CLWNYSEPaperboard MillsFiscal year ends December 31
Clearwater Paper Corp
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 28, 2026
$18.63−0.67 (-3.47%)
Close on Oct 19, 2026
- Market cap
- $299.57M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
7.4%−8.3 pts over 5 years
Operating margin
-2.7%−11.2 pts over 5 years
Net margin
-1.2%−5.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.4% | +9.2% | -3.6% | -1.2% | |
| Gross profit | +51.9% | -18.4% | -17.0% | -7.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 10.5% | 16.2% | -2.2% | |
| Return on assets | 3.1% | 4.2% | -1.1% | |
| Current ratio | 1.22 | 1.94 | 2.43 | |
| Debt to equity | 1.21 | 1.38 | 0.42 | |
| Net debt to EBITDA | 2.66× | 2.53× | 6.27× | |
| Interest coverage | – | 3.6× | -2.4× | |
| Inventory turnover | 5.8× | 5.8× | 5.3× | |
| Capex to revenue | 9.0% | 2.1% | 5.7% | |
| Diluted shares | 17M | 17M | 16M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Clearwater Paper generated $511.00M from operations and spent $401.10M on capital expenditure, dividends and share buybacks. 88% of that went back into the business.
Generated
$511.00M
Used
$401.10M
Capital expenditure$351.00M88%Dividends$00%Share buybacks$50.10M12%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.2%
×Asset turnover0.95×
×Equity multiplier1.95×
=Return on equity, FY2025-2.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1.2% | 0.95× | 1.95× | -2.2% |
| FY2024 | 14.2% | 0.83× | 2.20× | 25.8% |
| FY2023 | 9.5% | 0.67× | 2.72× | 17.4% |
| FY2022 | 3.8% | 0.70× | 3.13× | 8.5% |
| FY2021 | -1.6% | 1.02× | 3.38× | -5.4% |
| FY2020 | 4.1% | 1.02× | 3.86× | 16.2% |
| FY2019 | -0.3% | 0.96× | 4.27× | -1.3% |
| FY2018 | -8.3% | 0.96× | 3.58× | -28.7% |
| FY2017 | 5.6% | 0.99× | 3.34× | 18.6% |
| FY2016 | 2.9% | 1.08× | 3.40× | 10.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$18.60M
- Cash generatingOperating cash flow above zero$12.30M
- Return on assets improvedROA up on the prior year11.7% → -1.1%
- Earnings backed by cashOperating cash flow above net income$12.30M vs -$18.60M
- Less leverageLong-term debt to assets fell16.8% → 21.8%
- Better liquidityCurrent ratio rose1.70 → 2.43
- No dilutionShare count did not rise17M → 16M
- Gross margin improvedGross margin up on the prior year5.50% → 7.43%
- More efficientAsset turnover rose0.83 → 0.93