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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and PAMT CORP (PAMT). 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 $141.3M, roughly 1.5× PAMT CORP). Clearwater Analytics Holdings, Inc. runs the higher net margin — -5.4% vs -20.7%, a 15.3% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -15.1%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $-25.0M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -12.0%).
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 PAMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $141.3M |
| Net Profit | $-11.8M | $-29.3M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | -27.0% |
| Net Margin | -5.4% | -20.7% |
| Revenue YoY | 72.0% | -15.1% |
| Net Profit YoY | -102.8% | 7.4% |
| EPS (diluted) | $-0.04 | $-1.38 |
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 | $141.3M | ||
| Q3 25 | $205.1M | $150.3M | ||
| Q2 25 | $181.9M | $151.1M | ||
| Q1 25 | $126.9M | $155.3M | ||
| Q4 24 | $126.5M | $166.5M | ||
| Q3 24 | $115.8M | $182.6M | ||
| Q2 24 | $106.8M | $182.9M | ||
| Q1 24 | $102.7M | $182.6M |
| Q4 25 | $-11.8M | $-29.3M | ||
| Q3 25 | $-10.3M | $-5.6M | ||
| Q2 25 | $-23.2M | $-9.6M | ||
| Q1 25 | $6.5M | $-8.1M | ||
| Q4 24 | $419.3M | $-31.6M | ||
| Q3 24 | $3.6M | $2.4M | ||
| Q2 24 | $-430.0K | $-2.9M | ||
| Q1 24 | $1.9M | $281.0K |
| 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% | -27.0% | ||
| Q3 25 | 3.2% | -3.8% | ||
| Q2 25 | -8.0% | -7.3% | ||
| Q1 25 | 5.6% | -5.9% | ||
| Q4 24 | 1.0% | -22.6% | ||
| Q3 24 | 6.3% | 1.3% | ||
| Q2 24 | 3.6% | -0.4% | ||
| Q1 24 | -0.2% | -0.4% |
| Q4 25 | -5.4% | -20.7% | ||
| Q3 25 | -5.0% | -3.7% | ||
| Q2 25 | -12.8% | -6.4% | ||
| Q1 25 | 5.1% | -5.2% | ||
| Q4 24 | 331.5% | -19.0% | ||
| Q3 24 | 3.1% | 1.3% | ||
| Q2 24 | -0.4% | -1.6% | ||
| Q1 24 | 1.8% | 0.2% |
| Q4 25 | $-0.04 | $-1.38 | ||
| Q3 25 | $-0.04 | $-0.27 | ||
| Q2 25 | $-0.09 | $-0.46 | ||
| Q1 25 | $0.03 | $-0.37 | ||
| Q4 24 | $1.65 | $-1.44 | ||
| Q3 24 | $0.02 | $0.11 | ||
| Q2 24 | $0.00 | $-0.13 | ||
| Q1 24 | $0.01 | $0.01 |
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 | $83.7M |
| Total DebtLower is stronger | $822.6M | $333.9M |
| Stockholders' EquityBook value | $2.0B | $210.5M |
| Total Assets | $3.0B | $697.9M |
| Debt / EquityLower = less leverage | 0.41× | 1.59× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $83.7M | ||
| Q3 25 | $64.1M | $115.6M | ||
| Q2 25 | $71.9M | $117.3M | ||
| Q1 25 | $282.9M | $102.7M | ||
| Q4 24 | $255.5M | $110.7M | ||
| Q3 24 | $305.8M | $92.3M | ||
| Q2 24 | $257.9M | $114.0M | ||
| Q1 24 | $267.6M | $125.8M |
| Q4 25 | $822.6M | $333.9M | ||
| Q3 25 | $838.9M | — | ||
| Q2 25 | $878.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | $325.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.0B | $210.5M | ||
| Q3 25 | $2.0B | $239.5M | ||
| Q2 25 | $2.0B | $244.9M | ||
| Q1 25 | $1.1B | $269.6M | ||
| Q4 24 | $1.0B | $277.5M | ||
| Q3 24 | $403.2M | $308.9M | ||
| Q2 24 | $380.6M | $306.7M | ||
| Q1 24 | $406.2M | $314.6M |
| Q4 25 | $3.0B | $697.9M | ||
| Q3 25 | $3.0B | $715.2M | ||
| Q2 25 | $3.0B | $707.9M | ||
| Q1 25 | $1.3B | $712.6M | ||
| Q4 24 | $1.2B | $741.7M | ||
| Q3 24 | $623.5M | $756.7M | ||
| Q2 24 | $585.1M | $733.5M | ||
| Q1 24 | $547.8M | $746.4M |
| Q4 25 | 0.41× | 1.59× | ||
| Q3 25 | 0.42× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.04× | 1.17× | ||
| 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 | $-5.8M |
| Free Cash FlowOCF − Capex | $52.3M | $-25.0M |
| FCF MarginFCF / Revenue | 24.0% | -17.7% |
| Capex IntensityCapex / Revenue | 1.4% | 13.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $-23.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $-5.8M | ||
| Q3 25 | $49.0M | $5.9M | ||
| Q2 25 | $47.1M | $12.2M | ||
| Q1 25 | $24.5M | $5.0M | ||
| Q4 24 | $-29.2M | $15.2M | ||
| Q3 24 | $49.6M | $15.5M | ||
| Q2 24 | $43.9M | $18.7M | ||
| Q1 24 | $10.0M | $9.6M |
| Q4 25 | $52.3M | $-25.0M | ||
| Q3 25 | $44.9M | $2.5M | ||
| Q2 25 | $44.1M | $5.9M | ||
| Q1 25 | $23.0M | $-6.8M | ||
| Q4 24 | $-30.0M | $-39.9M | ||
| Q3 24 | $48.1M | $-33.6M | ||
| Q2 24 | $42.4M | $4.1M | ||
| Q1 24 | $8.6M | $-12.2M |
| Q4 25 | 24.0% | -17.7% | ||
| Q3 25 | 21.9% | 1.7% | ||
| Q2 25 | 24.2% | 3.9% | ||
| Q1 25 | 18.2% | -4.4% | ||
| Q4 24 | -23.7% | -24.0% | ||
| Q3 24 | 41.5% | -18.4% | ||
| Q2 24 | 39.7% | 2.2% | ||
| Q1 24 | 8.4% | -6.7% |
| Q4 25 | 1.4% | 13.6% | ||
| Q3 25 | 2.0% | 2.3% | ||
| Q2 25 | 1.6% | 4.2% | ||
| Q1 25 | 1.2% | 7.6% | ||
| Q4 24 | 0.6% | 33.1% | ||
| Q3 24 | 1.3% | 26.9% | ||
| Q2 24 | 1.4% | 8.0% | ||
| Q1 24 | 1.4% | 12.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.76× | — | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | 6.44× | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.29× | 34.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
PAMT
| Freight Transportation Service | $123.1M | 87% |
| Fuel Surcharge | $18.2M | 13% |
