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Clearwater Paper (CLW) Financials

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$13.94 +0.05 (+0.35%)
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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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 17 -26 5.90 199 -6.20 2.80 -53 38 -13 -22 -1.60
Consolidated Net Income / (Loss)		 17 -26 5.80 199 -6.30 2.70 -53 38 -13 -22 -1.60
Net Income / (Loss) Continuing Operations		 -2.10 -42 -11 -55 -5.90 3.60 -54 3.20 -13 -22 -1.60
Total Pre-Tax Income 		-1.70 -56 -14 -76 -7.60 5.60 -60 2.30 -17 -30 -4.50
Total Operating Income		 -0.80 -47 -1.20 -74 -4.00 9.80 -55 7.50 -10 -24 2.50
Total Gross Profit		 33 -2.00 30 -64 37 43 19 17 -0.90 -10 21
Total Revenue		 259 344 393 -92 378 392 399 386 360 375 385
Operating Revenue		 259 344 393 -92 378 392 399 386 360 375 385
Total Cost of Revenue		 226 346 363 -28 342 349 380 369 361 385 364
Operating Cost of Revenue		 226 346 363 -28 342 349 380 369 361 385 364
Total Operating Expenses		 34 45 31 10 41 33 74 9.60 9.50 14 19
Selling, General & Admin Expense		 34 45 32 35 29 26 25 11 21 21 20
Other Operating Expenses / (Income)		 - - -0.30 - 12 7.10 1.50 - -11 -7.50 -1.40
Impairment Charge		 - - 0.00 - - - 48 - - - 0.00
Total Other Income / (Expense), net		 -0.90 -9.30 -13 -1.80 -3.60 -4.20 -5.00 -5.20 -6.10 -6.20 -7.00
Interest Expense		 - - - - - - 0.00 - - - 1.10
Interest & Investment Income		 -1.20 -9.60 -13 6.40 -3.30 -3.90 -4.70 -4.90 -5.00 -5.10 -4.80
Other Income / (Expense), net		 0.30 0.30 0.30 0.90 -0.30 -0.30 -0.30 -0.30 -1.10 -1.10 -1.10
Income Tax Expense		 0.50 -15 -3.30 -21 -1.80 1.90 -6.50 -0.70 -3.70 -8.60 -2.90
Net Income / (Loss) Discontinued Operations		 19 16 17 - -0.40 -0.90 0.60 35 0.00 0.00 0.00
Basic Earnings per Share		 $1.03 ($1.55) $0.35 $11.87 ($0.38) $0.17 ($3.30) $2.36 ($0.80) ($1.33) ($0.10)
Weighted Average Basic Shares Outstanding		 16.61M 16.66M 16.62M 16.78M 16.38M 16.22M 16.14M 16.17M 16.08M 16.13M 16.13M
Diluted Earnings per Share		 $1.03 ($1.55) $0.35 $11.88 ($0.38) $0.17 ($3.30) $2.36 ($0.80) ($1.33) ($0.10)
Weighted Average Diluted Shares Outstanding		 16.68M 16.66M 16.57M 16.78M 16.38M 16.24M 16.14M 16.17M 16.08M 16.13M 16.13M
Weighted Average Basic & Diluted Shares Outstanding		 16.68M 16.63M 16.57M 16.18M 16.26M 16.10M 16.04M 16.04M 16.13M 16.13M 16.14M

