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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
Gaming & Leisure Properties, Inc. is the larger business by last-quarter revenue ($420.0M vs $217.5M, roughly 1.9× Clearwater Analytics Holdings, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs -5.4%, a 62.4% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 6.3%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 5.0%).
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.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
CWAN vs GLPI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $420.0M |
| Net Profit | $-11.8M | $239.4M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 79.4% |
| Net Margin | -5.4% | 57.0% |
| Revenue YoY | 72.0% | 6.3% |
| Net Profit YoY | -102.8% | 40.5% |
| EPS (diluted) | $-0.04 | — |
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.
| Q1 26 | — | $420.0M | ||
| Q4 25 | $217.5M | $407.0M | ||
| Q3 25 | $205.1M | $397.6M | ||
| Q2 25 | $181.9M | $394.9M | ||
| Q1 25 | $126.9M | $395.2M | ||
| Q4 24 | $126.5M | $389.6M | ||
| Q3 24 | $115.8M | $385.3M | ||
| Q2 24 | $106.8M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $-11.8M | $275.4M | ||
| Q3 25 | $-10.3M | $241.2M | ||
| Q2 25 | $-23.2M | $151.4M | ||
| Q1 25 | $6.5M | $165.2M | ||
| Q4 24 | $419.3M | $223.6M | ||
| Q3 24 | $3.6M | $184.7M | ||
| Q2 24 | $-430.0K | $208.3M |
| 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 | — | 79.4% | ||
| Q4 25 | -3.1% | 89.3% | ||
| Q3 25 | 3.2% | 84.8% | ||
| Q2 25 | -8.0% | 61.3% | ||
| Q1 25 | 5.6% | 65.5% | ||
| Q4 24 | 1.0% | 79.1% | ||
| Q3 24 | 6.3% | 70.4% | ||
| Q2 24 | 3.6% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | -5.4% | 67.6% | ||
| Q3 25 | -5.0% | 60.7% | ||
| Q2 25 | -12.8% | 38.4% | ||
| Q1 25 | 5.1% | 41.8% | ||
| Q4 24 | 331.5% | 57.4% | ||
| Q3 24 | 3.1% | 47.9% | ||
| Q2 24 | -0.4% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.04 | $0.96 | ||
| Q3 25 | $-0.04 | $0.85 | ||
| Q2 25 | $-0.09 | $0.54 | ||
| Q1 25 | $0.03 | $0.60 | ||
| Q4 24 | $1.65 | $0.79 | ||
| Q3 24 | $0.02 | $0.67 | ||
| Q2 24 | $0.00 | $0.77 |
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 | $274.5M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $5.0B |
| Total Assets | $3.0B | $13.8B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | $91.2M | — | ||
| Q3 25 | $64.1M | — | ||
| Q2 25 | $71.9M | — | ||
| Q1 25 | $282.9M | — | ||
| Q4 24 | $255.5M | $560.8M | ||
| Q3 24 | $305.8M | $560.8M | ||
| Q2 24 | $257.9M | $560.8M |
| Q1 26 | — | — | ||
| Q4 25 | $822.6M | $7.2B | ||
| Q3 25 | $838.9M | $7.2B | ||
| Q2 25 | $878.1M | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | $43.3M | $7.7B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $2.0B | $4.6B | ||
| Q3 25 | $2.0B | $4.6B | ||
| Q2 25 | $2.0B | $4.6B | ||
| Q1 25 | $1.1B | $4.2B | ||
| Q4 24 | $1.0B | $4.3B | ||
| Q3 24 | $403.2M | $4.3B | ||
| Q2 24 | $380.6M | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $3.0B | $12.9B | ||
| Q3 25 | $3.0B | $12.8B | ||
| Q2 25 | $3.0B | $12.5B | ||
| Q1 25 | $1.3B | $12.1B | ||
| Q4 24 | $1.2B | $13.1B | ||
| Q3 24 | $623.5M | $12.7B | ||
| Q2 24 | $585.1M | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.41× | 1.56× | ||
| Q3 25 | 0.42× | 1.57× | ||
| Q2 25 | 0.45× | 1.51× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | 0.04× | 1.81× | ||
| Q3 24 | — | 1.74× | ||
| Q2 24 | — | 1.60× |
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 | $1.1B | ||
| Q3 25 | $49.0M | $240.3M | ||
| Q2 25 | $47.1M | $293.4M | ||
| Q1 25 | $24.5M | $252.5M | ||
| Q4 24 | $-29.2M | $1.1B | ||
| Q3 24 | $49.6M | $270.4M | ||
| Q2 24 | $43.9M | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | $52.3M | — | ||
| Q3 25 | $44.9M | $183.0M | ||
| Q2 25 | $44.1M | $272.3M | ||
| Q1 25 | $23.0M | $239.6M | ||
| Q4 24 | $-30.0M | $1.1B | ||
| Q3 24 | $48.1M | $261.5M | ||
| Q2 24 | $42.4M | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | — | ||
| Q3 25 | 21.9% | 46.0% | ||
| Q2 25 | 24.2% | 69.0% | ||
| Q1 25 | 18.2% | 60.6% | ||
| Q4 24 | -23.7% | 275.3% | ||
| Q3 24 | 41.5% | 67.9% | ||
| Q2 24 | 39.7% | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | — | ||
| Q3 25 | 2.0% | 14.4% | ||
| Q2 25 | 1.6% | 5.3% | ||
| Q1 25 | 1.2% | 3.3% | ||
| Q4 24 | 0.6% | 0.0% | ||
| Q3 24 | 1.3% | 2.3% | ||
| Q2 24 | 1.4% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.10× | ||
| Q3 25 | — | 1.00× | ||
| Q2 25 | — | 1.94× | ||
| Q1 25 | 3.76× | 1.53× | ||
| Q4 24 | -0.07× | 4.80× | ||
| Q3 24 | 13.66× | 1.46× | ||
| Q2 24 | — | 1.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
