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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and GCM Grosvenor Inc. (GCMG). 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 $177.1M, roughly 1.2× GCM Grosvenor Inc.). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs -5.4%, a 38.2% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 7.2%). GCM Grosvenor Inc. produced more free cash flow last quarter ($175.0M vs $52.3M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 27.5%).
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.
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
CWAN vs GCMG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $177.1M |
| Net Profit | $-11.8M | $58.2M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 30.9% |
| Net Margin | -5.4% | 32.8% |
| Revenue YoY | 72.0% | 7.2% |
| Net Profit YoY | -102.8% | 149.2% |
| EPS (diluted) | $-0.04 | $0.23 |
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 | $177.1M | ||
| Q3 25 | $205.1M | $135.0M | ||
| Q2 25 | $181.9M | $119.7M | ||
| Q1 25 | $126.9M | $125.8M | ||
| Q4 24 | $126.5M | $165.3M | ||
| Q3 24 | $115.8M | $122.9M | ||
| Q2 24 | $106.8M | $117.0M | ||
| Q1 24 | $102.7M | $108.9M |
| Q4 25 | $-11.8M | $58.2M | ||
| Q3 25 | $-10.3M | $10.5M | ||
| Q2 25 | $-23.2M | $15.4M | ||
| Q1 25 | $6.5M | $463.0K | ||
| Q4 24 | $419.3M | $7.6M | ||
| Q3 24 | $3.6M | $4.2M | ||
| Q2 24 | $-430.0K | $4.8M | ||
| Q1 24 | $1.9M | $2.1M |
| 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% | 30.9% | ||
| Q3 25 | 3.2% | 32.7% | ||
| Q2 25 | -8.0% | 16.1% | ||
| Q1 25 | 5.6% | 12.2% | ||
| Q4 24 | 1.0% | 26.4% | ||
| Q3 24 | 6.3% | 20.3% | ||
| Q2 24 | 3.6% | 17.8% | ||
| Q1 24 | -0.2% | -14.7% |
| Q4 25 | -5.4% | 32.8% | ||
| Q3 25 | -5.0% | 7.8% | ||
| Q2 25 | -12.8% | 12.9% | ||
| Q1 25 | 5.1% | 0.4% | ||
| Q4 24 | 331.5% | 4.6% | ||
| Q3 24 | 3.1% | 3.4% | ||
| Q2 24 | -0.4% | 4.1% | ||
| Q1 24 | 1.8% | 2.0% |
| Q4 25 | $-0.04 | $0.23 | ||
| Q3 25 | $-0.04 | $0.16 | ||
| Q2 25 | $-0.09 | $0.05 | ||
| Q1 25 | $0.03 | $-0.02 | ||
| Q4 24 | $1.65 | $0.09 | ||
| Q3 24 | $0.02 | $0.03 | ||
| Q2 24 | $0.00 | $0.04 | ||
| Q1 24 | $0.01 | $-0.13 |
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 | $242.1M |
| Total DebtLower is stronger | $822.6M | $428.4M |
| Stockholders' EquityBook value | $2.0B | $27.0M |
| Total Assets | $3.0B | $813.8M |
| Debt / EquityLower = less leverage | 0.41× | 15.87× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $242.1M | ||
| Q3 25 | $64.1M | $182.7M | ||
| Q2 25 | $71.9M | $136.3M | ||
| Q1 25 | $282.9M | $94.5M | ||
| Q4 24 | $255.5M | $89.5M | ||
| Q3 24 | $305.8M | $98.4M | ||
| Q2 24 | $257.9M | $73.9M | ||
| Q1 24 | $267.6M | $41.9M |
| Q4 25 | $822.6M | $428.4M | ||
| Q3 25 | $838.9M | $429.3M | ||
| Q2 25 | $878.1M | $430.2M | ||
| Q1 25 | — | $431.1M | ||
| Q4 24 | $43.3M | $432.0M | ||
| Q3 24 | — | $432.9M | ||
| Q2 24 | — | $433.8M | ||
| Q1 24 | — | $384.0M |
| Q4 25 | $2.0B | $27.0M | ||
| Q3 25 | $2.0B | $-7.4M | ||
| Q2 25 | $2.0B | $-12.3M | ||
| Q1 25 | $1.1B | $-28.3M | ||
| Q4 24 | $1.0B | $-27.6M | ||
| Q3 24 | $403.2M | $-31.9M | ||
| Q2 24 | $380.6M | $-28.5M | ||
| Q1 24 | $406.2M | $-26.4M |
| Q4 25 | $3.0B | $813.8M | ||
| Q3 25 | $3.0B | $685.9M | ||
| Q2 25 | $3.0B | $636.9M | ||
| Q1 25 | $1.3B | $579.8M | ||
| Q4 24 | $1.2B | $612.7M | ||
| Q3 24 | $623.5M | $575.0M | ||
| Q2 24 | $585.1M | $543.9M | ||
| Q1 24 | $547.8M | $497.3M |
| Q4 25 | 0.41× | 15.87× | ||
| Q3 25 | 0.42× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $183.5M |
| Free Cash FlowOCF − Capex | $52.3M | $175.0M |
| FCF MarginFCF / Revenue | 24.0% | 98.8% |
| Capex IntensityCapex / Revenue | 1.4% | 4.8% |
| Cash ConversionOCF / Net Profit | — | 3.16× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $326.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $183.5M | ||
| Q3 25 | $49.0M | $79.8M | ||
| Q2 25 | $47.1M | $42.0M | ||
| Q1 25 | $24.5M | $33.3M | ||
| Q4 24 | $-29.2M | $148.8M | ||
| Q3 24 | $49.6M | $69.0M | ||
| Q2 24 | $43.9M | $17.5M | ||
| Q1 24 | $10.0M | $24.2M |
| Q4 25 | $52.3M | $175.0M | ||
| Q3 25 | $44.9M | $78.3M | ||
| Q2 25 | $44.1M | $40.8M | ||
| Q1 25 | $23.0M | $32.1M | ||
| Q4 24 | $-30.0M | $132.0M | ||
| Q3 24 | $48.1M | $62.2M | ||
| Q2 24 | $42.4M | $12.8M | ||
| Q1 24 | $8.6M | $20.0M |
| Q4 25 | 24.0% | 98.8% | ||
| Q3 25 | 21.9% | 58.0% | ||
| Q2 25 | 24.2% | 34.1% | ||
| Q1 25 | 18.2% | 25.5% | ||
| Q4 24 | -23.7% | 79.9% | ||
| Q3 24 | 41.5% | 50.6% | ||
| Q2 24 | 39.7% | 10.9% | ||
| Q1 24 | 8.4% | 18.4% |
| Q4 25 | 1.4% | 4.8% | ||
| Q3 25 | 2.0% | 1.1% | ||
| Q2 25 | 1.6% | 1.0% | ||
| Q1 25 | 1.2% | 0.9% | ||
| Q4 24 | 0.6% | 10.1% | ||
| Q3 24 | 1.3% | 5.5% | ||
| Q2 24 | 1.4% | 4.0% | ||
| Q1 24 | 1.4% | 3.9% |
| Q4 25 | — | 3.16× | ||
| Q3 25 | — | 7.61× | ||
| Q2 25 | — | 2.72× | ||
| Q1 25 | 3.76× | 71.84× | ||
| Q4 24 | -0.07× | 19.54× | ||
| Q3 24 | 13.66× | 16.60× | ||
| Q2 24 | — | 3.64× | ||
| Q1 24 | 5.29× | 11.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