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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Net Change in Cash & Equivalents		 13 -16 -4.10 44 -36 2.60 -12 -3.70 5.80 59 224
Net Cash From Operating Activities		 59 21 16 -35 1.50 -28 34 5.00 0.50 69 31
Net Cash From Continuing Operating Activities		 59 21 16 -35 1.50 -28 34 5.00 0.60 69 31
Net Income / (Loss) Continuing Operations		 17 -26 5.80 199 -6.30 2.70 -53 38 -13 -22 -1.60
Consolidated Net Income / (Loss)		 17 -26 5.80 199 -6.30 2.70 -53 38 -13 -22 -1.60
Depreciation Expense		 23 31 24 22 22 23 24 24 23 23 23
Amortization Expense		 - - 0.90 9.80 - - 0.60 0.50 - - 1.40
Non-Cash Adjustments To Reconcile Net Income		 2.60 4.60 -12 -300 1.00 5.40 49 2.50 1.10 2.10 2.50
Changes in Operating Assets and Liabilities, net		 16 10 -3.10 34 -15 -60 14 -60 -11 64 5.00
Net Cash From Investing Activities		 -19 -726 -47 960 -33 -23 -30 -14 -9.10 -9.60 -15
Net Cash From Continuing Investing Activities		 -19 -726 -47 960 -33 -23 -30 -14 -9.10 -9.60 -15
Purchase of Property, Plant & Equipment		 -19 -18 -47 -33 -33 -23 -18 -15 -9.10 -9.60 -15
Net Cash From Financing Activities		 -28 690 27 -880 -4.40 54 -16 5.80 14 -0.40 208
Net Cash From Continuing Financing Activities		 -28 690 27 -881 -4.50 54 -16 5.80 14 -0.50 208
Repayment of Debt		 -24 690 -724 -872 8.70 -9.20 -21 -1.90 -0.10 -0.90 -81
Issuance of Debt		 - - - -0.10 0.00 - 7.00 10 15 - 290

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
Restricted Cash		 2.27 - - 0.00 1.40 - - - - - 0.00
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 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Total Assets		 1,705 1,737 1,680 2,478 2,489 1,634 1,641 1,561 1,570 1,571 1,776
Total Current Assets		 592 627 576 734 732 500 510 488 522 532 746
Cash & Equivalents		 42 110 55 40 36 44 47 34 37 95 36
Restricted Cash		 - - - - - - - - - - 277
Accounts Receivable		 197 173 173 256 173 177 166 162 198 163 163
Inventories, net		 340 333 328 420 265 259 284 283 270 261 250
Other Current Assets		 13 11 20 18 13 19 14 8.70 18 13 21
Plant, Property, & Equipment, net		 1,000 994 983 1,605 1,012 1,030 1,027 1,016 986 979 969
Plant, Property & Equipment, gross		 - - - - 2,294 2,357 2,370 2,380 2,385 2,398 2,408
Accumulated Depreciation		 - - - - 1,282 1,327 1,343 1,364 1,399 1,419 1,439
Total Noncurrent Assets		 113 116 120 139 745 104 104 58 61 61 61
Other Noncurrent Operating Assets		 113 116 120 85 59 52 52 55 61 61 61
Total Liabilities & Shareholders' Equity		 1,705 1,737 1,680 2,478 2,489 1,634 1,641 1,561 1,570 1,571 1,776
Total Liabilities		 1,091 1,088 995 1,820 1,824 797 804 779 756 777 982
Total Current Liabilities		 264 261 301 423 412 300 259 232 200 232 507
Short-Term Debt		 0.90 0.90 0.90 5.20 7.40 0.60 0.60 0.60 0.60 0.60 275
Accounts Payable		 263 260 301 418 302 300 259 232 200 232 232
Total Noncurrent Liabilities		 827 828 694 1,397 1,412 497 545 546 556 545 475
Long-Term Debt		 565 565 442 1,138 1,143 282 329 336 361 361 293
Noncurrent Deferred & Payable Income Tax Liabilities		 205 206 196 204 86 163 165 81 65 57 54
Noncurrent Employee Benefit Liabilities		 57 57 55 55 52 52 52 52 49 48 45
Other Noncurrent Operating Liabilities		 - - - - - - - 78 81 79 83
Total Equity & Noncontrolling Interests		 615 649 685 659 665 837 837 783 814 794 794
Total Preferred & Common Equity		 615 649 685 659 665 837 837 783 814 794 794
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		 615 649 685 659 665 837 837 783 814 794 794
Common Stock		 18 15 14 14 14 5.00 6.50 8.20 6.00 7.30 8.00
Retained Earnings		 630 667 702 676 682 875 877 824 849 828 826
Treasury Stock		 - - - - - -8.50 -13 -15 -12 -12 -11
Accumulated Other Comprehensive Income / (Loss)		 -33 -34 -31 -31 -31 -35 -34 -34 -30 -29 -29

