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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Wheels Up Experience Inc. (UP). 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 $183.8M, roughly 1.2× Wheels Up Experience Inc.). Clearwater Analytics Holdings, Inc. runs the higher net margin — -5.4% vs -15.7%, a 10.3% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -10.2%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $-58.3M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
CWAN vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $183.8M |
| Net Profit | $-11.8M | $-28.9M |
| Gross Margin | 67.2% | 14.3% |
| Operating Margin | -3.1% | -0.9% |
| Net Margin | -5.4% | -15.7% |
| Revenue YoY | 72.0% | -10.2% |
| Net Profit YoY | -102.8% | 67.0% |
| 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 | $183.8M | ||
| Q3 25 | $205.1M | $185.5M | ||
| Q2 25 | $181.9M | $189.6M | ||
| Q1 25 | $126.9M | $177.5M | ||
| Q4 24 | $126.5M | $204.8M | ||
| Q3 24 | $115.8M | $193.9M | ||
| Q2 24 | $106.8M | $196.3M | ||
| Q1 24 | $102.7M | $197.1M |
| Q4 25 | $-11.8M | $-28.9M | ||
| Q3 25 | $-10.3M | $-83.7M | ||
| Q2 25 | $-23.2M | $-82.3M | ||
| Q1 25 | $6.5M | $-99.3M | ||
| Q4 24 | $419.3M | $-87.5M | ||
| Q3 24 | $3.6M | $-57.7M | ||
| Q2 24 | $-430.0K | $-97.0M | ||
| Q1 24 | $1.9M | $-97.4M |
| Q4 25 | 67.2% | 14.3% | ||
| Q3 25 | 65.6% | 6.8% | ||
| Q2 25 | 65.1% | 8.3% | ||
| Q1 25 | 73.3% | 10.8% | ||
| Q4 24 | 73.5% | 13.9% | ||
| Q3 24 | 72.9% | 13.9% | ||
| Q2 24 | 72.0% | 2.3% | ||
| Q1 24 | 72.6% | -0.6% |
| Q4 25 | -3.1% | -0.9% | ||
| Q3 25 | 3.2% | -33.1% | ||
| Q2 25 | -8.0% | -31.4% | ||
| Q1 25 | 5.6% | -45.5% | ||
| Q4 24 | 1.0% | -26.0% | ||
| Q3 24 | 6.3% | -21.6% | ||
| Q2 24 | 3.6% | -40.3% | ||
| Q1 24 | -0.2% | -42.9% |
| Q4 25 | -5.4% | -15.7% | ||
| Q3 25 | -5.0% | -45.1% | ||
| Q2 25 | -12.8% | -43.4% | ||
| Q1 25 | 5.1% | -55.9% | ||
| Q4 24 | 331.5% | -42.7% | ||
| Q3 24 | 3.1% | -29.8% | ||
| Q2 24 | -0.4% | -49.4% | ||
| Q1 24 | 1.8% | -49.4% |
| Q4 25 | $-0.04 | $-0.04 | ||
| Q3 25 | $-0.04 | $-0.12 | ||
| Q2 25 | $-0.09 | $-0.12 | ||
| Q1 25 | $0.03 | $-0.14 | ||
| Q4 24 | $1.65 | $-0.13 | ||
| Q3 24 | $0.02 | $-0.08 | ||
| Q2 24 | $0.00 | $-0.14 | ||
| Q1 24 | $0.01 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | $822.6M | $671.3M |
| Stockholders' EquityBook value | $2.0B | $-392.1M |
| Total Assets | $3.0B | $968.8M |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $133.9M | ||
| Q3 25 | $64.1M | $125.3M | ||
| Q2 25 | $71.9M | $107.0M | ||
| Q1 25 | $282.9M | $171.8M | ||
| Q4 24 | $255.5M | $216.4M | ||
| Q3 24 | $305.8M | $115.9M | ||
| Q2 24 | $257.9M | $141.5M | ||
| Q1 24 | $267.6M | $180.9M |
| Q4 25 | $822.6M | $671.3M | ||
| Q3 25 | $838.9M | $766.5M | ||
| Q2 25 | $878.1M | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | $43.3M | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $2.0B | $-392.1M | ||
| Q3 25 | $2.0B | $-374.5M | ||
| Q2 25 | $2.0B | $-347.8M | ||
| Q1 25 | $1.1B | $-288.1M | ||
| Q4 24 | $1.0B | $-202.1M | ||
| Q3 24 | $403.2M | $-117.7M | ||
| Q2 24 | $380.6M | $-72.2M | ||
| Q1 24 | $406.2M | $936.0K |
| Q4 25 | $3.0B | $968.8M | ||
| Q3 25 | $3.0B | $973.0M | ||
| Q2 25 | $3.0B | $1.0B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $623.5M | $1.0B | ||
| Q2 24 | $585.1M | $1.1B | ||
| 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 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $52.3M | $-58.3M |
| FCF MarginFCF / Revenue | 24.0% | -31.7% |
| Capex IntensityCapex / Revenue | 1.4% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $-18.4M | ||
| Q3 25 | $49.0M | $-37.1M | ||
| Q2 25 | $47.1M | $-62.9M | ||
| Q1 25 | $24.5M | $-47.9M | ||
| Q4 24 | $-29.2M | $37.9M | ||
| Q3 24 | $49.6M | $-16.9M | ||
| Q2 24 | $43.9M | $-25.2M | ||
| Q1 24 | $10.0M | $-73.8M |
| Q4 25 | $52.3M | $-58.3M | ||
| Q3 25 | $44.9M | $-60.4M | ||
| Q2 25 | $44.1M | $-78.6M | ||
| Q1 25 | $23.0M | $-62.6M | ||
| Q4 24 | $-30.0M | $-70.2M | ||
| Q3 24 | $48.1M | $-21.9M | ||
| Q2 24 | $42.4M | $-30.8M | ||
| Q1 24 | $8.6M | $-77.8M |
| Q4 25 | 24.0% | -31.7% | ||
| Q3 25 | 21.9% | -32.6% | ||
| Q2 25 | 24.2% | -41.5% | ||
| Q1 25 | 18.2% | -35.3% | ||
| Q4 24 | -23.7% | -34.3% | ||
| Q3 24 | 41.5% | -11.3% | ||
| Q2 24 | 39.7% | -15.7% | ||
| Q1 24 | 8.4% | -39.5% |
| Q4 25 | 1.4% | 21.7% | ||
| Q3 25 | 2.0% | 12.5% | ||
| Q2 25 | 1.6% | 8.3% | ||
| Q1 25 | 1.2% | 8.3% | ||
| Q4 24 | 0.6% | 52.8% | ||
| Q3 24 | 1.3% | 2.6% | ||
| Q2 24 | 1.4% | 2.9% | ||
| Q1 24 | 1.4% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.76× | — | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 13.66× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
