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Clearfield, Inc.

CLFD Technology Communication Equipment

Clearfield, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $150.1 million, down 9.94% from fiscal 2024.

Revenue
+13.2%
EPS
+100.0%
Free cash flow
−6.00%

Quarter to June 2026, against a year earlier

28.98 0.26 +0.91%
Market cap
$390.1M
P/E
0.0×
Fwd P/E
153×
Dividend yield
—
F-score
6/9
Altman Z
7.41
Beneish M
−2.83
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.30
Sold, $m 1.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — — — — —
Sell — — 1 — — 3 2 1 — — — —
Insider Ownership 18.04%

Capital & Financial Ratios $m

Size
Market Cap 390.13
Revenue ttm 153.66
Net income ttm (7.22)
Free cash flow ttm 8.25
Net debt Q (101.22)
Valuation
P/E 0.00
Forward P/E 153.00 (above 35: high)
Price / sales 2.56
Forward P/S Powerpack
Price / FCF 48.66
Price / book 1.60
Financial health
Current ratio Q 12.53 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (9.01)
Growth
Revenue growth Q +13.18% (above 0%: growing)
Operating income growth Q +68.37% (above 0%: growing)
EPS, this year +135.06% (at or above 15%: strong)
EPS, next year A +339.34% (at or above 15%: strong)
Revenue, next year A +1.91%
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 2.2×; over the ten years it ranged from 0.9× in 2023 to 7.2× in 2022.
P/S against its own 10 years 40.41%
10-year low 10-year high
P/B against its own 10 years 9.39%
10-year low 10-year high
EV/Sales against its own 10 years 29.30%
10-year low 10-year high
EV/FCF against its own 10 years 69.06%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 168 129 106 101
Receivables 28 14 18 22
Inventory 98 56 42 33
Other 2 20 21 —
296 230 198 171
2023 2024 2025 Q'26
Payables 9 3 7 5
ST’ Debt 2 — — —
Other 6 12 18 —
29 24 37 14

Compound Annual Growth %

10y 5y 3y
Sales 9.55% 10.03% (17.86%)
Cash Flow 14.51% 31.88% 127.40%
Earnings 0.00% 0.00% 0.00%
Book Value 17.45% 25.36% 20.18%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.20 Actual 0.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.09 0.13 Beat by 0.04
Q1 FY26 −0.04 −0.02 Beat by 0.02
Q2 FY26 −0.04 −0.04 Met by 0.00
Q3 FY26 0.20 0.22 Beat by 0.02
Q4 FY26 0.06 — Reports 10 November 2026

