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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Purple Innovation, Inc. (PRPL). 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 $140.7M, roughly 1.5× Purple Innovation, Inc.). Purple Innovation, Inc. runs the higher net margin — -2.3% vs -5.4%, a 3.1% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 9.1%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $-7.8M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 8.3%).
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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
CWAN vs PRPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $140.7M |
| Net Profit | $-11.8M | $-3.2M |
| Gross Margin | 67.2% | 41.9% |
| Operating Margin | -3.1% | -1.6% |
| Net Margin | -5.4% | -2.3% |
| Revenue YoY | 72.0% | 9.1% |
| Net Profit YoY | -102.8% | 62.1% |
| EPS (diluted) | $-0.04 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $205.1M | $118.8M | ||
| Q2 25 | $181.9M | $105.1M | ||
| Q1 25 | $126.9M | $104.2M | ||
| Q4 24 | $126.5M | $129.0M | ||
| Q3 24 | $115.8M | $118.6M | ||
| Q2 24 | $106.8M | $120.3M | ||
| Q1 24 | $102.7M | $120.0M |
| Q4 25 | $-11.8M | $-3.2M | ||
| Q3 25 | $-10.3M | $-11.7M | ||
| Q2 25 | $-23.2M | $-17.3M | ||
| Q1 25 | $6.5M | $-19.1M | ||
| Q4 24 | $419.3M | $-8.5M | ||
| Q3 24 | $3.6M | $-39.2M | ||
| Q2 24 | $-430.0K | $27.0K | ||
| Q1 24 | $1.9M | $-50.2M |
| Q4 25 | 67.2% | 41.9% | ||
| Q3 25 | 65.6% | 42.8% | ||
| Q2 25 | 65.1% | 35.9% | ||
| Q1 25 | 73.3% | 39.4% | ||
| Q4 24 | 73.5% | 42.9% | ||
| Q3 24 | 72.9% | 29.7% | ||
| Q2 24 | 72.0% | 40.7% | ||
| Q1 24 | 72.6% | 34.8% |
| Q4 25 | -3.1% | -1.6% | ||
| Q3 25 | 3.2% | -10.2% | ||
| Q2 25 | -8.0% | -13.5% | ||
| Q1 25 | 5.6% | -13.9% | ||
| Q4 24 | 1.0% | -6.0% | ||
| Q3 24 | 6.3% | -39.5% | ||
| Q2 24 | 3.6% | -12.1% | ||
| Q1 24 | -0.2% | -19.3% |
| Q4 25 | -5.4% | -2.3% | ||
| Q3 25 | -5.0% | -9.9% | ||
| Q2 25 | -12.8% | -16.5% | ||
| Q1 25 | 5.1% | -18.4% | ||
| Q4 24 | 331.5% | -6.6% | ||
| Q3 24 | 3.1% | -33.1% | ||
| Q2 24 | -0.4% | 0.0% | ||
| Q1 24 | 1.8% | -41.8% |
| Q4 25 | $-0.04 | $0.03 | ||
| Q3 25 | $-0.04 | $0.11 | ||
| Q2 25 | $-0.09 | $0.16 | ||
| Q1 25 | $0.03 | $0.18 | ||
| Q4 24 | $1.65 | $0.08 | ||
| Q3 24 | $0.02 | $0.36 | ||
| Q2 24 | $0.00 | $0.00 | ||
| Q1 24 | $0.01 | $0.47 |
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 | $24.3M |
| Total DebtLower is stronger | $822.6M | $126.7M |
| Stockholders' EquityBook value | $2.0B | $-29.7M |
| Total Assets | $3.0B | $296.3M |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $24.3M | ||
| Q3 25 | $64.1M | $32.4M | ||
| Q2 25 | $71.9M | $34.2M | ||
| Q1 25 | $282.9M | $21.6M | ||
| Q4 24 | $255.5M | $29.0M | ||
| Q3 24 | $305.8M | $23.4M | ||
| Q2 24 | $257.9M | $23.4M | ||
| Q1 24 | $267.6M | $34.5M |
| Q4 25 | $822.6M | $126.7M | ||
| Q3 25 | $838.9M | — | ||
| Q2 25 | $878.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.0B | $-29.7M | ||
| Q3 25 | $2.0B | $-26.9M | ||
| Q2 25 | $2.0B | $-15.6M | ||
| Q1 25 | $1.1B | $1.3M | ||
| Q4 24 | $1.0B | $20.2M | ||
| Q3 24 | $403.2M | $28.0M | ||
| Q2 24 | $380.6M | $66.4M | ||
| Q1 24 | $406.2M | $65.5M |
| Q4 25 | $3.0B | $296.3M | ||
| Q3 25 | $3.0B | $302.1M | ||
| Q2 25 | $3.0B | $303.8M | ||
| Q1 25 | $1.3B | $293.8M | ||
| Q4 24 | $1.2B | $307.8M | ||
| Q3 24 | $623.5M | $309.3M | ||
| Q2 24 | $585.1M | $362.1M | ||
| Q1 24 | $547.8M | $382.1M |
| Q4 25 | 0.41× | — | ||
| Q3 25 | 0.42× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.04× | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| 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 | $-7.8M |
| FCF MarginFCF / Revenue | 24.0% | -5.5% |
| Capex IntensityCapex / Revenue | 1.4% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $-5.8M | ||
| Q3 25 | $49.0M | $-968.0K | ||
| Q2 25 | $47.1M | $-4.0M | ||
| Q1 25 | $24.5M | $-23.1M | ||
| Q4 24 | $-29.2M | $6.8M | ||
| Q3 24 | $49.6M | $1.1M | ||
| Q2 24 | $43.9M | $-8.9M | ||
| Q1 24 | $10.0M | $-16.8M |
| Q4 25 | $52.3M | $-7.8M | ||
| Q3 25 | $44.9M | $-1.8M | ||
| Q2 25 | $44.1M | $-7.0M | ||
| Q1 25 | $23.0M | $-25.3M | ||
| Q4 24 | $-30.0M | $5.7M | ||
| Q3 24 | $48.1M | $101.0K | ||
| Q2 24 | $42.4M | $-11.0M | ||
| Q1 24 | $8.6M | $-19.9M |
| Q4 25 | 24.0% | -5.5% | ||
| Q3 25 | 21.9% | -1.5% | ||
| Q2 25 | 24.2% | -6.6% | ||
| Q1 25 | 18.2% | -24.3% | ||
| Q4 24 | -23.7% | 4.4% | ||
| Q3 24 | 41.5% | 0.1% | ||
| Q2 24 | 39.7% | -9.2% | ||
| Q1 24 | 8.4% | -16.5% |
| Q4 25 | 1.4% | 1.4% | ||
| Q3 25 | 2.0% | 0.7% | ||
| Q2 25 | 1.6% | 2.8% | ||
| Q1 25 | 1.2% | 2.2% | ||
| Q4 24 | 0.6% | 0.8% | ||
| Q3 24 | 1.3% | 0.9% | ||
| Q2 24 | 1.4% | 1.7% | ||
| Q1 24 | 1.4% | 2.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.76× | — | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | — | ||
| Q2 24 | — | -330.22× | ||
| Q1 24 | 5.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
