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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Grand Canyon Education, Inc. (LOPE). Click either name above to swap in a different company.
Grand Canyon Education, Inc. is the larger business by last-quarter revenue ($308.1M vs $217.5M, roughly 1.4× Clearwater Analytics Holdings, Inc.). Grand Canyon Education, Inc. runs the higher net margin — 28.1% vs -5.4%, a 33.6% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 5.3%). Grand Canyon Education, Inc. produced more free cash flow last quarter ($122.9M vs $52.3M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 5.9%).
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.
Grand Canyon Education, Inc. (GCE) is an American for-profit corporation that provides services to universities, specializing in program development, online education, and operational support. Formerly affiliated with Grand Canyon University (GCU), a Christian university in Arizona, GCE became a separate publicly traded company in 2008.
CWAN vs LOPE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $308.1M |
| Net Profit | $-11.8M | $86.7M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 35.1% |
| Net Margin | -5.4% | 28.1% |
| Revenue YoY | 72.0% | 5.3% |
| Net Profit YoY | -102.8% | 5.9% |
| EPS (diluted) | $-0.04 | $3.13 |
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 | $308.1M | ||
| Q3 25 | $205.1M | $261.1M | ||
| Q2 25 | $181.9M | $247.5M | ||
| Q1 25 | $126.9M | $289.3M | ||
| Q4 24 | $126.5M | $292.6M | ||
| Q3 24 | $115.8M | $238.3M | ||
| Q2 24 | $106.8M | $227.5M | ||
| Q1 24 | $102.7M | $274.7M |
| Q4 25 | $-11.8M | $86.7M | ||
| Q3 25 | $-10.3M | $16.3M | ||
| Q2 25 | $-23.2M | $41.5M | ||
| Q1 25 | $6.5M | $71.6M | ||
| Q4 24 | $419.3M | $81.9M | ||
| Q3 24 | $3.6M | $41.5M | ||
| Q2 24 | $-430.0K | $34.9M | ||
| Q1 24 | $1.9M | $68.0M |
| 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 24 | 72.6% | — |
| Q4 25 | -3.1% | 35.1% | ||
| Q3 25 | 3.2% | 6.9% | ||
| Q2 25 | -8.0% | 20.9% | ||
| Q1 25 | 5.6% | 30.4% | ||
| Q4 24 | 1.0% | 34.2% | ||
| Q3 24 | 6.3% | 20.2% | ||
| Q2 24 | 3.6% | 18.8% | ||
| Q1 24 | -0.2% | 30.8% |
| Q4 25 | -5.4% | 28.1% | ||
| Q3 25 | -5.0% | 6.2% | ||
| Q2 25 | -12.8% | 16.8% | ||
| Q1 25 | 5.1% | 24.8% | ||
| Q4 24 | 331.5% | 28.0% | ||
| Q3 24 | 3.1% | 17.4% | ||
| Q2 24 | -0.4% | 15.3% | ||
| Q1 24 | 1.8% | 24.8% |
| Q4 25 | $-0.04 | $3.13 | ||
| Q3 25 | $-0.04 | $0.58 | ||
| Q2 25 | $-0.09 | $1.48 | ||
| Q1 25 | $0.03 | $2.52 | ||
| Q4 24 | $1.65 | $2.83 | ||
| Q3 24 | $0.02 | $1.42 | ||
| Q2 24 | $0.00 | $1.19 | ||
| Q1 24 | $0.01 | $2.29 |
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 | $111.8M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $746.9M |
| Total Assets | $3.0B | $992.3M |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $111.8M | ||
| Q3 25 | $64.1M | $97.3M | ||
| Q2 25 | $71.9M | $192.3M | ||
| Q1 25 | $282.9M | $144.5M | ||
| Q4 24 | $255.5M | $324.6M | ||
| Q3 24 | $305.8M | $263.6M | ||
| Q2 24 | $257.9M | $241.3M | ||
| Q1 24 | $267.6M | $196.2M |
| 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 | $746.9M | ||
| Q3 25 | $2.0B | $758.0M | ||
| Q2 25 | $2.0B | $778.0M | ||
| Q1 25 | $1.1B | $780.7M | ||
| Q4 24 | $1.0B | $783.9M | ||
| Q3 24 | $403.2M | $764.1M | ||
| Q2 24 | $380.6M | $759.2M | ||
| Q1 24 | $406.2M | $759.4M |
| Q4 25 | $3.0B | $992.3M | ||
| Q3 25 | $3.0B | $1.0B | ||
| Q2 25 | $3.0B | $1.0B | ||
| Q1 25 | $1.3B | $1.0B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $623.5M | $992.9M | ||
| Q2 24 | $585.1M | $992.7M | ||
| Q1 24 | $547.8M | $1.0B |
| 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 | $130.5M |
| Free Cash FlowOCF − Capex | $52.3M | $122.9M |
| FCF MarginFCF / Revenue | 24.0% | 39.9% |
| Capex IntensityCapex / Revenue | 1.4% | 2.5% |
| Cash ConversionOCF / Net Profit | — | 1.50× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $238.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $130.5M | ||
| Q3 25 | $49.0M | $-48.6M | ||
| Q2 25 | $47.1M | $124.0M | ||
| Q1 25 | $24.5M | $67.6M | ||
| Q4 24 | $-29.2M | $135.8M | ||
| Q3 24 | $49.6M | $-29.4M | ||
| Q2 24 | $43.9M | $98.6M | ||
| Q1 24 | $10.0M | $85.0M |
| Q4 25 | $52.3M | $122.9M | ||
| Q3 25 | $44.9M | $-58.3M | ||
| Q2 25 | $44.1M | $115.4M | ||
| Q1 25 | $23.0M | $58.7M | ||
| Q4 24 | $-30.0M | $126.1M | ||
| Q3 24 | $48.1M | $-39.0M | ||
| Q2 24 | $42.4M | $89.6M | ||
| Q1 24 | $8.6M | $76.0M |
| Q4 25 | 24.0% | 39.9% | ||
| Q3 25 | 21.9% | -22.3% | ||
| Q2 25 | 24.2% | 46.6% | ||
| Q1 25 | 18.2% | 20.3% | ||
| Q4 24 | -23.7% | 43.1% | ||
| Q3 24 | 41.5% | -16.3% | ||
| Q2 24 | 39.7% | 39.4% | ||
| Q1 24 | 8.4% | 27.7% |
| Q4 25 | 1.4% | 2.5% | ||
| Q3 25 | 2.0% | 3.7% | ||
| Q2 25 | 1.6% | 3.5% | ||
| Q1 25 | 1.2% | 3.1% | ||
| Q4 24 | 0.6% | 3.3% | ||
| Q3 24 | 1.3% | 4.0% | ||
| Q2 24 | 1.4% | 3.9% | ||
| Q1 24 | 1.4% | 3.3% |
| Q4 25 | — | 1.50× | ||
| Q3 25 | — | -2.99× | ||
| Q2 25 | — | 2.98× | ||
| Q1 25 | 3.76× | 0.94× | ||
| Q4 24 | -0.07× | 1.66× | ||
| Q3 24 | 13.66× | -0.71× | ||
| Q2 24 | — | 2.83× | ||
| Q1 24 | 5.29× | 1.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
