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$208M

Current Price$12.89

P/E Ratio-

P/B Ratio0.25

EV / EBITDA5.43

EV / Sales0.38

Profitability

Operating Margin-

Net Profit Margin-1.2%

EBITDA Margin3.1%

Returns

ROE-2.3%

ROCE-

ROIC %-3.0%

ROA-1.2%

Solvency

Current Ratio2.43

Debt / Equity0.43

Debt / Assets0.23

CFO / Net Profit-0.66

Price History▼ 48.46% 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

Net Profit$-19M▼ 109.5%

Cash from Ops (CFO)$12M

Free Cash Flow (FCF)$-77M

Revenue CAGR 3Y-

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%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total 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	113.80
Operating Income	100.90	80.10	-41	1.80
EBITDA	134.10	117.80	-0.90	48.80
EBIT	93.50	77.10	-70.70	-43.60
Pretax Income	81.90	65.60	-101.10	-60.10
Tax Provision	29.20	16.90	-27.10	-7.10
Net Income	46	107.70	196.30	-18.60
Net Income Common Stockholders	46	107.70	196.30	-18.60
Total Expenses	1,094.10	1,055.90	1,424.60	1,553.60
Interest Expense	11.60	11.50	30.40	16.50
Interest Income	1	2.40	2.90	1.80
Selling General And Administration	110.90	120.30	116.30	99.80
Normalized EBITDA	136.10	122.90	31.80	92.70
Normalized Income	53.99	52.49	-50.06	-14.28
Basic EPS	2.71	6.39	11.70	-1.15
Diluted EPS	2.68	6.30	11.70	-1.15
Tax Effect Of Unusual Items	-0.71	-1.31	-8.76	-5.18
Tax Rate For Calcs	0.35	0.26	0.27	0.12
Total Unusual Items	-2	-5.10	-32.70	-43.90
Total Unusual Items Excluding Goodwill	-2	-5.10	-32.70	-43.90
Net Income From Continuing Operation Net Minority Interest	52.70	48.70	-74	-53
Reconciled Depreciation	40.60	40.70	69.80	92.40
Reconciled Cost Of Revenue	982.50	935.30	1,307.50	1,439.80
Net Interest Income	-11.20	-9.60	-29.20	-16.90
Net Income From Continuing And Discontinued Operation	46	107.70	196.30	-18.60
Total Operating Income As Reported	113.90	78.10	-64.50	-42.10
Diluted Average Shares	17.18	17.09	16.78	16.17
Basic Average Shares	16.98	16.86	16.78	16.17
Diluted NI Availto Com Stockholders	46	107.70	196.30	-18.60
Net Income Including Noncontrolling Interests	46	107.70	196.30	-18.60
Net Income Discontinuous Operations	-6.70	59	270.30	34.40
Net Income Continuous Operations	52.70	48.70	-74	-53
Other Income Expense	-7.70	-5	-30.90	-45.10
Other Non Operating Income Expenses	-5.70	0.10	1.80	-1.20
Special Income Charges	-2	-5.10	-32.70	-43.90
Gain On Sale Of Ppe	-1.50	-0.10	0	-6.50
Other Special Charges	0.50	3.10	9.10	-17
Write Off	1.50	0.10	1.50	0
Impairment Of Capital Assets	6.10	0	0	48
Restructuring And Mergern Acquisition	0	1.90	22.10	6.40
Net Non Operating Interest Income Expense	-11.20	-9.60	-29.20	-16.90
Total Other Finance Cost	0.60	0.50	1.70	2.20
Interest Expense Non Operating	11.60	11.50	30.40	16.50
Interest Income Non Operating	1	2.40	2.90	1.80
Other Operating Expenses	0.70	0.30	0.80	14
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
Operating Revenue	1,195	1,136	1,383.60	1,555.40

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	$208M	-	0.25	-2.3%	5.43
U.S. Gold Corp.	USAU	$262M	-	4.97	-177.4%	-13.59
Hudson Technologies, Inc.	HDSN	$256M	16.43	1.04	6.8%	7.85
Core Molding Technologies, Inc.	CMT	$252M	21.23	1.47	7.1%	8.18
Montauk Renewables, Inc.	MNTK	$206M

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%

Metric

2022

2023

2024

2025

Total 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

113.80

Operating Income

100.90

80.10

-41

1.80

EBITDA

134.10

117.80

-0.90

48.80

EBIT

93.50

77.10

-70.70

-43.60

Pretax Income

81.90

65.60

-101.10

-60.10

Tax Provision

29.20

16.90

-27.10

-7.10

Net Income

107.70

196.30

-18.60

Net Income Common Stockholders

107.70

196.30

-18.60

Total Expenses

1,094.10

1,055.90

1,424.60

1,553.60

Interest Expense

11.60

11.50

30.40

16.50

Interest Income

2.40

2.90

1.80

Selling General And Administration

110.90

120.30

116.30

99.80

Normalized EBITDA

136.10

122.90

31.80

92.70

Normalized Income

53.99

52.49

-50.06

-14.28

Basic EPS

2.71

6.39

11.70

-1.15

Diluted EPS

2.68

6.30

11.70

-1.15

Tax Effect Of Unusual Items

-0.71

-1.31

-8.76

-5.18

Tax Rate For Calcs

0.35

0.26

0.27

0.12

Total Unusual Items

-2

-5.10

-32.70

-43.90

Total Unusual Items Excluding Goodwill

-2

-5.10

-32.70

-43.90

Net Income From Continuing Operation Net Minority Interest

52.70

48.70

-74

-53

Reconciled Depreciation

40.60

40.70

69.80

92.40

Reconciled Cost Of Revenue

982.50

935.30

1,307.50

1,439.80

Net Interest Income

-11.20

-9.60

-29.20

-16.90

Net Income From Continuing And Discontinued Operation

107.70

196.30

-18.60

Total Operating Income As Reported

113.90

78.10

-64.50

-42.10

Diluted Average Shares

17.18

17.09

16.78

16.17

Basic Average Shares

16.98

16.86

16.78

16.17

Diluted NI Availto Com Stockholders

107.70

196.30

-18.60

Net Income Including Noncontrolling Interests

107.70

196.30

-18.60

Net Income Discontinuous Operations

-6.70

270.30

34.40

Net Income Continuous Operations

52.70

48.70

-74

-53

Other Income Expense

-7.70

-5

-30.90

-45.10

Other Non Operating Income Expenses

-5.70

0.10

1.80

-1.20

Special Income Charges

-2

-5.10

-32.70

-43.90

Gain On Sale Of Ppe

-1.50

-0.10

-6.50

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

6.40

Net Non Operating Interest Income Expense

-11.20

-9.60

-29.20

-16.90

Total Other Finance Cost

0.60

0.50

1.70

2.20

Interest Expense Non Operating

11.60

11.50

30.40

16.50

Interest Income Non Operating

2.40

2.90

1.80

Other Operating Expenses

0.70

0.30

0.80

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

Operating Revenue

1,195

1,136

1,383.60

1,555.40

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Clearwater Paper Corporationthis co.

CLW

$208M

0.25

-2.3%

5.43

U.S. Gold Corp.

USAU

$262M

4.97

-177.4%

-13.59

Hudson Technologies, Inc.

HDSN

$256M

16.43

1.04

6.8%

7.85

Core Molding Technologies, Inc.

CMT

$252M

21.23

1.47

7.1%

8.18

Montauk Renewables, Inc.

MNTK

$206M

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