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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and NOODLES & Co (NDLS). 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 $122.1M, roughly 1.8× NOODLES & Co). Clearwater Analytics Holdings, Inc. runs the higher net margin — -5.4% vs -7.5%, a 2.1% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -4.1%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $-2.8M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -1.2%).
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.
Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.
CWAN vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $122.1M |
| Net Profit | $-11.8M | $-9.2M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | -5.2% |
| Net Margin | -5.4% | -7.5% |
| Revenue YoY | 72.0% | -4.1% |
| Net Profit YoY | -102.8% | 32.8% |
| EPS (diluted) | $-0.04 | $-0.20 |
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 | — | ||
| Q3 25 | $205.1M | $122.1M | ||
| Q2 25 | $181.9M | $123.8M | ||
| Q1 25 | $126.9M | — | ||
| Q4 24 | $126.5M | $122.8M | ||
| Q3 24 | $115.8M | $127.4M | ||
| Q2 24 | $106.8M | $121.4M | ||
| Q1 24 | $102.7M | $124.3M |
| Q4 25 | $-11.8M | — | ||
| Q3 25 | $-10.3M | $-9.2M | ||
| Q2 25 | $-23.2M | $-9.1M | ||
| Q1 25 | $6.5M | — | ||
| Q4 24 | $419.3M | $-6.8M | ||
| Q3 24 | $3.6M | $-13.6M | ||
| Q2 24 | $-430.0K | $-6.1M | ||
| Q1 24 | $1.9M | $-6.1M |
| 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% | — | ||
| Q3 25 | 3.2% | -5.2% | ||
| Q2 25 | -8.0% | -5.2% | ||
| Q1 25 | 5.6% | — | ||
| Q4 24 | 1.0% | -3.9% | ||
| Q3 24 | 6.3% | -9.0% | ||
| Q2 24 | 3.6% | -3.4% | ||
| Q1 24 | -0.2% | -3.7% |
| Q4 25 | -5.4% | — | ||
| Q3 25 | -5.0% | -7.5% | ||
| Q2 25 | -12.8% | -7.3% | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 331.5% | -5.5% | ||
| Q3 24 | 3.1% | -10.7% | ||
| Q2 24 | -0.4% | -5.1% | ||
| Q1 24 | 1.8% | -4.9% |
| Q4 25 | $-0.04 | — | ||
| Q3 25 | $-0.04 | $-0.20 | ||
| Q2 25 | $-0.09 | $-0.20 | ||
| Q1 25 | $0.03 | — | ||
| Q4 24 | $1.65 | $-0.15 | ||
| Q3 24 | $0.02 | $-0.30 | ||
| Q2 24 | $0.00 | $-0.14 | ||
| Q1 24 | $0.01 | $-1.64 |
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 | $4.7M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $-38.9M |
| Total Assets | $3.0B | $280.6M |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | — | ||
| Q3 25 | $64.1M | $4.7M | ||
| Q2 25 | $71.9M | $1.4M | ||
| Q1 25 | $282.9M | — | ||
| Q4 24 | $255.5M | $3.3M | ||
| Q3 24 | $305.8M | $1.8M | ||
| Q2 24 | $257.9M | $1.3M | ||
| Q1 24 | $267.6M | $3.0M |
| 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 | — | ||
| Q3 25 | $2.0B | $-38.9M | ||
| Q2 25 | $2.0B | $-13.9M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.0B | $3.7M | ||
| Q3 24 | $403.2M | $9.6M | ||
| Q2 24 | $380.6M | $21.9M | ||
| Q1 24 | $406.2M | $27.2M |
| Q4 25 | $3.0B | — | ||
| Q3 25 | $3.0B | $280.6M | ||
| Q2 25 | $3.0B | $319.4M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.2B | $340.5M | ||
| Q3 24 | $623.5M | $346.3M | ||
| Q2 24 | $585.1M | $360.4M | ||
| Q1 24 | $547.8M | $368.1M |
| 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 | $4.3M |
| Free Cash FlowOCF − Capex | $52.3M | $-2.8M |
| FCF MarginFCF / Revenue | 24.0% | -2.3% |
| Capex IntensityCapex / Revenue | 1.4% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | — | ||
| Q3 25 | $49.0M | $4.3M | ||
| Q2 25 | $47.1M | $4.0M | ||
| Q1 25 | $24.5M | — | ||
| Q4 24 | $-29.2M | $5.8M | ||
| Q3 24 | $49.6M | $4.7M | ||
| Q2 24 | $43.9M | $7.0M | ||
| Q1 24 | $10.0M | $164.0K |
| Q4 25 | $52.3M | — | ||
| Q3 25 | $44.9M | $-2.8M | ||
| Q2 25 | $44.1M | $1.1M | ||
| Q1 25 | $23.0M | — | ||
| Q4 24 | $-30.0M | $-1.3M | ||
| Q3 24 | $48.1M | $-4.5M | ||
| Q2 24 | $42.4M | $-1.6M | ||
| Q1 24 | $8.6M | $-15.2M |
| Q4 25 | 24.0% | — | ||
| Q3 25 | 21.9% | -2.3% | ||
| Q2 25 | 24.2% | 0.9% | ||
| Q1 25 | 18.2% | — | ||
| Q4 24 | -23.7% | -1.1% | ||
| Q3 24 | 41.5% | -3.5% | ||
| Q2 24 | 39.7% | -1.4% | ||
| Q1 24 | 8.4% | -12.2% |
| Q4 25 | 1.4% | — | ||
| Q3 25 | 2.0% | 5.8% | ||
| Q2 25 | 1.6% | 2.4% | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 0.6% | 5.8% | ||
| Q3 24 | 1.3% | 7.2% | ||
| Q2 24 | 1.4% | 7.1% | ||
| Q1 24 | 1.4% | 12.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.76× | — | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
