Go Pro
→ Porter flew 3,300 miles to investigate this system (From Porter & Company) (Ad)tc pixel Free CLW Stock Alerts

Clearwater Paper (CLW) Financials

Clearwater Paper logo
$15.91 -0.01 (-0.06%)
Closing price 03:59 PM Eastern
Extended Trading
$15.87 -0.04 (-0.25%)
As of 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for Clearwater Paper

Annual Income Statements for Clearwater Paper

This table shows Clearwater Paper's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 56 50 97 -144 -5.60 77 -28 46 108 196 -19
Consolidated Net Income / (Loss)		 56 50 97 -144 -5.60 77 -28 46 108 196 -19
Net Income / (Loss) Continuing Operations		 56 50 97 -144 -5.60 77 -28 53 49 -74 -53
Total Pre-Tax Income 		92 81 41 -134 -7.90 98 -36 82 66 -101 -60
Total Operating Income		 124 115 71 -98 45 158 12 99 78 -65 -42
Total Gross Profit		 240 241 209 188 165 294 183 213 201 76 116
Total Revenue		 1,752 1,735 1,730 1,724 1,762 1,869 1,773 1,195 1,136 1,384 1,555
Operating Revenue		 1,752 1,735 1,730 1,724 1,762 1,869 1,773 1,195 1,136 1,384 1,555
Total Cost of Revenue		 1,513 1,494 1,521 1,537 1,597 1,574 1,590 983 935 1,308 1,440
Operating Cost of Revenue		 1,513 1,494 1,521 1,537 1,597 1,574 1,590 983 935 1,308 1,440
Total Operating Expenses		 116 126 138 285 119 136 171 113 123 141 158
Selling, General & Admin Expense		 116 128 121 108 119 136 171 113 123 141 110
Impairment Charge		 - 0.00 0.00 195 - - - - 0.00 0.00 48
Total Other Income / (Expense), net		 -31 -34 -30 -36 -53 -60 -48 -17 -13 -37 -18
Interest Expense		 - 3.45 0.00 0.00 2.70 5.90 1.00 0.50 3.10 9.10 0.00
Interest & Investment Income		 -31 -31 -31 -31 -45 -47 -36 -11 -9.50 -29 -17
Other Income / (Expense), net		 - - 1.10 -4.90 -5.70 -7.60 -10 -5.70 0.10 1.80 -1.20
Income Tax Expense		 37 31 -56 10 -2.30 21 -7.70 29 17 -27 -7.10
Net Income / (Loss) Discontinued Operations		 - - - - - - - -6.70 59 270 34
Basic Earnings per Share		 $2.98 $2.91 $5.91 ($8.72) ($0.34) $4.65 ($1.67) $2.71 $6.39 $11.70 ($1.15)
Weighted Average Basic Shares Outstanding		 18.76M 17.00M 16.46M 16.49M 16.53M 16.57M 16.77M 16.99M 16.86M 16.78M 16.17M
Diluted Earnings per Share		 $2.97 $2.90 $5.88 ($8.72) ($0.34) $4.61 ($1.67) $2.68 $6.30 $11.70 ($1.15)
Weighted Average Diluted Shares Outstanding		 18.76M 17.00M 16.56M 16.49M 16.53M 16.72M 16.77M 17.18M 17.09M 16.78M 16.17M
Weighted Average Basic & Diluted Shares Outstanding		 18.76M 17.00M 16.46M 16.52M 16.53M 16.60M 16.69M 16.76M 16.48M 16.18M 16.04M

Quarterly Income Statements for Clearwater Paper

This table shows Clearwater Paper's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 37 18 17 -26 5.90 199 -6.20 2.80 -53 38 -13
Consolidated Net Income / (Loss)		 37 18 17 -26 5.80 199 -6.30 2.70 -53 38 -13
Net Income / (Loss) Continuing Operations		 15 -20 -2.10 -42 -11 -55 -5.90 3.60 -54 3.20 -13
Total Pre-Tax Income 		19 -25 -1.70 -56 -14 -76 -7.60 5.60 -60 2.30 -17
Total Operating Income		 21 -30 -0.80 -47 -1.20 -74 -4.00 9.80 -55 7.50 -10
Total Gross Profit		 51 -13 33 -2.00 30 -64 37 43 19 17 -0.90
Total Revenue		 279 -193 259 344 393 -92 378 392 399 386 360
Operating Revenue		 279 -193 259 344 393 -92 378 392 399 386 360
Total Cost of Revenue		 228 -180 226 346 363 -28 342 349 380 369 361
Operating Cost of Revenue		 228 -180 226 346 363 -28 342 349 380 369 361
Total Operating Expenses		 30 17 34 45 31 10 41 33 74 9.60 9.50
Selling, General & Admin Expense		 28 19 34 45 32 35 29 33 25 11 21
Other Operating Expenses / (Income)		 1.70 - - - -0.30 - 12 - 1.50 - -11
Total Other Income / (Expense), net		 -2.10 4.50 -0.90 -9.30 -13 -1.80 -3.60 -4.20 -5.00 -5.20 -6.10
Interest & Investment Income		 -2.20 7.80 -1.20 -9.60 -13 6.40 -3.30 -3.90 -4.70 -4.90 -5.00
Other Income / (Expense), net		 0.10 -0.20 0.30 0.30 0.30 0.90 -0.30 -0.30 -0.30 -0.30 -1.10
Income Tax Expense		 3.70 -5.40 0.50 -15 -3.30 -21 -1.80 1.90 -6.50 -0.70 -3.70
Net Income / (Loss) Discontinued Operations		 22 - 19 16 17 - -0.40 -0.90 0.60 35 0.00
Basic Earnings per Share		 $2.19 $1.02 $1.03 ($1.55) $0.35 $11.87 ($0.38) $0.17 ($3.30) $2.36 ($0.80)
Weighted Average Basic Shares Outstanding		 16.68M 16.86M 16.61M 16.66M 16.62M 16.78M 16.38M 16.22M 16.14M 16.17M 16.08M
Diluted Earnings per Share		 $2.17 $0.98 $1.03 ($1.55) $0.35 $11.88 ($0.38) $0.17 ($3.30) $2.36 ($0.80)
Weighted Average Diluted Shares Outstanding		 16.90M 17.09M 16.68M 16.66M 16.57M 16.78M 16.38M 16.24M 16.04M 16.17M 16.08M
Weighted Average Basic & Diluted Shares Outstanding		 16.56M 16.48M 16.68M 16.63M 16.57M 16.18M 16.26M 16.10M 16.04M 16.04M 16.13M

