Services-Prepackaged SoftwareIFRS · EUR

Clearwater Analytics Holdings, Inc.

Clearwater Analytics Holdings, Inc. builds cloud-native software for investment accounting, portfolio management, risk, analytics, and client reporting. The company serves institutional investors and asset managers that want a unified, real-time view of public and private assets across the front-, middle-, and back-office. Following the Enfusion, Beacon, and Bistro transactions in 2025, Clearwater is extending its platform toward a broader front-to-back investment management suite.

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Revenue731m EUR
+61.9 %y/y
Operating profit (EBIT)-7.7m EUR
−162.8 %y/y
EBIT margin-1.1%
−3.8 ppy/y
Net income-38.8m EUR
−109.1 %y/y
Free cash flow164m EUR
+138.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2000200400600800m EUR2020: 203 m EUR2020: EBIT -20 m EUR20202021: 252 m EUR2021: EBIT 28 m EUR20212022: 303 m EUR2022: EBIT 5.1 m EUR20222023: 368 m EUR2023: EBIT -17 m EUR20232024: 452 m EUR2024: EBIT 12 m EUR20242025: 731 m EUR2025: EBIT -7.7 m EUR2025731-7.7
RevenueOperating profit (EBIT)
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Business

Share of revenue
Investment accounting and reporting40 %

Core cloud-native accounting, data, and configurable reporting for investment portfolios.

Portfolio and order management20 %

Front-office PMS and OEMS capabilities used to manage portfolios and trade workflows.

Risk and performance analytics15 %

Tools for risk measurement, performance analysis, and decision support across portfolios.

Alternatives and private assets solutions10 %

Capabilities for private credit, structured products, and other alternative assets.

Client reporting and interaction15 %

Reporting workflows and client-facing interaction tools that support service delivery.

Customers

Clearwater sells primarily to institutional investment organizations that need to replace legacy, fragmented systems with a single platform. Its core end-markets are asset managers, insurance companies, hedge funds, and asset owners, with additional growth focus on governments, pension funds, sovereign wealth funds, endowments, and foundations. Customers buy the platform to improve investment decision-making, compliance, reporting speed, and operational efficiency.

Asset managers

Buy investment accounting, PMS, OEMS, and reporting to run multi-asset portfolios and scale operations.

Insurance

Use Clearwater to manage investment accounting, compliance, and analytics for large balance-sheet portfolios.

Asset owners

Corporates, governments, endowments, energy firms, and sell-side banks buy reporting and transparency tools.

Hedge funds

Adopt Enfusion front-office and Clearwater middle/back-office tools for real-time portfolio control.

Nascent institutional buyers

State and local governments, pension funds, sovereign wealth funds, endowments, and foundations.

Strategy

Clearwater is trying to build the first comprehensive cloud-native front-to-back platform for the investment management industry. The near-term focus is integrating Enfusion, Beacon, and Bistro to deepen product breadth, while also cross-selling into existing core end-markets and expanding internationally. Management is also pushing into adjacent institutional segments where legacy systems still dominate.

Integrate acquired platforms into a unified cloud-native suiteShort term

Combines front-, middle-, and back-office workflows into one offering and improves competitive positioning.

Expand within core end-marketsMedium term

Asset management, insurance, hedge funds, and asset owners remain underpenetrated and offer large whitespace.

Accelerate international adoptionMedium term

Europe and Asia are important growth markets and Enfusion improves local market access.

Geography

Clearwater operates globally, with sales organized across the Americas, Asia-Pacific, and EMEA. Management highlighted that international adoption has been constrained by lower brand awareness and less sales investment, but the Enfusion acquisition adds a stronger presence in Europe and Asia. The company is also using its Boise, Idaho headquarters as a client-engagement hub, including its Clearwater Connect conference.

Risks

Clearwater faces integration risk from its recent acquisitions, especially because the strategy depends on combining multiple platforms into one product stack. It also operates in a fragmented, competitive market where legacy vendors and large-scale players can pressure pricing and slow adoption. As a software business serving financial institutions, it is exposed to cybersecurity, implementation, and retention risks that can affect renewals and expansion.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competitive and fragmented market1Cybersecurity and data confidentiality2Acquisition integration risk3International execution risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competitive and fragmented marketImpact: HighLikelihood: Medium

    Investment accounting, PMS, OEMS, and risk software are served by many vendors, including legacy systems.

    ExposurePricingWin ratesClient retention
  2. Cybersecurity and data confidentialityImpact: HighLikelihood: Medium

    The platform stores and transmits sensitive investment and client information.

    ExposureOperational disruptionLiabilityReputational damage
  3. Acquisition integration riskImpact: HighLikelihood: Low

    The business model depends on combining Enfusion, Beacon, and Bistro into a unified platform without disrupting clients.

    ExposureProduct integrationPersonnelSystemsCross-sell execution
  4. International execution riskImpact: MediumLikelihood: Low

    Management noted lower brand awareness and less historical sales investment outside the U.S.

    Exposure: Europe and Asia growth

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Accounting

Judgemental items
Revenue linked to client assets and pricing rates

Revenue changes when assets on platform or billed basis-point rates change, so operating trends can differ from simple client counts.

Impact: Affects revenue growth and comparability across periods

Business combination accounting

Enfusion, Beacon, and Bistro require valuation of acquired assets and liabilities, including goodwill and intangibles.

Impact: Can affect amortization, impairment risk, and reported earnings

Goodwill and intangible assets

Acquisitions increase the risk that future performance assumptions do not support carrying values.

Impact: Potential impairment charges

Critical estimates in acquisitions

Management said business combinations involve a greater degree of judgment and complexity.

Impact: Purchase price allocation and contingent liabilities

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Last updated: 24/09/2026

Clearwater Analytics Holdings, Inc. – Services-Prepackaged Software | Financial Analysis – Clarifo