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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
DEI Shares Outstanding		 - - - - - 16,255,627.00 16,104,144.00 - 16,038,485.00 16,125,253.00 16,127,764.00
DEI Adjusted Shares Outstanding		 - - - - - 16,255,627.00 16,104,144.00 - 16,038,485.00 16,125,253.00 16,127,764.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - 0.17 -3.31 - -0.80 -1.33 -0.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.56% 11.78% 41.02% 52.15% 46.14% 13.76% 1.45% -0.18% -4.73% -4.34% -3.53%
EBITDA Growth		 -16.69% -83.75% -46.81% -2,525.00% -22.03% 307.01% -229.75% 89.16% -32.77% -105.54% 183.12%
EBIT Growth		 -23.06% -140.51% -104.33% -145.15% -760.00% 120.39% -6,088.89% 148.98% -167.44% -363.16% 102.51%
NOPAT Growth		 -26.63% -138.77% -105.07% -149.83% -400.00% 119.72% -4,516.67% 189.58% -160.00% -358.38% 104.51%
Net Income Growth		 -27.73% -186.87% -84.15% 1,031.25% -136.63% 110.47% -1,018.97% -80.76% -103.17% -896.30% 97.00%
EPS Growth		 -27.14% -188.57% -83.87% 1,112.24% -136.89% 110.97% -1,042.86% -80.12% -110.53% -882.35% 96.97%
Operating Cash Flow Growth		 750.55% -54.13% -81.61% -153.42% -97.47% -233.65% 109.88% 114.25% -66.67% 344.68% -10.00%
Free Cash Flow Firm Growth		 6,569.45% -1,617.77% -846.01% -206.80% -107.37% 198.93% 133.25% 89.18% -1,315.60% -93.44% 268.08%
Invested Capital Growth		 -5.99% 54.77% 2.68% 171.17% 0.21% -36.48% -4.31% 7.87% 5.91% -5.30% -3.27%
Revenue Q/Q Growth		 -3.26% 18.18% -32.93% -123.47% 509.75% 3.60% 1.84% -3.16% -6.75% 4.02% 2.69%
EBITDA Q/Q Growth		 -15.38% -78.29% 106.84% -273.55% 142.14% 83.62% -196.62% 200.00% -62.10% -115.13% 1,550.00%
EBIT Q/Q Growth		 -13.28% -162.54% 95.31% -8,044.44% 94.13% 320.93% -686.32% 112.93% -259.72% -117.39% 105.60%
NOPAT Q/Q Growth		 -15.86% -163.18% 93.85% -6,083.33% 94.61% 331.25% -698.92% 125.23% -174.42% -129.81% 110.46%
Net Income Q/Q Growth		 -2.27% -250.00% 122.48% 3,332.76% -103.16% 142.86% -2,074.07% 171.86% -133.42% -67.97% 92.56%
EPS Q/Q Growth		 4.08% -251.96% 122.58% 3,294.29% -103.20% 144.74% -2,041.18% 171.52% -133.90% -66.25% 92.48%
Operating Cash Flow Q/Q Growth		 -9.89% -64.36% -23.22% -316.67% 104.27% -1,980.00% 220.57% -85.29% -90.00% 13,700.00% -55.65%
Free Cash Flow Firm Q/Q Growth		 352.78% -807.89% 95.22% -2,263.14% 99.30% 13,085.50% -98.44% -825.47% 3.59% 160.14% -12.50%
Invested Capital Q/Q Growth		 -1.60% 64.27% -35.66% -6.73% 1.66% 4.13% -3.08% 5.14% -0.19% -6.89% -1.01%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 15.03% 6.07% 7.65% 0.00% 9.70% 10.98% 4.69% 4.45% -0.25% -2.77% 5.51%
EBITDA Margin		 10.86% 2.00% 6.15% 0.00% 4.68% 8.30% -7.87% 8.13% 3.30% -0.48% 6.78%
Operating Margin		 6.13% -3.33% -0.31% 0.00% -1.06% 2.50% -13.88% 1.94% -2.89% -6.38% 0.65%
EBIT Margin		 6.19% -3.27% -0.23% 0.00% -1.14% 2.42% -13.96% 1.86% -3.19% -6.67% 0.36%
Profit (Net Income) Margin		 3.47% -4.40% 1.47% 0.00% -1.67% 0.69% -13.36% 9.91% -3.55% -5.74% -0.42%
Tax Burden Percent		 71.07% 73.30% -41.43% -261.97% 82.89% 48.21% 88.25% 1,665.22% 77.58% 71.43% 35.56%
