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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and H2O AMERICA (HTO). 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 $199.4M, roughly 1.1× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs -5.4%, a 13.5% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 1.5%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 15.3%).
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.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
CWAN vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $199.4M |
| Net Profit | $-11.8M | $16.2M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 16.6% |
| Net Margin | -5.4% | 8.1% |
| Revenue YoY | 72.0% | 1.5% |
| Net Profit YoY | -102.8% | -29.2% |
| EPS (diluted) | $-0.04 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $205.1M | $243.5M | ||
| Q2 25 | $181.9M | $197.8M | ||
| Q1 25 | $126.9M | $164.9M | ||
| Q4 24 | $126.5M | $196.5M | ||
| Q3 24 | $115.8M | $216.7M | ||
| Q2 24 | $106.8M | $173.1M | ||
| Q1 24 | $102.7M | $150.0M |
| Q4 25 | $-11.8M | $16.2M | ||
| Q3 25 | $-10.3M | $45.1M | ||
| Q2 25 | $-23.2M | $24.7M | ||
| Q1 25 | $6.5M | $16.6M | ||
| Q4 24 | $419.3M | $22.9M | ||
| Q3 24 | $3.6M | $38.7M | ||
| Q2 24 | $-430.0K | $20.7M | ||
| Q1 24 | $1.9M | $11.7M |
| 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% | 16.6% | ||
| Q3 25 | 3.2% | 26.5% | ||
| Q2 25 | -8.0% | 22.2% | ||
| Q1 25 | 5.6% | 21.8% | ||
| Q4 24 | 1.0% | 22.2% | ||
| Q3 24 | 6.3% | 26.9% | ||
| Q2 24 | 3.6% | 23.4% | ||
| Q1 24 | -0.2% | 18.6% |
| Q4 25 | -5.4% | 8.1% | ||
| Q3 25 | -5.0% | 18.5% | ||
| Q2 25 | -12.8% | 12.5% | ||
| Q1 25 | 5.1% | 10.0% | ||
| Q4 24 | 331.5% | 11.7% | ||
| Q3 24 | 3.1% | 17.8% | ||
| Q2 24 | -0.4% | 12.0% | ||
| Q1 24 | 1.8% | 7.8% |
| Q4 25 | $-0.04 | $0.45 | ||
| Q3 25 | $-0.04 | $1.27 | ||
| Q2 25 | $-0.09 | $0.71 | ||
| Q1 25 | $0.03 | $0.49 | ||
| Q4 24 | $1.65 | $0.70 | ||
| Q3 24 | $0.02 | $1.17 | ||
| Q2 24 | $0.00 | $0.64 | ||
| Q1 24 | $0.01 | $0.36 |
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 | $20.7M |
| Total DebtLower is stronger | $822.6M | $1.9B |
| Stockholders' EquityBook value | $2.0B | $1.5B |
| Total Assets | $3.0B | $5.1B |
| Debt / EquityLower = less leverage | 0.41× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $20.7M | ||
| Q3 25 | $64.1M | $11.3M | ||
| Q2 25 | $71.9M | $19.8M | ||
| Q1 25 | $282.9M | $23.7M | ||
| Q4 24 | $255.5M | $11.1M | ||
| Q3 24 | $305.8M | $4.0M | ||
| Q2 24 | $257.9M | $22.8M | ||
| Q1 24 | $267.6M | $4.5M |
| Q4 25 | $822.6M | $1.9B | ||
| Q3 25 | $838.9M | — | ||
| Q2 25 | $878.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $2.0B | $1.5B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $403.2M | $1.3B | ||
| Q2 24 | $380.6M | $1.3B | ||
| Q1 24 | $406.2M | $1.2B |
| Q4 25 | $3.0B | $5.1B | ||
| Q3 25 | $3.0B | $5.0B | ||
| Q2 25 | $3.0B | $4.8B | ||
| Q1 25 | $1.3B | $4.7B | ||
| Q4 24 | $1.2B | $4.7B | ||
| Q3 24 | $623.5M | $4.6B | ||
| Q2 24 | $585.1M | $4.4B | ||
| Q1 24 | $547.8M | $4.4B |
| Q4 25 | 0.41× | 1.23× | ||
| Q3 25 | 0.42× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.04× | 1.26× | ||
| 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 | $63.5M |
| Free Cash FlowOCF − Capex | $52.3M | — |
| FCF MarginFCF / Revenue | 24.0% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $63.5M | ||
| Q3 25 | $49.0M | $77.3M | ||
| Q2 25 | $47.1M | $60.8M | ||
| Q1 25 | $24.5M | $43.2M | ||
| Q4 24 | $-29.2M | $41.5M | ||
| Q3 24 | $49.6M | $53.5M | ||
| Q2 24 | $43.9M | $49.3M | ||
| Q1 24 | $10.0M | $51.2M |
| Q4 25 | $52.3M | — | ||
| Q3 25 | $44.9M | — | ||
| Q2 25 | $44.1M | — | ||
| Q1 25 | $23.0M | — | ||
| Q4 24 | $-30.0M | — | ||
| Q3 24 | $48.1M | — | ||
| Q2 24 | $42.4M | — | ||
| Q1 24 | $8.6M | — |
| Q4 25 | 24.0% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 18.2% | — | ||
| Q4 24 | -23.7% | — | ||
| Q3 24 | 41.5% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 8.4% | — |
| Q4 25 | 1.4% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 1.4% | — |
| Q4 25 | — | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | 3.76× | 2.61× | ||
| Q4 24 | -0.07× | 1.81× | ||
| Q3 24 | 13.66× | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | 5.29× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
