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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and INSTEEL INDUSTRIES INC (IIIN). 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 $159.9M, roughly 1.4× INSTEEL INDUSTRIES INC). INSTEEL INDUSTRIES INC runs the higher net margin — 4.7% vs -5.4%, a 10.2% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 23.3%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $-2.2M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 12.0%).
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.
Insteel Industries Inc is a leading U.S. manufacturer of steel reinforcing products including welded wire reinforcement and steel fibers. It primarily serves non-residential construction, infrastructure, and precast concrete segments across North America, delivering high-performance reinforcement solutions for various construction projects.
CWAN vs IIIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $159.9M |
| Net Profit | $-11.8M | $7.6M |
| Gross Margin | 67.2% | 11.3% |
| Operating Margin | -3.1% | 6.0% |
| Net Margin | -5.4% | 4.7% |
| Revenue YoY | 72.0% | 23.3% |
| Net Profit YoY | -102.8% | 602.4% |
| EPS (diluted) | $-0.04 | $0.39 |
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 | $159.9M | ||
| Q3 25 | $205.1M | $177.4M | ||
| Q2 25 | $181.9M | $179.9M | ||
| Q1 25 | $126.9M | $160.7M | ||
| Q4 24 | $126.5M | $129.7M | ||
| Q3 24 | $115.8M | $134.3M | ||
| Q2 24 | $106.8M | $145.8M | ||
| Q1 24 | $102.7M | $127.4M |
| Q4 25 | $-11.8M | $7.6M | ||
| Q3 25 | $-10.3M | $14.6M | ||
| Q2 25 | $-23.2M | $15.2M | ||
| Q1 25 | $6.5M | $10.2M | ||
| Q4 24 | $419.3M | $1.1M | ||
| Q3 24 | $3.6M | $4.7M | ||
| Q2 24 | $-430.0K | $6.6M | ||
| Q1 24 | $1.9M | $6.9M |
| Q4 25 | 67.2% | 11.3% | ||
| Q3 25 | 65.6% | 16.1% | ||
| Q2 25 | 65.1% | 17.1% | ||
| Q1 25 | 73.3% | 15.3% | ||
| Q4 24 | 73.5% | 7.3% | ||
| Q3 24 | 72.9% | 9.1% | ||
| Q2 24 | 72.0% | 10.6% | ||
| Q1 24 | 72.6% | 12.3% |
| Q4 25 | -3.1% | 6.0% | ||
| Q3 25 | 3.2% | 10.8% | ||
| Q2 25 | -8.0% | 11.0% | ||
| Q1 25 | 5.6% | 8.3% | ||
| Q4 24 | 1.0% | 1.1% | ||
| Q3 24 | 6.3% | 4.5% | ||
| Q2 24 | 3.6% | 6.0% | ||
| Q1 24 | -0.2% | 7.0% |
| Q4 25 | -5.4% | 4.7% | ||
| Q3 25 | -5.0% | 8.2% | ||
| Q2 25 | -12.8% | 8.4% | ||
| Q1 25 | 5.1% | 6.4% | ||
| Q4 24 | 331.5% | 0.8% | ||
| Q3 24 | 3.1% | 3.5% | ||
| Q2 24 | -0.4% | 4.5% | ||
| Q1 24 | 1.8% | 5.4% |
| Q4 25 | $-0.04 | $0.39 | ||
| Q3 25 | $-0.04 | $0.74 | ||
| Q2 25 | $-0.09 | $0.78 | ||
| Q1 25 | $0.03 | $0.52 | ||
| Q4 24 | $1.65 | $0.06 | ||
| Q3 24 | $0.02 | $0.24 | ||
| Q2 24 | $0.00 | $0.34 | ||
| Q1 24 | $0.01 | $0.35 |
