CWAN vs XMTR Stock Comparison: AI Score, Valuation, Performance and Upside
CWAN (Clearwater Analytics) and XMTR (Xometry) are both technology marketplaces with recurring revenue models but in completely different industries — Clearwater provides investment accounting SaaS to institutional investors with AUA-based pricing that grows with market appreciation, while Xometry is a manufacturing marketplace using AI to connect companies needing custom parts with distributed manufacturing suppliers. Clearwater is a financial data platform; Xometry is an industrial marketplace.
CWAN vs XMTR is investment accounting SaaS with market-driven AUA revenue growth (Clearwater's mission-critical investment reporting platform whose revenue scales with managed assets while insurance accounting expertise creates high switching costs) versus AI-powered manufacturing marketplace disrupting industrial procurement (Xometry's instant quoting and supplier network trying to replace traditional RFQ processes for custom manufactured parts) — financial data infrastructure versus industrial marketplace disruption.
CWAN and XMTR are closely matched — they split the tracked metrics evenly. CWAN leads on both revenue growth (74.40%) and operating margin (4.06%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for XMTR (+19.59%) than for CWAN (-0.49%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- Want a financial SaaS company with AUA-based revenue that grows passively with investment market appreciation — Clearwater's revenue increases as its customers' portfolios grow in value without requiring new customers or feature expansion
- Value Clearwater's insurance company vertical focus as creating deep regulatory expertise and high switching costs from years of embedded investment accounting relationships
- Prefer Clearwater's more predictable recurring revenue model and established profitability versus earlier-stage marketplace companies with more variable revenue and uncertain path to profitability
- Want exposure to the digitization of industrial manufacturing procurement — Xometry's AI instant quoting and distributed supplier network addresses a genuine inefficiency in how companies source custom manufactured parts
- Value Xometry's two-sided marketplace flywheel as growing supplier network attracting more buyers and more buyers attracting better supplier capacity and pricing
- Accept Xometry's current unprofitability and marketplace take rate risk as the price of early exposure to a potentially large industrial procurement digitization opportunity
| Metric | CWAN | XMTR |
|---|---|---|
| AI scorei | 37.0 | 39.3 |
| AI ranki | #1448 | #1401 |
| Latest closei | $24.56 | $99.54 |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | CWAN | XMTR |
|---|---|---|
| 1Y ago | N/A | $20.44K (+104.4%) started 2025-10-15 |
| 5Y ago | N/A | $16.62K (+66.2%) started 2021-10-15 |
| 10Y ago | N/A | $11.39K (+13.9%) started 2021-06-30 |
Hypothetical — past performance does not guarantee future results.
| Metric | CWAN | XMTR |
|---|---|---|
| Market capi | $7.33B | $5.29B |
| Trailing P/Ei | N/A | N/A |
| Forward P/Ei | 28.03 | 71.63 |
| Price/Salesi | 8.88 | N/A |
| EV/Revenuei | 9.79 | 6.25 |
| Analyst targeti | $24.44 | $110.30 |
| Target upsidei | -0.49% | +19.59% |
| Metric | CWAN | XMTR |
|---|---|---|
| Revenue growthi | 74.40% | 41.10% |
| Earnings growthi | N/A | N/A |
| EPS growthi | N/A | N/A |
| FCF margini | +19.41% | -1.52% |
| Operating margini | 4.06% | -2.44% |
| Profit margini | -5.82% | -3.82% |
| ROIC proxyi | -3.13% | -7.10% |
| Return on equityi | -3.13% | -7.10% |
| Dividend yieldi | N/A | N/A |
| Payout ratioi | 0.00% | N/A |
| Dividend growth streaki | N/A | N/A |
| Betai | 0.60 | 1.32 |
| Debt/equityi | 41.90 | 56.99 |
| Current ratioi | 2.25 | 3.21 |
| Quick ratioi | 1.96 | 3.09 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | CWAN | XMTR |
|---|---|---|---|
| 1Y | Growthi | N/A | +104.44% |
| CAGRi | N/A | +104.54% | |
| Volatilityi | N/A | 83.77% | |
| Sharpe ratioi | N/A | 1.21 | |
| Sortino ratioi | N/A | 1.92 | |
| Max drawdowni | N/A | 49.93% | |
| Current drawdowni | N/A | 10.38% | |
| Avg drawdowni | N/A | 14.29% | |
| Ulcer Indexi | N/A | 20.12% | |
| Max daily dropi | N/A | 22.24% | |
| Max wkly dropi | N/A | 27.64% | |
| 5Y | Growthi | N/A | +66.23% |
| CAGRi | N/A | +10.70% | |
| Volatilityi | N/A | 81.23% | |
| Sharpe ratioi | N/A | 0.47 | |
| Sortino ratioi | N/A | 0.73 | |
| Max drawdowni | N/A | 81.88% | |
| Current drawdowni | N/A | 10.38% | |
| Avg drawdowni | N/A | 42.59% | |
| Ulcer Indexi | N/A | 49.15% | |
| Max daily dropi | N/A | 39.49% | |
| Max wkly dropi | N/A | 46.32% | |
| 10Y | Growthi | N/A | +13.90% |
| CAGRi | N/A | +2.49% | |
| Volatilityi | N/A | 81.09% | |
| Sharpe ratioi | N/A | 0.38 | |
| Sortino ratioi | N/A | 0.58 | |
| Max drawdowni | N/A | 87.09% | |
| Current drawdowni | N/A | 10.38% | |
| Avg drawdowni | N/A | 54.43% | |
| Ulcer Indexi | N/A | 59.11% | |
| Max daily dropi | N/A | 39.49% | |
| Max wkly dropi | N/A | 46.32% |
| Category | CWAN | XMTR |
|---|---|---|
| Company | Clearwater Analytics Holdings, Inc. | Xometry, Inc. |
| Sector | Technology - Financial Analytics SaaS | Industrials |
