Clearwater Paper Financials
This page shows Clearwater Paper (CLW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Clearwater Paper has an operating margin of 2.7%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 14/100, suggesting thin profitability after operating expenses. This is up from -4.7% the prior year.
Clearwater Paper's revenue declined 100% year-over-year, from $1.4B to $2K. This contraction results in a growth score of 0/100.
Clearwater Paper carries a low D/E ratio of 0.42, meaning only $0.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.43, Clearwater Paper holds $2.43 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 77/100.
While Clearwater Paper generated $12 in operating cash flow, capex of $89 consumed most of it, leaving -$77 in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Clearwater Paper generates a 2.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 9/100. This is down from 23.0% the prior year.
Clearwater Paper scores 193723.31, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($246.3M) relative to total liabilities ($763). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Clearwater Paper passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Clearwater Paper generates $0.66 in operating cash flow ($12 OCF vs $19 net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Clearwater Paper earns $2.4 in operating income for every $1 of interest expense ($42 vs $18). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Clearwater Paper generated $2K in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Clearwater Paper's EBITDA was $135 in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 100.0% from the prior year.
Clearwater Paper generated -$77 in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 100.0% from the prior year.
Clearwater Paper reported $19 in net income in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Clearwater Paper earned $1.15 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 90.2% from the prior year.
Clearwater Paper held $31 in cash against $346 in long-term debt as of fiscal year 2025.
Clearwater Paper had 16M shares outstanding in fiscal year 2025.
Clearwater Paper's gross margin was 7.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.
Clearwater Paper's operating margin was 2.7% in fiscal year 2025, reflecting core business profitability. This is up 7.4 percentage points from the prior year.
Clearwater Paper's net profit margin was 1.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 13.0 percentage points from the prior year.
Clearwater Paper's ROE was 2.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.7 percentage points from the prior year.
Clearwater Paper spent $17 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Clearwater Paper invested $89 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
CLW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $399.0M+1.8% | $391.8M+3.6% | $378.2M-2.3% | $387.1M-1.6% | $393.3M+14.2% | $344.4M+33.1% | $258.8M-3.6% | $268.6M |
| Cost of Revenue | $380.3M+9.0% | $348.8M+2.1% | $341.5M-8.3% | $372.4M+2.5% | $363.2M+4.8% | $346.4M+53.6% | $225.5M+225.1% | -$180.2M |
| Gross Profit | $18.7M-56.5% | $43.0M+17.2% | $36.7M+149.7% | $14.7M-51.2% | $30.1M+1605.0% | -$2.0M-106.0% | $33.3M-7.2% | $35.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $24.7M-5.4% | $26.1M-9.7% | $28.9M+8.2% | $26.7M-15.5% | $31.6M+4.3% | $30.3M+7.8% | $28.1M+75.6% | $16.0M |
| Operating Income | -$55.4M-665.3% | $9.8M+345.0% | -$4.0M+74.4% | -$15.6M-1200.0% | -$1.2M+97.4% | -$46.9M-5762.5% | -$800K+97.3% | -$29.7M |