Annual Cash Flow Statements for Clearwater Paper

This table details how cash moves in and out of Clearwater Paper's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -22 17 -6.60 8.20 -2.50 15 -11 28 -12 38 -49
Net Cash From Operating Activities		 160 173 370 169 56 247 96 150 191 61 12
Net Cash From Continuing Operating Activities		 160 173 370 169 56 247 97 150 191 62 12
Net Income / (Loss) Continuing Operations		 56 50 209 -144 -5.60 77 -28 46 108 196 -19
Consolidated Net Income / (Loss)		 56 50 209 -144 -5.60 77 -28 46 108 196 -19
Depreciation Expense		 85 91 210 102 116 111 105 103 99 100 92
Amortization Expense		 0.93 1.24 - - 4.70 8.00 2.80 2.00 4.40 12 2.20
Non-Cash Adjustments To Reconcile Net Income		 6.61 13 -5.40 172 5.50 13 52 22 10 -304 58
Changes in Operating Assets and Liabilities, net		 11 18 -7.40 39 -65 38 -35 -23 -30 58 -122
Net Cash From Investing Activities		 -79 -223 -398 -224 -140 -40 -25 -34 -74 168 -100
Net Cash From Continuing Investing Activities		 -79 -223 -398 -224 -140 -40 -25 -34 -74 168 -100
Purchase of Property, Plant & Equipment		 -129 -155 -399 -296 -140 -40 -38 -34 -74 -117 -89
Acquisitions		 0.00 -67 - - - - - 0.00 0.00 -708 0.00
Sale of Property, Plant & Equipment		 0.60 0.00 0.00 71 0.00 0.00 13 0.00 0.00 993 0.00
Divestitures		 - - - - - - - - 0.00 0.00 -12
Net Cash From Financing Activities		 -103 67 15 63 82 -193 -82 -89 -129 -191 39
Net Cash From Continuing Financing Activities		 -103 67 28 63 82 -193 -82 -89 -129 -192 39
Repayment of Debt		 -0.14 -1,141 -2.40 -568 -763 -576 -80 -81 -329 -931 -23
Repurchase of Common Equity		 -100 -65 0.00 - - 0.00 0.00 -5.00 -18 -10 -17
Issuance of Debt		 0.00 1,274 1,153 631 845 384 0.00 0.00 222 753 82
Other Financing Activities, net		 -2.72 -0.93 - - - -0.70 -1.70 -2.50 -4.70 -4.10 -2.30
Cash Interest Paid		 28 27 28 26 38 45 36 33 38 52 16
Cash Income Taxes Paid		 36 18 2.70 -11 3.10 -7.90 -7.70 43 17 19 54

Quarterly Cash Flow Statements for Clearwater Paper

This table details how cash moves in and out of Clearwater Paper's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 69 -68 13 -16 -4.10 44 -36 2.60 -12 -3.70 5.80
Net Cash From Operating Activities		 88 66 59 21 16 -35 1.50 -28 34 5.00 0.50
Net Cash From Continuing Operating Activities		 88 66 59 21 16 -35 1.50 -28 34 5.00 0.60
Net Income / (Loss) Continuing Operations		 37 18 17 -26 5.80 199 -6.30 2.70 -53 38 -13
Consolidated Net Income / (Loss)		 37 18 17 -26 5.80 199 -6.30 2.70 -53 38 -13
Depreciation Expense		 24 25 23 31 24 22 22 23 24 24 23
Non-Cash Adjustments To Reconcile Net Income		 3.50 3.10 2.60 4.60 -12 -300 1.00 5.40 49 2.50 1.10
Changes in Operating Assets and Liabilities, net		 23 17 16 10 -3.10 34 -15 -60 14 -60 -11
Net Cash From Investing Activities		 -14 -25 -19 -726 -47 960 -33 -23 -30 -14 -9.10
Net Cash From Continuing Investing Activities		 -14 -25 -19 -726 -47 960 -33 -23 -30 -14 -9.10
Purchase of Property, Plant & Equipment		 -14 -25 -19 -18 -47 -33 -33 -23 -18 -15 -9.10
Net Cash From Financing Activities		 -5.40 -109 -28 690 27 -880 -4.40 54 -16 5.80 14
Net Cash From Continuing Financing Activities		 -5.40 -109 -28 690 27 -881 -4.50 54 -16 5.80 14
Repayment of Debt		 -12 -311 -24 690 -724 -872 8.70 -9.20 -21 -1.90 -0.10
Repurchase of Common Equity		 -5.00 -2.80 -0.50 -3.00 -2.50 -4.00 -11 -4.20 -2.10 - 0.00
Issuance of Debt		 - 210 - - - -0.10 0.00 - 7.00 10 15
Other Financing Activities, net		 - - -3.10 - - - -2.30 - - - -0.50
Cash Interest Paid		 15 7.90 9.90 7.90 25 9.70 6.50 0.80 7.50 1.10 7.80
Cash Income Taxes Paid		 13 -11 0.00 - -0.60 4.20 -0.20 57 - -3.60 4.30

Annual Balance Sheets for Clearwater Paper

This table presents Clearwater Paper's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,527 1,684 1,802 1,788 1,878 1,800 1,690 1,704 1,672 1,679 1,588
Total Current Assets		 427 446 453 444 466 475 487 586 564 545 526
Cash & Equivalents		 5.61 23 16 23 20 36 25 54 42 80 31
Accounts Receivable		 139 147 142 146 159 161 167 189 96 189 195
Inventories, net		 256 258 266 266 281 263 278 324 161 258 282
Other Current Assets		 9.33 8.68 8.66 3.40 3.60 15 17 20 17 19 18
Plant, Property, & Equipment, net		 867 945 1,051 1,269 1,258 1,192 1,082 1,017 361 1,023 1,002
Plant, Property & Equipment, gross		 - - - 0.00 - - - - - - 2,378
Accumulated Depreciation		 - - - - - - - - - - 1,376
Total Noncurrent Assets		 234 293 298 75 154 134 121 100 747 111 60
Other Noncurrent Operating Assets		 4.82 7.75 22 16 102 134 121 100 48 58 60
Total Liabilities & Shareholders' Equity		 1,527 1,684 1,802 1,788 1,878 1,800 1,690 1,704 1,672 1,679 1,588
Total Liabilities		 1,053 1,214 1,227 1,362 1,446 1,279 1,178 1,132 1,003 825 763
Total Current Liabilities		 228 367 419 449 280 245 254 312 286 320 216
Short-Term Debt		 0.00 135 155 122 18 1.70 1.60 0.90 0.00 0.60 0.60
Accounts Payable		 220 224 257 327 160 243 253 311 196 320 216
Total Noncurrent Liabilities		 825 848 808 913 1,165 797 924 820 717 504 547
Long-Term Debt		 569 570 571 693 885 716 638 565 440 282 346
Noncurrent Deferred & Payable Income Tax Liabilities		 118 152 119 121 121 - 213 196 85 90 68
Noncurrent Employee Benefit Liabilities		 89 82 72 78 77 81 74 58 55 53 50
Other Noncurrent Operating Liabilities		 47 42 43 20 83 - - - - 81 84
Total Equity & Noncontrolling Interests		 475 470 575 426 432 521 512 572 669 855 825
Total Preferred & Common Equity		 475 470 575 426 432 521 512 572 669 855 825
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 475 470 575 426 432 521 512 572 669 855 825
Common Stock		 340 347 1.16 6.40 9.80 17 24 29 15 12 8.30
Retained Earnings		 520 570 618 487 482 559 531 577 685 881 862
Treasury Stock		 -330 -395 - - - - - - 0.00 -3.30 -15
Accumulated Other Comprehensive Income / (Loss)		 -56 -52 -44 -67 -60 -54 -43 -33 -31 -35 -31

