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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and LiveRamp Holdings, Inc. (RAMP). 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 $212.2M, roughly 1.0× LiveRamp Holdings, Inc.). LiveRamp Holdings, Inc. runs the higher net margin — 18.8% vs -5.4%, a 24.2% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 8.6%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 11.1%).
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.
LiveRamp Holdings, Inc., is an American SaaS company that offers a data connectivity platform whose services include data onboarding, the transfer of offline data online for marketing purposes.
CWAN vs RAMP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $212.2M |
| Net Profit | $-11.8M | $39.9M |
| Gross Margin | 67.2% | 71.9% |
| Operating Margin | -3.1% | 18.6% |
| Net Margin | -5.4% | 18.8% |
| Revenue YoY | 72.0% | 8.6% |
| Net Profit YoY | -102.8% | 255.7% |
| EPS (diluted) | $-0.04 | $0.62 |
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 | $212.2M | ||
| Q3 25 | $205.1M | $199.8M | ||
| Q2 25 | $181.9M | $194.8M | ||
| Q1 25 | $126.9M | $188.7M | ||
| Q4 24 | $126.5M | $195.4M | ||
| Q3 24 | $115.8M | $185.5M | ||
| Q2 24 | $106.8M | $176.0M | ||
| Q1 24 | $102.7M | $171.9M |
| Q4 25 | $-11.8M | $39.9M | ||
| Q3 25 | $-10.3M | $27.4M | ||
| Q2 25 | $-23.2M | $7.7M | ||
| Q1 25 | $6.5M | $-6.3M | ||
| Q4 24 | $419.3M | $11.2M | ||
| Q3 24 | $3.6M | $1.7M | ||
| Q2 24 | $-430.0K | $-7.5M | ||
| Q1 24 | $1.9M | $-5.4M |
| Q4 25 | 67.2% | 71.9% | ||
| Q3 25 | 65.6% | 70.2% | ||
| Q2 25 | 65.1% | 70.1% | ||
| Q1 25 | 73.3% | 69.3% | ||
| Q4 24 | 73.5% | 71.9% | ||
| Q3 24 | 72.9% | 72.4% | ||
| Q2 24 | 72.0% | 70.6% | ||
| Q1 24 | 72.6% | 72.2% |
| Q4 25 | -3.1% | 18.6% | ||
| Q3 25 | 3.2% | 10.7% | ||
| Q2 25 | -8.0% | 3.7% | ||
| Q1 25 | 5.6% | -6.1% | ||
| Q4 24 | 1.0% | 7.5% | ||
| Q3 24 | 6.3% | 4.0% | ||
| Q2 24 | 3.6% | -3.0% | ||
| Q1 24 | -0.2% | -8.3% |
| Q4 25 | -5.4% | 18.8% | ||
| Q3 25 | -5.0% | 13.7% | ||
| Q2 25 | -12.8% | 4.0% | ||
| Q1 25 | 5.1% | -3.3% | ||
| Q4 24 | 331.5% | 5.7% | ||
| Q3 24 | 3.1% | 0.9% | ||
| Q2 24 | -0.4% | -4.3% | ||
| Q1 24 | 1.8% | -3.1% |
| Q4 25 | $-0.04 | $0.62 | ||
| Q3 25 | $-0.04 | $0.42 | ||
| Q2 25 | $-0.09 | $0.12 | ||
| Q1 25 | $0.03 | $-0.10 | ||
| Q4 24 | $1.65 | $0.17 | ||
| Q3 24 | $0.02 | $0.03 | ||
| Q2 24 | $0.00 | $-0.11 | ||
| Q1 24 | $0.01 | $-0.09 |
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 | $403.4M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $962.3M |
| Total Assets | $3.0B | $1.3B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $403.4M | ||
| Q3 25 | $64.1M | $376.9M | ||
| Q2 25 | $71.9M | $371.1M | ||
| Q1 25 | $282.9M | $420.8M | ||
| Q4 24 | $255.5M | $384.3M | ||
| Q3 24 | $305.8M | $348.4M | ||
| Q2 24 | $257.9M | $342.7M | ||
| Q1 24 | $267.6M | $368.9M |
| 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 | $962.3M | ||
| Q3 25 | $2.0B | $943.8M | ||
| Q2 25 | $2.0B | $947.8M | ||
| Q1 25 | $1.1B | $948.9M | ||
| Q4 24 | $1.0B | $957.7M | ||
| Q3 24 | $403.2M | $932.1M | ||
| Q2 24 | $380.6M | $951.9M | ||
| Q1 24 | $406.2M | $949.1M |
| Q4 25 | $3.0B | $1.3B | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $3.0B | $1.2B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $623.5M | $1.2B | ||
| Q2 24 | $585.1M | $1.2B | ||
| Q1 24 | $547.8M | $1.2B |
| 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 | — |
| Free Cash FlowOCF − Capex | $52.3M | — |
| FCF MarginFCF / Revenue | 24.0% | — |
| Capex IntensityCapex / Revenue | 1.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | — | ||
| Q3 25 | $49.0M | $57.4M | ||
| Q2 25 | $47.1M | $-15.8M | ||
| Q1 25 | $24.5M | — | ||
| Q4 24 | $-29.2M | $45.1M | ||
| Q3 24 | $49.6M | $55.6M | ||
| Q2 24 | $43.9M | $-9.3M | ||
| Q1 24 | $10.0M | — |
| Q4 25 | $52.3M | — | ||
| Q3 25 | $44.9M | $56.8M | ||
| Q2 25 | $44.1M | $-16.2M | ||
| Q1 25 | $23.0M | — | ||
| Q4 24 | $-30.0M | $44.8M | ||
| Q3 24 | $48.1M | $55.4M | ||
| Q2 24 | $42.4M | $-9.6M | ||
| Q1 24 | $8.6M | — |
| Q4 25 | 24.0% | — | ||
| Q3 25 | 21.9% | 28.4% | ||
| Q2 25 | 24.2% | -8.3% | ||
| Q1 25 | 18.2% | — | ||
| Q4 24 | -23.7% | 22.9% | ||
| Q3 24 | 41.5% | 29.8% | ||
| Q2 24 | 39.7% | -5.4% | ||
| Q1 24 | 8.4% | — |
| Q4 25 | 1.4% | 0.1% | ||
| Q3 25 | 2.0% | 0.3% | ||
| Q2 25 | 1.6% | 0.2% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 0.6% | 0.1% | ||
| Q3 24 | 1.3% | 0.1% | ||
| Q2 24 | 1.4% | 0.1% | ||
| Q1 24 | 1.4% | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.09× | ||
| Q2 25 | — | -2.04× | ||
| Q1 25 | 3.76× | — | ||
| Q4 24 | -0.07× | 4.02× | ||
| Q3 24 | 13.66× | 32.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
