CWAN - Clearwater Analytics Holdings, Inc.
Price:
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--
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CONSENSUS:
Hold
DETAILS
|
PRICE TARGET:
$24.96
DETAILS
HIGH:
$27.00
LOW:
$24.55
MEDIAN:
$24.55
CONSENSUS:
$24.96
UPSIDE:
2.63%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 731.4 | 451.8 | 368.2 | 303.4 | 252.0 | 203.2 | 168.0 |
| Cost of Revenue | 239.2 | 123.0 | 107.1 | 87.8 | 67.9 | 53.3 | 47.1 |
| Gross Profit | 492.1 | 328.8 | 261.0 | 215.6 | 184.2 | 150.0 | 120.9 |
| Operating Expenses | |||||||
| R&D Expenses | 196.2 | 150.6 | 123.9 | 94.1 | 72.7 | 55.3 | 39.3 |
| SG&A Expenses | 303.6 | 166.0 | 153.9 | 116.4 | 83.0 | 66.1 | 55.9 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 49.0 | 0 |
| Operating Expenses | 499.8 | 316.6 | 277.8 | 210.5 | 155.7 | 170.4 | 95.2 |
| Operating Income | |||||||
| Operating Income | (7.7) | 12.2 | (16.7) | 5.1 | 28.5 | (20.4) | 25.7 |
| Interest Expense | 45.7 | 0 | 0 | 0 | 25.7 | 22.9 | 17.8 |
| Interest Income | 0 | 8.6 | 6.4 | 1.1 | 0 | 0 | 0 |
| Profitability | |||||||
| EBITDA | 81.5 | 24.4 | (6.8) | 10.3 | 32.0 | (18.1) | 27.6 |
| EBIT | (4.0) | 12.2 | (16.7) | 5.1 | 28.5 | (20.4) | 25.6 |
| Income Before Tax | (49.7) | (30.1) | (22.9) | (5.3) | (7.6) | (43.3) | 7.8 |
| Income Tax Expense | (9.4) | (457.6) | 0.2 | 1.4 | 0.5 | 0.9 | 0.1 |
| Net Income | (38.8) | 424.4 | (21.6) | (8.0) | (8.2) | (44.2) | 7.7 |
| Per Share Data | |||||||
| EPS (Basic) | -0.14 | 1.93 | -0.11 | -0.04 | -0.05 | -0.19 | 0.03 |
| EPS (Diluted) | -0.14 | 1.68 | -0.11 | -0.04 | -0.05 | -0.19 | 0.03 |
| Shares Outstanding | 271.3 | 219.3 | 199.7 | 185.6 | 178.0 | 236.0 | 236.0 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 91.2 | 177.3 | 221.8 | 250.7 | 254.6 | 61.1 | 20.3 |
| Short-Term Investments | 0 | 78.1 | 74.5 | 4.9 | 0 | 0 | 0 |
| Net Receivables | 171.9 | 110.2 | 100.9 | 79.2 | 50.2 | 32.9 | 26.6 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 32.4 | 6.2 | 5.6 | 6.5 | 4.8 | 3.4 | 2.9 |
| Total Current Assets | 295.6 | 384.6 | 416.0 | 356.3 | 321.3 | 101.5 | 52.8 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 60.9 | 39.6 | 37.9 | 39.2 | 10.7 | 8.8 | 7.1 |
| Goodwill | 1,270.1 | 71.0 | 45.3 | 43.8 | 0 | 0 | 0 |
| Intangible Assets | 687.6 | 30.9 | 26.1 | 29.5 | 0 | 0 | 0 |
| Long-Term Investments | 0.2 | 30.3 | 21.5 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 21.7 | 10.7 | 10.5 | 11.6 | 11.6 | 5.2 | 4.1 |
| Total Non-Current Assets | 2,736.4 | 784.9 | 142.7 | 125.6 | 23.0 | 14.0 | 11.2 |
| Total Assets | 3,031.9 | 1,169.6 | 558.7 | 481.9 | 344.4 | 115.6 | 64.0 |
| Current Liabilities | |||||||
| Account Payables | 4.1 | 2.9 | 3.1 | 3.1 | 1.4 | 1.3 | 1.1 |
| Short-Term Debt | 23.1 | 2.8 | 2.8 | 2.8 | 2.8 | 3.1 | 2.8 |
| Deferred Revenue | 21.9 | 7.3 | 2.8 | 1.2 | 0.8 | 0 | 1.4 |
| Other Current Liabilities | 110.7 | 25.7 | 20.6 | 18.3 | 8.4 | 10.2 | 5.0 |
| Total Current Liabilities | 161.3 | 77.1 | 80.8 | 66.0 | 31.2 | 38.2 | 20.6 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 837.2 | 43.2 | 45.8 | 48.5 | 51.2 | 421.8 | 244.1 |
| Deferred Tax Liabilities | 0.8 | 1.3 | 5.4 | 5.9 | 0 | 0 | 0 |
| Other Non-Current Liabilities | (21.0) | 0.2 | 0.2 | 3.6 | 0.1 | 0.1 | 0.1 |
| Total Non-Current Liabilities | 839.5 | 62.3 | 68.3 | 77.5 | 51.3 | 422.0 | 244.1 |
| Total Liabilities | 1,000.8 | 139.3 | 149.1 | 143.6 | 82.5 | 460.2 | 264.7 |
