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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $217.5M, roughly 1.1× Clearwater Analytics Holdings, Inc.). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -5.4%, a 10.4% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 11.5%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $14.9M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 7.1%).
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.
CWAN vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $242.1M |
| Net Profit | $-11.8M | $12.1M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 6.8% |
| Net Margin | -5.4% | 5.0% |
| Revenue YoY | 72.0% | 11.5% |
| Net Profit YoY | -102.8% | -16.2% |
| EPS (diluted) | $-0.04 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $205.1M | $258.5M | ||
| Q2 25 | $181.9M | $240.7M | ||
| Q1 25 | $126.9M | $219.6M | ||
| Q4 24 | $126.5M | $217.2M | ||
| Q3 24 | $115.8M | $241.7M | ||
| Q2 24 | $106.8M | $224.9M | ||
| Q1 24 | $102.7M | $211.2M |
| Q4 25 | $-11.8M | $12.1M | ||
| Q3 25 | $-10.3M | $24.3M | ||
| Q2 25 | $-23.2M | $19.9M | ||
| Q1 25 | $6.5M | $15.3M | ||
| Q4 24 | $419.3M | $14.4M | ||
| Q3 24 | $3.6M | $21.6M | ||
| Q2 24 | $-430.0K | $15.8M | ||
| Q1 24 | $1.9M | $21.2M |
| 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% | 6.8% | ||
| Q3 25 | 3.2% | 10.2% | ||
| Q2 25 | -8.0% | 9.2% | ||
| Q1 25 | 5.6% | 7.7% | ||
| Q4 24 | 1.0% | 7.9% | ||
| Q3 24 | 6.3% | 10.3% | ||
| Q2 24 | 3.6% | 8.4% | ||
| Q1 24 | -0.2% | 8.0% |
| Q4 25 | -5.4% | 5.0% | ||
| Q3 25 | -5.0% | 9.4% | ||
| Q2 25 | -12.8% | 8.3% | ||
| Q1 25 | 5.1% | 7.0% | ||
| Q4 24 | 331.5% | 6.6% | ||
| Q3 24 | 3.1% | 8.9% | ||
| Q2 24 | -0.4% | 7.0% | ||
| Q1 24 | 1.8% | 10.0% |
| Q4 25 | $-0.04 | $0.12 | ||
| Q3 25 | $-0.04 | $0.23 | ||
| Q2 25 | $-0.09 | $0.19 | ||
| Q1 25 | $0.03 | $0.15 | ||
| Q4 24 | $1.65 | $0.13 | ||
| Q3 24 | $0.02 | $0.20 | ||
| Q2 24 | $0.00 | $0.15 | ||
| Q1 24 | $0.01 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | $822.6M | $84.0M |
| Stockholders' EquityBook value | $2.0B | $542.6M |
| Total Assets | $3.0B | $707.1M |
| Debt / EquityLower = less leverage | 0.41× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $16.3M | ||
| Q3 25 | $64.1M | $29.6M | ||
| Q2 25 | $71.9M | $35.0M | ||
| Q1 25 | $282.9M | $22.6M | ||
| Q4 24 | $255.5M | $57.4M | ||
| Q3 24 | $305.8M | $48.8M | ||
| Q2 24 | $257.9M | $62.5M | ||
| Q1 24 | $267.6M | $65.4M |
| Q4 25 | $822.6M | $84.0M | ||
| Q3 25 | $838.9M | $85.2M | ||
| Q2 25 | $878.1M | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | $43.3M | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $2.0B | $542.6M | ||
| Q3 25 | $2.0B | $552.8M | ||
| Q2 25 | $2.0B | $548.3M | ||
| Q1 25 | $1.1B | $530.6M | ||
| Q4 24 | $1.0B | $554.5M | ||
| Q3 24 | $403.2M | $540.1M | ||
| Q2 24 | $380.6M | $532.7M | ||
| Q1 24 | $406.2M | $515.5M |
| Q4 25 | $3.0B | $707.1M | ||
| Q3 25 | $3.0B | $732.6M | ||
| Q2 25 | $3.0B | $731.8M | ||
| Q1 25 | $1.3B | $708.7M | ||
| Q4 24 | $1.2B | $746.4M | ||
| Q3 24 | $623.5M | $734.0M | ||
| Q2 24 | $585.1M | $756.8M | ||
| Q1 24 | $547.8M | $763.6M |
| Q4 25 | 0.41× | 0.15× | ||
| Q3 25 | 0.42× | 0.15× | ||
| Q2 25 | 0.45× | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | 0.04× | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $52.3M | $14.9M |
| FCF MarginFCF / Revenue | 24.0% | 6.2% |
| Capex IntensityCapex / Revenue | 1.4% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $20.0M | ||
| Q3 25 | $49.0M | $33.2M | ||
| Q2 25 | $47.1M | $20.3M | ||
| Q1 25 | $24.5M | $10.1M | ||
| Q4 24 | $-29.2M | $16.6M | ||
| Q3 24 | $49.6M | $28.6M | ||
| Q2 24 | $43.9M | $18.7M | ||
| Q1 24 | $10.0M | $15.0M |
| Q4 25 | $52.3M | $14.9M | ||
| Q3 25 | $44.9M | $27.6M | ||
| Q2 25 | $44.1M | $17.6M | ||
| Q1 25 | $23.0M | $8.4M | ||
| Q4 24 | $-30.0M | $13.2M | ||
| Q3 24 | $48.1M | $27.5M | ||
| Q2 24 | $42.4M | $17.6M | ||
| Q1 24 | $8.6M | $13.7M |
| Q4 25 | 24.0% | 6.2% | ||
| Q3 25 | 21.9% | 10.7% | ||
| Q2 25 | 24.2% | 7.3% | ||
| Q1 25 | 18.2% | 3.8% | ||
| Q4 24 | -23.7% | 6.1% | ||
| Q3 24 | 41.5% | 11.4% | ||
| Q2 24 | 39.7% | 7.8% | ||
| Q1 24 | 8.4% | 6.5% |
| Q4 25 | 1.4% | 2.1% | ||
| Q3 25 | 2.0% | 2.2% | ||
| Q2 25 | 1.6% | 1.1% | ||
| Q1 25 | 1.2% | 0.8% | ||
| Q4 24 | 0.6% | 1.5% | ||
| Q3 24 | 1.3% | 0.5% | ||
| Q2 24 | 1.4% | 0.5% | ||
| Q1 24 | 1.4% | 0.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | 3.76× | 0.66× | ||
| Q4 24 | -0.07× | 1.15× | ||
| Q3 24 | 13.66× | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | 5.29× | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
