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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and AMICUS THERAPEUTICS, INC. (FOLD). 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 $185.2M, roughly 1.2× AMICUS THERAPEUTICS, INC.). AMICUS THERAPEUTICS, INC. runs the higher net margin — 0.9% vs -5.4%, a 6.3% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 23.7%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $16.0M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 29.5%).
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.
Amicus Therapeutics, Inc. is a public American biopharmaceutical company based in Philadelphia, Pennsylvania. The company went public in 2007 under the Nasdaq trading symbol FOLD. This followed a 2006 planned offering and subsequent withdrawal, which would have established the trading symbol as AMTX Prior to their IPO, Amicus was funded by a variety of venture capital firms including Radius Ventures, Canaan Partners and New Enterprise Associates.
CWAN vs FOLD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $185.2M |
| Net Profit | $-11.8M | $1.7M |
| Gross Margin | 67.2% | 85.7% |
| Operating Margin | -3.1% | 8.6% |
| Net Margin | -5.4% | 0.9% |
| Revenue YoY | 72.0% | 23.7% |
| Net Profit YoY | -102.8% | -88.5% |
| EPS (diluted) | $-0.04 | $0.00 |
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 | $185.2M | ||
| Q3 25 | $205.1M | $169.1M | ||
| Q2 25 | $181.9M | $154.7M | ||
| Q1 25 | $126.9M | $125.2M | ||
| Q4 24 | $126.5M | $149.7M | ||
| Q3 24 | $115.8M | $141.5M | ||
| Q2 24 | $106.8M | $126.7M | ||
| Q1 24 | $102.7M | $110.4M |
| Q4 25 | $-11.8M | $1.7M | ||
| Q3 25 | $-10.3M | $17.3M | ||
| Q2 25 | $-23.2M | $-24.4M | ||
| Q1 25 | $6.5M | $-21.7M | ||
| Q4 24 | $419.3M | $14.7M | ||
| Q3 24 | $3.6M | $-6.7M | ||
| Q2 24 | $-430.0K | $-15.7M | ||
| Q1 24 | $1.9M | $-48.4M |
| Q4 25 | 67.2% | 85.7% | ||
| Q3 25 | 65.6% | 88.5% | ||
| Q2 25 | 65.1% | 90.2% | ||
| Q1 25 | 73.3% | 90.7% | ||
| Q4 24 | 73.5% | 90.1% | ||
| Q3 24 | 72.9% | 90.6% | ||
| Q2 24 | 72.0% | 91.1% | ||
| Q1 24 | 72.6% | 87.7% |
| Q4 25 | -3.1% | 8.6% | ||
| Q3 25 | 3.2% | 20.3% | ||
| Q2 25 | -8.0% | -6.1% | ||
| Q1 25 | 5.6% | -6.3% | ||
| Q4 24 | 1.0% | 10.7% | ||
| Q3 24 | 6.3% | 15.3% | ||
| Q2 24 | 3.6% | 11.8% | ||
| Q1 24 | -0.2% | -25.1% |
| Q4 25 | -5.4% | 0.9% | ||
| Q3 25 | -5.0% | 10.2% | ||
| Q2 25 | -12.8% | -15.8% | ||
| Q1 25 | 5.1% | -17.3% | ||
| Q4 24 | 331.5% | 9.8% | ||
| Q3 24 | 3.1% | -4.8% | ||
| Q2 24 | -0.4% | -12.4% | ||
| Q1 24 | 1.8% | -43.9% |
| Q4 25 | $-0.04 | $0.00 | ||
| Q3 25 | $-0.04 | $0.06 | ||
| Q2 25 | $-0.09 | $-0.08 | ||
| Q1 25 | $0.03 | $-0.07 | ||
| Q4 24 | $1.65 | $0.05 | ||
| Q3 24 | $0.02 | $-0.02 | ||
| Q2 24 | $0.00 | $-0.05 | ||
| Q1 24 | $0.01 | $-0.16 |
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 | $293.5M |
| Total DebtLower is stronger | $822.6M | $392.7M |
| Stockholders' EquityBook value | $2.0B | $274.2M |
