How does Xometry's AI instant quoting work for manufacturing?

When a buyer uploads a CAD (Computer-Aided Design) file to Xometry, the platform's AI analyzes the 3D geometry — extracting features like dimensions, wall thicknesses, hole diameters, tolerances, and material requirements. The AI then uses machine learning trained on millions of historical quotes and completed jobs to predict: which manufacturing process is appropriate (CNC machining, 3D printing, sheet metal fabrication); which materials are available; typical setup and machining times; and market pricing based on current supplier capacity and historical pricing data. Within seconds, the buyer receives a price and lead time. This replaces the traditional RFQ process where a buyer emails CAD files to multiple suppliers, waits 1-2 weeks for manual quotes, compares responses, selects a supplier, and places an order. Instant quoting dramatically reduces procurement lead time, particularly valuable for prototype parts where engineers need fast iteration.

What is AUA (Assets Under Administration) pricing and how does it benefit Clearwater?

Assets Under Administration (AUA) pricing means Clearwater charges its customers a basis-point fee (e.g., 1-3 basis points = 0.01-0.03%) on the total market value of investment assets the customer has on Clearwater's platform annually. If an insurance company has $10 billion in investment assets administered by Clearwater at 2 basis points, Clearwater earns $2 million per year from that customer. AUA pricing creates a natural revenue growth mechanism: if the same customer's portfolio grows to $12 billion through market appreciation and new investments, Clearwater's annual revenue from that customer grows to $2.4 million without any additional work or feature development. The flip side is market risk: if investment portfolio values decline due to rising interest rates or equity market corrections, Clearwater's AUA and revenue decline even if no customers churn. Given that insurance companies primarily hold bonds, rising interest rate environments (which reduce bond prices) create AUA headwinds.

What is the Thomas industrial platform and why did Xometry acquire it?

Thomas (formerly ThomasNet) is one of the oldest and largest industrial supplier directories in North America — a platform where industrial buyers search for manufacturing suppliers and service providers. For over 120 years, Thomas has maintained detailed supplier profiles, certifications, and capabilities data for hundreds of thousands of industrial companies. Xometry acquired Thomas because: Thomas's supplier data and relationships complement Xometry's marketplace by providing broader discovery; Thomas generates advertising and lead generation revenue from suppliers wanting visibility to industrial buyers; and integrating Thomas's buyer traffic with Xometry's instant quoting marketplace creates a funnel where buyers searching for suppliers convert to instant quotes. Thomas also gives Xometry a supplier services revenue stream from selling Thomas advertising subscriptions to manufacturing companies seeking new customer leads, diversifying beyond pure marketplace transaction fees.

brimindinvest.com / compare / cwan-vs-xometryLIVE

CWAN

Clearwater Analytics Holdings, Inc. · Technology - Financial Analytics SaaS

$24.29

-0.33% this month

VERSUS

⟷

COMPARE

XMTR

Xometry, Inc. · Technology - Industrial Manufacturing Marketplace

$93.28

+7.03% this month

Scoreboard verdict

Across AI score, momentum, valuation, upside, operating margin

CWAN

3

XMTR

1

CWAN LEADS 3/5

Comparison scoreboard

CWAN LEADS 3/5

AI Score

CWAN ✓23.9

XMTR 23.5

1Y Return

CWAN +11.42%

XMTR ✓+183.96%

Fwd P/E

CWAN ✓28.16

XMTR 74.67

Target Up.

CWAN ✓+0.75%

XMTR -8.74%

Op. Margin

CWAN N/A

XMTR N/A

Metrics last refreshed: 6/22/2026

Quick take

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.

Live analysis · updated 6/22/2026

CWAN holds the edge across 3 of 5 key metrics in this comparison. XMTR has delivered stronger 1-year price return (+183.96% vs +11.42%), though CWAN trades at the lower forward P/E (28.16x vs 74.67x). Analyst consensus implies meaningfully more upside for CWAN (+0.75%) than for XMTR (-8.74%).

Normalized 1Y performance

CWAN

XMTR

Recent returns

CWAN

XMTR

Analyst price targets & sentiment

CWAN · 7 analysts

Price target range

analyst low$24.00
analyst high$24.55
analyst mean$24.47
current price$24.29

+0.7% upside to analyst mean

XMTR · 8 analysts

Price target range

analyst low$65.00
analyst high$100.00
analyst mean$85.13
current price$93.28

-8.7% upside to analyst mean

Who should consider this stock?

