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Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). 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 $199.5M, roughly 1.1× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 3.6% vs -5.4%, a 9.0% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -4.1%). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
CWAN vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $199.5M |
| Net Profit | $-11.8M | $7.1M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | 7.7% |
| Net Margin | -5.4% | 3.6% |
| Revenue YoY | 72.0% | -4.1% |
| Net Profit YoY | -102.8% | -78.1% |
| EPS (diluted) | $-0.04 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $217.5M | $208.0M | ||
| Q3 25 | $205.1M | $216.4M | ||
| Q2 25 | $181.9M | $210.5M | ||
| Q1 25 | $126.9M | $217.9M | ||
| Q4 24 | $126.5M | $233.5M | ||
| Q3 24 | $115.8M | $227.0M | ||
| Q2 24 | $106.8M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $-11.8M | $33.9M | ||
| Q3 25 | $-10.3M | $31.3M | ||
| Q2 25 | $-23.2M | $42.7M | ||
| Q1 25 | $6.5M | $28.1M | ||
| Q4 24 | $419.3M | $39.5M | ||
| Q3 24 | $3.6M | $49.1M | ||
| Q2 24 | $-430.0K | $26.0M |
| Q1 26 | — | — | ||
| Q4 25 | 67.2% | — | ||
| Q3 25 | 65.6% | — | ||
| Q2 25 | 65.1% | — | ||
| Q1 25 | 73.3% | — | ||
| Q4 24 | 73.5% | — | ||
| Q3 24 | 72.9% | — | ||
| Q2 24 | 72.0% | — |
| Q1 26 | — | 7.7% | ||
| Q4 25 | -3.1% | 19.1% | ||
| Q3 25 | 3.2% | 21.7% | ||
| Q2 25 | -8.0% | 21.5% | ||
| Q1 25 | 5.6% | 16.8% | ||
| Q4 24 | 1.0% | 21.7% | ||
| Q3 24 | 6.3% | 24.3% | ||
| Q2 24 | 3.6% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | -5.4% | 16.3% | ||
| Q3 25 | -5.0% | 14.5% | ||
| Q2 25 | -12.8% | 20.3% | ||
| Q1 25 | 5.1% | 12.9% | ||
| Q4 24 | 331.5% | 16.9% | ||
| Q3 24 | 3.1% | 21.6% | ||
| Q2 24 | -0.4% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $-0.04 | $5.15 | ||
| Q3 25 | $-0.04 | $4.65 | ||
| Q2 25 | $-0.09 | $6.12 | ||
| Q1 25 | $0.03 | $4.05 | ||
| Q4 24 | $1.65 | $4.65 | ||
| Q3 24 | $0.02 | $5.71 | ||
| Q2 24 | $0.00 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $93.6B |
| Total Assets | $3.0B | — |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| 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 | — | — | ||
| Q4 25 | $822.6M | $390.0M | ||
| Q3 25 | $838.9M | $390.6M | ||
| Q2 25 | $878.1M | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | $43.3M | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $2.0B | $934.0M | ||
| Q3 25 | $2.0B | $918.7M | ||
| Q2 25 | $2.0B | $896.4M | ||
| Q1 25 | $1.1B | $893.7M | ||
| Q4 24 | $1.0B | $897.5M | ||
| Q3 24 | $403.2M | $889.0M | ||
| Q2 24 | $380.6M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $3.0B | $4.3B | ||
| Q3 25 | $3.0B | $3.9B | ||
| Q2 25 | $3.0B | $3.7B | ||
| Q1 25 | $1.3B | $3.7B | ||
| Q4 24 | $1.2B | $4.0B | ||
| Q3 24 | $623.5M | $3.6B | ||
| Q2 24 | $585.1M | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.41× | 0.42× | ||
| Q3 25 | 0.42× | 0.43× | ||
| Q2 25 | 0.45× | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 0.04× | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | — |
| 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 | — | — | ||
| Q4 25 | $55.3M | $-67.2M | ||
| Q3 25 | $49.0M | $108.3M | ||
| Q2 25 | $47.1M | $75.8M | ||
| Q1 25 | $24.5M | $-3.8M | ||
| Q4 24 | $-29.2M | $1.8M | ||
| Q3 24 | $49.6M | $69.1M | ||
| Q2 24 | $43.9M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $52.3M | $-74.1M | ||
| Q3 25 | $44.9M | $106.9M | ||
| Q2 25 | $44.1M | $74.2M | ||
| Q1 25 | $23.0M | $-6.8M | ||
| Q4 24 | $-30.0M | $-3.8M | ||
| Q3 24 | $48.1M | $68.7M | ||
| Q2 24 | $42.4M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | -35.6% | ||
| Q3 25 | 21.9% | 49.4% | ||
| Q2 25 | 24.2% | 35.2% | ||
| Q1 25 | 18.2% | -3.1% | ||
| Q4 24 | -23.7% | -1.6% | ||
| Q3 24 | 41.5% | 30.3% | ||
| Q2 24 | 39.7% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 3.3% | ||
| Q3 25 | 2.0% | 0.7% | ||
| Q2 25 | 1.6% | 0.7% | ||
| Q1 25 | 1.2% | 1.4% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 1.3% | 0.2% | ||
| Q2 24 | 1.4% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | 3.76× | -0.13× | ||
| Q4 24 | -0.07× | 0.04× | ||
| Q3 24 | 13.66× | 1.41× | ||
| Q2 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWAN
Segment breakdown not available.
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
