CLW · Clearwater Paper Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.56B | $1.38B | $2.08B | $2.08B | $1.77B | $1.87B |
| Cost of Revenue | $1.44B | $1.31B | $1.75B | $1.82B | $1.59B | $1.57B |
| Gross Profit | $115.60M | $76.10M | $330.80M | $256.70M | $182.60M | $294.20M |
| R&D | - | - | - | - | - | - |
| SG&A | $100.80M | $116.70M | $148.30M | $133.00M | $112.90M | $122.00M |
| Total Operating Expenses | $1.60B | $1.45B | $1.91B | $1.97B | $1.76B | $1.71B |
| D&A | $92.40M | $99.80M | $98.60M | $103.30M | $105.00M | $111.00M |
| Operating Income | ($42.10M) | ($64.50M) | $177.10M | $113.90M | $12.00M | $158.10M |
| Interest Expense | $17.80M | $32.00M | $31.90M | $34.20M | $35.50M | $44.40M |
| Income Tax | ($7.10M) | ($27.10M) | $36.40M | $27.00M | ($7.70M) | $21.10M |
| Net Income | ($18.60M) | $196.30M | $107.70M | $46.00M | ($28.10M) | $77.10M |
| EPS - Basic | ($1.15) | $11.70 | $6.39 | $2.71 | ($1.67) | $4.65 |
| EPS - Diluted | ($1.15) | $11.70 | $6.30 | $2.68 | ($1.67) | $4.61 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $30.70M | $79.60M | $42.00M | $53.70M | $25.20M | $35.90M |
| Accounts Receivable | $195.30M | $188.70M | $184.50M | $188.80M | $167.40M | $160.60M |
| Inventory | $281.70M | $258.00M | $319.80M | $324.00M | $277.70M | $263.30M |
| Accounts Payable | $130.90M | $164.60M | $163.90M | $213.00M | $168.30M | $143.40M |
| Current Assets | $526.00M | $545.40M | $564.10M | $586.30M | $487.20M | $474.90M |
| Total Assets | $1.59B | $1.68B | $1.67B | $1.70B | $1.69B | $1.80B |
| Current Liabilities | $216.20M | $320.40M | $286.00M | $312.00M | $254.10M | $244.80M |
| Long-term Debt | $345.50M | $281.60M | $462.30M | $564.90M | $637.60M | $716.40M |
| Total Liabilities | $763.00M | $824.70M | $1.00B | $1.13B | $1.18B | $1.28B |
| Stockholders' Equity | $825.30M | $854.60M | $668.80M | $572.10M | $511.70M | $521.10M |
| Retained Earnings | $862.30M | $880.80M | $684.50M | $576.80M | $530.70M | $558.80M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $12.30M | $61.40M | $190.70M | $150.20M | $96.40M | $247.00M |
| Investing Cash Flow | ($100.40M) | $167.70M | ($73.70M) | ($33.50M) | ($25.10M) | ($39.60M) |
| Financing Cash Flow | $39.30M | ($191.40M) | ($129.40M) | ($88.60M) | ($82.00M) | ($192.90M) |
| CapEx | $88.80M | $116.60M | $73.70M | $33.50M | $38.40M | $39.60M |
| Free Cash Flow | ($76.50M) | ($55.20M) | $117.00M | $116.70M | $58.00M | $207.40M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 7.4% | 5.5% | 15.9% | 12.3% | 10.3% | 15.7% |
| Operating margin | -2.7% | -4.7% | 8.5% | 5.5% | 0.7% | 8.5% |
| EBITDA margin | 3.2% | 2.6% | 13.2% | 10.4% | 6.6% | 14.4% |
| Net margin | -1.2% | 14.2% | 5.2% | 2.2% | -1.6% | 4.1% |
