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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and HUTCHMED (China) Ltd (HCM). Click either name above to swap in a different company.
HUTCHMED (China) Ltd is the larger business by last-quarter revenue ($270.8M vs $217.5M, roughly 1.2× Clearwater Analytics Holdings, Inc.). HUTCHMED (China) Ltd runs the higher net margin — 0.7% vs -5.4%, a 6.1% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -16.5%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $3.4M).
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.
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
CWAN vs HCM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $270.8M |
| Net Profit | $-11.8M | $2.0M |
| Gross Margin | 67.2% | 37.7% |
| Operating Margin | -3.1% | -13.2% |
| Net Margin | -5.4% | 0.7% |
| Revenue YoY | 72.0% | -16.5% |
| Net Profit YoY | -102.8% | -83.6% |
| 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 | $270.8M | ||
| Q3 25 | $205.1M | — | ||
| Q2 25 | $181.9M | $277.7M | ||
| Q1 25 | $126.9M | $324.5M | ||
| Q4 24 | $126.5M | — | ||
| Q3 24 | $115.8M | — | ||
| Q2 24 | $106.8M | $305.7M | ||
| Q1 24 | $102.7M | — |
| Q4 25 | $-11.8M | $2.0M | ||
| Q3 25 | $-10.3M | — | ||
| Q2 25 | $-23.2M | $455.0M | ||
| Q1 25 | $6.5M | $11.9M | ||
| Q4 24 | $419.3M | — | ||
| Q3 24 | $3.6M | — | ||
| Q2 24 | $-430.0K | $25.8M | ||
| Q1 24 | $1.9M | — |
| Q4 25 | 67.2% | 37.7% | ||
| Q3 25 | 65.6% | — | ||
| Q2 25 | 65.1% | 0.1% | ||
| Q1 25 | 73.3% | 48.0% | ||
| Q4 24 | 73.5% | — | ||
| Q3 24 | 72.9% | — | ||
| Q2 24 | 72.0% | 41.1% | ||
| Q1 24 | 72.6% | — |
| Q4 25 | -3.1% | -13.2% | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | -8.0% | -1.3% | ||
| Q1 25 | 5.6% | -5.0% | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 6.3% | — | ||
| Q2 24 | 3.6% | -9.0% | ||
| Q1 24 | -0.2% | — |
| Q4 25 | -5.4% | 0.7% | ||
| Q3 25 | -5.0% | — | ||
| Q2 25 | -12.8% | 163.8% | ||
| Q1 25 | 5.1% | 3.7% | ||
| Q4 24 | 331.5% | — | ||
| Q3 24 | 3.1% | — | ||
| Q2 24 | -0.4% | 8.4% | ||
| Q1 24 | 1.8% | — |
| Q4 25 | $-0.04 | $0.00 | ||
| Q3 25 | $-0.04 | — | ||
| Q2 25 | $-0.09 | $0.52 | ||
| Q1 25 | $0.03 | $0.01 | ||
| Q4 24 | $1.65 | — | ||
| Q3 24 | $0.02 | — | ||
| Q2 24 | $0.00 | $0.03 | ||
| Q1 24 | $0.01 | — |
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 | $1.4B |
| Total DebtLower is stronger | $822.6M | $93.2M |
| Stockholders' EquityBook value | $2.0B | $1.2B |
| Total Assets | $3.0B | $1.8B |
| Debt / EquityLower = less leverage | 0.41× | 0.08× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $1.4B | ||
| Q3 25 | $64.1M | — | ||
| Q2 25 | $71.9M | $1.4B | ||
| Q1 25 | $282.9M | $836.1M | ||
| Q4 24 | $255.5M | — | ||
| Q3 24 | $305.8M | — | ||
| Q2 24 | $257.9M | $802.5M | ||
| Q1 24 | $267.6M | — |
| Q4 25 | $822.6M | $93.2M | ||
| Q3 25 | $838.9M | — | ||
| Q2 25 | $878.1M | $93.4M | ||
| Q1 25 | — | $82.8M | ||
| Q4 24 | $43.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $82.1M | ||
| Q1 24 | — | — |
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.1B | $759.9M | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $403.2M | — | ||
| Q2 24 | $380.6M | $740.1M | ||
| Q1 24 | $406.2M | — |
| Q4 25 | $3.0B | $1.8B | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | $1.8B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $623.5M | — | ||
| Q2 24 | $585.1M | $1.3B | ||
| Q1 24 | $547.8M | — |
| Q4 25 | 0.41× | 0.08× | ||
| Q3 25 | 0.42× | — | ||
| Q2 25 | 0.45× | 0.08× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.11× | ||
| 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 | $8.2M |
| Free Cash FlowOCF − Capex | $52.3M | $3.4M |
| FCF MarginFCF / Revenue | 24.0% | 1.2% |
| Capex IntensityCapex / Revenue | 1.4% | 1.8% |
| Cash ConversionOCF / Net Profit | — | 4.21× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $-96.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $8.2M | ||
| Q3 25 | $49.0M | — | ||
| Q2 25 | $47.1M | $-72.9M | ||
| Q1 25 | $24.5M | $40.3M | ||
| Q4 24 | $-29.2M | — | ||
| Q3 24 | $49.6M | — | ||
| Q2 24 | $43.9M | $-39.8M | ||
| Q1 24 | $10.0M | — |
| Q4 25 | $52.3M | $3.4M | ||
| Q3 25 | $44.9M | — | ||
| Q2 25 | $44.1M | $-82.2M | ||
| Q1 25 | $23.0M | $32.5M | ||
| Q4 24 | $-30.0M | — | ||
| Q3 24 | $48.1M | — | ||
| Q2 24 | $42.4M | $-49.9M | ||
| Q1 24 | $8.6M | — |
| Q4 25 | 24.0% | 1.2% | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 24.2% | -29.6% | ||
| Q1 25 | 18.2% | 10.0% | ||
| Q4 24 | -23.7% | — | ||
| Q3 24 | 41.5% | — | ||
| Q2 24 | 39.7% | -16.3% | ||
| Q1 24 | 8.4% | — |
| Q4 25 | 1.4% | 1.8% | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 1.6% | 3.3% | ||
| Q1 25 | 1.2% | 2.4% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.4% | 3.3% | ||
| Q1 24 | 1.4% | — |
| Q4 25 | — | 4.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.16× | ||
| Q1 25 | 3.76× | 3.38× | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | — | ||
| Q2 24 | — | -1.54× | ||
| Q1 24 | 5.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