| Interest Expense | $4.5M+15.4% | $3.9M+14.7% | $3.4M-54.1% | $7.4M-43.1% | $13.0M+31.3% | $9.9M+482.4% | $1.7M+126.6% | -$6.4M |
| Income Tax | -$6.5M-442.1% | $1.9M+205.6% | -$1.8M+81.4% | -$9.7M-193.9% | -$3.3M+77.4% | -$14.6M-3020.0% | $500K+150.0% | $200K |
| Net Income | -$53.3M-2074.1% | $2.7M+142.9% | -$6.3M-103.2% | $199.1M+3332.8% | $5.8M+122.5% | -$25.8M-250.0% | $17.2M-2.3% | $17.6M |
| EPS (Diluted) | $-3.30-2041.2% | $0.17+144.7% | $-0.38-103.2% | $11.91+3302.9% | $0.35+122.6% | $-1.55-250.5% | $1.03-2.8% | $1.06 |
CLW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.6B-4.8% | $1.6B+0.4% | $1.6B-2.7% | $1.7B-32.5% | $2.5B+0.4% | $2.5B+47.6% | $1.7B+0.5% | $1.7B |
| Current Assets | $487.9M-4.4% | $510.1M+2.1% | $499.6M-8.4% | $545.4M-25.5% | $731.9M-0.3% | $733.9M+27.4% | $576.2M+2.1% | $564.1M |
| Cash & Equivalents | $34.4M-26.3% | $46.7M+6.1% | $44.0M-44.7% | $79.6M+124.2% | $35.5M-10.4% | $39.6M-28.3% | $55.2M+31.4% | $42.0M |
| Inventory | $283.2M-0.2% | $283.9M+9.5% | $259.3M+0.5% | $258.0M-2.5% | $264.6M-37.0% | $420.2M+28.2% | $327.8M+103.3% | $161.2M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $0 | N/A | N/A | $48.6M | N/A | N/A | N/A | N/A |
| Total Liabilities | $778.5M-3.2% | $804.0M+0.8% | $797.3M-3.3% | $824.7M-54.8% | $1.8B+0.2% | $1.8B+82.9% | $995.2M-0.8% | $1.0B |
| Current Liabilities | $232.4M-10.3% | $259.1M-13.7% | $300.2M-6.3% | $320.4M-22.3% | $412.1M-2.6% | $423.3M+40.4% | $301.4M+5.4% | $286.0M |
| Long-Term Debt | $335.5M+2.1% | $328.5M+16.7% | $281.6M0.0% | $281.6M-75.4% | $1.1B+0.5% | $1.1B+157.3% | $442.3M+0.5% | $439.9M |
| Total Equity | $783.0M-6.4% | $836.8M0.0% | $836.6M-2.1% | $854.6M+28.6% | $664.6M+0.9% | $658.6M-3.8% | $684.5M+2.3% | $668.8M |
| Retained Earnings | $823.9M-6.1% | $877.3M+0.3% | $874.5M-0.7% | $880.8M+29.2% | $681.7M+0.9% | $675.8M-3.7% | $701.7M+2.5% | $684.5M |
CLW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $34.0M+220.6% | -$28.2M-1980.0% | $1.5M+104.3% | -$35.1M-316.7% | $16.2M-23.2% | $21.1M-64.4% | $59.2M-9.9% | $65.7M |
| Capital Expenditures | $18.3M-20.1% | $22.9M-30.0% | $32.7M-0.9% | $33.0M-29.8% | $47.0M+159.7% | $18.1M-2.2% | $18.5M-26.6% | $25.2M |
| Free Cash Flow | $15.7M+130.7% | -$51.1M-63.8% | -$31.2M+54.2% | -$68.1M-121.1% | -$30.8M-1126.7% | $3.0M-92.6% | $40.7M+0.5% | $40.5M |
| Investing Cash Flow | -$30.4M-32.8% | -$22.9M+30.0% | -$32.7M-103.4% | $959.5M+2141.5% | -$47.0M+93.5% | -$726.3M-3825.9% | -$18.5M+26.6% | -$25.2M |
| Financing Cash Flow | -$15.8M-129.4% | $53.7M+1320.5% | -$4.4M+99.5% | -$880.3M-3384.7% | $26.8M-96.1% | $689.6M+2598.6% | -$27.6M+74.6% | -$108.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $2.1M-50.0% | $4.2M-61.5% | $10.9M+172.5% | $4.0M+60.0% | $2.5M-16.7% | $3.0M+500.0% | $500K-82.1% | $2.8M |
CLW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.7%-6.3pp | 11.0%+1.3pp | 9.7%+5.9pp | 3.8%-3.9pp | 7.6%+8.2pp | -0.6%-13.5pp | 12.9%-0.5pp | 13.4% |
| Operating Margin | -13.9%-16.4pp | 2.5%+3.6pp | -1.1%+3.0pp | -4.0%-3.7pp | -0.3%+13.3pp | -13.6%-13.3pp | -0.3%+10.8pp | -11.1% |
| Net Margin | -13.4%-14.0pp | 0.7%+2.4pp | -1.7%-53.1pp | 51.4%+50.0pp | 1.5%+9.0pp | -7.5%-14.1pp | 6.7%+0.1pp | 6.6% |
| Return on Equity | N/A | 0.3% | N/A | 23.3%+22.4pp | 0.9% | N/A | 2.5%-0.1pp | 2.6% |
| Return on Assets | -3.4%-3.6pp | 0.2%+0.5pp | -0.4%-12.3pp | 11.9%+11.6pp | 0.2%+1.3pp | -1.0%-2.1pp | 1.0%-0.0pp | 1.1% |
| Current Ratio | 2.10+0.1 | 1.97+0.3 | 1.66-0.0 | 1.70-0.1 | 1.78+0.0 | 1.73-0.2 | 1.91-0.1 | 1.97 |
| Debt-to-Equity | 0.43+0.0 | 0.39+0.1 | 0.340.0 | 0.33-1.4 | 1.720.0 | 1.73+1.1 | 0.65-0.0 | 0.66 |
