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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $217.5M, roughly 1.0× Clearwater Analytics Holdings, Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -5.4%, a 15.3% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 1.9%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 4.4%).
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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
CWAN vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $219.1M |
| Net Profit | $-11.8M | $21.6M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 23.2% |
| Net Margin | -5.4% | 9.9% |
| Revenue YoY | 72.0% | 1.9% |
| Net Profit YoY | -102.8% | — |
| EPS (diluted) | $-0.04 | — |
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.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $217.5M | $212.9M | ||
| Q3 25 | $205.1M | $226.9M | ||
| Q2 25 | $181.9M | $216.9M | ||
| Q1 25 | $126.9M | $214.9M | ||
| Q4 24 | $126.5M | $213.0M | ||
| Q3 24 | $115.8M | $212.8M | ||
| Q2 24 | $106.8M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-11.8M | $24.9M | ||
| Q3 25 | $-10.3M | $37.1M | ||
| Q2 25 | $-23.2M | $22.0M | ||
| Q1 25 | $6.5M | $30.4M | ||
| Q4 24 | $419.3M | $36.3M | ||
| Q3 24 | $3.6M | $24.4M | ||
| Q2 24 | $-430.0K | $32.3M |
| Q1 26 | — | — | ||
| 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 26 | — | 23.2% | ||
| Q4 25 | -3.1% | 25.9% | ||
| Q3 25 | 3.2% | 30.9% | ||
| Q2 25 | -8.0% | 23.2% | ||
| Q1 25 | 5.6% | 28.1% | ||
| Q4 24 | 1.0% | 24.5% | ||
| Q3 24 | 6.3% | 25.8% | ||
| Q2 24 | 3.6% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | -5.4% | 11.7% | ||
| Q3 25 | -5.0% | 16.4% | ||
| Q2 25 | -12.8% | 10.1% | ||
| Q1 25 | 5.1% | 14.2% | ||
| Q4 24 | 331.5% | 17.1% | ||
| Q3 24 | 3.1% | 11.5% | ||
| Q2 24 | -0.4% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.04 | $0.24 | ||
| Q3 25 | $-0.04 | $0.35 | ||
| Q2 25 | $-0.09 | $0.20 | ||
| Q1 25 | $0.03 | $0.27 | ||
| Q4 24 | $1.65 | $0.30 | ||
| Q3 24 | $0.02 | $0.21 | ||
| Q2 24 | $0.00 | $0.27 |
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 | — |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | — |
| Total Assets | $3.0B | — |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $91.2M | $96.5M | ||
| Q3 25 | $64.1M | $88.5M | ||
| Q2 25 | $71.9M | $79.3M | ||
| Q1 25 | $282.9M | $50.9M | ||
| Q4 24 | $255.5M | $93.5M | ||
| Q3 24 | $305.8M | $159.6M | ||
| Q2 24 | $257.9M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $822.6M | $1.8B | ||
| Q3 25 | $838.9M | — | ||
| Q2 25 | $878.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $462.6M | ||
| Q3 25 | $2.0B | $450.5M | ||
| Q2 25 | $2.0B | $473.6M | ||
| Q1 25 | $1.1B | $518.4M | ||
| Q4 24 | $1.0B | $576.6M | ||
| Q3 24 | $403.2M | $663.8M | ||
| Q2 24 | $380.6M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $3.0B | $2.5B | ||
| Q3 25 | $3.0B | $2.6B | ||
| Q2 25 | $3.0B | $2.6B | ||
| Q1 25 | $1.3B | $2.6B | ||
| Q4 24 | $1.2B | $2.7B | ||
| Q3 24 | $623.5M | $2.8B | ||
| Q2 24 | $585.1M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.41× | 3.80× | ||
| Q3 25 | 0.42× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.04× | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $52.3M | — |
| FCF MarginFCF / Revenue | 24.0% | — |
| Capex IntensityCapex / Revenue | 1.4% | 13.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $55.3M | $108.6M | ||
| Q3 25 | $49.0M | $100.8M | ||
| Q2 25 | $47.1M | $129.6M | ||
| Q1 25 | $24.5M | $61.1M | ||
| Q4 24 | $-29.2M | $104.8M | ||
| Q3 24 | $49.6M | $118.6M | ||
| Q2 24 | $43.9M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $52.3M | $75.1M | ||
| Q3 25 | $44.9M | $79.2M | ||
| Q2 25 | $44.1M | $108.9M | ||
| Q1 25 | $23.0M | $36.5M | ||
| Q4 24 | $-30.0M | $80.5M | ||
| Q3 24 | $48.1M | $100.0M | ||
| Q2 24 | $42.4M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 35.3% | ||
| Q3 25 | 21.9% | 34.9% | ||
| Q2 25 | 24.2% | 50.2% | ||
| Q1 25 | 18.2% | 17.0% | ||
| Q4 24 | -23.7% | 37.8% | ||
| Q3 24 | 41.5% | 47.0% | ||
| Q2 24 | 39.7% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 1.4% | 15.7% | ||
| Q3 25 | 2.0% | 9.5% | ||
| Q2 25 | 1.6% | 9.5% | ||
| Q1 25 | 1.2% | 11.4% | ||
| Q4 24 | 0.6% | 11.4% | ||
| Q3 24 | 1.3% | 8.7% | ||
| Q2 24 | 1.4% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | 3.76× | 2.01× | ||
| Q4 24 | -0.07× | 2.88× | ||
| Q3 24 | 13.66× | 4.85× | ||
| Q2 24 | — | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
