Which has higher NRR - Clearwater Analytics or Morningstar?

As of their most recent disclosures, Clearwater Analytics has higher NRR (108.0% vs 101.0%) - a difference of +7.0pp.

Which had the higher all-time NRR peak?

Morningstar hit 127.0% in FY-2021 versus Clearwater Analytics's peak of 116.0% in FY2024-Q4.

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 (CWAN)

108.0%

FY-2025 · Fintech SaaS

Morningstar (MORN)

101.0%

FY-2025 · Fintech SaaS

Clearwater Analytics leads by +7.0pp on latest NRR (108.0% vs 101.0%).

NRR over time

Morningstar hit a higher all-time peak (127.0% in FY-2021).

Stat-by-stat

Metric	Clearwater Analytics	Morningstar
Latest NRR	108.0%	101.0%
All-time peak NRR	116.0%	127.0%
All-time low NRR	98.0%	101.0%
QoQ change	-6.0pp	-26.0pp
YoY change	+10.0pp	-
3-year change	-	-
Disclosures tracked	9	2

How does your NRR stack up?

Compute yours in 30 seconds. Free percentile + shareable badge.

Open the calculator →