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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and IDEX Corporation (IEX). Click either name above to swap in a different company.
IDEX Corporation is the larger business by last-quarter revenue ($398.4M vs $217.5M, roughly 1.8× Clearwater Analytics Holdings, Inc.). IDEX Corporation runs the higher net margin — 30.1% vs -5.4%, a 35.5% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 16.7%). IDEX Corporation produced more free cash flow last quarter ($86.0M vs $52.3M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -29.4%).
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.
IDEX can refer to several things, including:International Defence Exhibition, a biennial arms and defense technology sales exhibition IDEX Corporation, a publicly listed company that makes fluidics systems and specialty engineered products Ideanomics, a publicly traded company that trades under the IDEX ticker symbol.
CWAN vs IEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $398.4M |
| Net Profit | $-11.8M | $120.0M |
| Gross Margin | 67.2% | 99.9% |
| Operating Margin | -3.1% | 43.3% |
| Net Margin | -5.4% | 30.1% |
| Revenue YoY | 72.0% | 16.7% |
| Net Profit YoY | -102.8% | 25.7% |
| EPS (diluted) | $-0.04 | $1.61 |
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.
| Q2 26 | — | $398.4M | ||
| Q1 26 | — | $407.7M | ||
| Q4 25 | $217.5M | $899.1M | ||
| Q3 25 | $205.1M | $878.7M | ||
| Q2 25 | $181.9M | $865.4M | ||
| Q1 25 | $126.9M | $814.3M | ||
| Q4 24 | $126.5M | $862.9M | ||
| Q3 24 | $115.8M | $798.2M |
| Q2 26 | — | $120.0M | ||
| Q1 26 | — | $128.3M | ||
| Q4 25 | $-11.8M | $128.3M | ||
| Q3 25 | $-10.3M | $127.8M | ||
| Q2 25 | $-23.2M | $131.6M | ||
| Q1 25 | $6.5M | $95.5M | ||
| Q4 24 | $419.3M | $123.2M | ||
| Q3 24 | $3.6M | $119.1M |
| Q2 26 | — | 99.9% | ||
| Q1 26 | — | 94.9% | ||
| Q4 25 | 67.2% | 43.1% | ||
| Q3 25 | 65.6% | 44.5% | ||
| Q2 25 | 65.1% | 45.3% | ||
| Q1 25 | 73.3% | 45.3% | ||
| Q4 24 | 73.5% | 42.5% | ||
| Q3 24 | 72.9% | 44.3% |
| Q2 26 | — | 43.3% | ||
| Q1 26 | — | 45.0% | ||
| Q4 25 | -3.1% | 20.4% | ||
| Q3 25 | 3.2% | 21.1% | ||
| Q2 25 | -8.0% | 21.7% | ||
| Q1 25 | 5.6% | 17.4% | ||
| Q4 24 | 1.0% | 19.2% | ||
| Q3 24 | 6.3% | 21.0% |
| Q2 26 | — | 30.1% | ||
| Q1 26 | — | 31.5% | ||
| Q4 25 | -5.4% | 14.3% | ||
| Q3 25 | -5.0% | 14.5% | ||
| Q2 25 | -12.8% | 15.2% | ||
| Q1 25 | 5.1% | 11.7% | ||
| Q4 24 | 331.5% | 14.3% | ||
| Q3 24 | 3.1% | 14.9% |
| Q2 26 | — | $1.61 | ||
| Q1 26 | — | $1.71 | ||
| Q4 25 | $-0.04 | $1.71 | ||
| Q3 25 | $-0.04 | $1.70 | ||
| Q2 25 | $-0.09 | $1.74 | ||
| Q1 25 | $0.03 | $1.26 | ||
| Q4 24 | $1.65 | $1.61 | ||
| Q3 24 | $0.02 | $1.57 |
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 | $586.2M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $4.0B |
| Total Assets | $3.0B | $6.9B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | $586.2M | ||
| Q1 26 | — | $580.0M | ||
| Q4 25 | $91.2M | $580.0M | ||
| Q3 25 | $64.1M | $593.8M | ||
| Q2 25 | $71.9M | $568.2M | ||
| Q1 25 | $282.9M | $594.1M | ||
| Q4 24 | $255.5M | $620.8M | ||
| Q3 24 | $305.8M | $633.2M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $822.6M | $1.8B | ||
| Q3 25 | $838.9M | $1.9B | ||
| Q2 25 | $878.1M | $1.9B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $43.3M | $2.0B | ||
| Q3 24 | — | $2.1B |
| Q2 26 | — | $4.0B | ||
| Q1 26 | — | $4.0B | ||
| Q4 25 | $2.0B | $4.0B | ||
| Q3 25 | $2.0B | $4.0B | ||
| Q2 25 | $2.0B | $4.0B | ||
| Q1 25 | $1.1B | $3.9B | ||
| Q4 24 | $1.0B | $3.8B | ||
| Q3 24 | $403.2M | $3.8B |
| Q2 26 | — | $6.9B | ||
| Q1 26 | — | $6.9B | ||
| Q4 25 | $3.0B | $6.9B | ||
| Q3 25 | $3.0B | $7.0B | ||
| Q2 25 | $3.0B | $6.9B | ||
| Q1 25 | $1.3B | $6.8B | ||
| Q4 24 | $1.2B | $6.7B | ||
| Q3 24 | $623.5M | $7.0B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 0.41× | 0.45× | ||
| Q3 25 | 0.42× | 0.48× | ||
| Q2 25 | 0.45× | 0.46× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | 0.04× | 0.52× | ||
| Q3 24 | — | 0.55× |
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 | $86.0M |
| FCF MarginFCF / Revenue | 24.0% | 21.6% |
| Capex IntensityCapex / Revenue | 1.4% | 4.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $654.3M |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $55.3M | $209.5M | ||
| Q3 25 | $49.0M | $203.5M | ||
| Q2 25 | $47.1M | $161.7M | ||
| Q1 25 | $24.5M | $105.7M | ||
| Q4 24 | $-29.2M | $172.6M | ||
| Q3 24 | $49.6M | $205.3M |
| Q2 26 | — | $86.0M | ||
| Q1 26 | — | $189.8M | ||
| Q4 25 | $52.3M | $189.8M | ||
| Q3 25 | $44.9M | $188.7M | ||
| Q2 25 | $44.1M | $146.9M | ||
| Q1 25 | $23.0M | $91.4M | ||
| Q4 24 | $-30.0M | $157.1M | ||
| Q3 24 | $48.1M | $191.6M |
| Q2 26 | — | 21.6% | ||
| Q1 26 | — | 46.6% | ||
| Q4 25 | 24.0% | 21.1% | ||
| Q3 25 | 21.9% | 21.5% | ||
| Q2 25 | 24.2% | 17.0% | ||
| Q1 25 | 18.2% | 11.2% | ||
| Q4 24 | -23.7% | 18.2% | ||
| Q3 24 | 41.5% | 24.0% |
| Q2 26 | — | 4.4% | ||
| Q1 26 | — | 15.6% | ||
| Q4 25 | 1.4% | 2.2% | ||
| Q3 25 | 2.0% | 1.7% | ||
| Q2 25 | 1.6% | 1.7% | ||
| Q1 25 | 1.2% | 1.8% | ||
| Q4 24 | 0.6% | 1.8% | ||
| Q3 24 | 1.3% | 1.7% |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | 1.63× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.23× | ||
| Q1 25 | 3.76× | 1.11× | ||
| Q4 24 | -0.07× | 1.40× | ||
| Q3 24 | 13.66× | 1.72× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
