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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $217.5M, roughly 1.1× Clearwater Analytics Holdings, Inc.). Tecnoglass Inc. runs the higher net margin — 10.6% vs -5.4%, a 16.0% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 2.4%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $11.4M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 12.8%).
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.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
CWAN vs TGLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $245.3M |
| Net Profit | $-11.8M | $26.1M |
| Gross Margin | 67.2% | 40.0% |
| Operating Margin | -3.1% | 18.3% |
| Net Margin | -5.4% | 10.6% |
| Revenue YoY | 72.0% | 2.4% |
| Net Profit YoY | -102.8% | -44.5% |
| EPS (diluted) | $-0.04 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $205.1M | $260.5M | ||
| Q2 25 | $181.9M | $255.5M | ||
| Q1 25 | $126.9M | $222.3M | ||
| Q4 24 | $126.5M | $239.6M | ||
| Q3 24 | $115.8M | $238.3M | ||
| Q2 24 | $106.8M | $219.7M | ||
| Q1 24 | $102.7M | $192.6M |
| Q4 25 | $-11.8M | $26.1M | ||
| Q3 25 | $-10.3M | $47.2M | ||
| Q2 25 | $-23.2M | $44.1M | ||
| Q1 25 | $6.5M | $42.2M | ||
| Q4 24 | $419.3M | $47.0M | ||
| Q3 24 | $3.6M | $49.5M | ||
| Q2 24 | $-430.0K | $35.0M | ||
| Q1 24 | $1.9M | $29.7M |
| Q4 25 | 67.2% | 40.0% | ||
| Q3 25 | 65.6% | 42.7% | ||
| Q2 25 | 65.1% | 44.7% | ||
| Q1 25 | 73.3% | 43.9% | ||
| Q4 24 | 73.5% | 44.5% | ||
| Q3 24 | 72.9% | 45.8% | ||
| Q2 24 | 72.0% | 40.8% | ||
| Q1 24 | 72.6% | 38.8% |
| Q4 25 | -3.1% | 18.3% | ||
| Q3 25 | 3.2% | 25.1% | ||
| Q2 25 | -8.0% | 24.0% | ||
| Q1 25 | 5.6% | 26.7% | ||
| Q4 24 | 1.0% | 28.0% | ||
| Q3 24 | 6.3% | 28.4% | ||
| Q2 24 | 3.6% | 23.3% | ||
| Q1 24 | -0.2% | 21.3% |
| Q4 25 | -5.4% | 10.6% | ||
| Q3 25 | -5.0% | 18.1% | ||
| Q2 25 | -12.8% | 17.3% | ||
| Q1 25 | 5.1% | 19.0% | ||
| Q4 24 | 331.5% | 19.6% | ||
| Q3 24 | 3.1% | 20.8% | ||
| Q2 24 | -0.4% | 15.9% | ||
| Q1 24 | 1.8% | 15.4% |
| Q4 25 | $-0.04 | $0.57 | ||
| Q3 25 | $-0.04 | $1.01 | ||
| Q2 25 | $-0.09 | $0.94 | ||
| Q1 25 | $0.03 | $0.90 | ||
| Q4 24 | $1.65 | $1.00 | ||
| Q3 24 | $0.02 | $1.05 | ||
| Q2 24 | $0.00 | $0.75 | ||
| Q1 24 | $0.01 | $0.63 |
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 | $104.1M |
| Total DebtLower is stronger | $822.6M | $174.4M |
| Stockholders' EquityBook value | $2.0B | $713.1M |
| Total Assets | $3.0B | $1.3B |
| Debt / EquityLower = less leverage | 0.41× | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $104.1M | ||
| Q3 25 | $64.1M | $127.1M | ||
| Q2 25 | $71.9M | $140.9M | ||
| Q1 25 | $282.9M | $160.2M | ||
| Q4 24 | $255.5M | $137.5M | ||
| Q3 24 | $305.8M | $124.8M | ||
| Q2 24 | $257.9M | $129.5M | ||
| Q1 24 | $267.6M | $138.8M |
| Q4 25 | $822.6M | $174.4M | ||
| Q3 25 | $838.9M | $114.7M | ||
| Q2 25 | $878.1M | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | $43.3M | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $2.0B | $713.1M | ||
| Q3 25 | $2.0B | $764.0M | ||
| Q2 25 | $2.0B | $736.0M | ||
| Q1 25 | $1.1B | $685.1M | ||
| Q4 24 | $1.0B | $631.2M | ||
| Q3 24 | $403.2M | $613.3M | ||
| Q2 24 | $380.6M | $574.8M | ||
| Q1 24 | $406.2M | $573.6M |
| Q4 25 | $3.0B | $1.3B | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $3.0B | $1.2B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $623.5M | $996.3M | ||
| Q2 24 | $585.1M | $942.5M | ||
| Q1 24 | $547.8M | $981.6M |
| Q4 25 | 0.41× | 0.24× | ||
| Q3 25 | 0.42× | 0.15× | ||
| Q2 25 | 0.45× | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | 0.04× | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $52.3M | $11.4M |
| FCF MarginFCF / Revenue | 24.0% | 4.7% |
| Capex IntensityCapex / Revenue | 1.4% | 8.0% |
| Cash ConversionOCF / Net Profit | — | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $31.0M | ||
| Q3 25 | $49.0M | $40.0M | ||
| Q2 25 | $47.1M | $17.9M | ||
| Q1 25 | $24.5M | $46.9M | ||
| Q4 24 | $-29.2M | $61.1M | ||
| Q3 24 | $49.6M | $41.5M | ||
| Q2 24 | $43.9M | $34.5M | ||
| Q1 24 | $10.0M | $33.4M |
| Q4 25 | $52.3M | $11.4M | ||
| Q3 25 | $44.9M | $21.2M | ||
| Q2 25 | $44.1M | $-14.7M | ||
| Q1 25 | $23.0M | $16.5M | ||
| Q4 24 | $-30.0M | $35.4M | ||
| Q3 24 | $48.1M | $17.8M | ||
| Q2 24 | $42.4M | $14.2M | ||
| Q1 24 | $8.6M | $23.6M |
| Q4 25 | 24.0% | 4.7% | ||
| Q3 25 | 21.9% | 8.2% | ||
| Q2 25 | 24.2% | -5.7% | ||
| Q1 25 | 18.2% | 7.4% | ||
| Q4 24 | -23.7% | 14.8% | ||
| Q3 24 | 41.5% | 7.5% | ||
| Q2 24 | 39.7% | 6.5% | ||
| Q1 24 | 8.4% | 12.2% |
| Q4 25 | 1.4% | 8.0% | ||
| Q3 25 | 2.0% | 7.2% | ||
| Q2 25 | 1.6% | 12.7% | ||
| Q1 25 | 1.2% | 13.7% | ||
| Q4 24 | 0.6% | 10.7% | ||
| Q3 24 | 1.3% | 9.9% | ||
| Q2 24 | 1.4% | 9.2% | ||
| Q1 24 | 1.4% | 5.1% |
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | 3.76× | 1.11× | ||
| Q4 24 | -0.07× | 1.30× | ||
| Q3 24 | 13.66× | 0.84× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | 5.29× | 1.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
