Clearfield Inc CLFD

Information TechnologyCommunications & NetworkingUnited States of America

Last close 32.03 USD on Nov 1, 2026, +9.9% year to date

Quant rating

Quant rating D Rank 294 of 389 in Information Technology

Growth D 348 of 389
Valuation B 155 of 389
Quality C 207 of 389
Revisions D 352 of 389
Momentum C 202 of 389

Wall Street consensus Buy (2.00)Average target 40.25 USD +25.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 435M
Enterprise value: 334M
52-week range: 23.76 – 52.62
3-year range: 23.76 – 52.62
Dividend yield: –
Beta (5 years): 2.07
Shares outstanding: 13.6M
Next earnings: Nov 10, 2026

About the company

Clearfield, Inc. designs, manufactures, and distributes fiber optic management, protection, and delivery products for communications networks. The Company operates through Clearfield segment, which is focused on providing fiber management, fiber protection, and fiber delivery products that accelerate the turn-up of fiber-based networks in residential homes, businesses, and network infrastructure in the wireline and wireless access network. Its platform serves the requirements of incumbent local exchange carriers (traditional carriers), competitive local exchange carriers (alternative carriers), and multi-system operator (MSO)/cable TV companies, while also catering to the broadband needs of the utility/municipality, enterprise, data center, and military markets.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	150	126	226	271	141	–
Revenue growth	19.6%	−44.4%	−16.7%	92.4%	51.2%	10.0%
EPS (basic, normalized)	−0.58	−0.85	2.17	3.55	1.47	–
EPS growth	–	–	−38.9%	141.5%	–	–
Gross margin	33.7%	20.6%	35.4%	41.7%	43.5%	35.0%
Net margin	4.2%	−6.8%	14.9%	18.2%	14.4%	9.0%
ROE	2.4%	−2.9%	14.6%	39.3%	21.8%	15.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	101
Current ratio	12.53x
Long-term debt (mil)	0
Net debt (mil)	−101
Total equity (mil)	246
Net debt / equity	−0.41x
Net debt / EBITDA	−12.29x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	150	+19.6%	2.2x	8.2	+159.6%	40.5x	−0.58	+31.8%	−55.2x
2026	153	+1.9%	2.2x	12.0	+45.7%	27.8x	0.19	+132.8%	168.6x
2027	187	+22.3%	1.8x	21.3	+77.1%	15.7x	0.89	+370.2%	35.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	153	0.0%	−7.2%	−6.6%	0.19	0.0%	−64.8%	−61.7%
2027	187	0.0%	−6.5%	−6.1%	0.89	0.0%	−26.4%	−26.4%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	36.9	48.8	46.8	35.5	47.2	49.9	17.6	34.3	34.4	43.9
Sales mean (mil)	31.2	42.1	42.0	35.8	38.5	47.6	49.5	31.7	33.6	43.9
Surprise	+18.1%	+15.8%	+11.5%	−0.8%	+22.4%	+4.9%	−64.5%	+8.3%	+2.4%	−0.1%
EPS reported	−0.40	−0.04	−0.06	−0.13	0.09	0.11	−0.65	−0.04	−0.04	0.22
EPS mean	−0.52	−0.34	−0.19	−0.31	−0.19	0.05	0.08	−0.06	−0.05	0.19
Surprise	+23.4%	+88.4%	+68.4%	+57.7%	−148.0%	+120.0%	−912.5%	+27.3%	+14.3%	+17.9%

Peer comparison Communications & Networking

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CLFD Clearfield Inc	435M	−12.29x	4.2%	1.77x	168.6x	35.9x	27.8x	15.7x
LITE Lumentum Holdings Inc.	76.2B	−1.07x	−230.1%	16.04x	39.0x	24.3x	26.9x	16.4x
CIEN Ciena Corporation	45.5B	0.95x	2.6%	14.89x	45.3x	27.3x	32.1x	19.9x
VIAV Viavi Solutions Inc.	7.4B	0.02x	−2.0%	5.10x	18.2x	15.3x	13.1x	10.8x
ONDS Ondas Inc	3.7B	43.84x	−270.4%	2.13x	23.7x	−18.0x	−19.7x	−99.1x
CALX Calix, Inc.	2.3B	−1.52x	1.8%	3.27x	22.3x	16.2x	13.3x	9.7x
Mean		4.99x	−82.3%	7.20x	52.8x	16.8x	15.6x	−4.4x
Median		−0.53x	−0.1%	4.18x	31.4x	20.2x	20.1x	13.3x

