vs
Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and FIRST INTERSTATE BANCSYSTEM INC (FIBK). Click either name above to swap in a different company.
FIRST INTERSTATE BANCSYSTEM INC is the larger business by last-quarter revenue ($313.0M vs $217.5M, roughly 1.4× Clearwater Analytics Holdings, Inc.). FIRST INTERSTATE BANCSYSTEM INC runs the higher net margin — 34.8% vs -5.4%, a 40.2% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 19.8%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 13.7%).
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.
First Interstate BancSystem, Inc. is a financial holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank with locations throughout 14 states within the Western and Midwestern United States. It is the largest bank based in Montana, as measured by total assets.
CWAN vs FIBK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $313.0M |
| Net Profit | $-11.8M | $108.8M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 44.5% |
| Net Margin | -5.4% | 34.8% |
| Revenue YoY | 72.0% | 19.8% |
| Net Profit YoY | -102.8% | 108.8% |
| EPS (diluted) | $-0.04 | $1.07 |
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 | $313.0M | ||
| Q3 25 | $205.1M | $250.5M | ||
| Q2 25 | $181.9M | $248.3M | ||
| Q1 25 | $126.9M | $247.0M | ||
| Q4 24 | $126.5M | $261.3M | ||
| Q3 24 | $115.8M | $251.9M | ||
| Q2 24 | $106.8M | $244.3M | ||
| Q1 24 | $102.7M | $242.2M |
| Q4 25 | $-11.8M | $108.8M | ||
| Q3 25 | $-10.3M | $71.4M | ||
| Q2 25 | $-23.2M | $71.7M | ||
| Q1 25 | $6.5M | $50.2M | ||
| Q4 24 | $419.3M | $52.1M | ||
| Q3 24 | $3.6M | $55.5M | ||
| Q2 24 | $-430.0K | $60.0M | ||
| Q1 24 | $1.9M | $58.4M |
| 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 24 | 72.6% | — |
| Q4 25 | -3.1% | 44.5% | ||
| Q3 25 | 3.2% | 37.0% | ||
| Q2 25 | -8.0% | 37.7% | ||
| Q1 25 | 5.6% | 26.9% | ||
| Q4 24 | 1.0% | 25.5% | ||
| Q3 24 | 6.3% | 28.9% | ||
| Q2 24 | 3.6% | 32.1% | ||
| Q1 24 | -0.2% | 31.7% |
| Q4 25 | -5.4% | 34.8% | ||
| Q3 25 | -5.0% | 28.5% | ||
| Q2 25 | -12.8% | 28.9% | ||
| Q1 25 | 5.1% | 20.3% | ||
| Q4 24 | 331.5% | 19.9% | ||
| Q3 24 | 3.1% | 22.0% | ||
| Q2 24 | -0.4% | 24.6% | ||
| Q1 24 | 1.8% | 24.1% |
| Q4 25 | $-0.04 | $1.07 | ||
| Q3 25 | $-0.04 | $0.69 | ||
| Q2 25 | $-0.09 | $0.69 | ||
| Q1 25 | $0.03 | $0.49 | ||
| Q4 24 | $1.65 | $0.50 | ||
| Q3 24 | $0.02 | $0.54 | ||
| Q2 24 | $0.00 | $0.58 | ||
| Q1 24 | $0.01 | $0.57 |
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 | — |
| Total DebtLower is stronger | $822.6M | $146.3M |
| Stockholders' EquityBook value | $2.0B | $3.4B |
| Total Assets | $3.0B | $26.6B |
| Debt / EquityLower = less leverage | 0.41× | 0.04× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | — | ||
| Q3 25 | $64.1M | — | ||
| Q2 25 | $71.9M | — | ||
| Q1 25 | $282.9M | — | ||
| Q4 24 | $255.5M | — | ||
| Q3 24 | $305.8M | — | ||
| Q2 24 | $257.9M | — | ||
| Q1 24 | $267.6M | — |
| Q4 25 | $822.6M | $146.3M | ||
| Q3 25 | $838.9M | $146.2M | ||
| Q2 25 | $878.1M | $252.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | $132.2M | ||
| Q3 24 | — | $137.3M | ||
| Q2 24 | — | $383.4M | ||
| Q1 24 | — | $370.8M |
| Q4 25 | $2.0B | $3.4B | ||
| Q3 25 | $2.0B | $3.4B | ||
| Q2 25 | $2.0B | $3.4B | ||
| Q1 25 | $1.1B | $3.4B | ||
| Q4 24 | $1.0B | $3.3B | ||
| Q3 24 | $403.2M | $3.4B | ||
| Q2 24 | $380.6M | $3.2B | ||
| Q1 24 | $406.2M | $3.2B |
| Q4 25 | $3.0B | $26.6B | ||
| Q3 25 | $3.0B | $27.3B | ||
| Q2 25 | $3.0B | $27.6B | ||
| Q1 25 | $1.3B | $28.3B | ||
| Q4 24 | $1.2B | $29.1B | ||
| Q3 24 | $623.5M | $29.6B | ||
| Q2 24 | $585.1M | $30.3B | ||
| Q1 24 | $547.8M | $30.1B |
| Q4 25 | 0.41× | 0.04× | ||
| Q3 25 | 0.42× | 0.04× | ||
| Q2 25 | 0.45× | 0.07× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.04× | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $305.6M |
| Free Cash FlowOCF − Capex | $52.3M | — |
| FCF MarginFCF / Revenue | 24.0% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | — | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $305.6M | ||
| Q3 25 | $49.0M | $91.7M | ||
| Q2 25 | $47.1M | $68.1M | ||
| Q1 25 | $24.5M | $78.5M | ||
| Q4 24 | $-29.2M | $355.0M | ||
| Q3 24 | $49.6M | $89.9M | ||
| Q2 24 | $43.9M | $82.3M | ||
| Q1 24 | $10.0M | $87.6M |
| 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 24 | $8.6M | — |
| 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 24 | 8.4% | — |
| 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 24 | 1.4% | — |
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | 3.76× | 1.56× | ||
| Q4 24 | -0.07× | 6.81× | ||
| Q3 24 | 13.66× | 1.62× | ||
| Q2 24 | — | 1.37× | ||
| Q1 24 | 5.29× | 1.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