EPS $

Dec Mar Jun Sep Year
’26 (0.04) (0.04) 0.22 — —
’25 (0.13) 0.09 0.11 (0.65) (0.58)
’24 (0.35) (0.40) (0.03) (0.06) (0.85)
’23 1.00 0.67 0.33 0.17 2.17
’22 0.75 0.66 0.92 1.22 3.55
’21 0.23 0.27 0.44 0.53 1.47
’20 0.04 0.05 0.22 0.22 0.53
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 34 34 44 — —
’25 30 41 39 41 150
’24 34 37 49 47 167
’23 86 72 61 7 226
’22 51 53 71 95 271
’21 27 30 39 45 141
’20 19 20 26 27 93
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (1) (1) 10 — —
’25 8 4 10 4 27
’24 11 (6) 4 13 22
’23 1 9 3 11 25
’22 0 (11) 2 12 2
’21 3 4 1 3 11
’20 0 2 0 4 7
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (2) (2) 9 — —
’25 6 3 10 4 23
’24 8 (8) 3 11 14
’23 (1) 6 2 10 17
’22 (2) (14) 0 9 (7)
’21 2 4 1 2 9
’20 (1) 2 0 4 5
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 75 74 78 85 93 141 271 226 167 150 154 +8.0% 153 187 — +11.6%
Gross margin, % 43.66 40.93 39.92 38.44 40.74 43.46 41.70 35.38 15.50 33.66 33.01 (10.0) pt
EBT 11 6 6 6 9 26 64 43 (12) 9 6 (2.5%)
EBT margin, % 14.46 7.55 7.12 6.97 9.84 18.28 23.57 18.88 (7.06) 5.77 3.60 (8.7) pt
Net income 8 4 4 5 7 20 49 33 (12) (8) (7) n/m
Per share, $
Per share, $ Revenue 5.63 5.46 5.78 6.33 6.82 10.26 19.67 15.07 11.43 10.73 11.30 +7.4%
Earnings 0.60 0.28 0.32 0.34 0.53 1.48 3.58 2.17 (0.85) (0.58) (0.51) n/m
Cash flow 0.86 0.47 0.34 1.10 0.49 0.79 0.16 1.64 1.52 1.90 0.84 +9.1%
Capex (0.12) (0.15) (0.08) (0.19) (0.13) (0.15) (0.66) (0.50) (0.54) (0.27) (0.24) +9.5%
Free cash flow 0.74 0.32 0.26 0.91 0.36 0.65 (0.50) 1.15 0.98 1.62 0.61 +9.1%
Book value 4.68 4.77 5.13 5.57 6.07 7.57 10.72 21.04 18.91 18.31 18.09 +16.4%
Shares, m 13 14 13 13 14 14 14 15 15 14 14 +0.5%
Valuation, ×
Valuation, × P/E 32.41 48.93 41.72 34.11 38.06 29.83 29.23 13.26 0.00 0.00 0.00 26.8
P/S 3.34 2.51 2.31 1.87 2.96 4.30 5.32 1.91 3.41 3.20 2.56 3.1
P/B 4.02 2.87 2.60 2.13 3.33 5.83 9.76 1.37 2.06 1.88 1.60 3.6
EV/Sales 2.89 2.18 2.08 1.60 2.70 4.15 5.33 1.22 2.66 2.53 1.94 2.7
EV/FCF 22.13 39.01 49.27 11.25 53.47 67.21 (205.07) 16.21 31.40 16.86 36.80 10.2
Cash, $m
Cash, $m Operating cash flow 12 6 5 15 7 11 2 25 22 27 11 +9.7%
Capex (2) (2) (1) (3) (2) (2) (9) (7) (8) (4) (3) +10.0%
Free cash flow 10 4 3 12 5 9 (7) 17 14 23 8 +9.6%
Balance, $m
Balance, $m Working capital 44 37 36 36 42 51 108 267 205 162 157 +15.6%
Net debt (34) (24) (17) (24) (24) (21) 4 (166) (127) (106) (101) +13.6%
Shareholders’ equity 63 65 69 75 83 104 148 315 276 256 246 +16.9%
Returns, %
Returns, % ROA 12.50 5.49 5.95 5.85 8.23 18.38 27.81 11.13 (3.71) (2.59) (2.48) (15.1) pt
ROIC 23.09 8.29 6.17 6.32 8.95 19.06 26.31 15.75 (8.07) 0.88 (0.16) (22.2) pt
ROE 14.07 6.05 6.41 6.35 9.25 21.79 39.27 14.06 (4.21) (3.03) (2.83) (17.1) pt
People
People Employees 222 230 225 240 230 250 407 400 400 243 — +1.0%
Revenue/emp, $m 0.34 0.32 0.35 0.35 0.40 0.56 0.67 0.56 0.42 0.62 — +6.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Clearfield, Inc. vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FEIM Frequency Electronics, Inc. $611.5M 218× 55.2× +69.79% (above 0%: growing) +485.71% (above 0%: growing) +361.82% (above 0%: growing) 45.84% 22.17% Compare
TSAT Telesat Corporation $567.4M — (loss-making) — (loss-making) −21.45% (below 0%: shrinking) n/m +1,108.22% (above 0%: growing) 8.53% (30.37%) Compare
NTGR NETGEAR, Inc. $517.2M — (loss-making) — (loss-making) −9.33% (below 0%: shrinking) n/m +69.51% (above 0%: growing) 40.09% (8.19%) Compare
GILT Gilat Satellite Networks Ltd. $514.6M 14.6× 21.6× +16.86% (above 0%: growing) −35.29% (below 0%: shrinking) −250.32% (below 0%: shrinking) 30.37% 3.83% Compare
CLFD Clearfield, Inc. $390.1M — (loss-making) 153× +13.18% (above 0%: growing) +100.00% (above 0%: growing) −6.00% (below 0%: shrinking) 31.79% 5.86%
ADTN ADTRAN Holdings, Inc. $336.5M — (loss-making) — (loss-making) +0.62% (above 0%: growing) n/m −713.59% (below 0%: shrinking) 38.49% (0.27%) Compare
BKTI BK TECHNOLOGIES, INC. $242.5M 17.7× 22.7× +10.63% (above 0%: growing) −18.45% (below 0%: shrinking) −85.95% (below 0%: shrinking) 51.86% 16.35% Compare
LTRX Lantronix, Inc. $234.4M — (loss-making) 68.7× +8.03% (above 0%: growing) n/m +89.00% (above 0%: growing) 43.67% (1.26%) Compare
AVNW Aviat Networks, Inc. $218.2M 89.4× 12.8× +4.81% (above 0%: growing) n/m −56.30% (below 0%: shrinking) 30.81% 4.82% Compare
Median of peers $425.5M 53.5× 22.7× +6.42% −18.45% +6.61% 39.29% 1.78%

All 46 Communication Equipment stocks →

Pay and ownership Proxy statement filed 15 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.61m 3.30m 170.45
2024 1.59m 1.45m 193.16
2023 1.06m (2.35m) 143.43
2022 1.97m 6.01m 518.78
2021 1.52m 3.17m 218.89

Ownership

Directors and executive officers, together 17.80%
Ronald G. Roth 10.50%
BlackRock, Inc. 7.60%
The Vanguard Group 7.20%
Mairs and Power, Inc. 6.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Clearfield, Inc. (CLFD) Latest News

20 Oct

Impact 3 · · GlobeNewswire

24 Sep

Impact 4 · · Business Wire

2 Sep

Impact 3 ·

6 Aug

Impact 4 ·

5 Aug

Impact 4 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·

28 Jul

Impact 3 ·

21 Jul

Impact 4 ·

31 May

Impact 4 · · Insider Monkey

19 May

Impact 3 · · PR Newswire

18 May

Impact 4 ·

15 May

Impact 3 · · GuruFocus.com

12 May

Impact 4 · · MarketBeat

7 May

Impact 4 · · The Motley Fool transcript

6 May

Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

4 May

Impact 3 · · Business Wire

13 Feb

Impact 4 · · Simply Wall St.

12 Feb

Impact 4 · · Simply Wall St.

11 Feb

Impact 3 · · Simply Wall St.

6 Feb

Impact 4 · · Moby

5 Feb

Impact 4 · · GuruFocus.com

4 Feb

Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Associated Press Finance
Impact 4 · · GlobeNewswire
Impact 3 · · ZacksAssociated Press Finance

3 Feb

Impact 3 · · Simply Wall St.
stockrow.com/CLFD · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com