| Stockholders' Equity | |||||||
| Common Stock | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | (245.8) | 0 |
| Retained Earnings | 260.0 | 283.9 | (181.3) | (186.6) | (191.9) | 0 | (201.6) |
| Accumulated Other Comprehensive Income | 7.1 | (1.1) | 2.9 | 0.6 | (0.0) | (98.8) | (0.0) |
| Total Stockholders' Equity | 2,021.7 | 1,008.3 | 354.3 | 269.5 | 196.9 | (344.6) | (200.7) |
| Total Liabilities & Equity | 3,031.9 | 1,169.6 | 558.7 | 481.9 | 344.4 | 115.6 | 64.0 |
| Debt Metrics | |||||||
| Total Debt | 882.9 | 71.9 | 72.1 | 76.6 | 53.9 | 424.9 | 246.9 |
| Net Debt | 791.6 | (105.4) | (149.7) | (174.1) | (200.7) | 363.8 | 226.6 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | (38.8) | 427.6 | (23.1) | (6.7) | (8.1) | (44.2) | 7.7 |
| Depreciation & Amortization | 85.5 | 12.2 | 9.9 | 5.1 | 3.5 | 2.3 | 2.0 |
| Stock-Based Compensation | 127.9 | 103.2 | 104.4 | 65.7 | 36.7 | 24.6 | 6.2 |
| Change in Working Capital | (17.8) | (21.2) | (16.1) | (15.9) | (43.3) | 6.0 | (249.1) |
| Other Non-Cash Items | 31.7 | 12.6 | 11.1 | 10.6 | 15.2 | 4.8 | 3.1 |
| Operating Cash Flow | 175.9 | 74.3 | 84.6 | 58.0 | 3.4 | (6.5) | (230.0) |
| Investing Activities | |||||||
| Capital Expenditure | (11.6) | (5.3) | (5.6) | (7.8) | (5.0) | (3.8) | (3.4) |
| Acquisitions | (1,074.8) | (40.1) | 0 | (65.8) | 0 | 0 | 0 |
| Purchases of Investments | (4.7) | (117.6) | (127.2) | (3) | 0 | 0 | 0 |
| Sales/Maturities of Investments | 113.2 | 107.4 | 37.8 | 0 | 0 | 0 | 0 |
| Other Investing Activities | (10.3) | (0.1) | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | (988.1) | (55.6) | (95.1) | (76.6) | (5.0) | (3.8) | (3.4) |
| Financing Activities | |||||||
| Net Debt Issuance | 770.4 | (2.8) | (2.7) | (2.8) | (379.9) | 181.1 | 0 |
| Stock Repurchased | (18.1) | 0 | 0 | 0 | (0.6) | (0.6) | (3.8) |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | (173.2) | 0 |
| Other Financing Activities | (33.7) | (58.9) | (16.5) | 19.0 | (6.4) | 43.7 | 241.5 |
| Financing Cash Flow | 725.4 | (61.7) | (19.3) | 16.2 | 195.3 | 51.0 | 237.7 |
| Cash Position | |||||||
| Net Change in Cash | (86.1) | (44.4) | (29.0) | (3.9) | 193.5 | 40.8 | 4.4 |
| Cash at Beginning | 177.3 | 221.8 | 250.7 | 254.6 | 61.1 | 20.3 | 15.9 |
| Cash at End | 91.2 | 177.3 | 221.8 | 250.7 | 254.6 | 61.1 | 20.3 |
| Free Cash Flow | 164.3 | 69.1 | 79.0 | 50.2 | (1.7) | (10.3) | (233.4) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 731.4 | 451.8 | 368.2 | 303.4 | 252.0 | 203.2 | 168.0 |
| Gross Profit | 492.1 | 328.8 | 261.0 | 215.6 | 184.2 | 150.0 | 120.9 |
| Operating Income | (7.7) | 12.2 | (16.7) | 5.1 | 28.5 | (20.4) | 25.7 |
| Net Income | (38.8) | 424.4 | (21.6) | (8.0) | (8.2) | (44.2) | 7.7 |
| EPS (Diluted) | -0.14 | 1.68 | -0.11 | -0.04 | -0.05 | -0.19 | 0.03 |
| Balance Sheet | |||||||
| Cash & Equivalents | 91.2 | 177.3 | 221.8 | 250.7 | 254.6 | 61.1 | 20.3 |
| Total Assets | 3,031.9 | 1,169.6 | 558.7 | 481.9 | 344.4 | 115.6 | 64.0 |
| Total Debt | 882.9 | 71.9 | 72.1 | 76.6 | 53.9 | 424.9 | 246.9 |
| Stockholders' Equity | 2,021.7 | 1,008.3 | 354.3 | 269.5 | 196.9 | (344.6) | (200.7) |
| Cash Flow | |||||||
| Operating Cash Flow | 175.9 | 74.3 | 84.6 | 58.0 | 3.4 | (6.5) | (230.0) |
| Capital Expenditure | (11.6) | (5.3) | (5.6) | (7.8) | (5.0) | (3.8) | (3.4) |
| Free Cash Flow | 164.3 | 69.1 | 79.0 | 50.2 | (1.7) | (10.3) | (233.4) |