Gross Retention excludes expansion - it shows pure churn / contraction loss. The gap between NRR and GRR is the expansion lift.
Peak NRR of 116.0% in FY2024-Q4. Latest is 108.0% - that's -8.0pp from peak.
Clearwater Analytics is above the Fintech SaaS Public median by +1.0pp (cell median: 107%)
Clearwater Analytics (CWAN) is a fintech saas company at the public stage. As of its most recent disclosure (FY-2025), Clearwater Analytics reported a Net Revenue Retention rate of 108.0% - a mid-pack result for B2B SaaS at this segment.
Clearwater Analytics's NRR peaked at 116.0% in FY2024-Q4, 8pp above today's level. The most recent quarter lost 6.0pp QoQ.
Within its peer set (fintech saas companies at public stage in the $100k-$500k acv band), Clearwater Analytics's NRR is roughly in line with the cell median of 107%. Compare against the full peer cell aggregate for distribution and top performers.
Contract shape and forward-booked revenue.
Health scores, usage, and time-to-value when disclosed.
Logo flow per period (count-side complement to dollar-based NRR).
Revenue, ARR, and team-size denominators for the productivity ratios.
CS team segments: Strategic · Enterprise · Mid-Market · SMB
Computed from the data above. Shows where value comes from and where leakage hides.
Named CS initiatives across recent disclosures (newest first).
Acquisition of SaaS solutions for investment management and hedge fund industry to create a unified front-to-back platform.
"On April 21, 2025, the Company completed its previously announced acquisition of all outstanding stock of Enfusion"
Acquisition of cross-asset class modeling and risk analytics for derivatives and alternative assets.
"On April 30, 2025, the Company completed its acquisition of all outstanding stock of Beacon Platform Inc."
Acquisition of Blackstone’s proprietary portfolio visualization software platform.
"On March 31, 2025, the Company completed its previously announced acquisition of Bistro"
Integrated GTM teams and restructured business to serve four specific vertical markets.
"We integrated the GTM teams and restructured the business to serve four markets"
Bi-directional integration between Bloomberg AIM and Clearwater to eliminate manual workflows.
"The collaboration creates a bi-directional integration between Bloomberg AIM and Clearwater"
Program to dampen revenue downside in times of AUM decline while retaining majority of upside.
"launched a large commercial contract restructuring program in 2022 that aimed to dampen revenue downside"
Modernize aggregation and processing of daily investment data using generative AI.
"developed a proprietary reconciliation tool, Helios, to modernize how we aggregate and process daily investment data"
Challenges acknowledged by management. Useful peer signals — your team is probably not alone.
Revenue is subject to fluctuations based on economic conditions and market value of assets on the platform.
"our revenue is subject to fluctuations based on economic conditions, including market conditions"
Integrating Enfusion which had approximately 10% lower gross margins than core Clearwater.
"analysts rightfully expected significant margin compression because we were integrating Enfusion"
NRR stepped down due to less AUM growth within the client base.
"NRR was 114% in Q1... as the AUM growth within our clients was less of a tailwind"
Curated quotes about customer outcomes, retention, renewals.
"We use NPS and CSAT extensively to track and measure progress at a team level, at an industry level, and at the company level."
"The key elements to drive to NRR 115 remain strong, with new product growth, low churn, and price increases remaining steady."
"Maintaining a 98% gross retention rate while including all acquired businesses is meaningful."
"We want to make client servicing excellent. That's sort of a pillar of this."
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| Period | NRR | GRR | Source type | Filing |
|---|---|---|---|---|
| FY-2025 | 108.0% | 98.0% | 10-Q-mdna | source ↗ |
| FY2025-Q4 | 114.0% | - | 10-K | source ↗ |
| FY2025-Q3 | 108.0% | 98.0% | earnings-call-transcript | source ↗ |
| FY2025-Q2 | 98.0% | 98.0% | 10-K | source ↗ |
| FY2025-Q1 | 98.0% | 98.0% | 10-Q-mdna | source ↗ |
| FY2024-Q4 | 116.0% | 98.0% | earnings-call-transcript | source ↗ |
| FY2024-Q3 | 114.0% | 99.0% | earnings-call-transcript | source ↗ |
| FY2024-Q2 | 110.0% | - | earnings-call-transcript | source ↗ |
| FY2023-Q4 | 107.0% | - | earnings-call-transcript | source ↗ |
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