vs
Side-by-side financial comparison of Clearwater Analytics Holdings, Inc. (CWAN) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $217.5M, roughly 1.6× Clearwater Analytics Holdings, Inc.). Clearwater Analytics Holdings, Inc. runs the higher net margin — -5.4% vs -12.9%, a 7.5% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -0.4%). Clearwater Analytics Holdings, Inc. produced more free cash flow last quarter ($52.3M vs $-680.1M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 22.1%).
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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
CWAN vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $340.0M |
| Net Profit | $-11.8M | $-13.9M |
| Gross Margin | 67.2% | — |
| Operating Margin | -3.1% | -17.2% |
| Net Margin | -5.4% | -12.9% |
| Revenue YoY | 72.0% | -0.4% |
| Net Profit YoY | -102.8% | -131.0% |
| EPS (diluted) | $-0.04 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $205.1M | $337.7M | ||
| Q2 25 | $181.9M | $319.2M | ||
| Q1 25 | $126.9M | $237.4M | ||
| Q4 24 | $126.5M | $341.5M | ||
| Q3 24 | $115.8M | $292.3M | ||
| Q2 24 | $106.8M | $270.7M | ||
| Q1 24 | $102.7M | $228.1M |
| Q4 25 | $-11.8M | $-13.9M | ||
| Q3 25 | $-10.3M | $33.5M | ||
| Q2 25 | $-23.2M | $34.0M | ||
| Q1 25 | $6.5M | $2.8M | ||
| Q4 24 | $419.3M | $44.8M | ||
| Q3 24 | $3.6M | $28.8M | ||
| Q2 24 | $-430.0K | $22.7M | ||
| Q1 24 | $1.9M | $11.9M |
| 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 24 | 72.6% | — |
| Q4 25 | -3.1% | -17.2% | ||
| Q3 25 | 3.2% | 13.6% | ||
| Q2 25 | -8.0% | 14.5% | ||
| Q1 25 | 5.6% | 2.2% | ||
| Q4 24 | 1.0% | 15.3% | ||
| Q3 24 | 6.3% | 12.8% | ||
| Q2 24 | 3.6% | 10.4% | ||
| Q1 24 | -0.2% | 6.0% |
| Q4 25 | -5.4% | -12.9% | ||
| Q3 25 | -5.0% | 9.9% | ||
| Q2 25 | -12.8% | 10.6% | ||
| Q1 25 | 5.1% | 1.2% | ||
| Q4 24 | 331.5% | 13.1% | ||
| Q3 24 | 3.1% | 9.9% | ||
| Q2 24 | -0.4% | 8.4% | ||
| Q1 24 | 1.8% | 5.2% |
| Q4 25 | $-0.04 | $-0.41 | ||
| Q3 25 | $-0.04 | $0.98 | ||
| Q2 25 | $-0.09 | $0.99 | ||
| Q1 25 | $0.03 | $0.08 | ||
| Q4 24 | $1.65 | $1.32 | ||
| Q3 24 | $0.02 | $0.85 | ||
| Q2 24 | $0.00 | $0.67 | ||
| Q1 24 | $0.01 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | $822.6M | — |
| Stockholders' EquityBook value | $2.0B | $1.7B |
| Total Assets | $3.0B | $5.1B |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $91.2M | $299.3M | ||
| Q3 25 | $64.1M | $274.8M | ||
| Q2 25 | $71.9M | $233.7M | ||
| Q1 25 | $282.9M | $181.0M | ||
| Q4 24 | $255.5M | $279.3M | ||
| Q3 24 | $305.8M | $179.8M | ||
| Q2 24 | $257.9M | $208.1M | ||
| Q1 24 | $267.6M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $2.0B | $1.8B | ||
| Q2 25 | $2.0B | $1.8B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $403.2M | $1.7B | ||
| Q2 24 | $380.6M | $1.7B | ||
| Q1 24 | $406.2M | $1.7B |
| Q4 25 | $3.0B | $5.1B | ||
| Q3 25 | $3.0B | $5.8B | ||
| Q2 25 | $3.0B | $4.7B | ||
| Q1 25 | $1.3B | $4.5B | ||
| Q4 24 | $1.2B | $4.4B | ||
| Q3 24 | $623.5M | $4.6B | ||
| Q2 24 | $585.1M | $4.2B | ||
| Q1 24 | $547.8M | $3.8B |
| 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 | $-664.3M |
| Free Cash FlowOCF − Capex | $52.3M | $-680.1M |
| FCF MarginFCF / Revenue | 24.0% | -200.0% |
| Capex IntensityCapex / Revenue | 1.4% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $164.3M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.3M | $-664.3M | ||
| Q3 25 | $49.0M | $-948.1M | ||
| Q2 25 | $47.1M | $-238.5M | ||
| Q1 25 | $24.5M | $-281.1M | ||
| Q4 24 | $-29.2M | $129.4M | ||
| Q3 24 | $49.6M | $-202.0M | ||
| Q2 24 | $43.9M | $-237.8M | ||
| Q1 24 | $10.0M | $38.4M |
| Q4 25 | $52.3M | $-680.1M | ||
| Q3 25 | $44.9M | $-950.4M | ||
| Q2 25 | $44.1M | $-241.0M | ||
| Q1 25 | $23.0M | $-284.7M | ||
| Q4 24 | $-30.0M | $116.4M | ||
| Q3 24 | $48.1M | $-204.0M | ||
| Q2 24 | $42.4M | $-241.7M | ||
| Q1 24 | $8.6M | $35.2M |
| Q4 25 | 24.0% | -200.0% | ||
| Q3 25 | 21.9% | -281.5% | ||
| Q2 25 | 24.2% | -75.5% | ||
| Q1 25 | 18.2% | -120.0% | ||
| Q4 24 | -23.7% | 34.1% | ||
| Q3 24 | 41.5% | -69.8% | ||
| Q2 24 | 39.7% | -89.3% | ||
| Q1 24 | 8.4% | 15.4% |
| Q4 25 | 1.4% | 4.6% | ||
| Q3 25 | 2.0% | 0.7% | ||
| Q2 25 | 1.6% | 0.8% | ||
| Q1 25 | 1.2% | 1.5% | ||
| Q4 24 | 0.6% | 3.8% | ||
| Q3 24 | 1.3% | 0.7% | ||
| Q2 24 | 1.4% | 1.4% | ||
| Q1 24 | 1.4% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | 3.76× | -102.07× | ||
| Q4 24 | -0.07× | 2.89× | ||
| Q3 24 | 13.66× | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | 5.29× | 3.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
