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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and SMITH & WESSON BRANDS, INC. (SWBI). 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 $124.7M, roughly 1.7× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -5.4%, a 6.9% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -3.9%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $16.3M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
CWAN vs SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $124.7M |
| Net Profit | $-11.8M | $1.9M |
| Gross Margin | 67.2% | 24.3% |
| Operating Margin | -3.1% | 3.3% |
| Net Margin | -5.4% | 1.5% |
| Revenue YoY | 72.0% | -3.9% |
| Net Profit YoY | -102.8% | -53.6% |
| EPS (diluted) | $-0.04 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $205.1M | $85.1M | ||
| Q2 25 | $181.9M | $140.8M | ||
| Q1 25 | $126.9M | $115.9M | ||
| Q4 24 | $126.5M | $129.7M | ||
| Q3 24 | $115.8M | $88.3M | ||
| Q2 24 | $106.8M | $159.1M | ||
| Q1 24 | $102.7M | $137.5M |
| Q4 25 | $-11.8M | $1.9M | ||
| Q3 25 | $-10.3M | $-3.4M | ||
| Q2 25 | $-23.2M | $8.6M | ||
| Q1 25 | $6.5M | $2.1M | ||
| Q4 24 | $419.3M | $4.5M | ||
| Q3 24 | $3.6M | $-1.9M | ||
| Q2 24 | $-430.0K | $27.9M | ||
| Q1 24 | $1.9M | $7.9M |
| Q4 25 | 67.2% | 24.3% | ||
| Q3 25 | 65.6% | 25.9% | ||
| Q2 25 | 65.1% | 28.8% | ||
| Q1 25 | 73.3% | 24.1% | ||
| Q4 24 | 73.5% | 26.6% | ||
| Q3 24 | 72.9% | 27.4% | ||
| Q2 24 | 72.0% | 35.5% | ||
| Q1 24 | 72.6% | 28.7% |
| Q4 25 | -3.1% | 3.3% | ||
| Q3 25 | 3.2% | -3.5% | ||
| Q2 25 | -8.0% | 9.3% | ||
| Q1 25 | 5.6% | 4.1% | ||
| Q4 24 | 1.0% | 5.8% | ||
| Q3 24 | 6.3% | -1.7% | ||
| Q2 24 | 3.6% | 17.4% | ||
| Q1 24 | -0.2% | 8.2% |
| Q4 25 | -5.4% | 1.5% | ||
| Q3 25 | -5.0% | -4.0% | ||
| Q2 25 | -12.8% | 6.1% | ||
| Q1 25 | 5.1% | 1.8% | ||
| Q4 24 | 331.5% | 3.5% | ||
| Q3 24 | 3.1% | -2.1% | ||
| Q2 24 | -0.4% | 17.5% | ||
| Q1 24 | 1.8% | 5.7% |
| Q4 25 | $-0.04 | $0.04 | ||
| Q3 25 | $-0.04 | $-0.08 | ||
| Q2 25 | $-0.09 | $0.19 | ||
| Q1 25 | $0.03 | $0.05 | ||
| Q4 24 | $1.65 | $0.10 | ||
| Q3 24 | $0.02 | $-0.04 | ||
| Q2 24 | $0.00 | $0.60 | ||
| Q1 24 | $0.01 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $363.2M |
| Total Assets | $3.0B | $548.6M |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $22.4M | ||
| Q3 25 | $64.1M | $18.0M | ||
| Q2 25 | $71.9M | $25.2M | ||
| Q1 25 | $282.9M | $26.7M | ||
| Q4 24 | $255.5M | $39.1M | ||
| Q3 24 | $305.8M | $35.5M | ||
| Q2 24 | $257.9M | $60.8M | ||
| Q1 24 | $267.6M | $47.4M |
| 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 | $363.2M | ||
| Q3 25 | $2.0B | $364.4M | ||
| Q2 25 | $2.0B | $372.5M | ||
| Q1 25 | $1.1B | $366.9M | ||
| Q4 24 | $1.0B | $371.5M | ||
| Q3 24 | $403.2M | $380.0M | ||
| Q2 24 | $380.6M | $399.9M | ||
| Q1 24 | $406.2M | $376.4M |
| Q4 25 | $3.0B | $548.6M | ||
| Q3 25 | $3.0B | $554.6M | ||
| Q2 25 | $3.0B | $559.6M | ||
| Q1 25 | $1.3B | $578.9M | ||
| Q4 24 | $1.2B | $587.4M | ||
| Q3 24 | $623.5M | $571.3M | ||
| Q2 24 | $585.1M | $577.4M | ||
| Q1 24 | $547.8M | $570.6M |
| 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 | $27.3M |
| Free Cash FlowOCF − Capex | $52.3M | $16.3M |
| FCF MarginFCF / Revenue | 24.0% | 13.1% |
| Capex IntensityCapex / Revenue | 1.4% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $27.3M | ||
| Q3 25 | $49.0M | $-8.1M | ||
| Q2 25 | $47.1M | $40.8M | ||
| Q1 25 | $24.5M | $-9.8M | ||
| Q4 24 | $-29.2M | $-7.4M | ||
| Q3 24 | $49.6M | $-30.8M | ||
| Q2 24 | $43.9M | $43.7M | ||
| Q1 24 | $10.0M | $25.2M |
| Q4 25 | $52.3M | $16.3M | ||
| Q3 25 | $44.9M | $-12.4M | ||
| Q2 25 | $44.1M | $33.5M | ||
| Q1 25 | $23.0M | $-16.1M | ||
| Q4 24 | $-30.0M | $-10.7M | ||
| Q3 24 | $48.1M | $-35.5M | ||
| Q2 24 | $42.4M | $38.2M | ||
| Q1 24 | $8.6M | $7.0M |
| Q4 25 | 24.0% | 13.1% | ||
| Q3 25 | 21.9% | -14.6% | ||
| Q2 25 | 24.2% | 23.8% | ||
| Q1 25 | 18.2% | -13.9% | ||
| Q4 24 | -23.7% | -8.3% | ||
| Q3 24 | 41.5% | -40.2% | ||
| Q2 24 | 39.7% | 24.0% | ||
| Q1 24 | 8.4% | 5.1% |
| Q4 25 | 1.4% | 8.8% | ||
| Q3 25 | 2.0% | 5.0% | ||
| Q2 25 | 1.6% | 5.2% | ||
| Q1 25 | 1.2% | 5.4% | ||
| Q4 24 | 0.6% | 2.5% | ||
| Q3 24 | 1.3% | 5.3% | ||
| Q2 24 | 1.4% | 3.5% | ||
| Q1 24 | 1.4% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.73× | ||
| Q1 25 | 3.76× | -4.68× | ||
| Q4 24 | -0.07× | -1.63× | ||
| Q3 24 | 13.66× | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | 5.29× | 3.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
