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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Limbach Holdings, Inc. (LMB). 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 $138.9M, roughly 1.6× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 3.2% vs -5.4%, a 8.6% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 4.3%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 6.6%).
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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
CWAN vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $138.9M |
| Net Profit | $-11.8M | $4.4M |
| Gross Margin | 67.2% | 22.4% |
| Operating Margin | -3.1% | 0.8% |
| Net Margin | -5.4% | 3.2% |
| Revenue YoY | 72.0% | 4.3% |
| Net Profit YoY | -102.8% | — |
| EPS (diluted) | $-0.04 | $0.36 |
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 | — | $138.9M | ||
| Q4 25 | $217.5M | $186.9M | ||
| Q3 25 | $205.1M | $184.6M | ||
| Q2 25 | $181.9M | $142.2M | ||
| Q1 25 | $126.9M | $133.1M | ||
| Q4 24 | $126.5M | $143.7M | ||
| Q3 24 | $115.8M | $133.9M | ||
| Q2 24 | $106.8M | $122.2M |
| Q1 26 | — | $4.4M | ||
| Q4 25 | $-11.8M | $12.3M | ||
| Q3 25 | $-10.3M | $8.8M | ||
| Q2 25 | $-23.2M | $7.8M | ||
| Q1 25 | $6.5M | $10.2M | ||
| Q4 24 | $419.3M | $9.8M | ||
| Q3 24 | $3.6M | $7.5M | ||
| Q2 24 | $-430.0K | $6.0M |
| Q1 26 | — | 22.4% | ||
| Q4 25 | 67.2% | 25.7% | ||
| Q3 25 | 65.6% | 24.2% | ||
| Q2 25 | 65.1% | 28.0% | ||
| Q1 25 | 73.3% | 27.6% | ||
| Q4 24 | 73.5% | 30.3% | ||
| Q3 24 | 72.9% | 27.0% | ||
| Q2 24 | 72.0% | 27.4% |
| Q1 26 | — | 0.8% | ||
| Q4 25 | -3.1% | 9.4% | ||
| Q3 25 | 3.2% | 7.2% | ||
| Q2 25 | -8.0% | 7.5% | ||
| Q1 25 | 5.6% | 5.9% | ||
| Q4 24 | 1.0% | 9.1% | ||
| Q3 24 | 6.3% | 8.1% | ||
| Q2 24 | 3.6% | 6.7% |
| Q1 26 | — | 3.2% | ||
| Q4 25 | -5.4% | 6.6% | ||
| Q3 25 | -5.0% | 4.8% | ||
| Q2 25 | -12.8% | 5.5% | ||
| Q1 25 | 5.1% | 7.7% | ||
| Q4 24 | 331.5% | 6.9% | ||
| Q3 24 | 3.1% | 5.6% | ||
| Q2 24 | -0.4% | 4.9% |
| Q1 26 | — | $0.36 | ||
| Q4 25 | $-0.04 | $1.01 | ||
| Q3 25 | $-0.04 | $0.73 | ||
| Q2 25 | $-0.09 | $0.64 | ||
| Q1 25 | $0.03 | $0.85 | ||
| Q4 24 | $1.65 | $0.81 | ||
| Q3 24 | $0.02 | $0.62 | ||
| Q2 24 | $0.00 | $0.50 |
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 | $15.8M |
| Total DebtLower is stronger | $822.6M | $56.6M |
| Stockholders' EquityBook value | $2.0B | $196.3M |
| Total Assets | $3.0B | $377.0M |
| Debt / EquityLower = less leverage | 0.41× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $15.8M | ||
| Q4 25 | $91.2M | $11.3M | ||
| Q3 25 | $64.1M | $9.8M | ||
| Q2 25 | $71.9M | $38.9M | ||
| Q1 25 | $282.9M | $38.1M | ||
| Q4 24 | $255.5M | $44.9M | ||
| Q3 24 | $305.8M | $51.2M | ||
| Q2 24 | $257.9M | $59.5M |
| Q1 26 | — | $56.6M | ||
| Q4 25 | $822.6M | $30.5M | ||
| Q3 25 | $838.9M | $56.3M | ||
| Q2 25 | $878.1M | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | $43.3M | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M |
| Q1 26 | — | $196.3M | ||
| Q4 25 | $2.0B | $195.7M | ||
| Q3 25 | $2.0B | $181.6M | ||
| Q2 25 | $2.0B | $170.5M | ||
| Q1 25 | $1.1B | $161.1M | ||
| Q4 24 | $1.0B | $153.5M | ||
| Q3 24 | $403.2M | $142.2M | ||
| Q2 24 | $380.6M | $133.0M |
| Q1 26 | — | $377.0M | ||
| Q4 25 | $3.0B | $381.1M | ||
| Q3 25 | $3.0B | $409.1M | ||
| Q2 25 | $3.0B | $343.0M | ||
| Q1 25 | $1.3B | $336.4M | ||
| Q4 24 | $1.2B | $352.1M | ||
| Q3 24 | $623.5M | $324.4M | ||
| Q2 24 | $585.1M | $303.9M |
| Q1 26 | — | 0.29× | ||
| Q4 25 | 0.41× | 0.16× | ||
| Q3 25 | 0.42× | 0.31× | ||
| Q2 25 | 0.45× | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | 0.04× | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× |
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 | $28.1M | ||
| Q3 25 | $49.0M | $13.3M | ||
| Q2 25 | $47.1M | $2.0M | ||
| Q1 25 | $24.5M | $2.2M | ||
| Q4 24 | $-29.2M | $19.3M | ||
| Q3 24 | $49.6M | $4.9M | ||
| Q2 24 | $43.9M | $16.5M |
| Q1 26 | — | — | ||
| Q4 25 | $52.3M | $27.9M | ||
| Q3 25 | $44.9M | $12.8M | ||
| Q2 25 | $44.1M | $1.2M | ||
| Q1 25 | $23.0M | $11.0K | ||
| Q4 24 | $-30.0M | $18.0M | ||
| Q3 24 | $48.1M | $4.6M | ||
| Q2 24 | $42.4M | $13.2M |
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 14.9% | ||
| Q3 25 | 21.9% | 7.0% | ||
| Q2 25 | 24.2% | 0.8% | ||
| Q1 25 | 18.2% | 0.0% | ||
| Q4 24 | -23.7% | 12.5% | ||
| Q3 24 | 41.5% | 3.4% | ||
| Q2 24 | 39.7% | 10.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 0.1% | ||
| Q3 25 | 2.0% | 0.3% | ||
| Q2 25 | 1.6% | 0.6% | ||
| Q1 25 | 1.2% | 1.7% | ||
| Q4 24 | 0.6% | 0.9% | ||
| Q3 24 | 1.3% | 0.3% | ||
| Q2 24 | 1.4% | 2.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.29× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | 3.76× | 0.22× | ||
| Q4 24 | -0.07× | 1.96× | ||
| Q3 24 | 13.66× | 0.66× | ||
| Q2 24 | — | 2.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
LMB
| ODR | $99.8M | 72% |
| GCR | $39.0M | 28% |