Interest Burden Percent		 78.83% 183.33% 1,555.56% 103.68% 176.74% 58.95% 108.44% 31.94% 143.48% 120.40% -321.43%
Effective Tax Rate		 28.93% 0.00% 0.00% 0.00% 0.00% 33.93% 0.00% -30.43% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 8.08% -3.40% -0.43% 0.00% -1.04% 1.78% -13.64% 3.58% -2.81% -6.23% 0.64%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.14% -4.89% 1.01% 0.00% -2.15% 1.23% -17.40% 14.60% -4.77% -7.97% -0.56%
Return on Net Nonoperating Assets (RNNOA)		 5.24% -6.25% 0.71% 0.00% -0.89% 1.14% -9.27% 4.50% -1.63% -2.68% -0.20%
Return on Equity (ROE)		 13.32% -9.64% 0.29% 0.00% -1.92% 2.92% -22.90% 8.08% -4.43% -8.91% 0.44%
Cash Return on Invested Capital (CROIC)		 17.44% -37.79% 2.33% -98.47% -4.62% 44.09% 0.29% -10.25% -8.81% 0.16% 1.73%
Operating Return on Assets (OROA)		 7.54% -3.31% -0.24% 0.00% -1.03% 1.83% -10.73% 1.77% -3.06% -6.31% 0.33%
Return on Assets (ROA)		 4.22% -4.45% 1.56% 0.00% -1.51% 0.52% -10.26% 9.44% -3.41% -5.43% -0.38%
Return on Common Equity (ROCE)		 13.32% -9.65% 0.29% 0.00% -1.92% 2.92% -22.90% 8.08% -4.43% -8.91% 0.44%
Return on Equity Simple (ROE_SIMPLE)		 14.77% 6.92% 2.23% 0.00% 20.66% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 22 -14 -0.84 -52 -2.80 6.48 -39 9.78 -7.28 -17 1.75
NOPAT Margin		 4.35% -2.33% -0.21% 0.00% -0.74% 1.65% -9.72% 2.53% -2.02% -4.46% 0.45%
Net Nonoperating Expense Percent (NNEP)		 0.94% 1.49% -1.44% 658.90% 1.12% 0.54% 3.77% -11.01% 1.96% 1.74% 1.20%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -4.57% -0.25% 0.56% -3.47% 0.84% -0.62% -1.45% 0.13%
Cost of Revenue to Revenue		 84.97% 93.93% 92.35% 0.00% 90.30% 89.03% 95.31% 95.55% 100.25% 102.77% 94.49%
SG&A Expenses to Revenue		 7.30% 6.48% 8.03% 0.00% 10.76% 8.47% 6.19% 2.87% 5.72% 5.63% 5.22%
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		 8.89% 9.38% 7.96% 0.00% 10.76% 8.47% 18.60% 2.48% 2.64% 3.63% 4.86%
Earnings before Interest and Taxes (EBIT)		 31 -19 -0.90 -73 -4.30 9.50 -56 7.20 -12 -25 1.40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 54 12 24 -42 18 33 -31 31 12 -1.80 26
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.06 1.23 0.71 0.58 0.49 0.53 0.43 0.34 0.28 0.32 0.39
Price to Tangible Book Value (P/TBV)		 1.06 1.34 0.78 0.62 0.52 0.56 0.43 0.34 0.28 0.32 0.39
Price to Revenue (P/Rev)		 0.35 0.38 0.21 0.36 0.27 0.29 0.21 0.18 0.15 0.17 0.21
Price to Earnings (P/E)		 7.16 17.73 31.86 2.51 2.37 2.20 2.35 0.00 0.00 0.00 140.46
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		 13.96% 5.64% 3.14% 39.80% 42.13% 45.51% 42.56% 0.00% 0.00% 0.00% 0.71%
Enterprise Value to Invested Capital (EV/IC)		 1.04 1.09 1.40 0.66 0.60 0.65 0.59 0.52 0.49 0.49 0.54
Enterprise Value to Revenue (EV/Rev)		 0.54 0.90 0.71 0.50 0.43 0.47 0.41 0.38 0.36 0.34 0.37
Enterprise Value to EBITDA (EV/EBITDA)		 4.20 9.12 8.44 14.23 20.20 7.87 17.43 11.59 12.82 46.30 8.21
Enterprise Value to EBIT (EV/EBIT)		 6.62 18.86 19.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 8.93 25.35 28.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 4.29 8.17 9.80 11.33 175.29 0.00 0.00 48.33 49.14 4.78 5.37