Technical analysis

1M+4.5%
3M+2.5%
1Y−12.1%
3Y+36.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Clearfield Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	150	126	226	271	141	93.1
Cost of revenue	99.6	99.7	146	158	79.6	55.2
Gross profit	50.5	25.8	79.9	113	61.2	37.9
Selling, general & administrative expenses	48.4	45.1	42.3	49.1	35.9	29.5
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	2.1	−19.2	37.6	63.8	25.2	8.4
Net interest income (expense)	6.5	7.5	5.0	0	0.5	0.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	8.7	−11.8	42.6	63.8	25.7	9.2
Provision for taxes	2.4	−3.2	8.9	14.5	5.4	1.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6.3	−8.5	33.7	49.4	20.3	7.3
Extraordinary items	−14.4	−3.9	−1.2	–	–	–
Net income	−8.1	−12.5	32.5	49.4	20.3	7.3
EBIT, normalized	2.1	−19.2	37.6	63.8	25.2	8.4
EBITDA, normalized	8.2	−13.3	42.2	67.2	27.5	10.8
Basic EPS, normalized	−0.58	−0.85	2.17	3.55	1.47	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Clearfield Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	106	131	168	22.5	23.6	27.0
Receivables	18.0	21.3	28.4	53.7	19.4	10.5
Total inventory	42.0	66.8	98.1	82.2	27.5	14.4
Prepaid expenses	–	–	–	–	–	–
Other current assets	32.5	10.5	1.7	1.8	1.0	0.6
Total current assets	198	230	296	160	71.5	52.5
Property, plant & equipment	18.1	39.8	35.4	31.5	7.3	7.6
Goodwill	4.7	6.6	6.5	6.4	4.7	4.7
Intangibles	9.4	6.3	6.1	6.4	4.7	4.8
Long-term investments	59.8	24.5	6.3	22.7	36.9	25.1
Note receivable	–	–	–	–	–	–
Other long-term assets	15.7	8.5	4.9	2.0	0.8	0.4
Total assets	306	315	356	229	126	95.3
Liabilities
Accounts payable	7.0	6.7	8.9	24.1	9.2	3.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	11.6	14.7	11.7	23.2	11.3	6.7
Short-term debt	0	2.9	6.3	4.4	0	0
Current portion of long-term debt	–	0	2.1	–	–	–
Other current liabilities	18.0	0	0	0	0	0
Total current liabilities	36.6	24.4	29.0	51.7	20.5	10.4
Long-term debt	0	2.2	0	18.7	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	13.4	12.9	11.3	11.2	1.6	2.1
Total liabilities	50.0	39.5	40.4	81.5	22.1	12.5
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.1	0.1	0.2	0.1	0.1	0.1
Additional paid-in capital	147	160	188	54.5	58.2	57.5
Retained earnings (accumulated deficit)	107	115	127	94.8	45.4	25.1
Treasury stock	–	–	–	–	–	–
Other equity	1.7	1.1	−0.5	−1.9	0	0
Total equity	256	276	315	148	104	82.8
Total liabilities & shareholders' equity	306	315	356	229	126	95.3

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Clearfield Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−8.1	−12.5	32.5	49.4	20.3	7.3
Depreciation, depletion & amortization	6.1	5.9	4.6	3.4	2.3	2.4
Deferred taxes	−4.2	−3.4	−2.0	−0.3	−0.2	−0.3
Non-cash items	19.8	8.4	−4.9	2.3	1.5	0.7
Changes in working capital	16.9	23.7	−12.8	−52.5	−13.0	−3.5
Cash from operations	30.5	22.2	17.4	2.3	10.9	6.7
Investing activities
Capital expenditures	−4.7	−8.0	−7.4	−9.1	−2.0	−1.8
Other investing cash flows	−4.1	1.1	−105	1.0	−11.6	1.8
Cash from investing	−8.8	−6.9	−112	−8.2	−13.6	0
Financing activities
Financing cash flow items	2.5	−4.1	0.4	−1.4	−0.5	−0.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−16.7	−32.8	115	10.8	−0.1	−0.1
Cash from financing	−14.2	−36.9	115	9.4	−0.5	−0.2
Foreign exchange effects	−0.1	−0.1	0	0	–	–
Net change in cash	7.3	−21.7	20.2	3.4	−3.2	6.4
Free cash flow	25.8	14.2	10.0	−6.9	8.9	4.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.