Clearwater Paper (CLW) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2026, filed Apr 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CLW SEC filings page.
Clearwater Paper (CLW) reported $1.5B in revenue over the twelve months to Mar 31, 2026, up 2.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Revenue recovery has not restored operating profitability; capital intensity and weak cash conversion remain the dominant mechanics.
FY2024 combined a negative operating margin of-4.7% with net income of$196M , showing that bottom-line profit was not tracking core operating performance. In FY2025, operating cash flow was only$12M and free cash flow reached-$77M , confirming that cash conversion deteriorated as earnings reversed.
The gross-margin structure improved from
The balance sheet is less debt-dependent than in FY2021: debt-to-equity fell from 1.2x to 0.4x, while the current ratio reached 2.4x in FY2025. That strengthening did not eliminate reinvestment demands: capital expenditures were
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Clearwater Paper's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Clearwater Paper has an operating margin of -2.7%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 17/100. This is up from -4.7% the prior year.
Clearwater Paper's revenue grew 12.4% year-over-year to $1.6B, a solid pace of expansion. This earns a growth score of 79/100.
Clearwater Paper has elevated debt relative to equity (D/E of 0.42), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 9/100, reflecting increased financial risk.
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 69/100.
While Clearwater Paper generated $12.3M in operating cash flow, capex of $88.8M consumed most of it, leaving -$76.5M in free cash flow. This results in a low score of 22/100, reflecting heavy capital investment rather than weak cash generation.
Clearwater Paper posts a -2.3% return on equity (ROE), meaning it loses $2 for every $100 of shareholders' equity. This results in a returns score of 23/100. This is down from 23.0% the prior year.
Clearwater Paper scores 2.15, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Clearwater Paper passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Clearwater Paper reported a net loss of $18.6M while generating $12.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Clearwater Paper reported an operating loss of $42.1M against $17.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Clearwater Paper generated $360.3M in revenue in Q1 2026. This represents a decrease of 4.7% from the same quarter a year earlier. Against the prior quarter it is down 6.8%.
Clearwater Paper's EBITDA was $13.0M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 27.8% from the same quarter a year earlier. Against the prior quarter it is down 58.3%.
Clearwater Paper reported -$12.8M in net income in Q1 2026. This represents a decrease of 103.2% from the same quarter a year earlier. Against the prior quarter it is down 133.4%.
Clearwater Paper earned -$0.80 per diluted share (EPS) in Q1 2026. This represents a decrease of 110.5% from the same quarter a year earlier. Against the prior quarter it is down 133.9%.
Cash & Balance Sheet
Clearwater Paper recorded an outflow of $8.6M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents an increase of 72.4% from the same quarter a year earlier. Against the prior quarter it is up 13.1%.
Clearwater Paper held $36.5M in cash against $360.5M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Clearwater Paper's gross margin was -0.3% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 10.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.7 percentage points.
Clearwater Paper's operating margin was -2.9% in Q1 2026, reflecting core business profitability. This is down 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.8 percentage points.
Clearwater Paper's net profit margin was -3.5% in Q1 2026, showing the share of revenue converted to profit. This is down 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 13.5 percentage points.
Clearwater Paper's ROE was -1.6% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.2 percentage points.
Capital Allocation
Clearwater Paper repurchased no shares in Q1 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Clearwater Paper invested $9.1M in capex in Q1 2026, funding long-term assets and infrastructure. This represents a decrease of 72.2% from the same quarter a year earlier. Against the prior quarter it is down 38.9%.
Not reported for Q1 2026.
CLW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $360.3M-4.7% | $386.4M-0.2% | $399.0M+1.4% | $391.8M+13.8% | $378.2M+46.1% | $387.1M+44.1% | $393.3M+41.0% | $344.4M+18.2% |
| Cost of Revenue | $361.2M+5.8% | $369.2M | $380.3M+4.7% | $348.8M+0.7% | $341.5M+51.4% | N/A | $363.2M+59.1% | $346.4M-21.0% |
| Gross Profit | -$900K-102.5% | $17.2M+17.0% | $18.7M-37.9% | $43.0M+2250.0% | $36.7M+10.2% | $14.7M-59.1% | $30.1M-40.6% | -$2.0M+98.6% |
| SG&A Expenses | $20.6M-28.7% | $21.1M | $24.7M-21.8% | $26.1M-13.9% | $28.9M+2.8% | N/A | $31.6M+11.7% | $30.3M-22.5% |
| Operating Income | -$10.4M-160.0% | $7.5M | -$55.4M-4516.7% | $9.8M+120.9% | -$4.0M-400.0% | N/A | -$1.2M-105.8% | -$46.9M-199.2% |
| EBITDA | $13.0M-27.8% | $31.2M | -$31.7M-237.8% | $32.8M+305.0% | $18.0M-19.6% | N/A | $23.0M-49.0% | -$16.0M-122.3% |
| Interest Expense | $4.7M+38.2% | $6.0M | $4.5M-65.4% | $3.9M-60.6% | $3.4M+100.0% | N/A | $13.0M+333.3% | $9.9M+30.3% |
| Income Tax | -$3.7M-105.6% | -$700K+92.8% | -$6.5M-97.0% | $1.9M+113.0% | -$1.8M-460.0% | -$9.7M-4950.0% | -$3.3M-189.2% | -$14.6M-439.5% |
| Net Income | -$12.8M-103.2% | $38.3M-80.8% | -$53.3M-1019.0% | $2.7M+110.5% | -$6.3M-136.6% | $199.1M+1031.3% | $5.8M-84.2% | -$25.8M-186.9% |
| EPS (Basic) | -$0.80-110.5% | $2.36-80.2% | -$3.30-1042.9% | $0.17+111.0% | -$0.38-136.9% | $11.91+1023.6% | $0.35-84.1% | -$1.55-188.1% |
| EPS (Diluted) | -$0.80-110.5% | $2.36-80.2% | -$3.30-1042.9% | $0.17+111.0% | -$0.38-136.9% | $11.91+1023.6% | $0.35-83.9% | -$1.55-188.6% |
| Diluted Shares (Avg) | 16M-1.8% | N/A | N/A | 16M-2.5% | 16M+98503.0% | 16,724+0.5% | 16,620-1.6% | 17M+98148.6% |
Not reported in any period shown, so not listed: R&D Expenses.