Quarterly Balance Sheets for Clearwater Paper

This table presents Clearwater Paper's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,704 1,691 1,705 1,737 1,680 2,478 2,489 1,634 1,641 1,561 1,570
Total Current Assets		 570 568 592 627 576 734 732 500 510 488 522
Cash & Equivalents		 51 17 42 110 55 40 36 44 47 34 37
Accounts Receivable		 180 186 197 173 173 256 173 177 166 162 198
Inventories, net		 327 346 340 333 328 420 265 259 284 283 270
Other Current Assets		 12 20 13 11 20 18 13 19 14 8.70 18
Plant, Property, & Equipment, net		 1,023 1,005 1,000 994 983 1,605 1,012 1,030 1,027 1,016 986
Plant, Property & Equipment, gross		 2,969 - - - - - 2,294 2,357 2,370 2,380 2,385
Accumulated Depreciation		 1,945 - - - - - 1,282 1,327 1,343 1,364 1,399
Total Noncurrent Assets		 110 118 113 116 120 139 745 104 104 58 61
Other Noncurrent Operating Assets		 110 118 113 116 120 85 59 52 52 55 61
Total Liabilities & Shareholders' Equity		 1,704 1,691 1,705 1,737 1,680 2,478 2,489 1,634 1,641 1,561 1,570
Total Liabilities		 1,134 1,099 1,091 1,088 995 1,820 1,824 797 804 779 756
Total Current Liabilities		 295 266 264 261 301 423 412 300 259 232 200
Short-Term Debt		 1.00 0.90 0.90 0.90 0.90 5.20 7.40 0.60 0.60 0.60 0.60
Accounts Payable		 294 265 263 260 301 418 302 300 259 232 200
Total Noncurrent Liabilities		 839 833 827 828 694 1,397 1,412 497 545 546 556
Long-Term Debt		 565 565 565 565 442 1,138 1,143 282 329 336 361
Noncurrent Deferred & Payable Income Tax Liabilities		 203 210 205 206 196 204 86 163 165 81 65
Noncurrent Employee Benefit Liabilities		 71 58 57 57 55 55 52 52 52 52 49
Other Noncurrent Operating Liabilities		 - - - - - - - - - 78 81
Total Equity & Noncontrolling Interests		 569 592 615 649 685 659 665 837 837 783 814
Total Preferred & Common Equity		 569 592 615 649 685 659 665 837 837 783 814
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 569 592 615 649 685 659 665 837 837 783 814
Common Stock		 26 25 18 15 14 14 14 5.00 6.50 8.20 6.00
Retained Earnings		 583 601 630 667 702 676 682 875 877 824 849
Treasury Stock		 - - - - - - - -8.50 -13 -15 -12
Accumulated Other Comprehensive Income / (Loss)		 -39 -33 -33 -34 -31 -31 -31 -35 -34 -34 -30

