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Clearwater Paper Corp (CLW) stock

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NYSE: CLW NYSE Paper & Plastic Packaging Products & Materials Next results ~January 25, 2027

C+ Fundamentals grade

Clearwater Paper Corp is a US-listed company in the paper & plastic packaging products & materials industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$52

Valuation models combined (2)

Base case. Range ~$52–$52. Weighted average of 2 models (residual income, justified price-to-book).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Clearwater Paper Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds86 adding, 47 cuttingOf 30 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Clearwater Paper files

10-Q filed October 26: Clearwater Paper

Model value +174.8%

Revenue for the twelve months to September 2026 came in at $1.51bn, down 3.2% on a year earlier. That marks a steeper decline than the -1.9% recorded a quarter before, and it ranks Clearwater Paper 1331 of 1476 for growth among the companies we cover. Profitability tells a different story. Free-cash-flow margin turned positive at 3.8%, up from -8.7% a year earlier. Operating margin also improved, narrowing to -1.6% from -4.2%. Reflecting those gains, our model value rises sharply from $15.54 to $42.71 a share. The current share price stands at $19.18.

Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Clearwater Paper stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.52bn, down 1.9% on a year earlier, slower than 2.3% a quarter earlier. That puts it 1305 of 1476 for growth among all the companies we cover. Free-cash-flow margin rose to 3.7% from -11.7% a year earlier. Operating margin narrowed to -5.4% from -0.7%. The diluted share count is down 2.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $15.54 a share, against a share price of $19.18.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Clearwater Paper Corp's trailing-twelve-month revenue fell 3.2% year on year, with a free-cash-flow margin of 3.8%. Where it stands out: long-term debt as % of assets of 16.5% ranks 2 of 11 paper & plastic packaging products & materials companies we cover. Where it lags: gross margin of 1.8% ranks 10 of 10 paper & plastic packaging products & materials companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -3.2% (-1.3pp vs the prior quarter), the 6th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.9% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 3.2% over the last 12 months.
  • Loss-making. Operating margin is -1.6%: costs exceed revenue.
  • High earnings multiple. The shares trade at 91 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 60% and a beta of 0.7 against the S&P 500.
  • Gross margin slipping. Gross margin is down 5.5 points on a year ago.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 26, 2026
Earnings per share
-$0.23 against an average estimate of -$0.16: missed by 43.8%
Revenue
$385m, down 3.5% on a year earlier
Share reaction
-29.0% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Next report
October 26, 2026; average EPS estimate -$0.63

Clearwater Paper's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week-29.0%
  • 1 month-31.1%
  • This year-21.6%
  • 1 year-22.7%
  • 5 years-67.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.5B
Operating margin
-1.6%
Net margin
0.2%
EPS (TTM, diluted)
$0.15

Growth

Revenue growth
−3.2%
Change in growth rate
−1.3 pts
Share count change
−1.9%

Cash

Free cash flow (TTM)
$56.8M
FCF margin
3.8%
Stock pay % of revenue
0.3%

Earnings

Last results
October 26, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Financing
  5. Agreement
  6. Announcement
  7. Results
  8. Product

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Clearwater Paper Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Our value per share comes from a discounted-cash-flow model of Clearwater Paper Corp's free cash flow after stock-based pay ( $4M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Clearwater Paper Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.94 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.4 Left out: out of range vs price (0.10x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$2.5 ~$2.3–$4.5 Left out: out of range vs price (0.18x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$52 ~$34–$80 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$52 ~$45–$62 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$52 ~$52–$52 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Clearwater Paper Corp with Paper & Plastic Packaging Products & Materials in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$45.53$65.55$45.40$24.37$21.36$37.75$36.67$37.81$36.12$29.77$17.40$13.65
Market value$857m$1.1bn$752m$402m$353m$631m$615m$650m$617m$500m$281m$219m
+ Net debt (− = net cash)$563m$682m$710m$796m$891m$689m$619m$516m$403m$205m$317m$537m
Enterprise value$1.4bn$1.8bn$1.5bn$1.2bn$1.2bn$1.3bn$1.2bn$1.2bn$1.0bn$704m$598m$757m
Multiples
Price / sales 0.5x0.6x0.4x0.2x0.2x0.3x0.3x0.5x0.5x0.4x0.2x0.1x
Price / earnings 15.3x22.6x7.7x——8.2x—14.1x5.7x2.5x—91.4x
Price / free cash flow 27.8x64.4x———3.0x10.6x5.6x5.3x——3.9x
EV / EBITDA 6.8x8.8x8.3xn/m7.7x4.9x10.5x5.8x5.8x19.9x11.9x10.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard Clearwater Paper's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.3% of total assets over 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.8%; its worst year was -8.4%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 6 of 10 years, at a median 4.0% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 4.7% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$3.63 −2322% $1.5bn −4%
Next −$1.65 +55% $1.6bn +4%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.9% on 90 days ago. In the last 30 days, 3 analysts raised Clearwater Paper Corp's forecast and 0 cut it.