| Industry | Software - Application | Industrial Distribution |
| Core business | Clearwater Analytics is a cloud-based SaaS platform for investment accounting, reporting, and analytics — serving insurance companies, asset managers, pension funds, banks, and corporations that manage large investment portfolios. Clearwater's platform ingests investment transaction data from custodians and prime brokers, applies accounting treatments (GAAP, STAT, IFRS), and produces automated investment accounting reports, regulatory filings, and portfolio analytics used by finance and investment operations teams. | Xometry is an AI-powered manufacturing marketplace — matching buyers who need custom-manufactured parts (machined, 3D printed, sheet metal, injection molded) with a distributed network of 10,000+ manufacturing suppliers across the U.S. and internationally. Buyers upload a CAD file, Xometry's AI instantly quotes a price and lead time, and Xometry routes the job to an appropriate supplier. Xometry serves aerospace, defense, automotive, electronics, and industrial companies needing prototype and production manufacturing. |
| Investor focus | Investors track Clearwater's annualized recurring revenue (ARR), assets under administration (AUA — the dollar value of investment assets on the platform, which drives revenue since Clearwater charges basis points on AUA), net revenue retention, expansion into new customer segments (insurance, corporate, governmental), and potential competition from Bloomberg AIM or BlackRock Aladdin. | Investors track Xometry's marketplace revenue (custom parts orders), supplier services revenue (tools sold to manufacturing suppliers), active buyer accounts, revenue per buyer, gross margin on marketplace transactions, and the path to marketplace profitability as Xometry invests heavily in supplier network and AI pricing capabilities. |
- Assets under administration pricing model scales with market growth — Clearwater charges basis points on the value of assets on its platform; as investment portfolios grow with market appreciation, Clearwater's revenue grows without requiring new customers or usage increases
- Mission-critical investment accounting with high switching costs — insurance companies and banks depend on Clearwater for regulatory capital reporting and financial statements; replacing the investment accounting system requires extensive data migration and re-validation of years of historical accounting positions
- Insurance company concentration with regulatory reporting expertise — insurance regulators (NAIC) require specific statutory accounting (STAT) for insurance investment portfolios; Clearwater's deep insurance accounting expertise and regulatory integration create specialized value for the large insurance industry vertical
- AI instant quoting reduces manufacturing procurement friction — Xometry's AI can provide an instant price and lead time for most common manufacturing processes based on uploaded CAD files, replacing the traditional 1-2 week RFQ (Request for Quote) process that requires manual outreach to multiple suppliers
- Distributed supplier network provides capacity flexibility — Xometry's 10,000+ manufacturing suppliers provides capacity that single-source procurement cannot match; when one supplier is overloaded, jobs route to other suppliers, ensuring consistent delivery timelines
- Two-sided marketplace with supplier tools revenue — Xometry monetizes both sides: buyer marketplace fees and a growing supplier services business (Thomas advertising platform for industrial suppliers acquired as part of Xometry's Thomas acquisition)
- AUA concentration in fixed income — insurance companies hold predominantly fixed income (bonds); rising interest rate environments that reduce bond market values would shrink Clearwater's AUA and revenue even without customer churn
- Competition from Bloomberg AIM, BlackRock Aladdin, and Charles River Development — these enterprise investment management systems include accounting capabilities and serve larger, more sophisticated institutional investors than Clearwater's core insurance and corporate market
- Market share growth dependent on replacing legacy in-house systems — many insurance companies and corporations still manage investment accounting internally using legacy systems or spreadsheets; Clearwater's growth depends on convincing these companies to outsource to its platform
- Marketplace take rate and gross margin under pressure — Xometry competes with traditional contract manufacturing relationships; buyers and suppliers may transact offline once initial connections are made through the platform (disintermediation risk)
- Path to profitability requires significant marketplace scale — Xometry has invested heavily in AI, sales, and operations to build the marketplace; sustained profitability requires reaching scale where variable contribution margins overcome fixed costs
- Competition from traditional contract manufacturing brokers and direct supplier relationships — Xometry must continuously demonstrate price and convenience advantages over traditional RFQ processes
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