vs
Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and IMAX CORP (IMAX). 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 $125.2M, roughly 1.7× IMAX CORP). IMAX CORP runs the higher net margin — 0.5% vs -5.4%, a 5.9% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 35.1%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $28.0M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 25.8%).
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.
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
CWAN vs IMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $125.2M |
| Net Profit | $-11.8M | $637.0K |
| Gross Margin | 67.2% | 57.6% |
| Operating Margin | -3.1% | 19.3% |
| Net Margin | -5.4% | 0.5% |
| Revenue YoY | 72.0% | 35.1% |
| Net Profit YoY | -102.8% | -88.0% |
| EPS (diluted) | $-0.04 | $0.02 |
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 | $125.2M | ||
| Q3 25 | $205.1M | $106.7M | ||
| Q2 25 | $181.9M | $91.7M | ||
| Q1 25 | $126.9M | $86.7M | ||
| Q4 24 | $126.5M | $92.7M | ||
| Q3 24 | $115.8M | $91.5M | ||
| Q2 24 | $106.8M | $89.0M | ||
| Q1 24 | $102.7M | $79.1M |
| Q4 25 | $-11.8M | $637.0K | ||
| Q3 25 | $-10.3M | $20.7M | ||
| Q2 25 | $-23.2M | $11.3M | ||
| Q1 25 | $6.5M | $2.3M | ||
| Q4 24 | $419.3M | $5.3M | ||
| Q3 24 | $3.6M | $13.9M | ||
| Q2 24 | $-430.0K | $3.6M | ||
| Q1 24 | $1.9M | $3.3M |
| Q4 25 | 67.2% | 57.6% | ||
| Q3 25 | 65.6% | 63.1% | ||
| Q2 25 | 65.1% | 58.5% | ||
| Q1 25 | 73.3% | 61.4% | ||
| Q4 24 | 73.5% | 52.2% | ||
| Q3 24 | 72.9% | 55.8% | ||
| Q2 24 | 72.0% | 49.4% | ||
| Q1 24 | 72.6% | 59.3% |
| Q4 25 | -3.1% | 19.3% | ||
| Q3 25 | 3.2% | 27.2% | ||
| Q2 25 | -8.0% | 15.6% | ||
| Q1 25 | 5.6% | 19.3% | ||
| Q4 24 | 1.0% | 10.3% | ||
| Q3 24 | 6.3% | 21.2% | ||
| Q2 24 | 3.6% | 3.2% | ||
| Q1 24 | -0.2% | 15.3% |
| Q4 25 | -5.4% | 0.5% | ||
| Q3 25 | -5.0% | 19.4% | ||
| Q2 25 | -12.8% | 12.3% | ||
| Q1 25 | 5.1% | 2.7% | ||
| Q4 24 | 331.5% | 5.7% | ||
| Q3 24 | 3.1% | 15.2% | ||
| Q2 24 | -0.4% | 4.0% | ||
| Q1 24 | 1.8% | 4.1% |
| Q4 25 | $-0.04 | $0.02 | ||
| Q3 25 | $-0.04 | $0.37 | ||
| Q2 25 | $-0.09 | $0.20 | ||
| Q1 25 | $0.03 | $0.04 | ||
| Q4 24 | $1.65 | $0.09 | ||
| Q3 24 | $0.02 | $0.26 | ||
| Q2 24 | $0.00 | $0.07 | ||
| Q1 24 | $0.01 | $0.06 |
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 | $151.2M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $337.9M |
| Total Assets | $3.0B | $894.0M |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $151.2M | ||
| Q3 25 | $64.1M | $143.1M | ||
| Q2 25 | $71.9M | $109.3M | ||
| Q1 25 | $282.9M | $97.1M | ||
| Q4 24 | $255.5M | $100.6M | ||
| Q3 24 | $305.8M | $104.5M | ||
| Q2 24 | $257.9M | $91.6M | ||
| Q1 24 | $267.6M | $81.0M |
| 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 | $337.9M | ||
| Q3 25 | $2.0B | $349.5M | ||
| Q2 25 | $2.0B | $320.4M | ||
| Q1 25 | $1.1B | $299.5M | ||
| Q4 24 | $1.0B | $299.5M | ||
| Q3 24 | $403.2M | $289.4M | ||
| Q2 24 | $380.6M | $267.2M | ||
| Q1 24 | $406.2M | $258.8M |
| Q4 25 | $3.0B | $894.0M | ||
| Q3 25 | $3.0B | $889.6M | ||
| Q2 25 | $3.0B | $868.6M | ||
| Q1 25 | $1.3B | $848.3M | ||
| Q4 24 | $1.2B | $830.4M | ||
| Q3 24 | $623.5M | $847.6M | ||
| Q2 24 | $585.1M | $827.4M | ||
| Q1 24 | $547.8M | $824.1M |
| 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 | $29.4M |
| Free Cash FlowOCF − Capex | $52.3M | $28.0M |
| FCF MarginFCF / Revenue | 24.0% | 22.3% |
| Capex IntensityCapex / Revenue | 1.4% | 1.1% |
| Cash ConversionOCF / Net Profit | — | 46.11× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $118.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $29.4M | ||
| Q3 25 | $49.0M | $67.5M | ||
| Q2 25 | $47.1M | $23.2M | ||
| Q1 25 | $24.5M | $7.0M | ||
| Q4 24 | $-29.2M | $11.5M | ||
| Q3 24 | $49.6M | $35.3M | ||
| Q2 24 | $43.9M | $35.0M | ||
| Q1 24 | $10.0M | $-11.0M |
| Q4 25 | $52.3M | $28.0M | ||
| Q3 25 | $44.9M | $64.8M | ||
| Q2 25 | $44.1M | $20.9M | ||
| Q1 25 | $23.0M | $5.3M | ||
| Q4 24 | $-30.0M | $6.9M | ||
| Q3 24 | $48.1M | $34.2M | ||
| Q2 24 | $42.4M | $33.5M | ||
| Q1 24 | $8.6M | $-12.1M |
| Q4 25 | 24.0% | 22.3% | ||
| Q3 25 | 21.9% | 60.7% | ||
| Q2 25 | 24.2% | 22.8% | ||
| Q1 25 | 18.2% | 6.1% | ||
| Q4 24 | -23.7% | 7.4% | ||
| Q3 24 | 41.5% | 37.3% | ||
| Q2 24 | 39.7% | 37.6% | ||
| Q1 24 | 8.4% | -15.3% |
| Q4 25 | 1.4% | 1.1% | ||
| Q3 25 | 2.0% | 2.6% | ||
| Q2 25 | 1.6% | 2.6% | ||
| Q1 25 | 1.2% | 1.9% | ||
| Q4 24 | 0.6% | 5.0% | ||
| Q3 24 | 1.3% | 1.2% | ||
| Q2 24 | 1.4% | 1.8% | ||
| Q1 24 | 1.4% | 1.4% |
| Q4 25 | — | 46.11× | ||
| Q3 25 | — | 3.27× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | 3.76× | 2.99× | ||
| Q4 24 | -0.07× | 2.16× | ||
| Q3 24 | 13.66× | 2.54× | ||
| Q2 24 | — | 9.78× | ||
| Q1 24 | 5.29× | -3.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