Consensus EPS forecast Clearwater Paper Corp, last 90 days
−$4.00 −$3.00 −$2.00 −$1.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$3.33 Current fiscal year, 60 days ago: −$3.54 Current fiscal year, 30 days ago: −$3.54 Current fiscal year, 7 days ago: −$3.72 Current fiscal year, Now: −$3.63 −$3.63 Next fiscal year, 90 days ago: −$0.99 Next fiscal year, 60 days ago: −$0.88 Next fiscal year, 30 days ago: −$0.88 Next fiscal year, 7 days ago: −$1.17 Next fiscal year, Now: −$1.65 −$1.65

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$3.33−$0.99
60 days ago −$3.54−$0.88
30 days ago −$3.54−$0.88
7 days ago −$3.72−$1.17
Now −$3.63−$1.65

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.16 −$0.23 −43.8%
Jun 2026 −$1.56 −$1.75 −12.2%
Mar 2026 −$1.33 −$1.29 +3.4%
Dec 2025 −$0.54 −$0.42 +21.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 26, 2026

No numeric guidance in Clearwater Paper Corp's latest earnings release (filed October 26, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Clearwater Paper Corp's revenue by +6.3% next year and +10.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.3%, weight 62%) and the company's own record (+13.0%, weight 38%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy125%
Hold375%
Sell00%

Monthly trend

  1. Oct 2026134
  2. Sep 2026134
  3. Aug 2026134
  4. Jul 2026134

Counts of recommendations published by analysts covering Clearwater Paper Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.0%
of tradable shares
Days to cover
4.87
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
3.6%
of shares
Employees
1,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −22.7%

$17.65 on October 31, 2025 to $13.65

ThenNowEffect
Revenue (last 12 months) $1.6bn $1.5bn −1.9%
P/S multiple 0.2x 0.1x −23.2%
Share count 16m 16m +2.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −61.6%

$35.58 on November 3, 2023 to $13.65

ThenNowEffect
Revenue (last 12 months) $769m $1.5bn +97.7%
P/S multiple 0.8x 0.1x −81.8%
Share count 17m 16m +6.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CLW−3%+3%−5%−18%−42%−22%
Industry peers (median)+6%−23%+1%+3%−6%−2%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CLW58%42%58%58%33%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CLW−38%−33%−26%−56%−49%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 82% from July 15, 2016 to March 20, 2026. Getting back needed a 456% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$12.44 – $23.31
From 52-week high
−41.4%
vs 50-day average
−29.8%
vs 200-day average
−19.8%
Volatility (1 year)
60%
Beta vs S&P 500
0.72

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±13.3%
After a week
6 up, 6 down
typical move ±16.6%
After a month
7 up, 4 down
typical move ±18.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 −29.0% +1.3% −29.2% —
July 28, 2026 +25.5% −1.3% +32.7% +24.0%
April 28, 2026 −11.8% −0.5% −7.0% +10.4%
February 18, 2026 −7.2% +0.2% −14.1% −21.9%
October 28, 2025 −8.9% +0.3% −6.1% −6.5%
July 29, 2025 −18.4% −0.4% −23.7% −27.3%
April 29, 2025 +9.8% +0.7% +3.7% +20.0%
November 4, 2024 +8.3% +1.0% +4.4% +5.0%
August 6, 2024 −23.3% +0.2% −37.4% −39.1%
April 29, 2024 +12.0% −1.2% +18.9% +30.3%
February 20, 2024 +3.4% −0.5% +16.3% +19.4%
October 30, 2023 −2.1% +1.8% +5.2% +1.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Clearwater Paper Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Clearwater Paper Corp
$1B $1.2B $1.4B $1.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.2B Revenue (TTM), FY24 Q3: $1.3B Revenue (TTM), FY24 Q4: $1.4B Revenue (TTM), FY25 Q1: $1.5B Revenue (TTM), FY25 Q2: $1.6B Revenue (TTM), FY25 Q3: $1.6B Revenue (TTM), FY25 Q4: $1.6B Revenue (TTM), FY26 Q1: $1.5B Revenue (TTM), FY26 Q2: $1.5B Revenue (TTM), FY26 Q3: $1.5B $1.5B

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $1.2B
FY24 Q3 $1.3B
FY24 Q4 $1.4B
FY25 Q1 $1.5B
FY25 Q2 $1.6B
FY25 Q3 $1.6B
FY25 Q4 $1.6B
FY26 Q1 $1.5B
FY26 Q2 $1.5B
FY26 Q3 $1.5B
Revenue growth, TTM YoY Clearwater Paper Corp
-50% 0% 50% 100% 150% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -4.9% Revenue growth, TTM YoY, FY24 Q1: 9.3% Revenue growth, TTM YoY, FY24 Q2: 49.6% Revenue growth, TTM YoY, FY24 Q3: 148.5% Revenue growth, TTM YoY, FY24 Q4: 21.8% Revenue growth, TTM YoY, FY25 Q1: 36.9% Revenue growth, TTM YoY, FY25 Q2: 34.7% Revenue growth, TTM YoY, FY25 Q3: 23.0% Revenue growth, TTM YoY, FY25 Q4: 12.4% Revenue growth, TTM YoY, FY26 Q1: 2.3% Revenue growth, TTM YoY, FY26 Q2: -1.9% Revenue growth, TTM YoY, FY26 Q3: -3.2% -3.2%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -4.9%
FY24 Q1 9.3%
FY24 Q2 49.6%
FY24 Q3 148.5%
FY24 Q4 21.8%
FY25 Q1 36.9%
FY25 Q2 34.7%
FY25 Q3 23.0%
FY25 Q4 12.4%
FY26 Q1 2.3%
FY26 Q2 -1.9%
FY26 Q3 -3.2%
Operating margin (TTM) Clearwater Paper Corp
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.7% Operating margin (TTM), FY24 Q1: 6.3% Operating margin (TTM), FY24 Q2: -2.1% Operating margin (TTM), FY24 Q3: -3.7% Operating margin (TTM), FY24 Q4: -4.7% Operating margin (TTM), FY25 Q1: -4.5% Operating margin (TTM), FY25 Q2: -0.7% Operating margin (TTM), FY25 Q3: -4.2% Operating margin (TTM), FY25 Q4: -2.7% Operating margin (TTM), FY26 Q1: -3.2% Operating margin (TTM), FY26 Q2: -5.4% Operating margin (TTM), FY26 Q3: -1.6% -1.6%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.7%
FY24 Q1 6.3%
FY24 Q2 -2.1%
FY24 Q3 -3.7%
FY24 Q4 -4.7%
FY25 Q1 -4.5%
FY25 Q2 -0.7%
FY25 Q3 -4.2%
FY25 Q4 -2.7%
FY26 Q1 -3.2%
FY26 Q2 -5.4%
FY26 Q3 -1.6%
FCF margin (TTM) Clearwater Paper Corp
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.3% FCF margin (TTM), FY24 Q1: 17.2% FCF margin (TTM), FY24 Q2: 13.7% FCF margin (TTM), FY24 Q3: 4.2% FCF margin (TTM), FY24 Q4: -4.0% FCF margin (TTM), FY25 Q1: -8.5% FCF margin (TTM), FY25 Q2: -11.7% FCF margin (TTM), FY25 Q3: -8.7% FCF margin (TTM), FY25 Q4: -4.9% FCF margin (TTM), FY26 Q1: -3.5% FCF margin (TTM), FY26 Q2: 3.7% FCF margin (TTM), FY26 Q3: 3.8% 3.8%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.3%
FY24 Q1 17.2%
FY24 Q2 13.7%
FY24 Q3 4.2%
FY24 Q4 -4.0%
FY25 Q1 -8.5%
FY25 Q2 -11.7%
FY25 Q3 -8.7%
FY25 Q4 -4.9%
FY26 Q1 -3.5%
FY26 Q2 3.7%
FY26 Q3 3.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,250 1,373 1,928 1,874 1,890 1,967 1,752 1,735 1,730 1,724 1,762 1,869 1,773 1,195 1,136 1,384 1,555 1,506
Gross profit 198 199 225 266 218 258 240 241 209 188 165 294 183 213 201 76 116 27
EBITDA — 146 192 225 190 170 208 206 176 4 161 269 117 203 177 35 50 69
Operating income — 99 115 145 99 80 124 115 71 −98 45 158 12 99 78 −65 −42 −24
Net income 182 74 40 64 107 −2 56 50 97 −144 −6 77 −28 46 108 196 −19 2
Diluted EPS $7.75 $3.12 $1.66 $2.72 $4.80 −$0.11 $2.97 $2.90 $5.88 −$8.72 −$0.34 $4.61 −$1.67 $2.68 $6.30 $11.70 −$1.15 $0.15
Growth (year on year)
Revenue — +9.8% +40.4% −2.8% +0.8% +4.1% −10.9% −1.0% −0.3% −0.4% +2.2% +6.1% −5.1% −32.6% −4.9% +21.8% +12.4% −3.2%
EBITDA — — +31.3% +16.8% −15.6% −10.4% +22.6% −1.2% −14.4% −97.7% — +67.1% −56.5% +73.2% −12.8% −80.0% +42.5% —
Operating income — — +16.9% +25.9% −31.7% −19.6% +55.0% −7.2% −38.0% −237.5% — +248.2% −92.4% — −21.3% −182.6% — —
Net income — −59.6% −46.2% +61.6% +66.8% −102.2% — −11.5% +96.4% −247.8% — — −136.4% — +134.1% +82.3% −109.5% −98.3%
Diluted EPS — −59.7% −46.8% +63.9% +76.5% −102.3% — −2.4% +102.8% −248.3% — — −136.2% — +135.1% +85.7% −109.8% −98.3%
Margins
Gross margin 15.8% 14.5% 11.7% 14.2% 11.6% 13.1% 13.7% 13.9% 12.1% 10.9% 9.3% 15.7% 10.3% 17.8% 17.7% 5.5% 7.4% 1.8%
EBITDA margin — 10.7% 10.0% 12.0% 10.0% 8.6% 11.9% 11.9% 10.2% 0.2% 9.1% 14.4% 6.6% 17.0% 15.6% 2.6% 3.2% 4.6%
Operating margin — 7.2% 6.0% 7.8% 5.3% 4.1% 7.1% 6.6% 4.1% −5.7% 2.6% 8.5% 0.7% 8.3% 6.9% −4.7% −2.7% −1.6%
Net margin 14.6% 5.4% 2.1% 3.4% 5.7% −0.1% 3.2% 2.9% 5.6% −8.3% −0.3% 4.1% −1.6% 3.8% 9.5% 14.2% −1.2% 0.2%
Free-cash-flow margin 16.4% 10.2% −3.4% −0.3% 2.4% 2.3% 1.8% 1.0% −1.2% −7.4% −4.8% 11.1% 3.3% 9.8% 10.3% −4.0% −4.9% 3.8%
Cash flow
Cash from operations 225 186 68 199 136 139 160 173 179 169 56 247 96 150 191 61 12 105
Capital spending 19 46 134 204 91 93 129 155 200 296 140 40 38 34 74 117 89 48
Free cash flow 205 140 −66 −5 46 46 31 17 −21 −127 −85 207 58 117 117 −55 −77 57
Stock-based pay 6 9 8 10 11 13 5 12 4 3 4 11 9 13 10 6 4 5
Free cash flow after stock pay 200 131 −74 −15 35 33 26 5 −25 −130 −89 197 49 104 107 −61 −80 52
Balance sheet
Cash 3 19 8 13 24 27 6 23 16 23 20 36 25 54 42 80 31 36
Total debt 0 539 524 524 650 568 569 705 726 819 911 725 644 569 445 284 347 573
Net debt (negative = net cash) −3 520 515 511 626 541 563 682 710 796 891 689 619 516 403 205 317 537
Diluted shares 24m 24m 24m 24m 22m 20m 19m 17m 17m 16m 17m 17m 17m 17m 17m 17m 16m 16m
Returned to shareholders
Buybacks — 0 11 19 100 100 100 65 5 0 0 0 0 5 18 10 17 0
Total returned — 0 11 19 100 100 100 65 5 0 0 0 0 5 18 10 17 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $1.8bn
Short-term assets $746mLonger-term assets $1.0bn
What it owes, and who funded it · $1.8bn
Short-term liabilities $507mLonger-term liabilities $475mShareholders' equity $794m
  • Short-term assets cover short-term liabilities $746m of assets due within a year against $507m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $746m short-term assets against $475m of longer-dated liabilities.
  • More cash than debt $36m of cash against $567m of debt.
  • Debt below 40% of shareholders' equity Debt is 71% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 117% to 71% over five years.
  • A year's operating cash flow covers at least 20% of debt $105m of operating cash flow against $567m of debt.
  • Operating profit covers interest at least five times over Operating income of −$24m against $21m of interest.

From Clearwater Paper Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$100,000
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$45.1M
Diluted share count
−1.9%
year over year
Total shareholder yield
0.1%
dividends 0.0% + buybacks 0.1% of market value
Sales & admin spending
5.5%
of revenue

Competitors: side by side with peers

Closest by revenue in paper & plastic packaging products & materials
Last 12 months unless stated CLW MATV PACK SON GPK AVY Median
Revenue, last 12 months $1.5bn $2.0bn $420m $7.4bn $8.6bn $9.2bn $8.6bn
Revenue growth, last 12 months −3.2% 1.1% 8.3% 3.6% 0.0% 5.8% 3.6%
Revenue growth, 3-year average 43.6% −2.6% 8.9% 18.9% −3.7% 2.9% 6.0%
Revenue growth, latest quarter −3.5% 1.2% 2.3% −4.2% −0.7% 10.9% 1.1%
Gross margin 1.8% 19.4% 33.8% 20.2% 15.5% 29.0% 20.0%
Operating margin −1.6% 3.5% −1.7% 2.7% 5.8% — 4.1%
Operating margin, 3-year average −3.2% −12.8% −4.2% 5.3% 9.9% — 5.7%
Net margin 0.2% 4.5% −8.3% −3.1% 2.2% 7.6% 1.6%
Cash from operations / revenue 7.0% 8.1% 10.5% 8.6% 9.2% 13.3% 9.2%
Free-cash-flow margin 3.8% 6.4% 8.7% 4.8% 2.7% 11.5% 4.8%
Free-cash-flow margin, 3-year average −0.2% 4.1% 7.2% 5.0% 3.3% 9.0% 4.6%
Stock pay / revenue 0.3% 0.4% 1.2% 0.2% 0.2% 0.3% 0.4%
Change in share count −1.9% 1.0% 1.5% 0.4% −1.8% −3.0% 0.7%

Median of all 11 companies we cover in paper & plastic packaging products & materials. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 paper & plastic packaging products & materials companies
Measure Company Peer median Rank
Revenue growth Growth -3.2% 3.6% 10 of 11
Change in growth rate Growth -1.3pp -1.5pp 5 of 11
Gross margin Profitability 1.8% 20.1% 10 of 10
Operating margin Profitability -1.6% 3.5% 7 of 9
Net margin Profitability 0.2% 1.6% 7 of 11
Free-cash-flow margin Cash generation 3.8% 4.8% 7 of 11
Stock pay as % of revenue Cash generation 0.3% 0.4% 4 of 11
Long-term debt as % of assets Balance sheet 16.5% 36.0% 2 of 11
Change in share count Balance sheet -1.9% 1.0% 2 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Foodservice $665M 42.7% ▲ 23.0%
Folding Carton $579M 37.2% ▼ 0.2%
Other $162M 10.4% ▲ 56.9%
Sheeting and Distribution $150M 9.7% ▼ 6.1%
Geography
Region Revenue Share YoY
United States $1.4B 91.2% ▲ 13.2%
Outside the US $137M 8.8% ▲ 4.6%

From Clearwater Paper Corp's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$227M
Institutions reporting
134
Shares held vs prior quarter
▲ 11.4%
Positions opened / closed
28 / 16

Top buyers and sellers, Q2 2026: 86 institutions bought and 47 sold ; the biggest buyer was Gate City Capital Management, LLC (+938K shares) and the biggest seller Dimensional Fund Advisors LP (−223K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Southeastern Asset Management Inc $24.1M 1.5M 10.6% ▲ 0.9%
Blackrock, Inc. $19.8M 1.3M 8.7% ▲ 3.4%
Dimensional Fund Advisors LP $16.7M 1.1M 7.3% ▼ 17.4%
Gate City Capital Management, LLC $14.7M 938K 6.5% New
Readystate Asset Management LP $12.3M 781K 5.4% 0.0%
Vanguard Capital Management LLC $10.9M 695K 4.8% ▲ 2.1%
Jpmorgan Chase & Co $7.3M 454K 3.2% ▲ 52.0%
AQR Capital Management LLC $6.6M 421K 2.9% ▲ 136.0%
Invenomic Capital Management LP $6.6M 420K 2.9% ▲ 38.2%
Geode Capital Management, LLC $6.3M 404K 2.8% ▲ 3.5%
Charles Schwab Investment Management Inc $6.2M 397K 2.7% ▼ 21.1%
State Street Corp $5.5M 353K 2.4% ▲ 3.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Clearwater Paper Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $161,246 1 trade by 1 insider · 100% under pre-set plans
Net ▼ $161,246 net selling
Insider Date Trade Shares Price Value
Bowden Steve M Sr. V.P. November 28, 2025 Sell pre-set plan 8,889 $18.14 $161,246

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • July 28, 2026
  • April 28, 2026
  • February 18, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Clearwater Paper Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Clearwater Paper Corp in brief

What does Clearwater Paper Corp do?
Clearwater Paper Corp is a US-listed company in the paper & plastic packaging products & materials industry. Its financial year ends in December.
What is Clearwater Paper Corp's stock ticker?
Clearwater Paper Corp trades under the ticker CLW on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Clearwater Paper Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Clearwater Paper Corp reported revenue of $1.5B, 3.2% lower than a year earlier, according to its SEC filings.
What is Clearwater Paper Corp's free cash flow?
Clearwater Paper Corp's free-cash-flow margin is 3.8% of revenue over the trailing twelve months, ranking 7 of the 11 paper & plastic packaging products & materials companies we cover.
Who are Clearwater Paper Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Southeastern Asset Management Inc, Blackrock, Inc. and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Clearwater Paper Corp buying back stock, and does it pay a dividend?
Clearwater Paper Corp spent $100,000 on share repurchases over the trailing twelve months, and its diluted share count fell 1.9% over the year.
What is Clearwater Paper Corp's market cap?
On November 2, 2026, Clearwater Paper Corp's market capitalisation was about $219M, with a price-to-earnings ratio of 91.4 and net debt of $537M. Market figures come from third-party market data and may be delayed.
How much debt does Clearwater Paper Corp have?
Clearwater Paper Corp's debt-to-equity ratio is 71.4%, from its latest balance sheet (116.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Clearwater Paper Corp's competitors?
In our Paper & Plastic Packaging Products & Materials peer group, the companies closest to Clearwater Paper Corp are Mativ Holdings, Inc., Ranpak Holdings Corp., Sonoco Products Co, Graphic Packaging Holding Co and Avery Dennison. The side-by-side comparison below sets their revenue, margins and growth against Clearwater Paper Corp's.
Are insiders buying or selling Clearwater Paper Corp stock?
Over the last 12 months, Clearwater Paper Corp's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Clearwater Paper Corp's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Clearwater Paper Corp announces its own schedule.