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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and FIRSTSUN CAPITAL BANCORP (FSUN). 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 $110.0M, roughly 2.0× FIRSTSUN CAPITAL BANCORP). FIRSTSUN CAPITAL BANCORP runs the higher net margin — 19.6% vs -5.4%, a 25.0% gap on every dollar of revenue. Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 6.9%).
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.
FirstSun Capital Bancorp is a U.S.-headquartered financial holding company that offers a comprehensive range of banking and financial services, including commercial and consumer lending, deposit products, wealth management, and treasury solutions. It mainly serves individual customers, small and medium-sized enterprises, and corporate clients across U.S. regional markets.
CWAN vs FSUN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $110.0M |
| Net Profit | $-11.8M | $21.6M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | — |
| Net Margin | -5.4% | 19.6% |
| Revenue YoY | 72.0% | — |
| Net Profit YoY | -102.8% | -8.4% |
| EPS (diluted) | $-0.04 | $0.76 |
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 | — | $110.0M | ||
| Q4 25 | $217.5M | $110.2M | ||
| Q3 25 | $205.1M | $107.3M | ||
| Q2 25 | $181.9M | $105.6M | ||
| Q1 25 | $126.9M | $96.2M | ||
| Q4 24 | $126.5M | $98.7M | ||
| Q3 24 | $115.8M | $98.2M | ||
| Q2 24 | $106.8M | $96.2M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-11.8M | $24.8M | ||
| Q3 25 | $-10.3M | $23.2M | ||
| Q2 25 | $-23.2M | $26.4M | ||
| Q1 25 | $6.5M | $23.6M | ||
| Q4 24 | $419.3M | $16.4M | ||
| Q3 24 | $3.6M | $22.4M | ||
| Q2 24 | $-430.0K | $24.6M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | -3.1% | 29.0% | ||
| Q3 25 | 3.2% | 26.4% | ||
| Q2 25 | -8.0% | 31.2% | ||
| Q1 25 | 5.6% | 30.9% | ||
| Q4 24 | 1.0% | 20.4% | ||
| Q3 24 | 6.3% | 29.1% | ||
| Q2 24 | 3.6% | 32.3% |
| Q1 26 | — | 19.6% | ||
| Q4 25 | -5.4% | 22.5% | ||
| Q3 25 | -5.0% | 21.6% | ||
| Q2 25 | -12.8% | 25.0% | ||
| Q1 25 | 5.1% | 24.5% | ||
| Q4 24 | 331.5% | 16.6% | ||
| Q3 24 | 3.1% | 22.8% | ||
| Q2 24 | -0.4% | 25.5% |
| Q1 26 | — | $0.76 | ||
| Q4 25 | $-0.04 | $0.89 | ||
| Q3 25 | $-0.04 | $0.82 | ||
| Q2 25 | $-0.09 | $0.93 | ||
| Q1 25 | $0.03 | $0.83 | ||
| Q4 24 | $1.65 | $0.57 | ||
| Q3 24 | $0.02 | $0.79 | ||
| Q2 24 | $0.00 | $0.88 |
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 | $413.7M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $1.2B |
| Total Assets | $3.0B | $8.6B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $413.7M | ||
| Q4 25 | $91.2M | $652.6M | ||
| Q3 25 | $64.1M | $659.9M | ||
| Q2 25 | $71.9M | $785.1M | ||
| Q1 25 | $282.9M | $621.4M | ||
| Q4 24 | $255.5M | $615.9M | ||
| Q3 24 | $305.8M | $573.7M | ||
| Q2 24 | $257.9M | $535.8M |
| Q1 26 | — | — | ||
| Q4 25 | $822.6M | — | ||
| Q3 25 | $838.9M | — | ||
| Q2 25 | $878.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $403.2M | $1.0B | ||
| Q2 24 | $380.6M | $996.6M |
| Q1 26 | — | $8.6B | ||
| Q4 25 | $3.0B | $8.5B | ||
| Q3 25 | $3.0B | $8.5B | ||
| Q2 25 | $3.0B | $8.4B | ||
| Q1 25 | $1.3B | $8.2B | ||
| Q4 24 | $1.2B | $8.1B | ||
| Q3 24 | $623.5M | $8.1B | ||
| Q2 24 | $585.1M | $8.0B |
| Q1 26 | — | — | ||
| Q4 25 | 0.41× | — | ||
| Q3 25 | 0.42× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $55.3M | $111.5M | ||
| Q3 25 | $49.0M | $49.4M | ||
| Q2 25 | $47.1M | $15.0M | ||
| Q1 25 | $24.5M | $26.4M | ||
| Q4 24 | $-29.2M | $101.1M | ||
| Q3 24 | $49.6M | $48.1M | ||
| Q2 24 | $43.9M | $20.9M |
| Q1 26 | — | — | ||
| Q4 25 | $52.3M | $104.0M | ||
| Q3 25 | $44.9M | $47.6M | ||
| Q2 25 | $44.1M | $13.0M | ||
| Q1 25 | $23.0M | $24.3M | ||
| Q4 24 | $-30.0M | $95.7M | ||
| Q3 24 | $48.1M | $47.1M | ||
| Q2 24 | $42.4M | $19.9M |
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 94.3% | ||
| Q3 25 | 21.9% | 44.4% | ||
| Q2 25 | 24.2% | 12.3% | ||
| Q1 25 | 18.2% | 25.3% | ||
| Q4 24 | -23.7% | 97.0% | ||
| Q3 24 | 41.5% | 47.9% | ||
| Q2 24 | 39.7% | 20.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 6.8% | ||
| Q3 25 | 2.0% | 1.6% | ||
| Q2 25 | 1.6% | 1.9% | ||
| Q1 25 | 1.2% | 2.1% | ||
| Q4 24 | 0.6% | 5.5% | ||
| Q3 24 | 1.3% | 1.1% | ||
| Q2 24 | 1.4% | 1.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.49× | ||
| Q3 25 | — | 2.13× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | 3.76× | 1.12× | ||
| Q4 24 | -0.07× | 6.18× | ||
| Q3 24 | 13.66× | 2.15× | ||
| Q2 24 | — | 0.85× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
FSUN
| Net Interest Income | $82.8M | 75% |
| Noninterest Income | $27.2M | 25% |
