Clearwater Paper Corporation

CLW

Basic MaterialsSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Clearwater Paper Corporation manufactures and supplies solid bleached sulfate (SBS) paperboard packaging products in the United States and internationally. The company offers SBS paperboard for use in folding cartons, food service, and commercial printing items; folding carton paperboards, such as blister, carded packaging, and top sheet products; food service paperboard, including liquid packaging, and cup and plate categories, as well as rigid containers comprising juice, milk, and wine; and custom sheeting and slitting of paperboard products. It serves packaging converters through sales managers. The company was founded in 1926 and is headquartered in Spokane, Washington.

Valuation

Market Cap$258M

Current Price$15.65as of Jun 23, 2026

P/E Ratio-13.86

P/B Ratio0.31

EV / EBITDA12.00

EV / Sales0.38

Profitability

Operating Margin0.8%

Net Profit Margin-1.2%

EBITDA Margin3.1%

Returns

ROE-2.3%

ROCE0.9%

ROIC %-3.0%

ROA-1.2%

Solvency

Current Ratio2.43

Debt / Equity0.43

Debt / Assets0.23

CFO / Net Profit-0.66

Price History▼ 41.82% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$1.6B▲ 12.4%

EBITDA$49M▼ 5522.2%

Net Profit$-19M▼ 109.5%

Cash from Ops (CFO)$12M▼ 80.0%

Free Cash Flow (FCF)$-77M▲ 38.6%

Revenue CAGR 3Y9.2%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$1.6B	$49M	$-19M	$-77M	-2.3%	12.4%	-109.5%
2024	$1.4B	$-1M	$196M	$-55M	23.0%	21.8%	82.3%
2023	$1.1B	$118M	$108M	$117M	16.1%	-4.9%	134.1%
2022	$1.2B	$134M	$46M	$117M	8.0%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	1,195	1,136	1,383.60	1,555.40
Operating Revenue	-	1,195	1,136	1,383.60	1,555.40
Cost Of Revenue	-	982.50	935.30	1,307.50	1,439.80
Gross Profit	-	212.50	200.70	76.10	115.60
Operating Expense	-	111.60	120.60	117.10	103.40
Selling General And Administration	-	110.90	120.30	116.30	99.80
Total Expenses	-	1,094.10	1,055.90	1,424.60	1,543.20
Operating Income	-	100.90	80.10	-41	12.20
Total Operating Income As Reported	-	113.90	78.10	-64.50	-42.10
EBITDA	-	134.10	117.80	-0.90	48.80
Normalized EBITDA	-	136.10	122.90	31.80	103.10
EBIT	-	93.50	77.10	-70.70	-43.60
Interest Income	-	1	2.40	2.90	1.80
Interest Expense	-	11.60	11.50	30.40	16.50
Net Interest Income	-	-11.20	-9.60	-29.20	-16.90
Other Non Operating Income Expenses	-	-5.70	0.10	1.80	-1.20
Other Income Expense	-	-7.70	-5	-30.90	-55.50
Interest Income Non Operating	-	1	2.40	2.90	1.80
Interest Expense Non Operating	-	11.60	11.50	30.40	16.50
Net Non Operating Interest Income Expense	-	-11.20	-9.60	-29.20	-16.90
Pretax Income	-	81.90	65.60	-101.10	-60.10
Tax Provision	-	29.20	16.90	-27.10	-7.10
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-0.71	-1.31	-8.76	-6.41
Net Income Continuous Operations	-	52.70	48.70	-74	-53
Net Income From Continuing And Discontinued Operation	-	46	107.70	196.30	-18.60
Net Income From Continuing Operation Net Minority Interest	-	52.70	48.70	-74	-53
Net Income	-	46	107.70	196.30	-18.60
Net Income Common Stockholders	-	46	107.70	196.30	-18.60
Net Income Including Noncontrolling Interests	-	46	107.70	196.30	-18.60
Normalized Income	-	53.99	52.49	-50.06	-5.11
Diluted NI Availto Com Stockholders	-	46	107.70	196.30	-18.60
Basic Average Shares	-	16.98	16.86	16.78	16.17
Diluted Average Shares	-	17.18	17.09	16.78	16.17
Reconciled Depreciation	-	40.60	40.70	69.80	92.40
Reconciled Cost Of Revenue	-	982.50	935.30	1,307.50	1,439.80
Total Unusual Items	-	-2	-5.10	-32.70	-54.30
Total Unusual Items Excluding Goodwill	-	-2	-5.10	-32.70	-54.30
Net Income Discontinuous Operations	-	-6.70	59	270.30	34.40
Special Income Charges	-	-2	-5.10	-32.70	-54.30
Other Special Charges	-	0.50	3.10	9.10	-17
Write Off	-	1.50	0.10	1.50	-
Impairment Of Capital Assets	-	6.10	0	0	48
Restructuring And Mergern Acquisition	-	0	1.90	22.10	16.80
General And Administrative Expense	-	110.90	120.30	116.30	99.80
Other Gand A	-	110	119.40	116.70	100.80
Salaries And Wages	-	0.90	0.90	-0.40	-1
Gain On Sale Of Ppe	-50	-1.50	-0.10	-	-6.50
Total Other Finance Cost	-	0.60	0.50	1.70	2.20
Other Operating Expenses	-	0.70	0.30	0.80	3.60