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.76 0.00 61.07 0.00 0.00 1.14 195.10 0.00 0.00 294.63 30.50
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.65 1.74 1.73 0.33 0.34 0.39 0.43 0.42 0.44 0.45 0.71
Long-Term Debt to Equity		 0.65 1.73 1.72 0.33 0.34 0.39 0.43 0.42 0.44 0.45 0.37
Financial Leverage		 0.73 1.28 0.70 -0.05 0.41 0.93 0.53 0.31 0.34 0.34 0.35
Leverage Ratio		 2.64 3.29 3.22 2.20 2.18 2.75 2.80 1.95 1.94 1.97 2.12
Compound Leverage Factor		 2.08 6.02 50.06 2.28 3.85 1.62 3.03 0.62 2.79 2.37 -6.80
Debt to Total Capital		 39.30% 63.45% 63.39% 24.82% 25.22% 28.23% 30.03% 29.55% 30.73% 31.26% 41.67%
Short-Term Debt to Total Capital		 0.08% 0.29% 0.41% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 20.17%
Long-Term Debt to Total Capital		 39.22% 63.16% 62.98% 24.77% 25.17% 28.18% 29.98% 29.49% 30.68% 31.21% 21.50%
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		 60.70% 36.55% 36.61% 75.17% 74.77% 71.77% 69.97% 70.45% 69.26% 68.75% 58.32%
Debt to EBITDA		 1.67 5.45 6.11 5.77 8.79 3.57 9.21 6.75 8.34 32.24 8.26
Net Debt to EBITDA		 1.46 5.26 5.92 4.14 7.42 3.07 8.27 6.15 7.50 23.72 3.71
Long-Term Debt to EBITDA		 1.67 5.43 6.07 5.76 8.77 3.57 9.19 6.73 8.33 32.19 4.26
Debt to NOPAT		 3.56 15.16 20.68 -6.25 -5.95 -42.74 -7.36 -11.74 -10.64 -6.28 -33.36
Net Debt to NOPAT		 3.11 14.63 20.05 -4.49 -5.03 -36.68 -6.61 -10.70 -9.56 -4.62 -14.99
Long-Term Debt to NOPAT		 3.55 15.09 20.55 -6.24 -5.94 -42.66 -7.35 -11.72 -10.62 -6.27 -17.21
Altman Z-Score		 2.50 1.63 1.59 1.93 2.12 2.23 2.07 2.21 2.14 2.08 1.85
Noncontrolling Interest Sharing Ratio		 0.01% -0.01% 0.00% 0.00% 0.01% 0.00% 0.00% 0.01% 0.01% -0.01% 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.91 1.73 1.78 1.70 1.66 1.97 2.10 2.43 2.61 2.29 1.47
Quick Ratio		 0.76 0.70 0.51 0.84 0.74 0.82 0.84 1.05 1.17 1.11 0.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 90 -637 -30 -719 -5.00 649 10 -73 -71 43 37
Operating Cash Flow to CapEx		 320.00% 116.57% 34.47% -106.36% 4.59% -123.14% 185.79% 33.56% 5.49% 718.75% 208.16%
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 33.86
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 27.82
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 14.45
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.22 1.01 1.06 0.83 0.91 0.75 0.77 0.95 0.96 0.95 0.90
Accounts Receivable Turnover		 11.43 9.35 12.90 9.72 8.58 7.35 9.31 8.10 8.19 9.25 9.28
Inventory Turnover		 5.12 4.83 6.60 6.24 4.85 4.05 5.27 5.34 5.52 5.49 5.55
Fixed Asset Turnover		 2.07 1.62 2.22 2.00 1.49 1.18 1.53 1.54 1.53 1.52 1.52
Accounts Payable Turnover		 6.10 5.40 7.02 5.08 4.74 4.21 5.41 5.38 5.85 6.10 6.38
Days Sales Outstanding (DSO)		 31.94 39.03 28.29 37.57 42.56 49.64 39.22 45.06 44.55 39.46 39.31
Days Inventory Outstanding (DIO)		 71.23 75.55 55.33 58.51 75.27 90.12 69.28 68.41 66.15 66.45 65.76
Days Payable Outstanding (DPO)		 59.79 67.62 51.98 71.91 76.94 86.60 67.46 67.85 62.43 59.79 57.19
Cash Conversion Cycle (CCC)		 43.38 46.97 31.64 24.17 40.89 53.16 41.04 45.61 48.26 46.13 47.87
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,073 1,762 1,134 1,057 1,075 1,119 1,085 1,141 1,138 1,060 1,049
