Clearwater Analytics - Public Comps and Valuation Multiples

Clearwater Analytics Overview

About Clearwater Analytics

Clearwater Analytics describes its mission as aiming to be the world’s most trusted and comprehensive technology platform for the entire investment cycle. Clearwater has historically focused on back-office functions such as investment accounting, but with acquisitions such Enfusion, Beacon, and Bistro, the firm has broadened its focus with front-office and middle-office capabilities. Clearwater primarily serves insurance companies, asset managers, hedge funds, and corporate treasuries. Pro forma for Enfusion, about 76% of Clearwater’s revenue is generated in the US.

Founded

2021

HQ

Employees

1.9K+

Website

clearwateranalytics.com

Sectors

Financial Management Software
BI & Analytics Software
Financial Services Software
FinTech
B2B SaaS
Vertical SaaS

Financials

LTM Revenue $673M

LTM EBITDA $217M

EV

$6.4B

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Clearwater Analytics Financials

As of September 2025, Clearwater Analytics reported last 12-month revenue of $673M and EBITDA of $217M.

In the same period, Clearwater Analytics generated $504M in LTM gross profit and $147M in net income.

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Clearwater Analytics P&L

In the most recent fiscal year, Clearwater Analytics reported revenue of $452M and EBITDA of $24.4M.

Clearwater Analytics expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$673M	XXX	$452M	XXX	XXX	XXX
Gross Profit	$504M	XXX	$329M	XXX	XXX	XXX
Gross Margin	75%	XXX	73%	XXX	XXX	XXX
EBITDA	$217M	XXX	$24.4M	XXX	XXX	XXX
EBITDA Margin	32%	XXX	5%	XXX	XXX	XXX
EBIT	$215M	XXX	$12.2M	XXX	XXX	XXX
EBIT Margin	32%	XXX	3%	XXX	XXX	XXX
Net Profit	$147M	XXX	$424M	XXX	XXX	XXX
Net Margin	22%	XXX	94%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Clearwater Analytics including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $673M. EBITDA for the last twelve months was $217M. In the most recent fiscal year, Clearwater Analytics achieved $452M in revenue and $24.4M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$673M	Analyst estimates available to subscribers	$452M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$504M	Analyst estimates available to subscribers	$329M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	74.9% gross margin	Analyst estimates available to subscribers	72.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$217M	Analyst estimates available to subscribers	$24.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	32.2% EBITDA margin	Analyst estimates available to subscribers	5.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$215M	Analyst estimates available to subscribers	$12.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	32.0% EBIT margin	Analyst estimates available to subscribers	2.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$147M	Analyst estimates available to subscribers	$424M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	21.8% net profit margin	Analyst estimates available to subscribers	93.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Clearwater Analytics

This financial data table provides comprehensive performance metrics for Clearwater Analytics, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Clearwater Analytics generated $673M in revenue over the last twelve months.
The company achieved $217M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $504M.
Net income over the last twelve months reached $147M.

Fiscal Year Performance

In the most recent fiscal year, Clearwater Analytics reported $452M in total revenue.
Fiscal year EBITDA was $24.4M.
The company maintained a gross profit margin of 72.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 5.4%.
Net profit margin reached 93.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Clearwater Analytics. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Clearwater Analytics Stock Performance

Clearwater Analytics has current market cap of $5.5B, and EV of $6.4B.

Market Cap Evolution

Clearwater Analytics Stock Data

As of October 17, 2025, Clearwater Analytics's stock price is $19.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$6.4B	$5.5B	XXX	XXX	XXX	XXX	$0.52

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Clearwater Analytics Valuation Multiples

Clearwater Analytics's trades at 14.2x EV/Revenue multiple, and 261.9x EV/EBITDA.

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Clearwater Analytics Financial Valuation Multiples

As of October 17, 2025, Clearwater Analytics has market cap of $5.5B and EV of $6.4B.

Equity research analysts estimate Clearwater Analytics's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Clearwater Analytics has a P/E ratio of 37.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$5.5B	XXX	$5.5B	XXX	XXX	XXX
EV (current)	$6.4B	XXX	$6.4B	XXX	XXX	XXX
EV/Revenue	9.5x	XXX	14.2x	XXX	XXX	XXX
EV/EBITDA	29.5x	XXX	261.9x	XXX	XXX	XXX
EV/EBIT	29.7x	XXX	522.8x	XXX	XXX	XXX
EV/Gross Profit	12.7x	XXX	n/a	XXX	XXX	XXX
P/E	37.7x	XXX	13.1x	XXX	XXX	XXX
EV/FCF	43.9x	XXX	92.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Clearwater Analytics Margins & Growth Rates

Clearwater Analytics's last 12 month revenue growth is 34%

Clearwater Analytics's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.2M for the same period.

Clearwater Analytics's rule of 40 is 32% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Clearwater Analytics's rule of X is 118% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Clearwater Analytics Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	34%	XXX	45%	XXX	XXX	XXX
EBITDA Margin	32%	XXX	5%	XXX	XXX	XXX
EBITDA Growth	40%	XXX	n/a	XXX	XXX	XXX
Rule of 40	32%	XXX	40%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	118%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	15%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	33%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	70%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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