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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and FTAI Infrastructure Inc. (FIP). 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 $143.5M, roughly 1.5× FTAI Infrastructure Inc.). Clearwater Analytics Holdings, Inc. runs the higher net margin — -5.4% vs -68.1%, a 62.7% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 72.0%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $-68.6M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 31.9%).
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.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
CWAN vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $143.5M |
| Net Profit | $-11.8M | $-97.7M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | -45.7% |
| Net Margin | -5.4% | -68.1% |
| Revenue YoY | 72.0% | 77.7% |
| Net Profit YoY | -102.8% | 21.6% |
| EPS (diluted) | $-0.04 | $-1.04 |
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.
| Q4 25 | $217.5M | $143.5M | ||
| Q3 25 | $205.1M | $140.6M | ||
| Q2 25 | $181.9M | $122.3M | ||
| Q1 25 | $126.9M | $96.2M | ||
| Q4 24 | $126.5M | $80.8M | ||
| Q3 24 | $115.8M | $83.3M | ||
| Q2 24 | $106.8M | $84.9M | ||
| Q1 24 | $102.7M | $82.5M |
| Q4 25 | $-11.8M | $-97.7M | ||
| Q3 25 | $-10.3M | $-104.5M | ||
| Q2 25 | $-23.2M | $-70.0M | ||
| Q1 25 | $6.5M | $120.2M | ||
| Q4 24 | $419.3M | $-124.7M | ||
| Q3 24 | $3.6M | $-43.0M | ||
| Q2 24 | $-430.0K | $-48.1M | ||
| Q1 24 | $1.9M | $-50.3M |
| 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% | -45.7% | ||
| Q3 25 | 3.2% | -70.8% | ||
| Q2 25 | -8.0% | -56.4% | ||
| Q1 25 | 5.6% | 81.8% | ||
| Q4 24 | 1.0% | -152.7% | ||
| Q3 24 | 6.3% | -51.7% | ||
| Q2 24 | 3.6% | -56.4% | ||
| Q1 24 | -0.2% | -58.8% |
| Q4 25 | -5.4% | -68.1% | ||
| Q3 25 | -5.0% | -74.4% | ||
| Q2 25 | -12.8% | -57.2% | ||
| Q1 25 | 5.1% | 125.0% | ||
| Q4 24 | 331.5% | -154.4% | ||
| Q3 24 | 3.1% | -51.6% | ||
| Q2 24 | -0.4% | -56.7% | ||
| Q1 24 | 1.8% | -60.9% |
| Q4 25 | $-0.04 | $-1.04 | ||
| Q3 25 | $-0.04 | $-1.38 | ||
| Q2 25 | $-0.09 | $-0.73 | ||
| Q1 25 | $0.03 | $0.89 | ||
| Q4 24 | $1.65 | $-1.21 | ||
| Q3 24 | $0.02 | $-0.45 | ||
| Q2 24 | $0.00 | $-0.52 | ||
| Q1 24 | $0.01 | $-0.54 |
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 | $57.4M |
| Total DebtLower is stronger | $822.6M | $3.8B |
| Stockholders' EquityBook value | $2.0B | $21.3M |
| Total Assets | $3.0B | $5.7B |
| Debt / EquityLower = less leverage | 0.41× | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $57.4M | ||
| Q3 25 | $64.1M | $34.7M | ||
| Q2 25 | $71.9M | $33.6M | ||
| Q1 25 | $282.9M | $26.3M | ||
| Q4 24 | $255.5M | $27.8M | ||
| Q3 24 | $305.8M | $20.3M | ||
| Q2 24 | $257.9M | $33.1M | ||
| Q1 24 | $267.6M | $23.0M |
| Q4 25 | $822.6M | $3.8B | ||
| Q3 25 | $838.9M | $3.7B | ||
| Q2 25 | $878.1M | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $43.3M | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $2.0B | $21.3M | ||
| Q3 25 | $2.0B | $181.1M | ||
| Q2 25 | $2.0B | $375.5M | ||
| Q1 25 | $1.1B | $476.2M | ||
| Q4 24 | $1.0B | $202.7M | ||
| Q3 24 | $403.2M | $370.8M | ||
| Q2 24 | $380.6M | $394.8M | ||
| Q1 24 | $406.2M | $402.5M |
| Q4 25 | $3.0B | $5.7B | ||
| Q3 25 | $3.0B | $5.5B | ||
| Q2 25 | $3.0B | $4.4B | ||
| Q1 25 | $1.3B | $4.1B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $623.5M | $2.4B | ||
| Q2 24 | $585.1M | $2.5B | ||
| Q1 24 | $547.8M | $2.3B |
| Q4 25 | 0.41× | 176.99× | ||
| Q3 25 | 0.42× | 20.59× | ||
| Q2 25 | 0.45× | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | 0.04× | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | — | 3.34× |
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 | $-2.8M |
| Free Cash FlowOCF − Capex | $52.3M | $-68.6M |
| FCF MarginFCF / Revenue | 24.0% | -47.8% |
| Capex IntensityCapex / Revenue | 1.4% | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $-2.8M | ||
| Q3 25 | $49.0M | $-24.4M | ||
| Q2 25 | $47.1M | $-5.2M | ||
| Q1 25 | $24.5M | $-85.7M | ||
| Q4 24 | $-29.2M | $-8.1M | ||
| Q3 24 | $49.6M | $14.2M | ||
| Q2 24 | $43.9M | $-17.6M | ||
| Q1 24 | $10.0M | $-3.9M |
| Q4 25 | $52.3M | $-68.6M | ||
| Q3 25 | $44.9M | $-90.7M | ||
| Q2 25 | $44.1M | $-87.5M | ||
| Q1 25 | $23.0M | $-151.7M | ||
| Q4 24 | $-30.0M | $-34.3M | ||
| Q3 24 | $48.1M | $-11.7M | ||
| Q2 24 | $42.4M | $-32.1M | ||
| Q1 24 | $8.6M | $-16.7M |
| Q4 25 | 24.0% | -47.8% | ||
| Q3 25 | 21.9% | -64.5% | ||
| Q2 25 | 24.2% | -71.6% | ||
| Q1 25 | 18.2% | -157.7% | ||
| Q4 24 | -23.7% | -42.4% | ||
| Q3 24 | 41.5% | -14.0% | ||
| Q2 24 | 39.7% | -37.9% | ||
| Q1 24 | 8.4% | -20.3% |
| Q4 25 | 1.4% | 45.9% | ||
| Q3 25 | 2.0% | 47.2% | ||
| Q2 25 | 1.6% | 67.3% | ||
| Q1 25 | 1.2% | 68.6% | ||
| Q4 24 | 0.6% | 32.5% | ||
| Q3 24 | 1.3% | 31.1% | ||
| Q2 24 | 1.4% | 17.2% | ||
| Q1 24 | 1.4% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.76× | -0.71× | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