CLW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.6B-3.9% | $1.6B-5.4% | $1.6B-37.3% | $1.6B-33.8% | $1.6B-2.7% | $1.7B+0.4% | $2.5B+43.3% | $2.5B+45.4% |
| Current Assets | $522.1M+4.5% | $526.0M-3.6% | $487.9M-33.3% | $510.1M-30.5% | $499.6M-13.3% | $545.4M-3.3% | $731.9M+16.7% | $733.9M+23.9% |
| Cash & Equivalents | $36.5M-17.0% | $30.7M-61.4% | $34.4M-3.1% | $46.7M+17.9% | $44.0M-20.3% | $79.6M+89.5% | $35.5M-67.8% | $39.6M-5.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $269.7M+4.0% | $281.7M+9.2% | $283.2M+7.0% | $283.9M-32.4% | $259.3M-20.9% | $258.0M+60.0% | $264.6M-20.6% | $420.2M+23.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | $0-100.0% | $0 | N/A | N/A | $48.6M+38.5% | N/A | N/A |
| Total Liabilities | $756.0M-5.2% | $763.0M-7.5% | $778.5M-57.3% | $804.0M-55.8% | $797.3M-19.9% | $824.7M-17.8% | $1.8B+67.6% | $1.8B+66.9% |
| Current Liabilities | $200.4M-33.2% | $216.2M-32.5% | $232.4M-43.6% | $259.1M-38.8% | $300.2M-0.4% | $320.4M+12.0% | $412.1M+58.0% | $423.3M+60.6% |
| Non-Current Liabilities | $555.6M+11.8% | $546.8M+8.4% | $546.1M-61.3% | $544.9M-61.0% | $497.1M-28.4% | $504.3M-29.7% | $1.4B+70.6% | $1.4B+68.9% |
| Long-Term Debt | $360.5M+28.0% | $345.5M+22.7% | $335.5M-70.7% | $328.5M-71.1% | $281.6M-36.3% | $281.6M-36.0% | $1.1B+102.4% | $1.1B+101.5% |
| Total Equity | $813.8M-2.7% | $825.3M-3.4% | $783.0M+17.8% | $836.8M+27.1% | $836.6M+22.2% | $854.6M+27.8% | $664.6M+2.5% | $658.6M+7.2% |
| Retained Earnings | $849.4M-2.9% | $862.3M-2.1% | $823.9M+20.9% | $877.3M+29.8% | $874.5M+24.6% | $880.8M+28.7% | $681.7M+2.2% | $675.8M+7.2% |
Not reported in any period shown, so not listed: Accounts Receivable.
CLW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $500K-66.7% | $5.0M+114.2% | $34.0M+109.9% | -$28.2M-233.6% | $1.5M-97.5% | -$35.1M-153.4% | $16.2M-81.6% | $21.1M-54.1% |
| Depreciation & Amortization | $23.4M+6.4% | $23.7M+10.2% | $23.7M-2.1% | $23.0M-25.6% | $22.0M-5.2% | $21.5M-13.3% | $24.2M-0.8% | $30.9M+25.6% |
| Stock-Based Compensation | $600K-40.0% | N/A | $600K+166.7% | $2.5M-46.8% | $1.0M-69.7% | N/A | -$900K-125.7% | $4.7M+213.3% |
| Capital Expenditures | $9.1M-72.2% | $14.9M-54.8% | $18.3M-61.1% | $22.9M+26.5% | $32.7M+76.8% | $33.0M+31.0% | $47.0M+231.0% | $18.1M+41.4% |
| Free Cash Flow | -$8.6M+72.4% | -$9.9M+85.5% | $15.7M+151.0% | -$51.1M-1803.3% | -$31.2M-176.7% | -$68.1M-268.1% | -$30.8M-141.6% | $3.0M-91.0% |
| Investing Cash Flow | -$9.1M+72.2% | -$14.4M-101.5% | -$30.4M+35.3% | -$22.9M+96.8% | -$32.7M-76.8% | $959.5M+3907.5% | -$47.0M-231.0% | -$726.3M-5574.2% |
| Financing Cash Flow | $14.3M+425.0% | $5.8M+100.7% | -$15.8M-159.0% | $53.7M-92.2% | -$4.4M+84.1% | -$880.3M-709.8% | $26.8M+587.3% | $689.6M+7848.3% |
| Share Buybacks | $0-100.0% | $0-100.0% | $2.1M-16.0% | $4.2M+40.0% | $10.9M+2080.0% | $4.0M+42.9% | $2.5M-50.0% | $3.0M-64.3% |
Not reported in any period shown, so not listed: Dividends Paid.