Invested Capital Turnover		 1.86 1.46 1.99 1.91 1.40 1.08 1.40 1.42 1.39 1.40 1.41
Increase / (Decrease) in Invested Capital		 -68 624 30 667 2.20 -643 -49 83 64 -59 -36
Enterprise Value (EV)		 1,112 1,912 1,590 696 649 725 636 594 555 519 564
Market Capitalization		 724 808 475 493 410 443 334 279 231 253 309
Book Value per Share		 $41.22 $39.49 $39.96 $51.58 $51.08 $51.47 $48.62 $51.46 $50.73 $49.25 $49.24
Tangible Book Value per Share		 $41.22 $36.24 $36.82 $48.38 $47.88 $48.32 $48.45 $51.33 $50.73 $49.25 $49.24
Total Capital		 1,128 1,802 1,815 1,137 1,119 1,166 1,119 1,171 1,175 1,155 1,362
Total Debt		 443 1,143 1,151 282 282 329 336 346 361 361 567
Total Long-Term Debt		 442 1,138 1,143 282 282 329 336 346 361 361 293
Net Debt		 388 1,104 1,115 203 238 282 302 315 325 266 255
Capital Expenditures (CapEx)		 19 18 47 33 33 23 18 15 9.10 9.60 15
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 221 276 292 146 156 205 222 280 286 205 202
Debt-free Net Working Capital (DFNWC)		 276 316 327 226 200 252 256 310 322 300 515
Net Working Capital (NWC)		 275 311 320 225 199 251 256 310 322 300 240
Net Nonoperating Expense (NNE)		 4.41 12 -6.64 -251 3.50 3.78 15 -29 5.52 4.77 3.35
Net Nonoperating Obligations (NNO)		 388 1,103 469 203 238 283 302 315 325 266 255
Total Depreciation and Amortization (D&A)		 23 31 25 31 22 23 24 24 23 23 25
Debt-free, Cash-free Net Working Capital to Revenue		 10.74% 13.06% 13.08% 10.55% 10.38% 13.22% 14.25% 17.98% 18.59% 13.48% 13.42%
Debt-free Net Working Capital to Revenue		 13.43% 14.93% 14.67% 16.31% 13.31% 16.23% 16.46% 19.96% 20.96% 19.75% 34.15%
Net Working Capital to Revenue		 13.38% 14.68% 14.34% 16.26% 13.27% 16.19% 16.42% 19.92% 20.92% 19.71% 15.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.03 ($1.55) $0.35 $11.87 ($0.38) $0.17 ($3.30) $2.36 ($0.80) ($1.33) ($0.10)
Adjusted Weighted Average Basic Shares Outstanding		 16.61M 16.66M 16.62M 16.78M 16.38M 16.22M 16.14M 16.17M 16.08M 16.13M 16.13M
Adjusted Diluted Earnings per Share		 $1.02 ($1.55) $0.35 $11.88 ($0.38) $0.17 ($3.30) $2.36 ($0.80) ($1.33) ($0.10)
Adjusted Weighted Average Diluted Shares Outstanding		 16.90M 16.66M 16.62M 16.78M 16.26M 16.24M 16.04M 16.17M 16.08M 16.13M 16.13M
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		 16.68M 16.63M 16.57M 16.18M 16.26M 16.10M 16.04M 16.04M 16.13M 16.13M 16.14M
Normalized Net Operating Profit after Tax (NOPAT)		 22 -14 -0.84 -52 -2.80 6.48 -5.18 5.25 -7.28 -17 1.75
Normalized NOPAT Margin		 4.35% -2.33% -0.21% 0.00% -0.74% 1.65% -1.30% 1.36% -2.02% -4.46% 0.45%
Pre Tax Income Margin		 4.88% -6.00% -3.56% 0.00% -2.01% 1.43% -15.14% 0.60% -4.58% -8.03% -1.17%
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 1.27
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.59
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 -12.09
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 -11.77
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		 16.52% 24.78% 59.46% 5.09% 11.81% 10.73% 14.91% -92.47% -25.10% -4.46% 4.17%

