Clearwater Paper Corp (CLW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$1.56	-$1.75	-12.2%	—	$374.8M	—
Q1 26	-$1.33	-$1.29	+3.0%	—	$360.3M	—
Q4 25	-$0.53	-$0.42	+20.8%	—	$386.4M	—
Q3 25	-$0.52	-$0.57	-9.6%	—	$399M	—
Q2 25	$0.7	$0.45	-35.7%	—	$391.8M	—
Q1 25	-$0.04	-$0.36	-800.0%	—	$378.2M	—
Q4 24	-$0.33	$11.9	+3709.1%	—	$387.1M	—
Q3 24	$0.29	$0.36	+24.1%	—	$393.3M	—
Q2 24	$0.3	-$0.5	-266.7%	—	$586.4M	—
Q1 24	$1.11	$1.43	+28.8%	—	$496.2M	—
Q4 23	$1.42	$1.35	-4.9%	—	$512.9M	—
Q3 23	$1.82	$2.19	+20.3%	—	$278.9M	—
Q2 23	$1.18	$1.74	+47.5%	—	$524.6M	—
Q1 23	$1.75	$1.47	-16.0%	—	$525.4M	—
Q4 22	-$0.09	-$0.3	-233.3%	—	$526.8M	—
Q3 22	$1.4	$1.83	+30.7%	—	$538.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$1.15	—	—	$1.6B	—
FY24	—	$11.7	—	—	$1.4B	—
FY23	—	$6.39	—	—	$2.1B	—
FY22	—	$2.71	—	—	$2.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.7B	$1.7B	$1.7B	$1.8B	$1.9B	$1.8B	$2.1B	$2.1B	$1.4B	$1.6B
YoY change	-1.01%	-0.25%	-0.36%	+2.16%	+6.08%	-5.14%	+17.3%	+0.13%	-33.6%	+12.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.7B	1.7B	1.7B	1.8B	1.9B	1.8B	2.1B	2.1B	1.4B	1.6B
Cost of revenue	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B	1.8B	1.8B	1.3B	1.4B
Gross profit	241.2M	209.2M	187.5M	164.5M	294.2M	182.6M	256.7M	330.8M	76.1M	115.6M
Gross margin	13.9%	12.1%	10.9%	9.34%	15.7%	10.3%	12.3%	15.9%	5.5%	7.43%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	128.2M	118.4M	105.5M	113.1M	124.9M	114M	133.9M	149.2M	116.3M	99.8M
Operating expenses	128.2M	119M	106.3M	116.2M	127.4M	112.2M	134.6M	149.6M	117.1M	103.4M
Operating income	113M	90.2M	81.2M	48.3M	166.8M	70.4M	122.1M	181.2M	-41M	12.2M
Operating margin	6.51%	5.21%	4.71%	2.74%	8.93%	3.97%	5.87%	8.7%	-2.96%	0.78%
Non-operating income, net	-1.7M	-17.9M	-184M	-11.3M	-22.1M	-69.8M	-14.3M	-6.9M	-30.9M	-55.5M
Pretax income	80.7M	40.9M	-133.5M	-7.9M	98.2M	-35.7M	73.1M	144.2M	-101.1M	-60.1M
Income tax	31.1M	-56.4M	10.3M	-2.3M	21.1M	-7.7M	27M	36.4M	-27.1M	-7.1M
Net income	49.6M	97.3M	-143.8M	-5.6M	77.1M	-28M	46.1M	107.8M	196.3M	-18.6M
Net margin	2.86%	5.62%	-8.34%	-0.32%	4.13%	-1.58%	2.22%	5.18%	14.2%	-1.2%
EBITDA	200.7M	196.3M	178M	157.2M	268.1M	163.9M	219.1M	280.9M	31.8M	103.1M
EPS	2.91	5.91	-8.72	-0.34	4.65	-1.67	2.71	6.39	11.7	-1.15
Diluted EPS	2.9	5.88	-8.72	-0.34	4.61	-1.67	2.68	6.3	11.7	-1.15

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	278.9M	512.9M	496.2M	586.4M	393.3M	387.1M	378.2M	391.8M	399M	386.4M	360.3M	374.8M
Cost of revenue	228.3M	437.4M	421.6M	550.8M	363.2M	372.4M	341.5M	348.8M	380.2M	369.2M	361.2M	385.2M
Gross profit	50.6M	75.5M	74.6M	35.6M	30.1M	14.7M	36.7M	43M	18.8M	17.2M	-900K	-10.4M
Gross margin	18.1%	14.7%	15%	6.07%	7.65%	3.8%	9.7%	11%	4.71%	4.45%	-0.25%	-2.77%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	29.3M	37.1M	37.4M	40M	28.1M	26.7M	28.5M	27M	23.7M	20.6M	19.9M	21.5M
