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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and INDEPENDENCE REALTY TRUST, INC. (IRT). 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 $165.3M, roughly 1.3× INDEPENDENCE REALTY TRUST, INC.). On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 2.5%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 2.2%).
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.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
CWAN vs IRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $165.3M |
| Net Profit | $-11.8M | — |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | — |
| Net Margin | -5.4% | — |
| Revenue YoY | 72.0% | 2.5% |
| Net Profit YoY | -102.8% | — |
| EPS (diluted) | $-0.04 | $0.00 |
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 | — | $165.3M | ||
| Q4 25 | $217.5M | $167.1M | ||
| Q3 25 | $205.1M | $167.1M | ||
| Q2 25 | $181.9M | $162.2M | ||
| Q1 25 | $126.9M | $161.2M | ||
| Q4 24 | $126.5M | $161.0M | ||
| Q3 24 | $115.8M | $160.1M | ||
| Q2 24 | $106.8M | $158.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-11.8M | $33.3M | ||
| Q3 25 | $-10.3M | $6.9M | ||
| Q2 25 | $-23.2M | $8.0M | ||
| Q1 25 | $6.5M | $8.4M | ||
| Q4 24 | $419.3M | $-1.0M | ||
| Q3 24 | $3.6M | $12.4M | ||
| Q2 24 | $-430.0K | $10.4M |
| 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 | — | — | ||
| Q4 25 | -3.1% | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | -8.0% | — | ||
| Q1 25 | 5.6% | — | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 6.3% | — | ||
| Q2 24 | 3.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | -5.4% | 19.9% | ||
| Q3 25 | -5.0% | 4.1% | ||
| Q2 25 | -12.8% | 5.0% | ||
| Q1 25 | 5.1% | 5.2% | ||
| Q4 24 | 331.5% | -0.6% | ||
| Q3 24 | 3.1% | 7.7% | ||
| Q2 24 | -0.4% | 6.5% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | $-0.04 | $0.14 | ||
| Q3 25 | $-0.04 | $0.03 | ||
| Q2 25 | $-0.09 | $0.03 | ||
| Q1 25 | $0.03 | $0.04 | ||
| Q4 24 | $1.65 | $-0.01 | ||
| Q3 24 | $0.02 | $0.05 | ||
| Q2 24 | $0.00 | $0.05 |
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 | $23.3M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $3.4B |
| Total Assets | $3.0B | $6.1B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.3M | ||
| Q4 25 | $91.2M | $23.6M | ||
| Q3 25 | $64.1M | $23.3M | ||
| Q2 25 | $71.9M | $19.5M | ||
| Q1 25 | $282.9M | $29.1M | ||
| Q4 24 | $255.5M | $21.2M | ||
| Q3 24 | $305.8M | $17.6M | ||
| Q2 24 | $257.9M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | $822.6M | $2.3B | ||
| Q3 25 | $838.9M | $2.3B | ||
| Q2 25 | $878.1M | $2.2B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $43.3M | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.0B | $3.5B | ||
| Q3 25 | $2.0B | $3.5B | ||
| Q2 25 | $2.0B | $3.4B | ||
| Q1 25 | $1.1B | $3.5B | ||
| Q4 24 | $1.0B | $3.4B | ||
| Q3 24 | $403.2M | $3.4B | ||
| Q2 24 | $380.6M | $3.4B |
| Q1 26 | — | $6.1B | ||
| Q4 25 | $3.0B | $6.0B | ||
| Q3 25 | $3.0B | $6.1B | ||
| Q2 25 | $3.0B | $6.0B | ||
| Q1 25 | $1.3B | $6.0B | ||
| Q4 24 | $1.2B | $6.1B | ||
| Q3 24 | $623.5M | $5.9B | ||
| Q2 24 | $585.1M | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | 0.41× | 0.66× | ||
| Q3 25 | 0.42× | 0.66× | ||
| Q2 25 | 0.45× | 0.66× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | 0.04× | 0.68× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.66× |
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% | — |
| 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 | $282.1M | ||
| Q3 25 | $49.0M | $79.3M | ||
| Q2 25 | $47.1M | $82.2M | ||
| Q1 25 | $24.5M | $60.4M | ||
| Q4 24 | $-29.2M | $259.8M | ||
| Q3 24 | $49.6M | $69.2M | ||
| Q2 24 | $43.9M | $83.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 8.48× | ||
| Q3 25 | — | 11.51× | ||
| Q2 25 | — | 10.22× | ||
| Q1 25 | 3.76× | 7.23× | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | 5.60× | ||
| Q2 24 | — | 8.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