Annual Metrics And Ratios for Clearwater Paper

This table displays calculated financial ratios and metrics derived from Clearwater Paper's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -10.92% -1.01% -0.25% -0.36% 2.16% 6.08% -5.14% -32.58% -4.94% 21.80% 12.42%
EBITDA Growth		 18.87% -1.07% 36.31% -100.32% 17,877.78% 68.44% -59.41% 81.81% -8.90% -73.01% 4.91%
EBIT Growth		 54.95% -7.20% -37.00% -242.19% 138.62% 279.09% -98.94% 5,750.00% -16.45% -180.18% 30.94%
NOPAT Growth		 758.01% -5.82% 140.26% -140.46% 146.37% 290.48% -93.23% 660.67% -9.26% -177.87% 34.73%
Net Income Growth		 2,518.27% -11.48% 96.35% -247.79% 96.11% 1,476.79% -136.45% 263.70% 134.13% 82.27% -109.48%
EPS Growth		 2,800.00% -2.36% 102.76% -248.30% 96.10% 1,455.88% -136.23% 260.48% 135.07% 85.71% -109.83%
Operating Cash Flow Growth		 14.79% 8.19% 114.01% -54.31% -67.08% 344.24% -60.97% 55.81% 26.96% -67.80% -79.97%
Free Cash Flow Firm Growth		 -83.87% -274.22% 178.83% -106.45% -2,593.51% 93.72% 8,388.95% -67.44% 613.76% -194.72% 84.19%
Invested Capital Growth		 4.94% 11.19% 11.60% -5.15% 7.71% 9.75% -21.88% -3.69% -64.04% 171.17% 7.87%
Revenue Q/Q Growth		 -2.27% -0.35% 0.65% -0.46% 0.39% 0.93% 2.14% -41.51% -38.78% -37.95% -0.05%
EBITDA Q/Q Growth		 33.31% -2.00% 59.48% -100.29% 496.96% 12.39% -11.56% -17.02% -12.88% -74.03% 40.55%
EBIT Q/Q Growth		 77.72% -7.09% -0.10% -203.06% 125.98% 18.50% -90.36% -30.25% -27.05% -178.67% 33.59%
NOPAT Q/Q Growth		 138.01% 2.76% 247.93% -136.40% 130.80% 19.43% -54.20% -28.68% -29.42% -181.16% 35.43%
Net Income Q/Q Growth		 226.03% -4.29% 277.75% -215.14% 97.13% 36.46% -87.33% -25.08% 27.91% 1,226.35% -113.08%
EPS Q/Q Growth		 197.00% -2.03% 274.52% -215.34% 97.13% 36.39% -79.57% -26.58% 27.02% 1,362.50% -113.76%
Operating Cash Flow Q/Q Growth		 10.33% -9.56% 98.72% -50.12% 75.94% -0.36% -28.75% -8.86% 33.92% -62.15% 144.24%
Free Cash Flow Firm Q/Q Growth		 -84.81% -285.67% 163.81% 97.67% -3,231.35% -101.87% 188.66% -28.54% 1,106.48% -2,837.02% -3,556.14%
Invested Capital Q/Q Growth		 2.62% 9.32% 10.97% -15.69% -2.06% 16.60% -1.44% 0.00% -64.68% -6.73% 5.14%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 13.67% 13.90% 12.09% 10.87% 9.34% 15.74% 10.30% 17.78% 17.67% 5.50% 7.43%
EBITDA Margin		 11.95% 11.94% 16.31% -0.05% 9.08% 14.42% 6.17% 16.64% 15.95% 3.53% 3.30%
Operating Margin		 7.06% 6.62% 4.11% -5.68% 2.58% 8.46% 0.68% 8.31% 6.88% -4.66% -2.71%
EBIT Margin		 7.06% 6.62% 4.18% -5.96% 2.25% 8.05% 0.09% 7.83% 6.88% -4.53% -2.78%
Profit (Net Income) Margin		 3.19% 2.86% 5.62% -8.34% -0.32% 4.13% -1.59% 3.85% 9.48% 14.19% -1.20%
Tax Burden Percent		 60.53% 61.43% 237.90% 107.72% 70.89% 78.59% 78.71% 56.17% 164.18% -194.36% 30.95%
Interest Burden Percent		 74.79% 70.29% 56.57% 129.86% -19.90% 65.18% -2,231.25% 87.50% 83.89% 161.08% 138.80%
Effective Tax Rate		 39.47% 38.57% -137.90% 0.00% 0.00% 21.51% 0.00% 35.65% 25.76% 0.00% 0.00%
Return on Invested Capital (ROIC)		 7.40% 6.45% 13.90% -5.47% 2.51% 9.01% 0.65% 5.78% 7.87% -6.24% -2.68%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.81% 3.07% 3.54% -15.49% -1.96% 3.79% -4.10% 2.60% 50.51% -639.97% 1.52%
Return on Net Nonoperating Assets (RNNOA)		 4.11% 4.04% 4.71% -23.23% -3.82% 7.17% -6.10% 2.71% 9.49% 32.01% 0.47%
Return on Equity (ROE)		 11.51% 10.49% 18.62% -28.71% -1.30% 16.18% -5.44% 8.49% 17.36% 25.77% -2.21%
Cash Return on Invested Capital (CROIC)		 2.58% -4.15% 2.94% -0.18% -4.91% -0.28% 25.22% 9.54% 102.07% -98.47% -10.25%
Operating Return on Assets (OROA)		 7.96% 7.15% 4.15% -5.73% 2.17% 8.18% 0.09% 5.52% 4.63% -3.74% -2.65%
Return on Assets (ROA)		 3.60% 3.09% 5.58% -8.01% -0.31% 4.19% -1.61% 2.71% 6.38% 11.72% -1.14%
Return on Common Equity (ROCE)		 11.51% 10.49% 18.62% -28.71% -1.30% 16.18% -5.44% 8.49% 17.36% 25.77% -2.21%
Return on Equity Simple (ROE_SIMPLE)		 11.79% 10.55% 16.91% -33.72% -1.30% 14.80% -5.49% 8.04% 16.10% 22.97% 0.00%
Net Operating Profit after Tax (NOPAT)		 75 71 169 -69 32 124 8.40 64 58 -45 -29
NOPAT Margin		 4.27% 4.06% 9.79% -3.97% 1.80% 6.64% 0.47% 5.35% 5.10% -3.26% -1.89%
Net Nonoperating Expense Percent (NNEP)		 3.59% 3.37% 10.36% 10.02% 4.47% 5.22% 4.76% 3.18% -42.64% 633.73% -4.20%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 5.62% 5.23% -3.97% -2.52%
Cost of Revenue to Revenue		 86.33% 86.10% 87.91% 89.13% 90.66% 84.26% 89.70% 82.22% 82.33% 94.50% 92.57%
SG&A Expenses to Revenue		 6.61% 7.39% 7.00% 6.25% 6.76% 7.28% 9.62% 9.47% 10.79% 10.17% 7.05%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 6.61% 7.29% 7.98% 16.55% 6.76% 7.28% 9.62% 9.47% 10.79% 10.17% 10.14%
Earnings before Interest and Taxes (EBIT)		 124 115 72 -103 40 151 1.60 94 78 -63 -43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 209 207 282 -0.90 160 270 109 199 181 49 51
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.70 2.33 1.30 0.94 0.82 1.20 1.20 1.11 0.89 0.58 0.34
Price to Tangible Book Value (P/TBV)		 3.29 5.92 2.50 1.09 0.93 1.20 1.20 1.11 0.95 0.62 0.34
Price to Revenue (P/Rev)		 0.46 0.63 0.43 0.23 0.20 0.33 0.35 0.53 0.53 0.36 0.18
Price to Earnings (P/E)		 14.46 22.12 7.67 0.00 0.00 8.11 0.00 13.78 5.55 2.51 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 6.92% 4.52% 13.04% 0.00% 0.00% 12.32% 0.00% 7.26% 18.00% 39.80% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.32 1.54 1.13 0.98 0.94 0.91 1.09 1.06 2.55 0.66 0.52
Enterprise Value to Revenue (EV/Rev)		 0.78 1.02 0.84 0.69 0.70 0.70 0.69 0.96 0.88 0.50 0.38
Enterprise Value to EBITDA (EV/EBITDA)		 6.55 8.59 5.16 0.00 7.71 4.85 11.21 5.76 5.50 14.23 11.59
Enterprise Value to EBIT (EV/EBIT)		 11.08 15.49 20.14 0.00 31.08 8.69 766.25 12.24 12.74 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 18.30 25.22 8.60 0.00 38.82 10.54 145.95 17.93 17.18 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.58 10.29 3.94 7.07 22.19 5.29 12.72 7.63 5.22 11.33 48.33
Enterprise Value to Free Cash Flow (EV/FCFF)		 52.57 0.00 40.68 0.00 0.00 0.00 3.79 10.87 1.32 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.20 1.50 1.26 1.91 2.09 1.38 1.25 0.99 0.66 0.33 0.42
Long-Term Debt to Equity		 1.20 1.21 0.99 1.63 2.05 1.37 1.25 0.99 0.66 0.33 0.42
