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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. 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.

19.30 0.00 0.00%
Market cap
$311.3M
P/E
0.0×
Fwd P/E
12.7×
Dividend yield
—
F-score
6/9
Altman Z
2.11
Beneish M
−2.92
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.16
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — — — — — — —
Insider Ownership 5.06%

Capital & Financial Ratios $m

Market Cap 311.27
Revenue 1,520.50
Net Income (49.30)
Free Cash Flow 56.60
Net Debt 265.70
Current Ratio 2.29 (at or above 1.5: strong)
Debt/Equity 0.45 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E 12.70
P/S ratio 0.20
P/B ratio 0.39
Past 5Y EPS Growth —
This Y EPS Growth (2,123.33%) (below 0%: weak)
Next Y EPS Growth 75.11% (at or above 15%: strong)
Next Y revenue growth (3.88%) (below 0%: weak)
Next 5Y EPS Growth 5.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, 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/S against its own 10 years 15.63%
10-year low 10-year high
P/B against its own 10 years 7.00%
10-year low 10-year high
EV/Sales against its own 10 years 4.50%
10-year low 10-year high
EV/FCF against its own 10 years 36.75%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 42 80 31 95
Receivables 96 189 195 163
Inventory 161 258 282 261
Other 17 19 18 13
564 545 526 532
2023 2024 2025 Q'26
Payables 196 320 216 232
ST’ Debt 1 1 1 1
Other — — — —
286 320 216 232

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%

Revenue $m

Mar Jun Sep Dec Year
’26 360 375 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.80) (1.33) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 32.00 42.20 21.55 13.87 11.88 27.30 25.07 29.22 23.97 16.44

Analyst estimates 2026–2028

Powerpack
High 69.75 67.45 50.60 35.27 42.45 45.81 46.48 40.08 57.13 33.57
People
People Employees 3,370 3,280 3,130 3,290 3,340 3,000 3,000 3,100 2,200 1,900
Revenue/emp, $m 0.51 0.53 0.55 0.54 0.56 0.59 0.40 0.37 0.63 0.82
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
Gross margin, % 13.90 12.09 10.87 9.34 15.74 10.30 17.78 17.67 5.50 7.43
EBT 81 41 (133) (8) 98 (36) 82 66 (101) (60)
EBT margin, % 4.65 2.36 (7.74) (0.45) 5.26 (2.01) 6.85 5.77 (7.31) (3.86)
Net income 50 97 (144) (6) 77 (28) 46 108 196 (19)
Depreciation 91 105 297 120 119 108 105 103 112 143
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
Earnings 2.91 5.91 (8.72) (0.34) 4.65 (1.67) 2.71 6.39 11.70 (1.15)
Cash flow 10.16 10.85 10.24 3.36 14.91 5.75 8.84 11.31 3.66 0.76
Capex (9.14) (12.13) (17.94) (8.47) (2.39) (2.29) (1.97) (4.37) (6.95) (5.49)
Free cash flow 1.02 (1.28) (7.69) (5.11) 12.52 3.46 6.87 6.94 (3.29) (4.73)
Book value 27.64 34.95 25.86 26.13 31.45 30.52 33.68 39.66 50.93 51.04
Shares, m 17 16 16 17 17 17 17 17 17 16
Valuation, ×
Valuation, × P/E 23.11 7.80 0.00 0.00 8.14 0.00 13.45 5.68 2.54 0.00
P/S 0.65 0.44 0.23 0.20 0.33 0.35 0.30 0.38 0.36 0.18
P/B 2.41 1.32 0.94 0.82 1.20 1.20 1.09 0.91 0.58 0.34
EV/Sales 1.05 0.85 0.69 0.70 0.70 0.69 0.55 0.63 0.51 0.38
EV/FCF 104.19 (70.02) (9.42) (14.61) 6.31 21.19 9.75 8.61 (12.69) (7.80)
Cash, $m
Cash, $m Operating cash flow 173 179 169 56 247 96 150 191 61 12
Capex (155) (200) (296) (140) (40) (38) (33) (74) (117) (89)
Free cash flow 17 (21) (127) (84) 207 58 117 117 (55) (76)
Balance, $m
Balance, $m Working capital 80 34 (5) 185 230 233 274 278 225 310
Total debt 705 726 815 902 718 639 566 441 282 346
Net debt 682 710 793 881 682 614 512 399 203 315
Shareholders’ equity 470 575 426 432 521 512 572 669 855 825
Returns, %
Returns, % ROA 3.09 5.58 (8.01) (0.31) 4.19 (1.61) 2.71 6.38 11.72 (1.14)
ROIC 6.23 3.46 (5.02) 2.16 8.22 0.67 5.72 4.57 (3.82) (2.31)
ROE 10.49 18.62 (28.71) (1.30) 16.18 (5.44) 8.49 17.36 25.77 (2.21)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $10.3B 4.3× — −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 17.2× 14.0× +1.51% (above 0%: growing) n/m −1,050.00% (below 0%: shrinking) 16.38% 2.48% Compare
CLW Clearwater Paper Corporation $311.3M — (loss-making) 12.7× −4.34% (below 0%: shrinking) n/m +216.24% (above 0%: growing) (2.77%) (6.40%)
MERC Mercer International Inc. $13.4M — (loss-making) — (loss-making) +1.49% (above 0%: growing) n/m +5.46% (above 0%: growing) (5.96%) (12.81%) Compare
ITP IT Tech Packaging Inc $2.5M — (loss-making) 21.1× +2.07% (above 0%: growing) n/m +22.05% (above 0%: growing) 7.90% (3.91%) Compare
Median of peers $651.7M — — +1.50% — +13.76% 12.14% (0.72%)

All 5 Paper & Paper Products stocks →

Clearwater Paper Corporation (CLW) key facts

  • Concern: Clearwater Paper Corporation reported a net loss of $18.6 million, or a loss of $1.15 per share, for fiscal 2025.
  • Strength: Clearwater Paper Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 12.4% from fiscal 2024.
  • Clearwater Paper Corporation (CLW) is a Paper & Paper Products company in the Basic Materials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, CLW traded at $19.30, a market capitalization of $311.3 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 0.2× sales.
  • Return on equity was −2.21% and debt-to-equity 0.45.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.11 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/CLW · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com