Peer Comparison

Basic Materials sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Clearwater Paper Corporationthis co.	CLW	$258M	-13.86	0.31	-2.3%	12.00
U.S. Gold Corp.	USAU	$259M	-12.58	22.32	-177.4%	-19.39
Montauk Renewables, Inc.	MNTK	$242M	138.43	0.92	0.7%	11.03
Hudson Technologies, Inc.	HDSN	$231M	13.88	0.95	6.8%	8.03
Core Molding Technologies, Inc.	CMT

Learn while you research

Hand-picked academy chapters to deepen your understanding of Clearwater Paper Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$1.6B

$49M

$-19M

$-77M

-2.3%

12.4%

-109.5%

2024

$1.4B

$-1M

$196M

$-55M

23.0%

21.8%

82.3%

2023

$1.1B

$118M

$108M

$117M

16.1%

-4.9%

134.1%

2022

$1.2B

$134M

$46M

$117M

8.0%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

1,195

1,136

1,383.60

1,555.40

Operating Revenue

1,195

1,136

1,383.60

1,555.40

Cost Of Revenue

982.50

935.30

1,307.50

1,439.80

Gross Profit

212.50

200.70

76.10

115.60

Operating Expense

111.60

120.60

117.10

103.40

Selling General And Administration

110.90

120.30

116.30

99.80

Total Expenses

1,094.10

1,055.90

1,424.60

1,543.20

Operating Income

100.90

80.10

-41

12.20

Total Operating Income As Reported

113.90

78.10

-64.50

-42.10

EBITDA

134.10

117.80

-0.90

48.80

Normalized EBITDA

136.10

122.90

31.80

103.10

EBIT

93.50

77.10

-70.70

-43.60

Interest Income

2.40

2.90

1.80

Interest Expense

11.60

11.50

30.40

16.50

Net Interest Income

-11.20

-9.60

-29.20

-16.90

Other Non Operating Income Expenses

-5.70

0.10

1.80

-1.20

Other Income Expense

-7.70

-5

-30.90

-55.50

Interest Income Non Operating

2.40

2.90

1.80

Interest Expense Non Operating

11.60

11.50

30.40

16.50

Net Non Operating Interest Income Expense

-11.20

-9.60

-29.20

-16.90

Pretax Income

81.90

65.60

-101.10

-60.10

Tax Provision

29.20

16.90

-27.10

-7.10

Tax Rate For Calcs

Tax Effect Of Unusual Items

-0.71

-1.31

-8.76

-6.41

Net Income Continuous Operations

52.70

48.70

-74

-53

Net Income From Continuing And Discontinued Operation

107.70

196.30

-18.60

Net Income From Continuing Operation Net Minority Interest

52.70

48.70

-74

-53

Net Income

107.70

196.30

-18.60

Net Income Common Stockholders

107.70

196.30

-18.60

Net Income Including Noncontrolling Interests

107.70

196.30

-18.60

Normalized Income

53.99

52.49

-50.06

-5.11

Diluted NI Availto Com Stockholders

107.70

196.30

-18.60

Basic Average Shares

16.98

16.86

16.78

16.17

Diluted Average Shares

17.18

17.09

16.78

16.17

Reconciled Depreciation

40.60

40.70

69.80

92.40

Reconciled Cost Of Revenue

982.50

935.30

1,307.50

1,439.80

Total Unusual Items

-2

-5.10

-32.70

-54.30

Total Unusual Items Excluding Goodwill

-2

-5.10

-32.70

-54.30

Net Income Discontinuous Operations

-6.70

270.30

34.40

Special Income Charges

-2

-5.10

-32.70

-54.30

Other Special Charges

0.50

3.10

9.10

-17

Write Off

1.50

0.10

1.50

Impairment Of Capital Assets

6.10

Restructuring And Mergern Acquisition

1.90

22.10

16.80

General And Administrative Expense

110.90

120.30

116.30

99.80

Other Gand A

110

119.40

116.70

100.80

Salaries And Wages

0.90

-0.40

-1

Gain On Sale Of Ppe

-50

-1.50

-0.10

-6.50

Total Other Finance Cost

0.60

0.50

1.70

2.20

Other Operating Expenses

0.70

0.30

0.80

3.60

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Clearwater Paper Corporationthis co.

CLW

$258M

-13.86

0.31

-2.3%

12.00

U.S. Gold Corp.

USAU

$259M

-12.58

22.32

-177.4%

-19.39

Montauk Renewables, Inc.

MNTK

$242M

138.43

0.92

0.7%

11.03

Hudson Technologies, Inc.

HDSN

$231M

13.88

0.95

6.8%

8.03

Core Molding Technologies, Inc.

CMT

Clearwater Paper Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Clearwater Paper Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on