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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Pacira BioSciences, Inc. (PCRX). 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 $177.4M, roughly 1.2× Pacira BioSciences, Inc.). Pacira BioSciences, Inc. runs the higher net margin — 1.6% vs -5.4%, a 7.1% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 5.0%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -0.2%).
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.
Pacira BioSciences, Inc. is a specialty pharmaceutical company focused on developing and commercializing non-opioid pain management solutions. Its core product line targets post-surgical pain relief for patients, serving hospitals, ambulatory surgery centers and other healthcare providers primarily in the U.S., with ongoing expansion efforts in select international markets.
CWAN vs PCRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $177.4M |
| Net Profit | $-11.8M | $2.9M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 3.9% |
| Net Margin | -5.4% | 1.6% |
| Revenue YoY | 72.0% | 5.0% |
| Net Profit YoY | -102.8% | — |
| EPS (diluted) | $-0.04 | $0.07 |
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 | — | $177.4M | ||
| Q4 25 | $217.5M | $196.9M | ||
| Q3 25 | $205.1M | $179.5M | ||
| Q2 25 | $181.9M | $181.1M | ||
| Q1 25 | $126.9M | $168.9M | ||
| Q4 24 | $126.5M | $187.3M | ||
| Q3 24 | $115.8M | $168.6M | ||
| Q2 24 | $106.8M | $178.0M |
| Q1 26 | — | $2.9M | ||
| Q4 25 | $-11.8M | — | ||
| Q3 25 | $-10.3M | $5.4M | ||
| Q2 25 | $-23.2M | $-4.8M | ||
| Q1 25 | $6.5M | $4.8M | ||
| Q4 24 | $419.3M | — | ||
| Q3 24 | $3.6M | $-143.5M | ||
| Q2 24 | $-430.0K | $18.9M |
| Q1 26 | — | — | ||
| Q4 25 | 67.2% | 79.5% | ||
| Q3 25 | 65.6% | 80.9% | ||
| Q2 25 | 65.1% | 77.4% | ||
| Q1 25 | 73.3% | 79.7% | ||
| Q4 24 | 73.5% | 78.7% | ||
| Q3 24 | 72.9% | 76.9% | ||
| Q2 24 | 72.0% | 75.1% |
| Q1 26 | — | 3.9% | ||
| Q4 25 | -3.1% | 1.2% | ||
| Q3 25 | 3.2% | 3.5% | ||
| Q2 25 | -8.0% | 4.7% | ||
| Q1 25 | 5.6% | 1.2% | ||
| Q4 24 | 1.0% | 13.2% | ||
| Q3 24 | 6.3% | -82.8% | ||
| Q2 24 | 3.6% | 15.9% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | -5.4% | — | ||
| Q3 25 | -5.0% | 3.0% | ||
| Q2 25 | -12.8% | -2.7% | ||
| Q1 25 | 5.1% | 2.8% | ||
| Q4 24 | 331.5% | — | ||
| Q3 24 | 3.1% | -85.1% | ||
| Q2 24 | -0.4% | 10.6% |
| Q1 26 | — | $0.07 | ||
| Q4 25 | $-0.04 | $0.05 | ||
| Q3 25 | $-0.04 | $0.12 | ||
| Q2 25 | $-0.09 | $-0.11 | ||
| Q1 25 | $0.03 | $0.10 | ||
| Q4 24 | $1.65 | $0.38 | ||
| Q3 24 | $0.02 | $-3.11 | ||
| Q2 24 | $0.00 | $0.39 |
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 | $144.3M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $653.9M |
| Total Assets | $3.0B | $1.2B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $144.3M | ||
| Q4 25 | $91.2M | $238.4M | ||
| Q3 25 | $64.1M | $246.3M | ||
| Q2 25 | $71.9M | $445.9M | ||
| Q1 25 | $282.9M | $493.6M | ||
| Q4 24 | $255.5M | $484.6M | ||
| Q3 24 | $305.8M | $453.8M | ||
| Q2 24 | $257.9M | $404.2M |
| Q1 26 | — | — | ||
| Q4 25 | $822.6M | $372.2M | ||
| Q3 25 | $838.9M | $376.7M | ||
| Q2 25 | $878.1M | $580.5M | ||
| Q1 25 | — | $583.4M | ||
| Q4 24 | $43.3M | $585.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $653.9M | ||
| Q4 25 | $2.0B | $693.1M | ||
| Q3 25 | $2.0B | $727.2M | ||
| Q2 25 | $2.0B | $757.8M | ||
| Q1 25 | $1.1B | $798.5M | ||
| Q4 24 | $1.0B | $778.3M | ||
| Q3 24 | $403.2M | $749.6M | ||
| Q2 24 | $380.6M | $879.3M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $3.0B | $1.3B | ||
| Q3 25 | $3.0B | $1.3B | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $623.5M | $1.5B | ||
| Q2 24 | $585.1M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.41× | 0.54× | ||
| Q3 25 | 0.42× | 0.52× | ||
| Q2 25 | 0.45× | 0.77× | ||
| Q1 25 | — | 0.73× | ||
| Q4 24 | 0.04× | 0.75× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 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 | $43.7M | ||
| Q3 25 | $49.0M | $60.8M | ||
| Q2 25 | $47.1M | $12.0M | ||
| Q1 25 | $24.5M | $35.5M | ||
| Q4 24 | $-29.2M | $33.1M | ||
| Q3 24 | $49.6M | $53.9M | ||
| Q2 24 | $43.9M | $53.2M |
| Q1 26 | — | — | ||
| Q4 25 | $52.3M | $43.5M | ||
| Q3 25 | $44.9M | $57.0M | ||
| Q2 25 | $44.1M | $9.3M | ||
| Q1 25 | $23.0M | $26.9M | ||
| Q4 24 | $-30.0M | $31.0M | ||
| Q3 24 | $48.1M | $49.8M | ||
| Q2 24 | $42.4M | $51.6M |
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 22.1% | ||
| Q3 25 | 21.9% | 31.7% | ||
| Q2 25 | 24.2% | 5.1% | ||
| Q1 25 | 18.2% | 15.9% | ||
| Q4 24 | -23.7% | 16.6% | ||
| Q3 24 | 41.5% | 29.6% | ||
| Q2 24 | 39.7% | 29.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 0.1% | ||
| Q3 25 | 2.0% | 2.2% | ||
| Q2 25 | 1.6% | 1.5% | ||
| Q1 25 | 1.2% | 5.1% | ||
| Q4 24 | 0.6% | 1.1% | ||
| Q3 24 | 1.3% | 2.4% | ||
| Q2 24 | 1.4% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 11.20× | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.76× | 7.37× | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | — | ||
| Q2 24 | — | 2.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
PCRX
| EXPAREL | $143.3M | 81% |
| ZILRETTA | $26.8M | 15% |
| iovera° | $6.2M | 3% |
| Bupivacaine liposome injectable suspension | $1.2M | 1% |