Operating expenses	30M	37.1M	37.4M	40M	28.1M	26.7M	36.8M	28.5M	23.7M	19.7M	20.5M	22.2M
Operating income	20.6M	38.4M	37.2M	-4.4M	2M	-12.8M	-100K	14.5M	-4.9M	-2.5M	-21.4M	-32.6M
Operating margin	7.39%	7.49%	7.5%	-0.75%	0.51%	-3.31%	-0.03%	3.7%	-1.23%	-0.65%	-5.94%	-8.7%
Non-operating income, net	100K	-5.8M	-6.4M	-14.8M	-2.9M	-11.2M	-3.7M	-5.1M	-50.7M	9.8M	10M	7.4M
Pretax income	18.6M	24.4M	24.2M	-35.2M	-14M	-29.3M	-7.7M	5.5M	-60.4M	2.5M	-16.5M	-30.1M
Income tax	3.7M	6.8M	7M	-9.4M	-3.3M	-9.7M	-1.8M	1.9M	-6.5M	-800K	-3.7M	-8.6M
Net income	36.6M	17.6M	17.2M	-25.8M	5.9M	199.1M	-6.3M	2.7M	-53.3M	38.4M	-12.8M	-21.5M
Net margin	13.1%	3.43%	3.47%	-4.4%	1.5%	51.4%	-1.67%	0.69%	-13.4%	9.94%	-3.55%	-5.74%
EBITDA	46M	63.3M	60.8M	26.9M	26.4M	-11.5M	21.1M	37.2M	18.2M	20.8M	500K	-10.4M
EPS	2.19	—	1.03	-1.55	0.35	11.9	-0.38	0.17	-3.3	2.39	-0.8	-1.33
Diluted EPS	2.17	—	1.02	-1.55	0.35	11.9	-0.38	0.17	-3.3	2.39	-0.8	-1.33

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.1B	747.5M	401.8M	353.1M	625.5M	614.8M	642.2M	609.1M	499.6M	281.3M	320.7M
Enterprise value	1.8B	1.5B	1.2B	1.3B	1.3B	1.2B	1.2B	1B	713.3M	609M	605.7M
Shares outstanding	17M	16.5M	16.5M	16.5M	16.6M	16.8M	17M	16.9M	16.8M	16.2M	16.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.5	7.68	—	—	8.11	—	13.9	5.65	2.54	—	1.3K
P/S	0.64	0.43	0.23	0.2	0.33	0.35	0.31	0.29	0.36	0.18	0.21
P/B	2.37	1.3	0.94	0.82	1.2	1.2	1.12	0.91	0.58	0.34	0.41
EV/EBITDA	9.07	7.56	6.71	8.37	4.93	7.6	5.32	3.72	22.4	5.91	23.8
EV/Sales	1.05	0.86	0.69	0.75	0.71	0.7	0.56	0.5	0.52	0.39	0.4
Earnings yield	4.45%	13%	—	—	12.3%	—	7.18%	17.7%	39.3%	—	0.08%
FCF yield	1.56%	-2.81%	-31.6%	-23.9%	33.2%	9.43%	18.2%	19.2%	-11%	-27.2%	-3.06%
PEG	—	—	—	—	—	—	—	—	—	—	-1.51

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	13.9%	12.1%	10.9%	9.34%	15.7%	10.3%	12.3%	15.9%	5.5%	7.43%	-2.77%
Operating margin	6.51%	5.21%	4.71%	2.74%	8.93%	3.97%	5.87%	8.7%	-2.96%	0.78%	-10.4%
Net margin	2.86%	5.62%	-8.34%	-0.32%	4.13%	-1.58%	2.22%	5.18%	14.2%	-1.2%	-3.24%
ROE	10.5%	16.9%	-33.7%	-1.3%	14.8%	-5.47%	8.06%	16.1%	23%	-2.25%	-10.4%
ROA	2.94%	5.4%	-8.04%	-0.3%	4.28%	-1.66%	2.71%	6.45%	11.7%	-1.17%	-2.67%
ROIC	5.91%	6.88%	6.66%	3.47%	10.7%	6.17%	7.03%	12.3%	-3.84%	1.06%	-5.73%
Return on tangible assets	4.45%	7.79%	-8.61%	-0.32%	4.53%	-1.66%	2.71%	6.45%	12.5%	-1.17%	-3.13%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.22	1.08	0.99	1.66	1.94	1.92	1.88	1.97	1.7	2.43	2.29
Quick ratio	0.51	0.45	0.4	0.66	0.86	0.82	0.84	0.85	0.9	1.13	1.17
Debt / equity	1.55	1.31	1.91	2.27	1.41	1.28	1.01	0.72	0.34	0.43	0.47
Debt / assets	0.43	0.42	0.46	0.52	0.41	0.39	0.34	0.29	0.17	0.23	0.24
Net debt / EBITDA	3.51	3.75	4.45	6.12	2.6	3.84	2.39	1.55	6.72	3.18	9.54
Interest coverage	3.63	2.3	-3.38	0.82	3.21	-0.01	3.14	5.64	-2.33	-2.64	-4.53
Effective tax rate	38.6%	0%	0%	0%	21.5%	0%	36.9%	25.2%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	102	105.1	104.6	106.5	112.8	105.7	122.5	123.5	82.5	96.2	94.6
