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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Latham Group, Inc. (SWIM). 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 $117.3M, roughly 1.9× Latham Group, Inc.). Clearwater Analytics Holdings, Inc. runs the higher net margin — -5.4% vs -7.3%, a 1.9% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 5.3%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -14.4%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
CWAN vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $117.3M |
| Net Profit | $-11.8M | $-8.5M |
| Gross Margin | 67.2% | 31.7% |
| Operating Margin | -3.1% | — |
| Net Margin | -5.4% | -7.3% |
| Revenue YoY | 72.0% | 5.3% |
| Net Profit YoY | -102.8% | -43.1% |
| EPS (diluted) | $-0.04 | $-0.07 |
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 | — | $117.3M | ||
| Q4 25 | $217.5M | $100.0M | ||
| Q3 25 | $205.1M | $161.9M | ||
| Q2 25 | $181.9M | $172.6M | ||
| Q1 25 | $126.9M | $111.4M | ||
| Q4 24 | $126.5M | $87.3M | ||
| Q3 24 | $115.8M | $150.5M | ||
| Q2 24 | $106.8M | $160.1M |
| Q1 26 | — | $-8.5M | ||
| Q4 25 | $-11.8M | $-7.0M | ||
| Q3 25 | $-10.3M | $8.1M | ||
| Q2 25 | $-23.2M | $16.0M | ||
| Q1 25 | $6.5M | $-6.0M | ||
| Q4 24 | $419.3M | $-29.2M | ||
| Q3 24 | $3.6M | $5.9M | ||
| Q2 24 | $-430.0K | $13.3M |
| Q1 26 | — | 31.7% | ||
| Q4 25 | 67.2% | 28.0% | ||
| Q3 25 | 65.6% | 35.4% | ||
| Q2 25 | 65.1% | 37.1% | ||
| Q1 25 | 73.3% | 29.5% | ||
| Q4 24 | 73.5% | 24.6% | ||
| Q3 24 | 72.9% | 32.4% | ||
| Q2 24 | 72.0% | 33.1% |
| Q1 26 | — | — | ||
| Q4 25 | -3.1% | -10.7% | ||
| Q3 25 | 3.2% | 13.3% | ||
| Q2 25 | -8.0% | 14.3% | ||
| Q1 25 | 5.6% | -4.4% | ||
| Q4 24 | 1.0% | -14.9% | ||
| Q3 24 | 6.3% | 8.9% | ||
| Q2 24 | 3.6% | 12.5% |
| Q1 26 | — | -7.3% | ||
| Q4 25 | -5.4% | -7.0% | ||
| Q3 25 | -5.0% | 5.0% | ||
| Q2 25 | -12.8% | 9.3% | ||
| Q1 25 | 5.1% | -5.4% | ||
| Q4 24 | 331.5% | -33.4% | ||
| Q3 24 | 3.1% | 3.9% | ||
| Q2 24 | -0.4% | 8.3% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $-0.04 | $-0.06 | ||
| Q3 25 | $-0.04 | $0.07 | ||
| Q2 25 | $-0.09 | $0.13 | ||
| Q1 25 | $0.03 | $-0.05 | ||
| Q4 24 | $1.65 | $-0.24 | ||
| Q3 24 | $0.02 | $0.05 | ||
| Q2 24 | $0.00 | $0.11 |
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 | — |
| Total DebtLower is stronger | $822.6M | $3.3M |
| Stockholders' EquityBook value | $2.0B | $396.7M |
| Total Assets | $3.0B | $856.4M |
| Debt / EquityLower = less leverage | 0.41× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $91.2M | — | ||
| Q3 25 | $64.1M | — | ||
| Q2 25 | $71.9M | — | ||
| Q1 25 | $282.9M | — | ||
| Q4 24 | $255.5M | — | ||
| Q3 24 | $305.8M | — | ||
| Q2 24 | $257.9M | — |
| Q1 26 | — | $3.3M | ||
| Q4 25 | $822.6M | $279.8M | ||
| Q3 25 | $838.9M | $281.1M | ||
| Q2 25 | $878.1M | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | $43.3M | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M |
| Q1 26 | — | $396.7M | ||
| Q4 25 | $2.0B | $405.9M | ||
| Q3 25 | $2.0B | $408.4M | ||
| Q2 25 | $2.0B | $398.4M | ||
| Q1 25 | $1.1B | $381.1M | ||
| Q4 24 | $1.0B | $387.2M | ||
| Q3 24 | $403.2M | $416.6M | ||
| Q2 24 | $380.6M | $408.1M |
| Q1 26 | — | $856.4M | ||
| Q4 25 | $3.0B | $823.2M | ||
| Q3 25 | $3.0B | $844.4M | ||
| Q2 25 | $3.0B | $822.1M | ||
| Q1 25 | $1.3B | $824.6M | ||
| Q4 24 | $1.2B | $794.2M | ||
| Q3 24 | $623.5M | $853.4M | ||
| Q2 24 | $585.1M | $830.0M |
| Q1 26 | — | 0.01× | ||
| Q4 25 | 0.41× | 0.69× | ||
| Q3 25 | 0.42× | 0.69× | ||
| Q2 25 | 0.45× | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | 0.04× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× |
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 | $-47.7M |
| Free Cash FlowOCF − Capex | $52.3M | — |
| FCF MarginFCF / Revenue | 24.0% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-47.7M | ||
| Q4 25 | $55.3M | $23.3M | ||
| Q3 25 | $49.0M | $51.0M | ||
| Q2 25 | $47.1M | $36.0M | ||
| Q1 25 | $24.5M | $-46.9M | ||
| Q4 24 | $-29.2M | $6.2M | ||
| Q3 24 | $49.6M | $37.2M | ||
| Q2 24 | $43.9M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $52.3M | $14.1M | ||
| Q3 25 | $44.9M | $45.2M | ||
| Q2 25 | $44.1M | $29.1M | ||
| Q1 25 | $23.0M | $-50.3M | ||
| Q4 24 | $-30.0M | $-98.0K | ||
| Q3 24 | $48.1M | $33.2M | ||
| Q2 24 | $42.4M | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 14.1% | ||
| Q3 25 | 21.9% | 27.9% | ||
| Q2 25 | 24.2% | 16.8% | ||
| Q1 25 | 18.2% | -45.2% | ||
| Q4 24 | -23.7% | -0.1% | ||
| Q3 24 | 41.5% | 22.1% | ||
| Q2 24 | 39.7% | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 9.2% | ||
| Q3 25 | 2.0% | 3.6% | ||
| Q2 25 | 1.6% | 4.0% | ||
| Q1 25 | 1.2% | 3.1% | ||
| Q4 24 | 0.6% | 7.2% | ||
| Q3 24 | 1.3% | 2.7% | ||
| Q2 24 | 1.4% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | 3.76× | — | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | 6.32× | ||
| Q2 24 | — | 3.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