Financial Leverage		 1.08 1.32 1.33 1.50 1.95 1.89 1.49 1.04 0.19 -0.05 0.31
Leverage Ratio		 3.19 3.40 3.34 3.58 4.27 3.86 3.38 3.13 2.72 2.20 1.95
Compound Leverage Factor		 2.39 2.39 1.89 4.65 -0.85 2.52 -75.41 2.74 2.28 3.54 2.70
Debt to Total Capital		 54.51% 60.00% 55.77% 65.65% 67.63% 57.95% 55.54% 49.72% 39.68% 24.82% 29.55%
Short-Term Debt to Total Capital		 0.00% 11.49% 11.91% 9.84% 1.34% 0.14% 0.14% 0.08% 0.00% 0.05% 0.05%
Long-Term Debt to Total Capital		 54.51% 48.51% 43.85% 55.81% 66.28% 57.81% 55.40% 49.64% 39.68% 24.77% 29.49%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 45.49% 40.00% 44.23% 34.35% 32.37% 42.05% 44.46% 50.27% 60.31% 75.17% 70.45%
Debt to EBITDA		 2.72 3.40 2.57 -905.67 5.64 2.66 5.84 2.84 2.43 5.77 6.75
Net Debt to EBITDA		 2.68 3.29 2.51 -880.67 5.51 2.53 5.61 2.57 2.20 4.14 6.15
Long-Term Debt to EBITDA		 2.72 2.75 2.02 -769.89 5.53 2.66 5.83 2.84 2.43 5.76 6.73
Debt to NOPAT		 7.60 10.00 4.28 -11.89 28.40 5.79 76.10 8.86 7.59 -6.25 -11.74
Net Debt to NOPAT		 7.49 9.67 4.19 -11.57 27.72 5.50 73.10 8.01 6.86 -4.49 -10.70
Long-Term Debt to NOPAT		 7.60 8.08 3.37 -10.11 27.83 5.77 75.90 8.84 7.59 -6.24 -11.72
Altman Z-Score		 2.51 2.33 1.96 1.33 1.63 2.20 1.97 1.89 1.96 1.95 2.10
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.02% 0.01% 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.87 1.22 1.08 0.99 1.66 1.94 1.92 1.88 1.97 1.70 2.43
Quick Ratio		 0.64 0.46 0.38 0.37 0.64 0.80 0.76 0.78 0.48 0.84 1.05
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 26 -45 36 -2.31 -62 -3.91 324 105 752 -713 -113
Operating Cash Flow to CapEx		 124.46% 111.20% 92.56% 75.13% 39.69% 623.74% 384.06% 448.36% 258.75% 0.00% 13.85%
Free Cash Flow to Firm to Interest Expense		 0.00 -13.17 0.00 0.00 -23.04 -0.66 323.70 210.79 242.67 -78.30 0.00
Operating Cash Flow to Interest Expense		 0.00 50.12 0.00 0.00 20.59 41.86 96.40 300.40 61.52 6.75 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 5.05 0.00 0.00 -31.30 35.15 71.30 233.40 37.74 103.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.13 1.08 0.99 0.96 0.96 1.02 1.02 0.70 0.67 0.83 0.95
Accounts Receivable Turnover		 12.84 12.13 11.97 11.99 11.55 11.68 10.81 6.71 7.97 9.72 8.10
Inventory Turnover		 5.58 5.82 5.81 5.77 5.83 5.78 5.88 3.27 3.86 6.24 5.34
Fixed Asset Turnover		 2.09 1.91 1.73 1.49 1.39 1.53 1.56 1.14 1.65 2.00 1.54
Accounts Payable Turnover		 6.94 6.73 6.33 5.27 6.57 7.82 6.42 3.49 3.69 5.08 5.38
Days Sales Outstanding (DSO)		 28.43 30.10 30.49 30.44 31.59 31.25 33.77 54.40 45.77 37.57 45.06
Days Inventory Outstanding (DIO)		 65.41 62.76 62.87 63.21 62.58 63.14 62.10 111.77 94.67 58.51 68.41
Days Payable Outstanding (DPO)		 52.62 54.26 57.62 69.31 55.60 46.67 56.88 104.69 98.85 71.91 67.85
Cash Conversion Cycle (CCC)		 41.22 38.60 35.74 24.34 38.57 47.73 38.98 61.48 41.59 24.17 45.61
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,036 1,152 1,285 1,219 1,313 1,441 1,126 1,084 390 1,057 1,141
Invested Capital Turnover		 1.73 1.59 1.42 1.38 1.39 1.36 1.38 1.08 1.54 1.91 1.42
Increase / (Decrease) in Invested Capital		 49 116 134 -66 94 128 -315 -42 -694 667 83
Enterprise Value (EV)		 1,370 1,778 1,456 1,194 1,234 1,308 1,226 1,146 996 696 594
Market Capitalization		 809 1,096 746 401 353 626 612 634 598 493 279
Book Value per Share		 $26.72 $28.10 $35.02 $25.90 $26.16 $31.44 $30.66 $34.13 $40.37 $51.58 $51.46
Tangible Book Value per Share		 $13.83 $11.07 $18.18 $22.31 $23.01 $31.44 $30.66 $34.13 $37.87 $48.38 $51.33
Total Capital		 1,044 1,175 1,301 1,242 1,334 1,239 1,151 1,138 1,109 1,137 1,171
Total Debt		 569 705 726 815 902 718 639 566 440 282 346
Total Long-Term Debt		 569 570 571 693 885 716 638 565 440 282 346
Net Debt		 561 682 710 793 881 682 614 512 398 203 315
Capital Expenditures (CapEx)		 128 155 399 225 140 40 25 34 74 -876 89
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 191 192 173 94 182 196 210 222 236 146 280
Debt-free Net Working Capital (DFNWC)		 199 215 189 117 203 232 235 275 278 226 310
Net Working Capital (NWC)		 199 80 34 -5.30 185 230 233 274 278 225 310
Net Nonoperating Expense (NNE)		 19 21 72 75 37 47 37 18 -50 -241 -11
Net Nonoperating Obligations (NNO)		 561 682 710 793 881 920 614 512 -279 203 315
Total Depreciation and Amortization (D&A)		 86 92 210 102 120 119 108 105 103 112 95
Debt-free, Cash-free Net Working Capital to Revenue		 10.89% 11.07% 9.99% 5.48% 10.33% 10.48% 11.82% 18.54% 20.78% 10.55% 17.98%
Debt-free Net Working Capital to Revenue		 11.36% 12.39% 10.90% 6.78% 11.54% 12.41% 13.24% 23.03% 24.48% 16.31% 19.96%
Net Working Capital to Revenue		 11.36% 4.61% 1.94% -0.31% 10.53% 12.31% 13.15% 22.95% 24.48% 16.26% 19.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.98 $2.91 $5.91 ($8.72) ($0.34) $4.65 ($1.67) $2.71 $6.39 $11.70 ($1.15)
Adjusted Weighted Average Basic Shares Outstanding		 17.45M 16.46M 16.45M 16.52M 16.53M 16.57M 16.77M 16.99M 16.86M 16.78M 16.17M
Adjusted Diluted Earnings per Share		 $2.97 $2.90 $5.88 ($8.72) ($0.34) $4.61 ($1.67) $2.68 $6.30 $11.70 ($1.15)
Adjusted Weighted Average Diluted Shares Outstanding		 17.45M 16.46M 16.45M 16.52M 16.53M 16.72M 16.77M 17.18M 17.09M 16.78M 16.17M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.45M 16.46M 16.45M 16.52M 16.53M 16.60M 16.69M 16.76M 16.48M 16.18M 16.04M
Normalized Net Operating Profit after Tax (NOPAT)		 75 69 50 68 32 124 8.40 64 58 -45 4.13
Normalized NOPAT Margin		 4.27% 4.00% 2.88% 3.95% 1.80% 6.64% 0.47% 5.35% 5.10% -3.26% 0.27%
Pre Tax Income Margin		 5.28% 4.65% 2.36% -7.74% -0.45% 5.25% -2.01% 6.85% 5.77% -7.30% -3.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 33.29 0.00 0.00 14.70 25.51 1.60 187.20 25.23 -6.89 0.00
NOPAT to Interest Expense		 0.00 20.45 0.00 0.00 11.77 21.03 8.40 127.79 18.70 -4.96 0.00
EBIT Less CapEx to Interest Expense		 0.00 -11.77 0.00 0.00 -37.19 18.80 -23.50 120.20 1.45 89.36 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -24.62 0.00 0.00 -40.12 14.32 -16.70 60.79 -5.07 91.29 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 178.61% 131.83% 0.00% 0.00% 0.00% 0.00% 0.00% 10.87% 16.62% 5.09% -92.47%

