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. In the quarter to June 2026, revenue fell 4.34%, EPS fell 882.4%, free cash flow grew 216.2% and total debt rose 9.72%, each against the same quarter a year earlier.
Follow CLW
Clearwater Paper Corporation (CLW) Altman Z-score
Clearwater Paper Corporation's Altman Z-score for fiscal 2025 is 2.11, in the grey zone (1.81–2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.11 | 0.15 |
| FY2024 | 1.96 | (0.02) |
| FY2023 | 1.97 | 0.07 |
| FY2022 | 1.90 | (0.09) |
| FY2021 | 1.99 | (0.22) |
| FY2020 | 2.21 | 0.57 |
| FY2019 | 1.64 | 0.30 |
| FY2018 | 1.34 | (0.62) |
| FY2017 | 1.96 | (0.38) |
| FY2016 | 2.34 | (0.20) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.20 | — | 0.23 | |
| Retained earnings / total assets | 0.54 | — | 0.76 | |
| EBIT / total assets | (0.03) | — | −0.09 | |
| Market value of equity / total liabilities | 0.37 | — | 0.22 | |
| Sales / total assets | 0.98 | — | 0.98 | |
| Altman Z-score | Grey zone | 2.11 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.01 | ||
Z and Z″ put Clearwater Paper Corporation in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SLVM Sylvamo Corporation compare | 3.6× |
| CLW Clearwater Paper Corporation | 2.1× |
| SUZ Suzano S.A. Sponsored ADR compare | 1.2× |
| ITP IT Tech Packaging Inc compare | 1.1× |
| MERC Mercer International Inc. compare | 0.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets