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Clearwater Paper Corporation

CLW Basic Materials Paper & Paper Products

Clearwater Paper Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 12.4% from fiscal 2024.

Revenue
−3.53%
EPS
+97.0%
Free cash flow
+1.27%
Total debt
+68.8%

Quarter to September 2026, against a year earlier

13.33 0.56 −4.03%
Market cap
$224.2M
P/E
82.9×
Fwd P/E
−4.7×
Dividend yield
—
F-score
6/9
Altman Z
2.11
Beneish M
−2.92
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 4.80%

Capital & Financial Ratios $m

Size
Market Cap 224.21
Revenue ttm 1,506.40
Net income ttm 2.40
Free cash flow ttm 56.80
Net debt Q 255.00
Valuation
P/E 82.90 (above 35: high)
Forward P/E (4.74) (negative: loss-making)
Price / sales 0.14
Forward P/S Powerpack
Price / FCF 3.79
Price / book 0.27
Financial health
Current ratio Q 1.47
Debt / equity Q 0.71
Interest coverage Q 0.52
Growth
Revenue growth Q −3.53% (below 0%: shrinking)
Operating income growth Q +104.50% (above 0%: growing)
EPS, this year −2,321.67% (below 0%: weak)
EPS, next year A +65.93% (at or above 15%: strong)
Revenue, next year A −4.01% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +5.00%

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 0.3×, against a ten-year median of 0.7×; over the ten years it ranged from 0.3× in 2026 to 1.8× in 2024.
P/E against its own 10 years 92.59%
10-year low 10-year high
P/S against its own 10 years 1.10%
10-year low 10-year high
P/B against its own 10 years 0.92%
10-year low 10-year high
EV/Sales against its own 10 years 0.15%
10-year low 10-year high
EV/FCF against its own 10 years 17.97%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 42 80 31 312
Receivables 96 189 195 163
Inventory 161 258 282 250
Other 17 19 18 21
564 545 526 746
2023 2024 2025 Q'26
Payables 196 320 216 232
ST’ Debt 1 1 1 275
Other — — — —
286 320 216 507

Compound Annual Growth %

10y 5y 3y
Sales (1.19%) (3.60%) 9.18%
Cash Flow (22.61%) (45.12%) (56.57%)
Earnings 0.00% 0.00% 0.00%
Book Value 5.68% 9.63% 12.99%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −1.40 Actual −1.75

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY22 1.18 1.11 Miss by 0.07
Q3 FY22 1.52 1.83 Beat by 0.31
Q4 FY22 −0.09 −0.30 Miss by 0.21
Q2 FY26 −1.40 −1.75 Miss by 0.35