Quarterly Metrics And Ratios for Clearwater Paper

This table displays calculated financial ratios and metrics derived from Clearwater Paper's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - 16,255,627.00 16,104,144.00 - 16,038,485.00
DEI Adjusted Shares Outstanding		 - - - - - - - 16,255,627.00 16,104,144.00 - 16,038,485.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - 0.17 -3.31 - -0.80
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -48.24% 46.18% -5.56% 11.78% 41.02% 52.15% 46.14% 13.76% 1.45% -0.18% -4.73%
EBITDA Growth		 -38.68% -115.09% -16.69% -83.75% -46.81% -2,525.00% -22.03% 307.01% -229.75% 89.16% -32.77%
EBIT Growth		 -56.21% -92.90% -23.06% -140.51% -104.33% -145.15% -760.00% 120.39% -6,088.89% 148.98% -167.44%
NOPAT Growth		 -34.98% -27.29% -26.63% -138.77% -105.07% -149.83% -400.00% 119.72% -4,516.67% 189.58% -160.00%
Net Income Growth		 77.67% 398.31% -27.73% -186.87% -84.15% 1,031.25% -136.63% 110.47% -1,018.97% -80.76% -103.17%
EPS Growth		 79.34% 372.22% -27.14% -188.57% -83.87% 1,112.24% -136.89% 110.97% -1,042.86% -80.12% -110.53%
Operating Cash Flow Growth		 562.41% 277.59% 750.55% -54.13% -81.61% -153.42% -97.47% -233.65% 109.88% 114.25% -66.67%
Free Cash Flow Firm Growth		 -103.86% 2,576.20% 6,569.45% -1,617.77% -846.01% -206.80% -107.37% 198.93% 133.25% 89.18% -1,315.60%
Invested Capital Growth		 1.83% -64.04% -5.99% 54.77% 2.68% 171.17% 0.21% -36.48% -4.31% 7.87% 5.91%
Revenue Q/Q Growth		 -46.84% -169.16% -3.26% 18.18% -32.93% -123.47% 509.75% 3.60% 1.84% -3.16% -6.75%
EBITDA Q/Q Growth		 -36.81% -103.52% -15.38% -78.29% 106.84% -273.55% 142.14% 83.62% -196.62% 200.00% -62.10%
EBIT Q/Q Growth		 -56.12% -243.75% -13.28% -162.54% 95.31% -8,044.44% 94.13% 320.93% -686.32% 112.93% -259.72%
NOPAT Q/Q Growth		 -52.90% -225.38% -15.86% -163.18% 93.85% -6,083.33% 94.61% 331.25% -698.92% 125.23% -174.42%
Net Income Q/Q Growth		 23.23% -51.91% -2.27% -250.00% 122.48% 3,332.76% -103.16% 142.86% -2,074.07% 171.86% -133.42%
EPS Q/Q Growth		 24.00% -54.84% 4.08% -251.96% 122.58% 3,294.29% -103.20% 144.74% -2,041.18% 171.52% -133.90%
Operating Cash Flow Q/Q Growth		 91.52% -25.43% -9.89% -64.36% -23.22% -316.67% 104.27% -1,980.00% 220.57% -85.29% -90.00%
Free Cash Flow Firm Q/Q Growth		 91.32% 21,031.14% 352.78% -807.89% 95.22% -2,263.14% 99.30% 13,085.50% -98.44% -825.47% 3.59%
Invested Capital Q/Q Growth		 -3.03% -64.68% -1.60% 64.27% -35.66% -6.73% 1.66% 4.13% -3.08% 5.14% -0.19%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 18.14% 0.00% 15.03% 6.07% 7.65% 0.00% 9.70% 10.98% 4.69% 4.45% -0.25%
EBITDA Margin		 16.31% 0.00% 10.86% 2.00% 6.15% 0.00% 4.68% 8.30% -7.87% 8.13% 3.30%
Operating Margin		 7.42% 0.00% 6.13% -3.33% -0.31% 0.00% -1.06% 2.50% -13.88% 1.94% -2.89%
EBIT Margin		 7.46% 0.00% 6.19% -3.27% -0.23% 0.00% -1.14% 2.42% -13.96% 1.86% -3.19%
Profit (Net Income) Margin		 13.12% 0.00% 3.47% -4.40% 1.47% 0.00% -1.67% 0.69% -13.36% 9.91% -3.55%
Tax Burden Percent		 196.77% -69.84% 71.07% 73.30% -41.43% -261.97% 82.89% 48.21% 88.25% 1,665.22% 77.58%
Interest Burden Percent		 89.42% 84.28% 78.83% 183.33% 1,555.56% 103.68% 176.74% 58.95% 108.44% 31.94% 143.48%
Effective Tax Rate		 19.89% 0.00% 28.93% 0.00% 0.00% 0.00% 0.00% 33.93% 0.00% -30.43% 0.00%
Return on Invested Capital (ROIC)		 10.08% 0.00% 8.08% -3.40% -0.43% 0.00% -1.04% 1.78% -13.64% 3.58% -2.81%
ROIC Less NNEP Spread (ROIC-NNEP)		 14.21% 0.00% 7.14% -4.89% 1.01% 0.00% -2.15% 1.23% -17.40% 14.60% -4.77%
Return on Net Nonoperating Assets (RNNOA)		 11.32% 0.00% 5.24% -6.25% 0.71% 0.00% -0.89% 1.14% -9.27% 4.50% -1.63%
Return on Equity (ROE)		 21.41% 0.00% 13.32% -9.64% 0.29% 0.00% -1.92% 2.92% -22.90% 8.08% -4.43%
Cash Return on Invested Capital (CROIC)		 5.70% 102.07% 17.44% -37.79% 2.33% -98.47% -4.62% 44.09% 0.29% -10.25% -8.81%
Operating Return on Assets (OROA)		 8.04% 0.00% 7.54% -3.31% -0.24% 0.00% -1.03% 1.83% -10.73% 1.77% -3.06%
Return on Assets (ROA)		 14.16% 0.00% 4.22% -4.45% 1.56% 0.00% -1.51% 0.52% -10.26% 9.44% -3.41%
Return on Common Equity (ROCE)		 21.41% 0.00% 13.32% -9.65% 0.29% 0.00% -1.92% 2.92% -22.90% 8.08% -4.43%
Return on Equity Simple (ROE_SIMPLE)		 12.98% 0.00% 14.77% 6.92% 2.23% 0.00% 20.66% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 17 -21 22 -14 -0.84 -52 -2.80 6.48 -39 9.78 -7.28
NOPAT Margin		 5.95% 0.00% 4.35% -2.33% -0.21% 0.00% -0.74% 1.65% -9.72% 2.53% -2.02%
Net Nonoperating Expense Percent (NNEP)		 -4.13% -32.92% 0.94% 1.49% -1.44% 658.90% 1.12% 0.54% 3.77% -11.01% 1.96%
Return On Investment Capital (ROIC_SIMPLE)		 - -1.88% - - - -4.57% -0.25% 0.56% -3.47% 0.84% -0.62%
Cost of Revenue to Revenue		 81.86% 0.00% 84.97% 93.93% 92.35% 0.00% 90.30% 89.03% 95.31% 95.55% 100.25%
SG&A Expenses to Revenue		 10.15% 0.00% 7.30% 6.48% 8.03% 0.00% 10.76% 8.47% 6.19% 2.87% 5.72%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 10.76% 0.00% 8.89% 9.38% 7.96% 0.00% 10.76% 8.47% 18.60% 2.48% 2.64%
Earnings before Interest and Taxes (EBIT)		 21 -30 31 -19 -0.90 -73 -4.30 9.50 -56 7.20 -12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 46 -1.60 54 12 24 -42 18 33 -31 31 12
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.93 0.89 1.06 1.23 0.71 0.58 0.49 0.53 0.43 0.34 0.28
Price to Tangible Book Value (P/TBV)		 0.93 0.95 1.06 1.34 0.78 0.62 0.52 0.56 0.43 0.34 0.28
Price to Revenue (P/Rev)		 0.33 0.53 0.35 0.38 0.21 0.36 0.27 0.29 0.21 0.18 0.15
Price to Earnings (P/E)		 7.20 5.55 7.16 17.73 31.86 2.51 2.37 2.20 2.35 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 13.90% 18.00% 13.96% 5.64% 3.14% 39.80% 42.13% 45.51% 42.56% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.96 2.55 1.04 1.09 1.40 0.66 0.60 0.65 0.59 0.52 0.49
Enterprise Value to Revenue (EV/Rev)		 0.57 0.88 0.54 0.90 0.71 0.50 0.43 0.47 0.41 0.38 0.36
Enterprise Value to EBITDA (EV/EBITDA)		 5.10 5.50 4.20 9.12 8.44 14.23 20.20 7.87 17.43 11.59 12.82
