68.9M | ||
| Q3 25 | $49.0M | $109.9M | ||
| Q2 25 | $47.1M | $73.7M | ||
| Q1 25 | $24.5M | $24.1M | ||
| Q4 24 | $-29.2M | $34.2M | ||
| Q3 24 | $49.6M | $72.1M | ||
| Q2 24 | $43.9M | $36.2M | ||
| Q1 24 | $10.0M | $10.5M |
| Q4 25 | $52.3M | $63.0M | ||
| Q3 25 | $44.9M | $97.8M | ||
| Q2 25 | $44.1M | $64.9M | ||
| Q1 25 | $23.0M | $14.0M | ||
| Q4 24 | $-30.0M | $29.0M | ||
| Q3 24 | $48.1M | $60.9M | ||
| Q2 24 | $42.4M | $27.6M | ||
| Q1 24 | $8.6M | $2.0M |
| Q4 25 | 24.0% | 21.7% | ||
| Q3 25 | 21.9% | 34.1% | ||
| Q2 25 | 24.2% | 21.9% | ||
| Q1 25 | 18.2% | 5.3% | ||
| Q4 24 | -23.7% | 11.7% | ||
| Q3 24 | 41.5% | 20.4% | ||
| Q2 24 | 39.7% | 10.6% | ||
| Q1 24 | 8.4% | 0.8% |
| Q4 25 | 1.4% | 2.0% | ||
| Q3 25 | 2.0% | 4.2% | ||
| Q2 25 | 1.6% | 3.0% | ||
| Q1 25 | 1.2% | 3.8% | ||
| Q4 24 | 0.6% | 2.1% | ||
| Q3 24 | 1.3% | 3.8% | ||
| Q2 24 | 1.4% | 3.3% | ||
| Q1 24 | 1.4% | 3.4% |
| Q4 25 | — | 2.40× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | 3.76× | 0.78× | ||
| Q4 24 | -0.07× | 1.46× | ||
| Q3 24 | 13.66× | 2.10× | ||
| Q2 24 | — | 1.24× | ||
| Q1 24 | 5.29× | 0.45× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
ESE
| US Government | $98.0M | 34% |
| Utility Solutions Group | $87.5M | 30% |
| RF Shielding And Test | $58.3M | 20% |
| Commercial | $45.8M | 16% |
| Related Party | $1.3M | 0% |
