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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Palomar Holdings, Inc. (PLMR). Click either name above to swap in a different company.
Palomar Holdings, Inc. is the larger business by last-quarter revenue ($253.4M vs $217.5M, roughly 1.2× Clearwater Analytics Holdings, Inc.). On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 62.7%). Palomar Holdings, Inc. produced more free cash flow last quarter ($409.0M vs $52.3M). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% CAGR vs 45.5%).
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.
Palomar Holdings, Inc. is a specialty insurance holding company that primarily provides property insurance products for catastrophe-exposed residential and commercial assets. It mainly operates across the United States, focusing on core segments including earthquake, flood, and windstorm coverage to meet high-risk property protection demands of customers.
CWAN vs PLMR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $253.4M |
| Net Profit | $-11.8M | — |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 28.7% |
| Net Margin | -5.4% | — |
| Revenue YoY | 72.0% | 62.7% |
| Net Profit YoY | -102.8% | — |
| EPS (diluted) | $-0.04 | $2.05 |
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 | $253.4M | ||
| Q3 25 | $205.1M | $244.7M | ||
| Q2 25 | $181.9M | $203.3M | ||
| Q1 25 | $126.9M | $174.6M | ||
| Q4 24 | $126.5M | $155.8M | ||
| Q3 24 | $115.8M | $148.5M | ||
| Q2 24 | $106.8M | $131.1M | ||
| Q1 24 | $102.7M | $118.5M |
| Q4 25 | $-11.8M | — | ||
| Q3 25 | $-10.3M | $51.5M | ||
| Q2 25 | $-23.2M | $46.5M | ||
| Q1 25 | $6.5M | $42.9M | ||
| Q4 24 | $419.3M | — | ||
| Q3 24 | $3.6M | $30.5M | ||
| Q2 24 | $-430.0K | $25.7M | ||
| Q1 24 | $1.9M | $26.4M |
| 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% | 28.7% | ||
| Q3 25 | 3.2% | 27.4% | ||
| Q2 25 | -8.0% | 29.5% | ||
| Q1 25 | 5.6% | 30.8% | ||
| Q4 24 | 1.0% | 28.9% | ||
| Q3 24 | 6.3% | 25.9% | ||
| Q2 24 | 3.6% | 25.5% | ||
| Q1 24 | -0.2% | 29.0% |
| Q4 25 | -5.4% | — | ||
| Q3 25 | -5.0% | 21.0% | ||
| Q2 25 | -12.8% | 22.9% | ||
| Q1 25 | 5.1% | 24.6% | ||
| Q4 24 | 331.5% | — | ||
| Q3 24 | 3.1% | 20.5% | ||
| Q2 24 | -0.4% | 19.6% | ||
| Q1 24 | 1.8% | 22.3% |
| Q4 25 | $-0.04 | $2.05 | ||
| Q3 25 | $-0.04 | $1.87 | ||
| Q2 25 | $-0.09 | $1.68 | ||
| Q1 25 | $0.03 | $1.57 | ||
| Q4 24 | $1.65 | $1.29 | ||
| Q3 24 | $0.02 | $1.15 | ||
| Q2 24 | $0.00 | $1.00 | ||
| Q1 24 | $0.01 | $1.04 |
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 | $106.9M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $942.7M |
| Total Assets | $3.0B | $3.1B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $106.9M | ||
| Q3 25 | $64.1M | $111.7M | ||
| Q2 25 | $71.9M | $81.3M | ||
| Q1 25 | $282.9M | $119.3M | ||
| Q4 24 | $255.5M | $80.4M | ||
| Q3 24 | $305.8M | $86.5M | ||
| Q2 24 | $257.9M | $47.8M | ||
| Q1 24 | $267.6M | $61.4M |
| 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 | $942.7M | ||
| Q3 25 | $2.0B | $878.1M | ||
| Q2 25 | $2.0B | $847.2M | ||
| Q1 25 | $1.1B | $790.4M | ||
| Q4 24 | $1.0B | $729.0M | ||
| Q3 24 | $403.2M | $703.3M | ||
| Q2 24 | $380.6M | $532.6M | ||
| Q1 24 | $406.2M | $501.7M |
| Q4 25 | $3.0B | $3.1B | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $3.0B | $2.8B | ||
| Q1 25 | $1.3B | $2.4B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $623.5M | $2.3B | ||
| Q2 24 | $585.1M | $2.0B | ||
| Q1 24 | $547.8M | $1.9B |
| 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 | $409.1M |
| Free Cash FlowOCF − Capex | $52.3M | $409.0M |
| FCF MarginFCF / Revenue | 24.0% | 161.4% |
| Capex IntensityCapex / Revenue | 1.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $700.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $409.1M | ||
| Q3 25 | $49.0M | $83.6M | ||
| Q2 25 | $47.1M | $120.9M | ||
| Q1 25 | $24.5M | $87.2M | ||
| Q4 24 | $-29.2M | $261.2M | ||
| Q3 24 | $49.6M | $100.3M | ||
| Q2 24 | $43.9M | $55.1M | ||
| Q1 24 | $10.0M | $33.1M |
| Q4 25 | $52.3M | $409.0M | ||
| Q3 25 | $44.9M | $83.6M | ||
| Q2 25 | $44.1M | $120.8M | ||
| Q1 25 | $23.0M | $87.1M | ||
| Q4 24 | $-30.0M | $260.9M | ||
| Q3 24 | $48.1M | $100.1M | ||
| Q2 24 | $42.4M | — | ||
| Q1 24 | $8.6M | — |
| Q4 25 | 24.0% | 161.4% | ||
| Q3 25 | 21.9% | 34.2% | ||
| Q2 25 | 24.2% | 59.4% | ||
| Q1 25 | 18.2% | 49.9% | ||
| Q4 24 | -23.7% | 167.5% | ||
| Q3 24 | 41.5% | 67.4% | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 8.4% | — |
| Q4 25 | 1.4% | 0.1% | ||
| Q3 25 | 2.0% | 0.0% | ||
| Q2 25 | 1.6% | 0.0% | ||
| Q1 25 | 1.2% | 0.0% | ||
| Q4 24 | 0.6% | 0.2% | ||
| Q3 24 | 1.3% | 0.1% | ||
| Q2 24 | 1.4% | 0.0% | ||
| Q1 24 | 1.4% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | 2.60× | ||
| Q1 25 | 3.76× | 2.03× | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | 3.29× | ||
| Q2 24 | — | 2.14× | ||
| Q1 24 | 5.29× | 1.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