EPS (basic)	2.91	5.91	-8.72	-0.34	4.65	-1.67	2.71	6.39	11.7	-1.15	-1.15
EPS (diluted)	2.9	5.88	-8.72	-0.34	4.61	-1.67	2.68	6.3	11.7	-1.15	-5.27
Book value per share	27.6	35	25.9	26.1	31.5	30.5	33.7	39.7	50.9	51	49.2
FCF per share	1.02	-1.28	-7.69	-5.11	12.5	3.46	6.87	6.94	-3.29	-4.73	3.51
Cash per share	1.35	0.96	1.36	1.21	2.17	1.5	3.16	2.49	4.74	1.9	5.92
Capex per share	9.14	12.1	13.6	8.47	2.39	2.29	1.97	4.37	6.95	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	8.96%	11.5%	13%	7.95%	2.12%	2.17%	1.61%	3.54%	8.43%	—	—
Capex / operating cash flow	89.6%	117.4%	-3K%	417%	16.7%	74.4%	36.5%	34.8%	42.9%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$278.9M	$512.9M	$496.2M	$586.4M	$393.3M	$387.1M	$378.2M	$391.8M	$399M	$386.4M	$360.3M	$374.8M
YoY change	-48.2%	-2.64%	-5.56%	+11.8%	+41%	-24.5%	-23.8%	-33.2%	+1.45%	-0.18%	-4.73%	-4.34%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	23M	15.7M	22.5M	20M	35.9M	25.2M	53.7M	42M	79.6M	30.7M
Receivables	147.1M	142.1M	145.5M	148.1M	137.4M	152.7M	166.2M	172.3M	165.9M	155M
Inventory	258M	266M	266.2M	281.4M	263.3M	277.7M	324M	319.8M	258M	281.7M
Total current assets	446.5M	452.8M	443.9M	465.8M	474.9M	487.2M	586.3M	564.1M	545.4M	526M
Property, plant & equipment	617.1M	710.9M	888.2M	852.1M	774.9M	629.3M	560.2M	529.2M	790.6M	769M
Goodwill & intangibles	569.5M	553.4M	118.4M	104M	97.6M	—	—	—	105.8M	4.2M
Total assets	1.7B	1.8B	1.8B	1.9B	1.8B	1.7B	1.7B	1.7B	1.7B	1.6B
Accounts payable	128.1M	169.3M	228.1M	159.5M	143.4M	156.2M	213M	163.9M	164.6M	130.9M
Short-term debt	135M	155M	122.2M	31.8M	17M	17.7M	12.9M	16.2M	11.7M	12.9M
Total current liabilities	366.5M	419.3M	449.2M	280.4M	244.8M	254.1M	312M	286M	320.4M	216.2M
Long-term debt	592.9M	597M	692.9M	950.1M	716.4M	637.6M	564.9M	462.3M	281.6M	345.5M
Total liabilities	1.2B	1.2B	1.4B	1.4B	1.3B	1.2B	1.1B	1B	824.7M	763M
Shareholders' equity	469.9M	575.4M	426.4M	432M	521.1M	511.7M	572M	668.7M	854.5M	825.3M
Total debt	727.9M	752M	815.1M	981.9M	733.4M	655.3M	577.8M	478.5M	293.3M	358.4M
Net debt	704.9M	736.2M	792.6M	961.9M	697.5M	630.1M	524.1M	436.5M	213.7M	327.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	110.2M	42M	55.2M	39.6M	35.5M	79.6M	44M	46.7M	34.4M	30.7M	36.5M	95.4M
Receivables	163.4M	172.3M	162.9M	228.8M	148.8M	165.9M	160M	146.4M	142.5M	155M	163.4M	150.6M
Inventory	333.3M	319.8M	327.8M	420.2M	264.6M	258M	259.3M	283.9M	283.2M	281.7M	269.7M	260.8M
Total current assets	627M	564.1M	576.2M	733.9M	731.9M	545.4M	499.6M	510.1M	487.9M	526M	522.1M	532M
Property, plant & equipment	535.5M	529.2M	521.9M	1.1B	779.8M	790.6M	797.4M	794.7M	783.3M	769M	749.6M	741.7M
Goodwill & intangibles	—	—	—	108.2M	104.4M	105.8M	104.8M	51.2M	2.7M	4.2M	—	—
Total assets	1.7B	1.7B	1.7B	2.5B	2.5B	1.7B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B