Enterprise Value to EBIT (EV/EBIT)		 9.90 12.74 6.62 18.86 19.95 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 12.92 17.18 8.93 25.35 28.58 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.45 5.22 4.29 8.17 9.80 11.33 175.29 0.00 0.00 48.33 49.14
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.02 1.32 5.76 0.00 61.07 0.00 0.00 1.14 195.10 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.87 0.66 0.65 1.74 1.73 0.33 0.34 0.39 0.43 0.42 0.44
Long-Term Debt to Equity		 0.87 0.66 0.65 1.73 1.72 0.33 0.34 0.39 0.43 0.42 0.44
Financial Leverage		 0.80 0.19 0.73 1.28 0.70 -0.05 0.41 0.93 0.53 0.31 0.34
Leverage Ratio		 2.83 2.72 2.64 3.29 3.22 2.20 2.18 2.75 2.80 1.95 1.94
Compound Leverage Factor		 2.53 2.29 2.08 6.02 50.06 2.28 3.85 1.62 3.03 0.62 2.79
Debt to Total Capital		 46.59% 39.68% 39.30% 63.45% 63.39% 24.82% 25.22% 28.23% 30.03% 29.55% 30.73%
Short-Term Debt to Total Capital		 0.07% 0.00% 0.08% 0.29% 0.41% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05%
Long-Term Debt to Total Capital		 46.52% 39.68% 39.22% 63.16% 62.98% 24.77% 25.17% 28.18% 29.98% 29.49% 30.68%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 53.41% 60.31% 60.70% 36.55% 36.61% 75.17% 74.77% 71.77% 69.97% 70.45% 69.26%
Debt to EBITDA		 2.72 2.43 1.67 5.45 6.11 5.77 8.79 3.57 9.21 6.75 8.34
Net Debt to EBITDA		 2.19 2.20 1.46 5.26 5.92 4.14 7.42 3.07 8.27 6.15 7.50
Long-Term Debt to EBITDA		 2.72 2.43 1.67 5.43 6.07 5.76 8.77 3.57 9.19 6.73 8.33
Debt to NOPAT		 6.89 7.59 3.56 15.16 20.68 -6.25 -5.95 -42.74 -7.36 -11.74 -10.64
Net Debt to NOPAT		 5.54 6.86 3.11 14.63 20.05 -4.49 -5.03 -36.68 -6.61 -10.70 -9.56
Long-Term Debt to NOPAT		 6.88 7.59 3.55 15.09 20.55 -6.24 -5.94 -42.66 -7.35 -11.72 -10.62
Altman Z-Score		 2.23 1.75 2.50 1.63 1.59 1.93 2.12 2.23 2.07 2.21 2.14
Noncontrolling Interest Sharing Ratio		 -0.01% 0.00% 0.01% -0.01% 0.00% 0.00% 0.01% 0.00% 0.00% 0.01% 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.40 1.97 1.91 1.73 1.78 1.70 1.66 1.97 2.10 2.43 2.61
Quick Ratio		 1.09 0.48 0.76 0.70 0.51 0.84 0.74 0.82 0.84 1.05 1.17
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3.22 674 90 -637 -30 -719 -5.00 649 10 -73 -71
Operating Cash Flow to CapEx		 620.42% 260.71% 320.00% 116.57% 34.47% -106.36% 4.59% -123.14% 185.79% 33.56% 5.49%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.08 0.67 1.22 1.01 1.06 0.83 0.91 0.75 0.77 0.95 0.96
Accounts Receivable Turnover		 10.50 7.97 11.43 9.35 12.90 9.72 8.58 7.35 9.31 8.10 8.19
Inventory Turnover		 4.87 3.86 5.12 4.83 6.60 6.24 4.85 4.05 5.27 5.34 5.52
Fixed Asset Turnover		 1.84 1.65 2.07 1.62 2.22 2.00 1.49 1.18 1.53 1.54 1.53
Accounts Payable Turnover		 5.80 3.69 6.10 5.40 7.02 5.08 4.74 4.21 5.41 5.38 5.85
Days Sales Outstanding (DSO)		 34.76 45.77 31.94 39.03 28.29 37.57 42.56 49.64 39.22 45.06 44.55
Days Inventory Outstanding (DIO)		 74.97 94.67 71.23 75.55 55.33 58.51 75.27 90.12 69.28 68.41 66.15
Days Payable Outstanding (DPO)		 62.93 98.85 59.79 67.62 51.98 71.91 76.94 86.60 67.46 67.85 62.43
Cash Conversion Cycle (CCC)		 46.80 41.59 43.38 46.97 31.64 24.17 40.89 53.16 41.04 45.61 48.26
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,104 390 1,073 1,762 1,134 1,057 1,075 1,119 1,085 1,141 1,138
Invested Capital Turnover		 1.70 1.54 1.86 1.46 1.99 1.91 1.40 1.08 1.40 1.42 1.39
Increase / (Decrease) in Invested Capital		 20 -694 -68 624 30 667 2.20 -643 -49 83 64
Enterprise Value (EV)		 1,061 996 1,112 1,912 1,590 696 649 725 636 594 555
Market Capitalization		 606 598 724 808 475 493 410 443 334 279 231
Book Value per Share		 $38.80 $40.37 $41.22 $39.49 $39.96 $51.58 $51.08 $51.47 $48.62 $51.46 $50.73
Tangible Book Value per Share		 $38.80 $37.87 $41.22 $36.24 $36.82 $48.38 $47.88 $48.32 $48.45 $51.33 $50.73
Total Capital		 1,214 1,109 1,128 1,802 1,815 1,137 1,119 1,166 1,119 1,171 1,175
Total Debt		 566 440 443 1,143 1,151 282 282 329 336 346 361
Total Long-Term Debt		 565 440 442 1,138 1,143 282 282 329 336 346 361
Net Debt		 456 398 388 1,104 1,115 203 238 282 302 315 325
Capital Expenditures (CapEx)		 14 25 19 18 47 33 33 23 18 15 9.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 257 236 221 276 292 146 156 205 222 280 286
Debt-free Net Working Capital (DFNWC)		 367 278 276 316 327 226 200 252 256 310 322
Net Working Capital (NWC)		 366 278 275 311 320 225 199 251 256 310 322
Net Nonoperating Expense (NNE)		 -20 -38 4.41 12 -6.64 -251 3.50 3.78 15 -29 5.52
Net Nonoperating Obligations (NNO)		 456 -279 388 1,103 469 203 238 283 302 315 325
Total Depreciation and Amortization (D&A)		 25 28 23 31 25 31 22 23 24 24 23
Debt-free, Cash-free Net Working Capital to Revenue		 13.84% 20.78% 10.74% 13.06% 13.08% 10.55% 10.38% 13.22% 14.25% 17.98% 18.59%
Debt-free Net Working Capital to Revenue		 19.78% 24.48% 13.43% 14.93% 14.67% 16.31% 13.31% 16.23% 16.46% 19.96% 20.96%
Net Working Capital to Revenue		 19.73% 24.48% 13.38% 14.68% 14.34% 16.26% 13.27% 16.19% 16.42% 19.92% 20.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.20 $1.02 $1.03 ($1.55) $0.35 $11.87 ($0.38) $0.17 ($3.30) $2.36 ($0.80)
Adjusted Weighted Average Basic Shares Outstanding		 16.68M 16.86M 16.61M 16.66M 16.62M 16.78M 16.38M 16.22M 16.14M 16.17M 16.08M
Adjusted Diluted Earnings per Share		 $2.17 $0.98 $1.02 ($1.55) $0.35 $11.88 ($0.38) $0.17 ($3.30) $2.36 ($0.80)
Adjusted Weighted Average Diluted Shares Outstanding		 16.90M 17.09M 16.90M 16.66M 16.62M 16.78M 16.26M 16.24M 16.04M 16.17M 16.08M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 16.56M 16.48M 16.68M 16.63M 16.57M 16.18M 16.26M 16.10M 16.04M 16.04M 16.13M
Normalized Net Operating Profit after Tax (NOPAT)		 17 -21 22 -14 -0.84 -52 -2.80 6.48 -5.18 5.25 -7.28
Normalized NOPAT Margin		 5.95% 0.00% 4.35% -2.33% -0.21% 0.00% -0.74% 1.65% -1.30% 1.36% -2.02%
Pre Tax Income Margin		 6.67% 0.00% 4.88% -6.00% -3.56% 0.00% -2.01% 1.43% -15.14% 0.60% -4.58%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 18.05% 16.62% 16.52% 24.78% 59.46% 5.09% 11.81% 10.73% 14.91% -92.47% -25.10%