Financials Breakdown Chart

Key Financial Trends

Clearwater Paper’s Q2 2026 results show a sharp deterioration in profitability, but a significant improvement in liquidity and operating cash flow. Revenue declined to $374.8 million from $391.8 million in Q2 2025, a decrease of approximately 4.3%. At the same time, operating costs increased to $385.2 million, producing a $10.4 million gross loss compared with $43.0 million of gross profit a year earlier.

Operating performance weakened further down the income statement. Clearwater Paper reported a $23.9 million operating loss and a $21.5 million net loss, or -$1.33 per diluted share, compared with operating income of $9.8 million, net income of $2.7 million and diluted EPS of $0.17 in Q2 2025. The company has now reported net losses in both quarters of 2026, following losses in Q1 2025 and Q3 2025, although Q4 2025 was profitable.

The cash flow statement provides a more favorable, though potentially less durable, picture. Operating cash flow rose to $69.0 million in Q2 2026 from negative $28.2 million in Q2 2025. The improvement was primarily attributable to a $64.1 million benefit from changes in operating assets and liabilities, compared with a $60.4 million use of cash in the prior-year quarter. This suggests that working-capital movements, rather than underlying earnings, were the primary driver of the quarter’s cash generation.

Capital spending was relatively modest at $9.6 million, resulting in approximately $59.4 million of quarterly free cash flow before financing activity. Cash and equivalents increased to $95.4 million at June 30, 2026, from $36.5 million at March 31. Total debt was approximately $361.1 million, largely unchanged from the prior quarter, while net debt declined to roughly $265.7 million.

The balance sheet remains reasonably liquid, with current assets of $532.0 million compared with current liabilities of $232.3 million. However, accounts payable increased to $231.6 million and represented most of the company’s current liabilities. Shareholders’ equity declined to $794.1 million from $813.8 million in Q1, reflecting the latest quarterly loss. Investors should also account for significant portfolio and reporting changes: discontinued operations and the 2024 divestiture make direct comparisons with older periods less meaningful, while several historical figures have been restated.

  • Operating cash flow rebounded: Q2 2026 operating cash flow was $69.0 million, versus negative $28.2 million in Q2 2025.
  • Liquidity improved: Cash increased by $58.8 million during the quarter to $95.4 million, while net debt declined from the prior quarter.
  • Capital spending was contained: Property, plant and equipment purchases were $9.6 million, below the $22.9 million recorded in Q2 2025.
  • Working capital released cash: Changes in operating assets and liabilities generated $64.1 million of cash in Q2, helping fund operations despite the net loss.
  • Balance-sheet liquidity is adequate: Current assets were approximately 2.3 times current liabilities, but inventory and accounts payable remain large relative to the company’s cash balance.
  • Debt was broadly stable: Long-term debt remained at $360.5 million and short-term debt at $0.6 million, limiting near-term balance-sheet deterioration but also leaving interest obligations in place.
  • Profitability deteriorated materially: The company moved from a $43.0 million gross profit in Q2 2025 to a $10.4 million gross loss in Q2 2026.
  • Revenue contracted: Quarterly revenue fell approximately 4.3% year over year, continuing the weaker top-line trend seen from the higher-revenue periods of 2023 and 2024.
  • Net losses are recurring: Clearwater Paper reported a $21.5 million Q2 loss following a $12.8 million Q1 loss, and retained earnings declined to $828.0 million from $849.4 million at the end of Q1.
  • Cash flow quality warrants monitoring: The strong Q2 operating cash flow was driven largely by working-capital changes rather than net income, making it important to see whether cash generation persists when payables, receivables and inventory normalize.
11/11/26 01:20 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 financial year ends in December. Their financial 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, compared with $55.98 million in 2015. The previous period was $196.30 million in 2024. See Clearwater Paper's forecast for analyst expectations on what's next for the company.

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%.

In the past 13 quarters, Clearwater Paper's cash and equivalents has ranged from $34.40 million in Q3 2025 to $110.20 million in Q3 2023, and is currently $35.70 million as of their latest financial filing in Q3 2026.

Clearwater Paper had total debt of $346.10 million at the end of 2025, a 22.6% increase from 2024, and a 39.2% decrease since 2015.

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%.


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Financial statements for NYSE:CLW last updated on 10/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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