| Total Assets | $3.0B | $949.9M |
| Debt / EquityLower = less leverage | 0.41× | 1.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $293.5M | ||
| Q3 25 | $64.1M | $263.8M | ||
| Q2 25 | $71.9M | $231.0M | ||
| Q1 25 | $282.9M | $250.6M | ||
| Q4 24 | $255.5M | $249.9M | ||
| Q3 24 | $305.8M | $249.8M | ||
| Q2 24 | $257.9M | $260.1M | ||
| Q1 24 | $267.6M | $239.6M |
| Q4 25 | $822.6M | $392.7M | ||
| Q3 25 | $838.9M | $392.0M | ||
| Q2 25 | $878.1M | $391.3M | ||
| Q1 25 | — | $390.7M | ||
| Q4 24 | $43.3M | $390.1M | ||
| Q3 24 | — | $389.5M | ||
| Q2 24 | — | $388.9M | ||
| Q1 24 | — | $388.4M |
| Q4 25 | $2.0B | $274.2M | ||
| Q3 25 | $2.0B | $230.4M | ||
| Q2 25 | $2.0B | $204.3M | ||
| Q1 25 | $1.1B | $193.6M | ||
| Q4 24 | $1.0B | $194.0M | ||
| Q3 24 | $403.2M | $178.8M | ||
| Q2 24 | $380.6M | $132.5M | ||
| Q1 24 | $406.2M | $130.7M |
| Q4 25 | $3.0B | $949.9M | ||
| Q3 25 | $3.0B | $868.8M | ||
| Q2 25 | $3.0B | $815.3M | ||
| Q1 25 | $1.3B | $789.8M | ||
| Q4 24 | $1.2B | $785.0M | ||
| Q3 24 | $623.5M | $786.6M | ||
| Q2 24 | $585.1M | $749.5M | ||
| Q1 24 | $547.8M | $721.8M |
| Q4 25 | 0.41× | 1.43× | ||
| Q3 25 | 0.42× | 1.70× | ||
| Q2 25 | 0.45× | 1.92× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | 0.04× | 2.01× | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | — | 2.93× | ||
| Q1 24 | — | 2.97× |
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 | $16.3M |
| Free Cash FlowOCF − Capex | $52.3M | $16.0M |
| FCF MarginFCF / Revenue | 24.0% | 8.6% |
| Capex IntensityCapex / Revenue | 1.4% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 9.62× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $29.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $16.3M | ||
| Q3 25 | $49.0M | $35.7M | ||
| Q2 25 | $47.1M | $-26.5M | ||
| Q1 25 | $24.5M | $7.8M | ||
| Q4 24 | $-29.2M | $-3.9M | ||
| Q3 24 | $49.6M | $-23.0M | ||
| Q2 24 | $43.9M | $22.7M | ||
| Q1 24 | $10.0M | $-29.7M |
| Q4 25 | $52.3M | $16.0M | ||
| Q3 25 | $44.9M | $35.3M | ||
| Q2 25 | $44.1M | $-28.9M | ||
| Q1 25 | $23.0M | $7.5M | ||
| Q4 24 | $-30.0M | $-4.2M | ||
| Q3 24 | $48.1M | $-23.3M | ||
| Q2 24 | $42.4M | $21.6M | ||
| Q1 24 | $8.6M | $-31.5M |
| Q4 25 | 24.0% | 8.6% | ||
| Q3 25 | 21.9% | 20.9% | ||
| Q2 25 | 24.2% | -18.7% | ||
| Q1 25 | 18.2% | 6.0% | ||
| Q4 24 | -23.7% | -2.8% | ||
| Q3 24 | 41.5% | -16.5% | ||
| Q2 24 | 39.7% | 17.0% | ||
| Q1 24 | 8.4% | -28.5% |
| Q4 25 | 1.4% | 0.2% | ||
| Q3 25 | 2.0% | 0.2% | ||
| Q2 25 | 1.6% | 1.6% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 0.6% | 0.2% | ||
| Q3 24 | 1.3% | 0.3% | ||
| Q2 24 | 1.4% | 0.9% | ||
| Q1 24 | 1.4% | 1.6% |
| Q4 25 | — | 9.62× | ||
| Q3 25 | — | 2.06× | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.76× | — | ||
| Q4 24 | -0.07× | -0.27× | ||
| 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.
FOLD
| Other | $105.8M | 57% |
| Galafold | $64.8M | 35% |
| Pombiliti Opfolda | $14.6M | 8% |