EPS $

Mar Jun Sep Dec Year
’26 (0.80) (1.33) (0.10) — —
’25 (0.38) 0.17 (3.30) 2.39 (1.15)
’24 1.02 (1.55) 0.35 11.91 11.70
’23 1.40 1.75 2.17 1.04 6.30
’22 0.97 0.86 1.21 (0.34) 2.68
’21 0.71 (3.10) 0.11 0.56 (1.67)
’20 0.62 1.36 1.28 1.34 4.61
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 360 375 385 — —
’25 378 392 399 386 1,555
’24 259 344 393 387 1,384
’23 525 525 279 269 1,136
’22 488 526 539 527 1,195
’21 426 406 451 490 1,773
’20 478 481 457 453 1,869
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1 69 31 — —
’25 2 (28) 34 5 12
’24 59 21 16 (35) 61
’23 (9) 46 88 66 191
’22 41 78 13 17 150
’21 34 14 16 32 96
’20 12 109 56 71 247
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (9) 59 16 — —
’25 (31) (51) 16 (10) (76)
’24 41 3 (31) (68) (55)
’23 (31) 33 74 41 117
’22 33 73 7 4 117
’21 23 4 8 24 58
’20 1 101 46 59 207
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,735 1,730 1,724 1,762 1,869 1,773 1,195 1,136 1,384 1,555 1,506 (1.2%) 1,493 1,557 1,603 +1.0%
Gross margin, % 13.90 12.09 10.87 9.34 15.74 10.30 17.78 17.67 5.50 7.43 1.80 (6.5) pt
EBT 81 41 (133) (8) 98 (36) 82 66 (101) (60) (49) n/m
EBT margin, % 4.65 2.36 (7.74) (0.45) 5.26 (2.01) 6.85 5.77 (7.31) (3.86) (3.23) (8.5) pt
Net income 50 97 (144) (6) 77 (28) 46 108 196 (19) 2 n/m
Per share, $
Per share, $ Revenue 102.04 105.10 104.58 106.54 112.78 105.72 70.36 67.37 82.45 96.20 93.37 (0.7%)
Earnings 2.91 5.91 (8.72) (0.34) 4.65 (1.67) 2.71 6.39 11.70 (1.15) 0.16 n/m
Cash flow 10.16 10.85 10.24 3.36 14.91 5.75 8.84 11.31 3.66 0.76 6.51 (25.0%)
Capex (9.14) (12.13) (17.94) (8.47) (2.39) (2.29) (1.97) (4.37) (6.95) (5.49) (2.99) (5.5%)
Free cash flow 1.02 (1.28) (7.69) (5.11) 12.52 3.46 6.87 6.94 (3.29) (4.73) 3.52 n/m
Book value 27.64 34.95 25.86 26.13 31.45 30.52 33.68 39.66 50.93 51.04 49.23 +7.1%
Shares, m 17 16 16 17 17 17 17 17 17 16 16 (0.6%)
Valuation, ×
Valuation, × P/E 23.11 7.80 0.00 0.00 8.14 0.00 13.45 5.68 2.54 0.00 82.90 6.1
P/S 0.65 0.44 0.23 0.20 0.33 0.35 0.30 0.38 0.36 0.18 0.14 0.3
P/B 2.41 1.32 0.94 0.82 1.20 1.20 1.09 0.91 0.58 0.34 0.27 1.1
EV/Sales 1.05 0.85 0.69 0.70 0.70 0.69 0.55 0.63 0.51 0.38 0.31 0.7
EV/FCF 104.19 (70.02) (9.42) (14.61) 6.31 21.19 9.75 8.61 (12.69) (7.80) 8.28 3.6
Cash, $m
Cash, $m Operating cash flow 173 179 169 56 247 96 150 191 61 12 105 (25.4%)
Capex (155) (200) (296) (140) (40) (38) (33) (74) (117) (89) (48) (6.0%)
Free cash flow 17 (21) (127) (84) 207 58 117 117 (55) (76) 57 n/m
Balance, $m
Balance, $m Working capital 80 34 (5) 185 230 233 274 278 225 310 240 +16.2%
Net debt 682 710 793 881 682 614 512 399 203 315 255 (8.2%)
Shareholders’ equity 470 575 426 432 521 512 572 669 855 825 794 +6.5%
Returns, %
Returns, % ROA 3.09 5.58 (8.01) (0.31) 4.19 (1.61) 2.71 6.38 11.72 (1.14) 0.14 (4.2) pt
ROIC 6.23 3.46 (5.02) 2.16 8.22 0.67 5.72 4.57 (3.82) (2.31) (1.45) (8.5) pt
ROE 10.49 18.62 (28.71) (1.30) 16.18 (5.44) 8.49 17.36 25.77 (2.21) 0.30 (12.7) pt
People
People Employees 3,370 3,280 3,130 3,290 3,340 3,000 3,000 3,100 2,200 1,900 — (6.2%)
Revenue/emp, $m 0.51 0.53 0.55 0.54 0.56 0.59 0.40 0.37 0.63 0.82 — +5.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Clearwater Paper Corporation vs peers in Paper & Paper Products (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
SUZ Suzano S.A. Sponsored ADR $11.7B 4.9× — −2.26% (below 0%: shrinking) −59.15% (below 0%: shrinking) +85.24% (above 0%: growing) 24.41% 24.06% Compare
SLVM Sylvamo Corporation $1.3B — (loss-making) 22.5× −23.76% (below 0%: shrinking) n/m −45.45% (below 0%: shrinking) 31.78% 0.00% Compare
CLW Clearwater Paper Corporation $224.2M 82.9× — (loss-making) −3.53% (below 0%: shrinking) n/m +1.27% (above 0%: growing) 5.51% 0.65%
MERC Mercer International Inc. $16.7M — (loss-making) — (loss-making) −3.80% (below 0%: shrinking) n/m +65.88% (above 0%: growing) (2.64%) (8.79%) Compare
ITP IT Tech Packaging Inc $2.0M — (loss-making) 21.1× +2.07% (above 0%: growing) n/m +22.05% (above 0%: growing) 7.90% (3.91%) Compare
Median of peers $663.4M — — −3.03% — +43.97% 16.16% (1.95%)

All 5 Paper & Paper Products stocks →

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.20m 2.21m 46.00
2024 5.97m (466.08k) 79.00
2023 5.29m 4.89m 96.00
2022 4.69m 8.04m 100.00
2021 3.51m 2.88m 97.00
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. Read the proxy statement

Clearwater Paper Corporation (CLW) Latest News

4 Nov

Impact 3 · · The Motley Fool

28 Oct

Impact 4 · · Simply Wall St. earnings

27 Oct

Impact 4 · · packagingdive.com
Impact 4 · · Moby
Impact 3 · · packaging-gateway.com

26 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 3 · · Business Wire earnings

23 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · Insider Monkey

26 Sep

Impact 4 · · Insider Monkey

22 Sep

Impact 4 · · packaging-gateway.com

21 Sep

Impact 4 · · Business Wire

11 Aug

Impact 3 · · packagingdive.com

29 Jul

Impact 3 · · Moby transcript
Impact 3 ·

28 Jul

Impact 3 · · MarketBeat transcript
Impact 3 ·

24 Jul

Impact 4 · · packaging-gateway.com

23 Jul

Impact 3 ·

29 Apr

Impact 4 · · Moby
Impact 3 · · GuruFocus.com

28 Apr

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool transcript
Impact 3 ·

30 Mar

Impact 4 · · Business Wire

25 Feb

Impact 3 · · Insider Monkey

19 Feb

Impact 4 · · dnews.com
stockrow.com/CLW · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com