Accounts payable	164.8M	163.9M	182.1M	278.8M	172.1M	164.6M	151.8M	162.9M	145.7M	130.9M	125.8M	154M
Short-term debt	15.5M	16.2M	16.4M	22.6M	18.1M	11.7M	11.3M	12.4M	12.4M	12.9M	12.7M	12.6M
Total current liabilities	260.9M	286M	301.4M	423.3M	412.1M	320.4M	300.2M	259.1M	232.4M	216.2M	200.4M	232.3M
Long-term debt	564.8M	462.3M	442.3M	1.1B	1.1B	281.6M	281.6M	328.5M	335.5M	345.5M	360.5M	360.5M
Total liabilities	1.1B	1B	995.2M	1.8B	1.8B	824.7M	797.4M	804M	778.4M	763M	756.1M	777.2M
Shareholders' equity	648.5M	668.7M	684.5M	658.6M	664.6M	854.5M	836.5M	836.7M	783M	825.3M	813.7M	794.2M
Total debt	580.3M	478.5M	458.7M	1.2B	1.2B	293.3M	292.9M	340.9M	347.9M	358.4M	373.2M	373.1M
Net debt	470.1M	436.5M	403.5M	1.1B	1.1B	213.7M	248.9M	294.2M	313.5M	327.7M	336.7M	277.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	49.6M	97.3M	-143.8M	-5.6M	77.1M	-28.1M	46M	107.7M	196.3M	-18.6M
Depreciation & amortization	91.1M	105M	101.9M	115.6M	111M	105M	103.3M	98.6M	69.8M	92.4M
Stock-based compensation	12.4M	3.6M	3.3M	4.1M	10.5M	9.1M	12.7M	9.9M	5.6M	3.8M
Change in working capital	1.7M	1.7M	22.9M	-89.1M	-6M	-27.2M	-65.6M	3.5M	-77.3M	-24.3M
Operating cash flow	173.3M	170.2M	-7.4M	33.6M	237.6M	51.6M	91.9M	211.9M	272M	12.3M
Capital expenditure	-155.3M	-199.7M	-224.8M	-140.1M	-39.6M	-38.4M	-33.5M	-73.7M	-116.6M	—
Investing cash flow	-222.5M	-198.8M	-224M	-140.1M	-39.6M	-25.1M	-33.5M	-73.7M	167.7M	-11.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-65.3M	-4.9M	0	0	0	0	-5M	-17.9M	-10M	-17.2M
Financing cash flow	-1.1B	-264.5M	-501.7M	-575.7M	-314.9M	-82M	-88.6M	-129.4M	-191.4M	39.3M
Net change in cash	-1.1B	-293.1M	-733.1M	-682.2M	-116.9M	-55.5M	-30.2M	8.8M	248.3M	40M
Free cash flow	17.4M	-21M	-126.8M	-84.5M	207.4M	58M	116.7M	117M	-55.2M	-76.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	36.6M	17.6M	17.2M	-25.8M	5.8M	199.1M	-6.3M	2.7M	-53.3M	38.3M	-12.8M	-21.5M
Depreciation & amortization	24.4M	24.8M	23.2M	30.9M	24.2M	-8.5M	22M	23M	23.7M	23.7M	23.4M	23.2M
Stock-based compensation	3.5M	2.9M	3.3M	4.7M	-900K	-1.6M	1M	2.5M	600K	-300K	600K	1.8M
Change in working capital	33.4M	-2.9M	-2.7M	-54.1M	-7.7M	-12.8M	12.2M	-10.7M	9.9M	-35.7M	9.7M	39.4M
Operating cash flow	94.3M	39.9M	39.4M	-48.2M	17M	263.7M	25.5M	21.3M	34M	5M	500K	69M
Capital expenditure	-14.2M	-25.2M	-18.5M	-18.1M	-47M	-33M	-32.7M	-22.9M	—	—	—	—
Investing cash flow	-14.2M	-25.2M	-18.5M	-726.3M	-47M	959.5M	-32.7M	-22.9M	-12.1M	500K	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-5M	-2.8M	-500K	-3M	-2.5M	-4M	-10.9M	-4.2M	-2.1M	0	0	-100K
Financing cash flow	-5.5M	-318.7M	-27.6M	689.6M	26.8M	-880.3M	-4.4M	53.7M	-15.8M	5.8M	14.3M	-400K
Net change in cash	74.6M	-304M	-6.7M	-84.9M	-3.2M	342.9M	-11.6M	52.1M	6.1M	11.3M	14.8M	68.6M
Free cash flow	74M	40.5M	40.7M	3M	-30.8M	-68.1M	-31.2M	-51.1M	15.7M	-9.9M	-8.6M	59.4M

Clearwater Paper Corp Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement