Earnings slid into a loss. Loss per share this year after a profit last year.
Clearwater Paper made a loss per share in its latest year after a profit the year before.
Investment surge. Capital spending 5.7% of revenue, up from 2.8% in 2022.
Clearwater Paper is spending 5.7% of revenue on facilities and equipment, up from 2.8% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Valuation signals disagree. Cheaper than 95% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Clearwater Paper looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Clearwater Paper reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-22.8%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0364 · MAD: 0.0364
EBITDA yield2.4%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -1.17Sector median: 0.0854 · MAD: 0.0520
Free cash flow yield26.2%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingOutlier capped at sector 5th/95th percentile20% base weight · Z-score 6.93Sector median: 0.0261 · MAD: 0.0261
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Clearwater Paper
Is Clearwater Paper getting weaker?
Its latest SEC filing (Jul 28, 2026) was mixed: some things better, some worse: operating margin fell 2.3 points to -5.4%; free cash flow turned positive over the last 12 months. Its overall score is unchanged at 45/100 since Oct 28, 2026.
How is Clearwater Paper valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 62/100 against 1,371 basic materials peers.Free cash flow yield 26.2% vs a peer median of 2.6% (stronger than 95% of peers).Free cash flow yield 26.2% vs peers 2.6% (stronger than 95% of peers).Earnings yield -22.8% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -22.8% vs peers 3.6% (weaker than 100% of peers).
Is Clearwater Paper growing?
More slowly than most of its peers. Growth scores 35/100 against 1,371 basic materials peers.3-year revenue growth 7.3% vs a peer median of -0.0% (stronger than 74% of peers).3-year revenue growth 7.3% vs peers -0.0% (stronger than 74% of peers).Revenue growth -1.9% vs a peer median of 3.4% (weaker than 66% of peers).Revenue growth -1.9% vs peers 3.4% (weaker than 66% of peers).
How profitable is Clearwater Paper?
Less profitable than most of its peers. Profitability scores 10/100 against 1,371 basic materials peers.Return on invested capital -6.1% vs a peer median of 6.7% (weaker than 92% of peers).Return on invested capital -6.1% vs peers 6.7% (weaker than 92% of peers).
How risky is Clearwater Paper?
Lower risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Beta 0.33 vs a peer median of 0.69 (stronger than 86% of peers).Beta 0.33 vs peers 0.69 (stronger than 86% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026
Mixed: some things better, some worse
Operating margin fell 2.3 points to -5.4%
Free cash flow turned positive over the last 12 months
Worth watching: Clearwater Paper is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.5B USD
1.5B USD
−1.1%
Net income (12 months)
−25.1M USD
−49.3M USD
+96.4%
Operating margin
-3.2%
-5.4%
−2.3 pts
Free cash flow (12 months)
−53.9M USD
56.6M USD
turned positive
Debt
361.1M USD
361.1M USD
0.0%
Cash
36.5M USD
95.4M USD
+161.4%
Shares outstanding
16.1M
16.1M
+0.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Basic Materials · 121 companies
Valuations in Basic Materials are near the top of their range since 2016.
84% of months since 2016 were valued lower than now.
43% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +23% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is −9% vs the whole market, against a usual −27%.
2016Shaded: most expensive fifth of its range2026
Shown for Basic Materials: too few Paper & Paper Products companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
10.3%
17.8%
17.7%
5.5%
7.4%
▲ 1.9 pts
Operating margin
0.7%
8.3%
6.9%
-4.7%
-2.7%
▲ 2.0 pts
Net margin
-1.6%
3.8%
9.5%
14.2%
-1.2%
▼ 15 pts
Return on assets (ROA)
-1.7%
2.7%
6.4%
11.7%
-1.2%
▼ 13 pts
Return on equity (ROE)
-5.5%
8.0%
16.1%
23.0%
-2.3%
▼ 25 pts
Free cash flow margin
3.3%
9.8%
10.3%
-4.0%
-4.9%
▼ 0.9 pts
Current ratio
1.92×
1.88×
1.97×
1.70×
2.43×
▲ 43%
Quick ratio
0.82×
0.84×
1.41×
0.90×
1.13×
▲ 26%
Debt to equity
1.25×
0.99×
0.66×
0.33×
0.42×
▲ 27%
Interest coverage
0.34×
8.49×
6.62×
-2.02×
-2.37×
▼ 17%
CLW price history
Price history is added with the daily price update and will appear after the next one.