cust.co / Compare / Clearwater Analytics vs Morningstar

Clearwater Analytics vs Morningstar - NRR head-to-head

Side-by-side Net Revenue Retention comparison sourced from SEC filings and earnings releases. Both compete in Fintech SaaS. Both at Public stage.

Clearwater Analytics leads by +7pp on latest NRR (108% vs 101%).

NRR over time

94%103%113%122%131% FY2023-Q4FY2024-Q3FY2025-Q1FY2025-Q3FY-2025FY-2021 NRR Clearwater Analytics Morningstar Clearwater Analytics - FY2023-Q4: 107% Clearwater Analytics - FY2024-Q2: 110% Clearwater Analytics - FY2024-Q3: 114% Clearwater Analytics - FY2024-Q4: 116% Clearwater Analytics - FY2025-Q1: 98% Clearwater Analytics - FY2025-Q2: 98% Clearwater Analytics - FY2025-Q3: 108% Clearwater Analytics - FY2025-Q4: 114% Clearwater Analytics - FY-2025: 108% Clearwater Analytics - FY2026-Q1: 108% Morningstar - FY-2025: 101% Morningstar - FY-2021: 127%

Morningstar hit a higher all-time peak (127% in FY-2021).

Stat-by-stat

Metric Clearwater Analytics Morningstar
Latest NRR 108% 101%
All-time peak NRR 116% 127%
All-time low NRR 98% 101%
QoQ change +0pp -26pp
YoY change +10pp -
3-year change - -
Disclosures tracked 10 2

Customer cohorts

MetricClearwater AnalyticsMorningstar
Total customers 1,400 100,000
Over $100K ARR - -
Over $1M ARR 100 -
Top-10 concentration - -
Average ACV - -
US revenue mix 73.4% 71.8%

Commercial structure

MetricClearwater AnalyticsMorningstar
Total RPO - $1.5B
Current RPO (12mo) - $1.1B
Multi-year contracts - -
Avg contract length - -
Subscription rev mix - 70.3%
New customers added 100 3,100

Post-sales motion

MetricClearwater AnalyticsMorningstar
CS team size - 900
Customers per CSM - -
Pricing model hybrid subscription
Renewal cadence annual annual
CSM coverage model hybrid hybrid
Top customer exec Subi Sethi Danny Dunn

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