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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and ROGERS CORP (ROG). 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 $200.5M, roughly 1.1× ROGERS CORP). ROGERS CORP runs the higher net margin — 2.2% vs -5.4%, a 7.7% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 5.2%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $1.1M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -3.3%).
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.
Rogers Corporation is a specialty engineered materials company headquartered in Chandler, Arizona.
CWAN vs ROG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $200.5M |
| Net Profit | $-11.8M | $4.5M |
| Gross Margin | 67.2% | 32.2% |
| Operating Margin | -3.1% | — |
| Net Margin | -5.4% | 2.2% |
| Revenue YoY | 72.0% | 5.2% |
| Net Profit YoY | -102.8% | 421.4% |
| EPS (diluted) | $-0.04 | $0.25 |
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 | — | $200.5M | ||
| Q4 25 | $217.5M | $201.5M | ||
| Q3 25 | $205.1M | $216.0M | ||
| Q2 25 | $181.9M | $202.8M | ||
| Q1 25 | $126.9M | $190.5M | ||
| Q4 24 | $126.5M | $192.2M | ||
| Q3 24 | $115.8M | $210.3M | ||
| Q2 24 | $106.8M | $214.2M |
| Q1 26 | — | $4.5M | ||
| Q4 25 | $-11.8M | $4.6M | ||
| Q3 25 | $-10.3M | $8.6M | ||
| Q2 25 | $-23.2M | $-73.6M | ||
| Q1 25 | $6.5M | $-1.4M | ||
| Q4 24 | $419.3M | $-500.0K | ||
| Q3 24 | $3.6M | $10.7M | ||
| Q2 24 | $-430.0K | $8.1M |
| Q1 26 | — | 32.2% | ||
| Q4 25 | 67.2% | 31.5% | ||
| Q3 25 | 65.6% | 33.5% | ||
| Q2 25 | 65.1% | 31.6% | ||
| Q1 25 | 73.3% | 29.9% | ||
| Q4 24 | 73.5% | 32.1% | ||
| Q3 24 | 72.9% | 35.2% | ||
| Q2 24 | 72.0% | 34.1% |
| Q1 26 | — | — | ||
| Q4 25 | -3.1% | 3.5% | ||
| Q3 25 | 3.2% | 7.3% | ||
| Q2 25 | -8.0% | -33.3% | ||
| Q1 25 | 5.6% | -0.2% | ||
| Q4 24 | 1.0% | -6.6% | ||
| Q3 24 | 6.3% | 6.9% | ||
| Q2 24 | 3.6% | 5.3% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -5.4% | 2.3% | ||
| Q3 25 | -5.0% | 4.0% | ||
| Q2 25 | -12.8% | -36.3% | ||
| Q1 25 | 5.1% | -0.7% | ||
| Q4 24 | 331.5% | -0.3% | ||
| Q3 24 | 3.1% | 5.1% | ||
| Q2 24 | -0.4% | 3.8% |
| Q1 26 | — | $0.25 | ||
| Q4 25 | $-0.04 | $0.20 | ||
| Q3 25 | $-0.04 | $0.48 | ||
| Q2 25 | $-0.09 | $-4.00 | ||
| Q1 25 | $0.03 | $-0.08 | ||
| Q4 24 | $1.65 | $-0.04 | ||
| Q3 24 | $0.02 | $0.58 | ||
| Q2 24 | $0.00 | $0.44 |
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 | $195.8M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $1.2B |
| Total Assets | $3.0B | $1.4B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $195.8M | ||
| Q4 25 | $91.2M | $197.0M | ||
| Q3 25 | $64.1M | $167.8M | ||
| Q2 25 | $71.9M | $157.2M | ||
| Q1 25 | $282.9M | $175.6M | ||
| Q4 24 | $255.5M | $159.8M | ||
| Q3 24 | $305.8M | $146.4M | ||
| Q2 24 | $257.9M | $119.9M |
| Q1 26 | — | — | ||
| Q4 25 | $822.6M | — | ||
| Q3 25 | $838.9M | — | ||
| Q2 25 | $878.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $403.2M | $1.3B | ||
| Q2 24 | $380.6M | $1.3B |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $3.0B | $1.4B | ||
| Q3 25 | $3.0B | $1.4B | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $623.5M | $1.5B | ||
| Q2 24 | $585.1M | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.41× | — | ||
| Q3 25 | 0.42× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.04× | — | ||
| 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 | $5.8M |
| Free Cash FlowOCF − Capex | $52.3M | $1.1M |
| FCF MarginFCF / Revenue | 24.0% | 0.5% |
| Capex IntensityCapex / Revenue | 1.4% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $70.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.8M | ||
| Q4 25 | $55.3M | $46.9M | ||
| Q3 25 | $49.0M | $28.9M | ||
| Q2 25 | $47.1M | $13.7M | ||
| Q1 25 | $24.5M | $11.7M | ||
| Q4 24 | $-29.2M | $33.7M | ||
| Q3 24 | $49.6M | $42.4M | ||
| Q2 24 | $43.9M | $22.9M |
| Q1 26 | — | $1.1M | ||
| Q4 25 | $52.3M | $42.2M | ||
| Q3 25 | $44.9M | $21.2M | ||
| Q2 25 | $44.1M | $5.6M | ||
| Q1 25 | $23.0M | $2.1M | ||
| Q4 24 | $-30.0M | $18.3M | ||
| Q3 24 | $48.1M | $25.2M | ||
| Q2 24 | $42.4M | $8.8M |
| Q1 26 | — | 0.5% | ||
| Q4 25 | 24.0% | 20.9% | ||
| Q3 25 | 21.9% | 9.8% | ||
| Q2 25 | 24.2% | 2.8% | ||
| Q1 25 | 18.2% | 1.1% | ||
| Q4 24 | -23.7% | 9.5% | ||
| Q3 24 | 41.5% | 12.0% | ||
| Q2 24 | 39.7% | 4.1% |
| Q1 26 | — | 2.3% | ||
| Q4 25 | 1.4% | 2.3% | ||
| Q3 25 | 2.0% | 3.6% | ||
| Q2 25 | 1.6% | 4.0% | ||
| Q1 25 | 1.2% | 5.0% | ||
| Q4 24 | 0.6% | 8.0% | ||
| Q3 24 | 1.3% | 8.2% | ||
| Q2 24 | 1.4% | 6.6% |
| Q1 26 | — | 1.29× | ||
| Q4 25 | — | 10.20× | ||
| Q3 25 | — | 3.36× | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.76× | — | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | 3.96× | ||
| Q2 24 | — | 2.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