Financials Breakdown Chart

Key Financial Trends

Clearwater Paper (NYSE: CLW) showed a sharp rebound in Q1 2026 after a very weak 2025, but the quarter still reflects a business under pressure. Revenue was essentially flat to slightly lower year over year, profitability was negative, and operating cash flow remained barely positive. The balance sheet also shows meaningful leverage and a working-capital-heavy asset base, so investors should view the latest quarter as a mixed snapshot rather than a clean turnaround.

  • Q1 2026 operating cash flow was slightly positive. Clearwater Paper generated $0.5 million of operating cash flow and $0.6 million of cash from continuing operations, an improvement from the cash burn seen in parts of 2025.
  • Liquidity remains workable. The company ended Q1 2026 with $36.5 million in cash and equivalents, which provides some near-term cushion.
  • Net change in cash was positive. Cash and equivalents increased by $5.8 million during the quarter, helped by financing inflows.
  • Debt was extended through new borrowing. Clearwater Paper issued $15 million of debt in Q1 2026, which likely helped support liquidity.
  • Depreciation remains a meaningful non-cash add-back. Q1 2026 included $23.4 million of depreciation expense, which supports cash flow relative to reported earnings.
  • Revenue was basically stable year over year. Q1 2026 revenue was $360.3 million versus $378.2 million in Q1 2025, a modest decline rather than a collapse.
  • Cost of revenue nearly matched sales. Gross profit was slightly negative at -$0.9 million, indicating very thin manufacturing margins in the quarter.
  • Cash taxes and interest remained material. Clearwater Paper paid $4.3 million in cash taxes and $7.8 million in cash interest in Q1 2026, which continues to pressure free cash flow.
  • Bottom-line losses returned. The company reported a consolidated net loss of $12.8 million, or -$0.80 per share, after a profitable Q4 2025.
  • The balance sheet is still debt heavy. Total debt stood at about $361.1 million in Q1 2026, including $360.5 million of long-term debt, while total liabilities were $756.0 million.

Looking at the longer trend, Clearwater Paper has been highly volatile. In 2024, the company had periods of strong earnings and cash generation, but that was not sustained into 2025 and 2026. Q4 2024 and portions of 2025 were distorted by large swings in discontinued operations and other items, making headline earnings less reliable as a guide to the underlying business. The more important trend is that operating performance has weakened materially from the stronger 2024 periods.

Margin trends are the biggest concern. In Q1 2026, revenue of $360.3 million produced a gross loss, compared with healthier gross profit in several 2025 and 2024 quarters. That tells investors the company is struggling to convert sales into profit, likely due to pricing, mix, or input-cost pressure. SG&A remains significant as well, at $20.6 million in the quarter.

Cash flow is better than earnings, but still not strong enough to call it a durable recovery. The company is still heavily dependent on working-capital swings and financing activity to support liquidity. Capital spending was $9.1 million in Q1 2026, which is manageable, but with weak operating profit and meaningful interest costs, Clearwater Paper does not yet appear to be generating robust excess cash.

Balance sheet trends are mixed. Compared with late 2025, debt levels edged down modestly, but leverage remains elevated. Total assets were $1.57 billion, yet current assets were dominated by receivables and inventory, which can be less liquid than cash. That makes execution on operations especially important.

Bottom line: Clearwater Paper’s latest quarter shows some stabilization in cash generation, but not enough evidence of a full turnaround. Investors should watch for sustained improvement in gross margin, consistent operating cash flow, and lower leverage before treating the stock as fundamentally improved.

07/06/26 10:11 PM ETAI Generated. May Contain Errors.

Clearwater Paper Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Clearwater Paper's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Clearwater Paper's net income appears to be on an upward trend, with a most recent value of -$18.60 million in 2025, falling from $55.98 million in 2015. The previous period was $196.30 million in 2024. Check out Clearwater Paper's forecast to explore projected trends and price targets.

Clearwater Paper's total operating income in 2025 was -$42.10 million, based on the following breakdown:
  • Total Gross Profit: $115.60 million
  • Total Operating Expenses: $157.70 million

Over the last 10 years, Clearwater Paper's total revenue changed from $1.75 billion in 2015 to $1.56 billion in 2025, a change of -11.2%.

Clearwater Paper's total liabilities were at $763 million at the end of 2025, a 7.5% decrease from 2024, and a 27.5% decrease since 2015.

In the past 10 years, Clearwater Paper's cash and equivalents has ranged from $5.61 million in 2015 to $79.60 million in 2024, and is currently $30.70 million as of their latest financial filing in 2025.

Over the last 10 years, Clearwater Paper's book value per share changed from 26.72 in 2015 to 51.46 in 2025, a change of 92.6%.


Related Companies

Financial statements for NYSE:CLW last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
Amazon, Google, Meta, and Microsoft just committed $700 billion
Amazon, Google, Meta, and Microsoft have committed $700 billion this year alone to AI infrastructure - more th...
True Market Insiders | Sponsoredtc pixel
Three companies about to leapfrog Nvidia [And transform the entire industry]
Tech forecaster George Gilder - who identified Amazon when it was still just an online bookstore and predicted...
Eagle Publishing | Sponsoredtc pixel
The dollar reset no one told you about
Porter Stansberry says a dollar reset is underway - one that has happened only once before in America's 250-ye...
Porter & Company | Sponsoredtc pixel
$2 an acre. They paid $412.
Government land listed at $2 an acre sold for $412 - 206 times asking price. Demand got so intense the feds do...
Behind the Markets | Sponsoredtc pixel
“By July 30, Elon Musk’s Prophecy Will Fulfill Itself”
Jeff Brown and Marc Chaikin - the duo who identified Nvidia a decade ago - are forecasting that Elon Musk's AI...
Brownstone Research | Sponsoredtc pixel