| Free cash flow margin | -4.9% | -4.0% | 5.6% | 5.6% | 3.3% | 11.1% |
| FCF / Net income | 4.11 | -0.28 | 1.09 | 2.54 | -2.06 | 2.69 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 6.5% | 8.4% | 7.1% | 6.4% | 6.4% | 6.5% |
| Effective tax rate | - | -16.0% | 25.3% | 37.0% | - | 21.5% |
| Return on assets | -1.2% | 11.7% | 6.4% | 2.7% | -1.7% | 4.3% |
| Return on equity | -2.3% | 23.0% | 16.1% | 8.0% | -5.5% | 14.8% |
| Return on invested capital | -2.8% | -5.7% | 11.7% | 6.3% | 0.8% | 10.0% |
| Liquidity | ||||||
| Current ratio | 2.43 | 1.70 | 1.97 | 1.88 | 1.92 | 1.94 |
| Quick ratio | 1.13 | 0.90 | 0.85 | 0.84 | 0.82 | 0.86 |
| Cash ratio | 0.14 | 0.25 | 0.15 | 0.17 | 0.10 | 0.15 |
| Leverage | ||||||
| Debt / Equity | 0.42 | 0.33 | 0.69 | 0.99 | 1.25 | 1.37 |
| Debt / Assets | 0.22 | 0.17 | 0.28 | 0.33 | 0.38 | 0.40 |
| Debt / EBITDA | 6.87 | 7.98 | 1.68 | 2.60 | 5.45 | 2.66 |
| Interest coverage | -2.4x | -2.0x | 5.6x | 3.3x | 0.3x | 3.6x |
| Equity multiplier | 1.92 | 1.96 | 2.50 | 2.98 | 3.30 | 3.45 |
| Liabilities / Assets | 0.48 | 0.49 | 0.60 | 0.66 | 0.70 | 0.71 |
| Efficiency | ||||||
| Asset turnover | 0.98 | 0.82 | 1.25 | 1.22 | 1.05 | 1.04 |
| Inventory turnover | 5.11 | 5.07 | 5.48 | 5.63 | 5.73 | 5.98 |
| Days sales outstanding | 46d | 50d | 32d | 33d | 34d | 31d |
| Days inventory outstanding | 71d | 72d | 67d | 65d | 64d | 61d |
| Days payable outstanding | 33d | 46d | 34d | 43d | 39d | 33d |
| Cash conversion cycle | 84d | 76d | 65d | 55d | 60d | 59d |
| Valuation | ||||||
| P / E | - | 2.5x | 5.7x | 14.1x | - | 8.2x |
| P / B | 0.3x | 0.6x | 0.9x | 1.1x | 1.2x | 1.2x |
| P / S | 0.2x | 0.4x | 0.3x | 0.3x | 0.3x | 0.3x |
| EV / EBITDA | 11.9x | 19.9x | 3.8x | 5.3x | 10.5x | 4.9x |
| Growth | ||||||
| Revenue growth (YoY) | 12.4% | -33.6% | 0.1% | 17.3% | -5.1% | - |
| Revenue CAGR (3y) | -9.2% | -7.9% | 3.7% | - | - | - |
| Revenue CAGR (5y) | -3.6% | - | - | - | - | - |
| Gross profit growth (YoY) | 51.9% | -77.0% | 28.9% | 40.6% | -37.9% | - |
| Operating income growth (YoY) | 34.7% | - | 55.5% | 849.2% | -92.4% | - |
| Net income growth (YoY) | - | 82.3% | 134.1% | - | - | - |
| EPS growth (YoY) | - | 85.7% | 135.1% | - | - | - |
| EPS CAGR (3y) | - | - | 11.0% | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -38.6% | - | 0.3% | 101.2% | -72.0% | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -3.4% | 27.8% | 16.9% | 11.8% | -1.8% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$1.56B totalFoodservice$664.60M · 42.7%
Folding Carton$578.90M · 37.2%
Other$161.50M · 10.4%
Sheeting And Distribution$150.40M · 9.7%
Geographic
$1.56B totalUS$1.42B · 91.2%
Non Us$137.20M · 8.8%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.95
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved