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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and PARK NATIONAL CORP (PRK). 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 $168.3M, roughly 1.3× PARK NATIONAL CORP). PARK NATIONAL CORP runs the higher net margin — 25.3% vs -5.4%, a 30.7% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 2.2%). PARK NATIONAL CORP produced more free cash flow last quarter ($191.9M vs $52.3M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 4.9%).
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.
National Retail Systems, Inc. (NRS) includes Keystone Freight Corp. & National Retail Transportation, Inc. (NRT). NRS is an asset based 3PL founded in 1952. It is headquartered in Lyndhurst, New Jersey, United States.
CWAN vs PRK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $168.3M |
| Net Profit | $-11.8M | $42.6M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | — |
| Net Margin | -5.4% | 25.3% |
| Revenue YoY | 72.0% | 2.2% |
| Net Profit YoY | -102.8% | 10.4% |
| EPS (diluted) | $-0.04 | $2.62 |
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 | $168.3M | ||
| Q3 25 | $205.1M | $169.5M | ||
| Q2 25 | $181.9M | $168.7M | ||
| Q1 25 | $126.9M | $157.9M | ||
| Q4 24 | $126.5M | $164.7M | ||
| Q3 24 | $115.8M | $170.3M | ||
| Q2 24 | $106.8M | $157.7M | ||
| Q1 24 | $102.7M | $152.8M |
| Q4 25 | $-11.8M | $42.6M | ||
| Q3 25 | $-10.3M | $47.2M | ||
| Q2 25 | $-23.2M | $48.1M | ||
| Q1 25 | $6.5M | $42.2M | ||
| Q4 24 | $419.3M | $38.6M | ||
| Q3 24 | $3.6M | $38.2M | ||
| Q2 24 | $-430.0K | $39.4M | ||
| Q1 24 | $1.9M | $35.2M |
| 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% | — | ||
| Q3 25 | 3.2% | 34.3% | ||
| Q2 25 | -8.0% | 35.2% | ||
| Q1 25 | 5.6% | 32.4% | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 6.3% | 27.4% | ||
| Q2 24 | 3.6% | 30.6% | ||
| Q1 24 | -0.2% | 27.8% |
| Q4 25 | -5.4% | 25.3% | ||
| Q3 25 | -5.0% | 27.8% | ||
| Q2 25 | -12.8% | 28.5% | ||
| Q1 25 | 5.1% | 26.7% | ||
| Q4 24 | 331.5% | 23.5% | ||
| Q3 24 | 3.1% | 22.4% | ||
| Q2 24 | -0.4% | 25.0% | ||
| Q1 24 | 1.8% | 23.0% |
| Q4 25 | $-0.04 | $2.62 | ||
| Q3 25 | $-0.04 | $2.92 | ||
| Q2 25 | $-0.09 | $2.97 | ||
| Q1 25 | $0.03 | $2.60 | ||
| Q4 24 | $1.65 | $2.38 | ||
| Q3 24 | $0.02 | $2.35 | ||
| Q2 24 | $0.00 | $2.42 | ||
| Q1 24 | $0.01 | $2.17 |
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 | $233.5M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $1.4B |
| Total Assets | $3.0B | $9.8B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $233.5M | ||
| Q3 25 | $64.1M | $218.9M | ||
| Q2 25 | $71.9M | $193.1M | ||
| Q1 25 | $282.9M | $237.6M | ||
| Q4 24 | $255.5M | $160.6M | ||
| Q3 24 | $305.8M | $201.7M | ||
| Q2 24 | $257.9M | $261.5M | ||
| Q1 24 | $267.6M | $306.1M |
| 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 | $1.4B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $403.2M | $1.2B | ||
| Q2 24 | $380.6M | $1.2B | ||
| Q1 24 | $406.2M | $1.2B |
| Q4 25 | $3.0B | $9.8B | ||
| Q3 25 | $3.0B | $9.9B | ||
| Q2 25 | $3.0B | $9.9B | ||
| Q1 25 | $1.3B | $9.9B | ||
| Q4 24 | $1.2B | $9.8B | ||
| Q3 24 | $623.5M | $9.9B | ||
| Q2 24 | $585.1M | $9.9B | ||
| Q1 24 | $547.8M | $9.9B |
| 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 | $198.3M |
| Free Cash FlowOCF − Capex | $52.3M | $191.9M |
| FCF MarginFCF / Revenue | 24.0% | 114.1% |
| Capex IntensityCapex / Revenue | 1.4% | 3.8% |
| Cash ConversionOCF / Net Profit | — | 4.65× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $328.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $198.3M | ||
| Q3 25 | $49.0M | $52.6M | ||
| Q2 25 | $47.1M | $49.7M | ||
| Q1 25 | $24.5M | $37.9M | ||
| Q4 24 | $-29.2M | $178.8M | ||
| Q3 24 | $49.6M | $43.8M | ||
| Q2 24 | $43.9M | $50.9M | ||
| Q1 24 | $10.0M | $35.0M |
| Q4 25 | $52.3M | $191.9M | ||
| Q3 25 | $44.9M | $51.1M | ||
| Q2 25 | $44.1M | $48.4M | ||
| Q1 25 | $23.0M | $36.8M | ||
| Q4 24 | $-30.0M | $169.7M | ||
| Q3 24 | $48.1M | $41.7M | ||
| Q2 24 | $42.4M | $49.0M | ||
| Q1 24 | $8.6M | $31.9M |
| Q4 25 | 24.0% | 114.1% | ||
| Q3 25 | 21.9% | 30.1% | ||
| Q2 25 | 24.2% | 28.7% | ||
| Q1 25 | 18.2% | 23.3% | ||
| Q4 24 | -23.7% | 103.0% | ||
| Q3 24 | 41.5% | 24.5% | ||
| Q2 24 | 39.7% | 31.1% | ||
| Q1 24 | 8.4% | 20.8% |
| Q4 25 | 1.4% | 3.8% | ||
| Q3 25 | 2.0% | 0.9% | ||
| Q2 25 | 1.6% | 0.8% | ||
| Q1 25 | 1.2% | 0.7% | ||
| Q4 24 | 0.6% | 5.6% | ||
| Q3 24 | 1.3% | 1.2% | ||
| Q2 24 | 1.4% | 1.2% | ||
| Q1 24 | 1.4% | 2.1% |
| Q4 25 | — | 4.65× | ||
| Q3 25 | — | 1.11× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | 3.76× | 0.90× | ||
| Q4 24 | -0.07× | 4.63× | ||
| Q3 24 | 13.66× | 1.14× | ||
| Q2 24 | — | 1.29× | ||
| Q1 24 | 5.29× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