| FCF Margin | 3.9%+17.0pp | -13.0%-4.8pp | -8.3%+9.3pp | -17.6%-9.8pp | -7.8%-8.7pp | 0.9%-14.9pp | 15.7%+0.7pp | 15.1% |
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Frequently Asked Questions
What is Clearwater Paper's annual revenue?
Clearwater Paper (CLW) reported $2K in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Clearwater Paper's revenue growing?
Clearwater Paper (CLW) revenue declined by 100% year-over-year, from $1.4B to $2K in fiscal year 2025.
Is Clearwater Paper profitable?
Yes, Clearwater Paper (CLW) reported a net income of $19 in fiscal year 2025, with a net profit margin of 1.2%.
What is Clearwater Paper's earnings per share (EPS)?
Clearwater Paper (CLW) reported diluted earnings per share of $1.15 for fiscal year 2025. This represents a -90.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Clearwater Paper's EBITDA?
Clearwater Paper (CLW) had EBITDA of $135 in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Clearwater Paper have?
As of fiscal year 2025, Clearwater Paper (CLW) had $31 in cash and equivalents against $346 in long-term debt.
What is Clearwater Paper's gross margin?
Clearwater Paper (CLW) had a gross margin of 7.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Clearwater Paper's operating margin?
Clearwater Paper (CLW) had an operating margin of 2.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Clearwater Paper's net profit margin?
Clearwater Paper (CLW) had a net profit margin of 1.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Clearwater Paper's return on equity (ROE)?
Clearwater Paper (CLW) has a return on equity of 2.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Clearwater Paper's free cash flow?
Clearwater Paper (CLW) generated -$77 in free cash flow during fiscal year 2025. This represents a 100.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Clearwater Paper's operating cash flow?
Clearwater Paper (CLW) generated $12 in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Clearwater Paper's total assets?
Clearwater Paper (CLW) had $2K in total assets as of fiscal year 2025, including both current and long-term assets.
What are Clearwater Paper's capital expenditures?
Clearwater Paper (CLW) invested $89 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Clearwater Paper buy back shares?
Yes, Clearwater Paper (CLW) spent $17 on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Clearwater Paper have outstanding?
Clearwater Paper (CLW) had 16M shares outstanding as of fiscal year 2025.
What is Clearwater Paper's current ratio?
Clearwater Paper (CLW) had a current ratio of 2.43 as of fiscal year 2025, which is generally considered healthy.
What is Clearwater Paper's debt-to-equity ratio?
Clearwater Paper (CLW) had a debt-to-equity ratio of 0.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Clearwater Paper's return on assets (ROA)?
Clearwater Paper (CLW) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Clearwater Paper's Altman Z-Score?
Clearwater Paper (CLW) has an Altman Z-Score of 193723.31, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Clearwater Paper's Piotroski F-Score?
Clearwater Paper (CLW) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Clearwater Paper's earnings high quality?
Clearwater Paper (CLW) has an earnings quality ratio of 0.66x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Clearwater Paper cover its interest payments?
Clearwater Paper (CLW) has an interest coverage ratio of 2.4x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Clearwater Paper?
Clearwater Paper (CLW) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.