CLW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -0.3%-10.0pp | 4.5%+0.6pp | 4.7%-3.0pp | 11.0%+11.6pp | 9.7%-3.2pp | 3.8%-9.6pp | 7.6%-10.5pp | -0.6%+50.0pp |
| Operating Margin | -2.9%-1.8pp | 1.9% | -13.9%-13.6pp | 2.5%+16.1pp | -1.1%-0.8pp | N/A | -0.3%-7.7pp | -13.6%-29.9pp |
| Net Margin | -3.5%-1.9pp | 9.9%-41.5pp | -13.4%-14.8pp | 0.7%+8.2pp | -1.7%-8.3pp | 51.4%+44.9pp | 1.5%-11.7pp | -7.5%-17.7pp |
| Return on Equity | -1.6%-0.8pp | 4.6%-18.7pp | -6.8%-7.7pp | 0.3%+4.2pp | -0.8%-3.3pp | 23.3%+20.7pp | 0.9%-4.8pp | -3.9%-8.8pp |
| Return on Assets | -0.8%-0.4pp | 2.4%-9.4pp | -3.4%-3.6pp | 0.2%+1.2pp | -0.4%-1.4pp | 11.9%+10.8pp | 0.2%-1.9pp | -1.0%-2.8pp |
| Current Ratio | 2.61+0.9x | 2.43+0.7x | 2.10+0.3x | 1.97+0.2x | 1.66-0.2x | 1.70-0.3x | 1.78-0.6x | 1.73-0.5x |
| Debt-to-Equity | 0.44+0.1x | 0.42+0.1x | 0.43-1.3x | 0.39-1.3x | 0.34-0.3x | 0.33-0.3x | 1.72+0.8x | 1.73+0.8x |
| Asset Turnover | 0.230.0x | 0.240.0x | 0.26+0.1x | 0.24+0.1x | 0.23+0.1x | 0.23+0.1x | 0.160.0x | 0.140.0x |
| FCF Margin | -2.4%+5.9pp | -2.6%+15.0pp | 3.9%+11.8pp | -13.0%-13.9pp | -8.3%-24.0pp | -17.6%-32.7pp | -7.8%-34.4pp | 0.9%-10.5pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Clearwater Paper CLW | FY2025 | $1.6B | -$18.6M | -1.2% | $337.4M | 37/100 |
| Magnera MAGN | FY2025 | $3.2B | -$159.0M | -5.0% | $438.2M | 42/100 |
| Sylvamo Corp SLVM | FY2025 | $3.4B | $132.0M | 3.9% | $1.4B | 48/100 |
| Mercer Intl MERC | FY2025 | $1.9B | -$498K | 0.0% | $26.2M | 25/100 |
Where Clearwater Paper Ranks
Frequently Asked Questions
What is Clearwater Paper's annual revenue?
Clearwater Paper (CLW) reported $1.6B in total revenue for fiscal year 2025. This represents a 12.4% 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 grew by 12.4% year-over-year, from $1.4B to $1.6B in fiscal year 2025.
Is Clearwater Paper profitable?
No, Clearwater Paper (CLW) reported a net income of -$18.6M in fiscal year 2025, with a net profit margin of -1.2%.
What is Clearwater Paper's EBITDA?
Clearwater Paper (CLW) had EBITDA of $50.3M 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 $30.7M in cash and equivalents against $345.5M 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) recorded an outflow of $76.5M in free cash flow during fiscal year 2025. This represents a -38.6% 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 $12.3M 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 $1.6B 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 $88.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
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 P/E ratio?
Clearwater Paper (CLW) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to March 31, 2026). The market capitalization is $337.4M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Clearwater Paper's price-to-sales ratio?
Clearwater Paper (CLW) trades at 0.2x sales, its market capitalization divided by revenue of $1.5B revenue, trailing 12 months to March 31, 2026. The market capitalization is $337.4M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Clearwater Paper's Altman Z-Score?
Clearwater Paper (CLW) has an Altman Z-Score of 2.15, placing it in the Grey Zone (moderate 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 6 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 to 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) reported a net loss of $18.6M while generating $12.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $42.1M against $17.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 37 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.