CWAN may suit investors who:

→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

XMTR may suit investors who:

→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

Performance & AI score

Metric	CWAN	XMTR
AI score	23.9	23.5
AI rank	#3370	#3550
Latest close	$24.29	$93.28
1M return	-0.33%	+7.03%
6M return	+11.94%	+57.62%
1Y return	+11.42%	+183.96%

$10,000 invested — hypothetical growth (dividends reinvested)

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	$11.14K (+11.4%) started 2025-06-18	$28.4K (+184.0%) started 2025-06-18
5Y ago	$9.57K (-4.3%) started 2021-09-24	$10.67K (+6.7%) started 2021-06-30
10Y ago	$9.57K (-4.3%) started 2021-09-24	$10.67K (+6.7%) started 2021-06-30

Hypothetical — past performance does not guarantee future results.

Valuation & upside potential

Metric	CWAN	XMTR
Market cap	$7.25B	$5.15B
Trailing P/E	N/A	N/A
Forward P/E	28.16	74.67
Price/Sales	8.78	6.96
EV/Revenue	9.70	6.78
Analyst target	$24.47	$85.13
Target upside	+0.75%	-8.74%

Growth, profitability & risk

Metric	CWAN	XMTR
Revenue growth	74.40%	35.90%
Earnings growth	N/A	N/A
EPS growth	N/A	N/A
FCF margin	+19.41%	-0.82%
Operating margin	N/A	N/A
Profit margin	-5.82%	-7.01%
ROIC proxy	-3.13%	-17.48%
Return on equity	-3.13%	-17.48%
Dividend yield	0.00%	0.00%
Beta	0.60	1.27
Debt/equity	41.90	120.00
Current ratio	2.25	1.78
Quick ratio	1.96	1.68

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

CWAN max drawdown29.60%

XMTR max drawdown49.93%

CWAN max wkly drop12.64%

XMTR max wkly drop27.64%

5Y risk snapshot

CWAN max drawdown54.15%

XMTR max drawdown87.09%

CWAN max wkly drop18.15%

XMTR max wkly drop46.32%

10Y risk snapshot

CWAN max drawdown54.15%

XMTR max drawdown87.09%

CWAN max wkly drop18.15%

XMTR max wkly drop46.32%

Performance metrics by period

Period	Metric	CWAN	XMTR
1Y	Growth	+11.42%	+183.96%
	CAGR	+11.43%	+184.16%
	Sharpe ratio	0.36	1.51
	Max drawdown	29.60%	49.93%
	Max daily drop	8.20%	22.24%
	Max wkly drop	12.64%	27.64%
5Y	Growth	-4.26%	+6.74%
	CAGR	-0.92%	+1.32%
	Sharpe ratio	0.06	0.37
	Max drawdown	54.15%	87.09%
	Max daily drop	11.42%	39.49%
	Max wkly drop	18.15%	46.32%
10Y	Growth	-4.26%	+6.74%
	CAGR	-0.92%	+1.32%
	Sharpe ratio	0.06	0.37
	Max drawdown	54.15%	87.09%
	Max daily drop	11.42%	39.49%
	Max wkly drop	18.15%	46.32%

Business comparison

Category	CWAN	XMTR
Company	Clearwater Analytics Holdings, Inc.	Xometry, Inc.
Sector	Technology - Financial Analytics SaaS	Technology - Industrial Manufacturing Marketplace
Industry	N/A	N/A
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.

CWAN strengths

→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

XMTR strengths

→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)

Risks to watch — CWAN

→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

Risks to watch — XMTR

→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

Frequently asked questions

Insurance companies must maintain two sets of financial statements: GAAP (Generally Accepted Accounting Principles) for public company reporting to shareholders; and Statutory Accounting (STAT) for state insurance regulator capital adequacy reporting. STAT uses different accounting treatments than GAAP — for example, STAT values certain investments at lower amortized cost rather than fair value, and calculates 'admitted assets' differently for capital ratio calculations. Each state's insurance department regulates STAT filings according to National Association of Insurance Commissioners (NAIC) standards. Insurance investment portfolios often hold thousands of bonds and structured products (RMBS, CMBS, CLOs) with complex accounting requirements — including schedules reporting every individual security's amortized cost, fair value, and unrealized gains to regulators. Managing this complexity accurately for thousands of securities requires specialized software; Clearwater's platform automates STAT and GAAP accounting and regulatory schedule production.

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+1.1%HOLD

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