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 | $15.6M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $358.8M |
| Total Assets | $3.0B | $456.1M |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $15.6M | ||
| Q3 25 | $64.1M | $38.6M | ||
| Q2 25 | $71.9M | $53.7M | ||
| Q1 25 | $282.9M | $28.4M | ||
| Q4 24 | $255.5M | $36.0M | ||
| Q3 24 | $305.8M | $111.5M | ||
| Q2 24 | $257.9M | $97.7M | ||
| Q1 24 | $267.6M | $83.9M |
| Q4 25 | $822.6M | — | ||
| Q3 25 | $838.9M | — | ||
| Q2 25 | $878.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.0B | $358.8M | ||
| Q3 25 | $2.0B | $371.5M | ||
| Q2 25 | $2.0B | $356.2M | ||
| Q1 25 | $1.1B | $341.4M | ||
| Q4 24 | $1.0B | $331.6M | ||
| Q3 24 | $403.2M | $350.9M | ||
| Q2 24 | $380.6M | $346.0M | ||
| Q1 24 | $406.2M | $340.6M |
| Q4 25 | $3.0B | $456.1M | ||
| Q3 25 | $3.0B | $462.6M | ||
| Q2 25 | $3.0B | $471.9M | ||
| Q1 25 | $1.3B | $421.9M | ||
| Q4 24 | $1.2B | $404.7M | ||
| Q3 24 | $623.5M | $422.6M | ||
| Q2 24 | $585.1M | $414.6M | ||
| Q1 24 | $547.8M | $397.2M |
| Q4 25 | 0.41× | — | ||
| 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 | $-701.0K |
| Free Cash FlowOCF − Capex | $52.3M | $-2.2M |
| FCF MarginFCF / Revenue | 24.0% | -1.4% |
| Capex IntensityCapex / Revenue | 1.4% | 0.9% |
| Cash ConversionOCF / Net Profit | — | -0.09× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $439.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $-701.0K | ||
| Q3 25 | $49.0M | $-17.0M | ||
| Q2 25 | $47.1M | $28.5M | ||
| Q1 25 | $24.5M | $-3.3M | ||
| Q4 24 | $-29.2M | $19.0M | ||
| Q3 24 | $49.6M | $16.2M | ||
| Q2 24 | $43.9M | $18.8M | ||
| Q1 24 | $10.0M | $1.4M |
| Q4 25 | $52.3M | $-2.2M | ||
| Q3 25 | $44.9M | $-18.7M | ||
| Q2 25 | $44.1M | $26.9M | ||
| Q1 25 | $23.0M | $-5.5M | ||
| Q4 24 | $-30.0M | $16.3M | ||
| Q3 24 | $48.1M | $14.5M | ||
| Q2 24 | $42.4M | $15.5M | ||
| Q1 24 | $8.6M | $-580.0K |
| Q4 25 | 24.0% | -1.4% | ||
| Q3 25 | 21.9% | -10.6% | ||
| Q2 25 | 24.2% | 15.0% | ||
| Q1 25 | 18.2% | -3.5% | ||
| Q4 24 | -23.7% | 12.6% | ||
| Q3 24 | 41.5% | 10.8% | ||
| Q2 24 | 39.7% | 10.7% | ||
| Q1 24 | 8.4% | -0.5% |
| Q4 25 | 1.4% | 0.9% | ||
| Q3 25 | 2.0% | 1.0% | ||
| Q2 25 | 1.6% | 0.9% | ||
| Q1 25 | 1.2% | 1.4% | ||
| Q4 24 | 0.6% | 2.1% | ||
| Q3 24 | 1.3% | 1.3% | ||
| Q2 24 | 1.4% | 2.2% | ||
| Q1 24 | 1.4% | 1.5% |
| Q4 25 | — | -0.09× | ||
| Q3 25 | — | -1.17× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | 3.76× | -0.32× | ||
| Q4 24 | -0.07× | 17.56× | ||
| Q3 24 | 13.66× | 3.48× | ||
| Q2 24 | — | 2.86× | ||
| Q1 24 | 5.29× | 0.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
