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Clearwater Analytics Valuation Multiples
Discover revenue and EBITDA valuation multiples for Clearwater Analytics and similar public comparables like Morningstar, Geovis, Hundsun, Oracle Financial Services and more.
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
3.0K
Website
Sectors
Financials (LTM)
EV
$8B
Clearwater Analytics Financials
Clearwater Analytics reported last 12-month revenue of $794M and EBITDA of $272M.
In the same LTM period, Clearwater Analytics generated $618M in gross profit, $272M in EBITDA, and $171M in net income.
Revenue (LTM)
Clearwater Analytics P&L
In the most recent fiscal year, Clearwater Analytics reported revenue of $731M and EBITDA of $248M.
Clearwater Analytics expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $794M | XXX | $731M | XXX | XXX | XXX |
| Gross Profit | $618M | XXX | $492M | XXX | XXX | XXX |
| Gross Margin | 78% | XXX | 67% | XXX | XXX | XXX |
| EBITDA | $272M | XXX | $248M | XXX | XXX | XXX |
| EBITDA Margin | 34% | XXX | 34% | XXX | XXX | XXX |
| EBIT Margin | 34% | XXX | 34% | XXX | XXX | XXX |
| Net Profit | $171M | XXX | $155M | XXX | XXX | XXX |
| Net Margin | 22% | XXX | 21% | XXX | XXX | XXX |
| Net Debt | — | — | $731M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Clearwater Analytics Stock Performance
Clearwater Analytics has current market cap of $7B, and enterprise value of $8B.
Market Cap Evolution
Clearwater Analytics' stock price is $24.11.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $8B | $7B | 0.0% | XXX | XXX | XXX | $0.52 |
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Start Free TrialClearwater Analytics Valuation Multiples
Clearwater Analytics trades at 10.0x EV/Revenue multiple, and 29.1x EV/EBITDA.
EV / Revenue (LTM)
Clearwater Analytics Financial Valuation Multiples
As of April 18, 2026, Clearwater Analytics has market cap of $7B and EV of $8B.
Equity research analysts estimate Clearwater Analytics' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Clearwater Analytics has a P/E ratio of 41.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV (current) | $8B | XXX | $8B | XXX | XXX | XXX |
| EV/Revenue | 10.0x | XXX | 10.8x | XXX | XXX | XXX |
| EV/EBITDA | 29.1x | XXX | 31.9x | XXX | XXX | XXX |
| EV/EBIT | 29.4x | XXX | 31.9x | XXX | XXX | XXX |
| EV/Gross Profit | 12.8x | XXX | 16.1x | XXX | XXX | XXX |
| P/E | 41.7x | XXX | 46.3x | XXX | XXX | XXX |
| EV/FCF | 43.7x | XXX | 48.3x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Clearwater Analytics Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Clearwater Analytics Margins & Growth Rates
Clearwater Analytics' revenue in the last 12 month grew by 25%.
Clearwater Analytics' revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.2M for the same period.
Clearwater Analytics' rule of 40 is 64% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Clearwater Analytics' rule of X is 107% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Clearwater Analytics Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 25% | XXX | 29% | XXX | XXX | XXX |
| EBITDA Margin | 34% | XXX | 34% | XXX | XXX | XXX |
| EBITDA Growth | 29% | XXX | 32% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 64% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 107% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 13% | XXX | 20% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 10% | XXX | 21% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 22% | XXX | 27% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 68% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Clearwater Analytics Public Comps
See public comps and valuation multiples for other Financial Management Software and BI & Analytics Software comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Clearwater Analytics | XXX | XXX | XXX | XXX | XXX | XXX |
| Morningstar | XXX | XXX | XXX | XXX | XXX | XXX |
| Geovis | XXX | XXX | XXX | XXX | XXX | XXX |
| Hundsun | XXX | XXX | XXX | XXX | XXX | XXX |
| Oracle Financial Services | XXX | XXX | XXX | XXX | XXX | XXX |
| Temenos | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Clearwater Analytics M&A Activity
Clearwater Analytics acquired XXX companies to date.
Last acquisition by Clearwater Analytics was on XXXXXXXX, XXXXX. Clearwater Analytics acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Clearwater Analytics
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialClearwater Analytics Investment Activity
Clearwater Analytics invested in XXX companies to date.
Clearwater Analytics made its latest investment on XXXXXXXX, XXXXX. Clearwater Analytics invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Clearwater Analytics
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Clearwater Analytics
| When was Clearwater Analytics founded? | Clearwater Analytics was founded in 2021. |
| Where is Clearwater Analytics headquartered? | Clearwater Analytics is headquartered in United States. |
| How many employees does Clearwater Analytics have? | As of today, Clearwater Analytics has over 3K employees. |
| Who is the CEO of Clearwater Analytics? | Clearwater Analytics' CEO is Sandeep Sahai. |
| Is Clearwater Analytics publicly listed? | Yes, Clearwater Analytics is a public company listed on NYSE. |
| What is the stock symbol of Clearwater Analytics? | Clearwater Analytics trades under CWAN ticker. |
| When did Clearwater Analytics go public? | Clearwater Analytics went public in 2021. |
| Who are competitors of Clearwater Analytics? | Clearwater Analytics main competitors are Morningstar, Geovis, Hundsun, Oracle Financial Services. |
| What is the current market cap of Clearwater Analytics? | Clearwater Analytics' current market cap is $7B. |
| What is the current revenue of Clearwater Analytics? | Clearwater Analytics' last 12 months revenue is $794M. |
| What is the current revenue growth of Clearwater Analytics? | Clearwater Analytics revenue growth (NTM/LTM) is 25%. |
| What is the current EV/Revenue multiple of Clearwater Analytics? | Current revenue multiple of Clearwater Analytics is 10.0x. |
| Is Clearwater Analytics profitable? | Yes, Clearwater Analytics is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Clearwater Analytics? | Clearwater Analytics' last 12 months EBITDA is $272M. |
| What is Clearwater Analytics' EBITDA margin? | Clearwater Analytics' last 12 months EBITDA margin is 34%. |
| What is the current EV/EBITDA multiple of Clearwater Analytics? | Current EBITDA multiple of Clearwater Analytics is 29.1x. |
| What is the current FCF of Clearwater Analytics? | Clearwater Analytics' last 12 months FCF is $182M. |
| What is Clearwater Analytics' FCF margin? | Clearwater Analytics' last 12 months FCF margin is 23%. |
| What is the current EV/FCF multiple of Clearwater Analytics? | Current FCF multiple of Clearwater Analytics is 43.7x. |
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