Clearwater Paper Corp CLW

MaterialsPaper & Forest ProductsUnited States of America

Last close 13.65 USD on Nov 2, 2026, −21.6% year to date

Quant rating

Quant rating D Rank 121 of 151 in Materials

Growth C 63 of 151
Valuation A 9 of 151
Quality D 123 of 151
Revisions D 130 of 151
Momentum D 133 of 151

Wall Street consensus Hold (2.75)Average target 20.00 USD +46.5%

Historical valuation

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

Key data

Market cap: 220M
Enterprise value: 752M
52-week range: 11.74 – 23.56
3-year range: 11.74 – 56.09
Dividend yield: –
Beta (5 years): 0.33
Shares outstanding: 16.1M
Next earnings: Feb 16, 2027

About the company

Clearwater Paper Corporation is an independent supplier of solid bleached sulfate (SBS) paperboard packaging products to North American converters. The Company produces quality paperboards that provides sustainable packaging solutions for consumer goods and food service applications. The Company operates through Pulp and Paperboard segment. It supplies bleached paperboard to quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting and cutting. SBS paperboard is a premium paperboard grade that is used to produce folding cartons (also includes blister and carded packaging and top sheet), food service (including liquid packaging, cups and plates) and commercial printing items. It produces paperboard that is then converted and printed by independent converters and primarily used in folding carton and food service applications. Food service paperboard includes both liquid packaging and cup and plate categories.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,555	1,384	1,136	1,195	1,773	–
Revenue growth	12.4%	21.8%	−4.9%	−32.6%	−5.1%	−3.6%
EPS (basic, normalized)	−0.15	0.44	6.69	3.63	1.03	–
EPS growth	–	−93.4%	84.3%	252.4%	–	–
Gross margin	7.4%	5.5%	17.7%	17.8%	10.3%	11.7%
Net margin	−3.4%	−5.3%	4.3%	4.4%	−1.6%	−0.3%
ROE	−6.3%	−9.7%	7.8%	9.7%	−5.4%	−0.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	35.7
Current ratio	1.47x
Long-term debt (mil)	293
Net debt (mil)	532
Total equity (mil)	794
Net debt / equity	0.67x
Net debt / EBITDA	4.96x

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	1,555	+12.4%	0.5x	107	−42.1%	7.0x	−0.15	−134.1%	−91.0x
2026	1,498	−3.7%	0.5x	35.1	−67.3%	21.4x	−3.64	−2,328.9%	−3.7x
2027	1,547	+3.2%	0.5x	92.5	+163.7%	8.1x	−1.65	+54.7%	−8.3x
2028	1,603	+3.7%	0.5x	106	+14.9%	7.1x	−0.92	+44.2%	−14.8x

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	1,498	+0.2%	+0.2%	+0.9%	−3.64	−3.0%	−3.0%	+19.4%
2027	1,547	−0.6%	−0.4%	+0.9%	−1.65	−88.2%	−88.2%	−7.1%
2028	1,603	+2.9%	+2.9%	+6.5%	−0.92	−111.5%	−111.5%	+3.2%

Earnings surprises EPS beat in 2 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)	496	586	644	483	378	392	399	386	360	375
Sales mean (mil)	508	585	622	473	387	397	388	380	370	375
Surprise	−2.3%	+0.2%	+3.5%	+2.1%	−2.3%	−1.3%	+2.9%	+1.8%	−2.6%	0.0%
EPS reported	1.43	−0.12	0.35	−0.74	0.34	0.17	−3.30	−0.42	−1.29	−1.75
EPS mean	1.11	0.30	0.29	−0.33	0.17	0.70	−0.53	−0.48	−1.32	−1.58
Surprise	+28.8%	−140.0%	+20.7%	−124.2%	+100.0%	−75.7%	−522.6%	+12.5%	+2.5%	−10.4%

Peer comparison Paper & Forest Products

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
CLW Clearwater Paper Corp	220M	4.96x	−3.4%	0.28x	−3.7x	−8.3x	21.4x	8.1x
SUZ Suzano SA	11.7B	–	–	–	5.9x	7.4x	–	–
SVCBY Svenska Cellulosa Aktiebolaget SCA	8.6B	–	–	–	–	–	–	–
WFG West Fraser Timber Co. Ltd.	5.0B	5.98x	−17.2%	0.95x	−15.3x	66.6x	30.6x	10.2x
LPX Louisiana-Pacific Corporation	5.3B	0.28x	5.4%	3.03x	69.5x	27.0x	19.5x	11.8x
SJ Stella-Jones Inc.	2.6B	2.28x	9.7%	1.67x	13.0x	10.9x	8.7x	7.9x
Mean		3.37x	−1.4%	1.48x	13.9x	20.7x	20.1x	9.5x
Median		3.62x	1.0%	1.31x	5.9x	10.9x	20.5x	9.2x

Technical analysis

1M−31.1%
3M−35.1%
1Y−22.7%
3Y−61.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Clearwater Paper Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,555	1,384	1,136	1,195	1,773	1,869
Cost of revenue	1,440	1,308	935	982	1,590	1,574
Gross profit	116	76.1	201	212	183	294
Selling, general & administrative expenses	99.8	116	120	111	113	122
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	60.9	32.7	5.1	2.0	59.4	7.9
Other operating expenses	−3.0	0.7	0.3	0.8	−0.7	12.1
Operating income	−42.1	−73.6	75.0	98.8	11.0	152
Net interest income (expense)	−16.8	−29.2	−9.5	−11.2	−36.4	−46.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.2	1.7	0.1	−5.7	−10.3	−7.5
Net income before taxes	−60.1	−101	65.6	81.9	−35.7	98.2
Provision for taxes	−7.1	−27.1	16.9	29.2	−7.7	28.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−53.0	−74.0	48.7	52.7	−28.0	70.1
Extraordinary items	34.4	270	59.0	−6.7	–	7.0
Net income	−18.6	196	108	46.0	−28.0	77.1
EBIT, normalized	18.8	−40.9	80.1	101	70.4	160
EBITDA, normalized	111	28.9	121	141	172	268
Basic EPS, normalized	−0.15	0.44	6.69	3.63	1.03	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Clearwater Paper Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	30.7	79.6	42.0	53.7	25.2	35.9
Receivables	195	189	184	189	167	161
Total inventory	282	258	320	324	278	263
Prepaid expenses	–	–	–	–	–	–
Other current assets	18.3	19.1	17.8	19.8	16.9	15.1
Total current assets	526	545	564	586	487	475
Property, plant & equipment	1,044	1,062	1,050	1,032	1,082	1,255
Goodwill	0	48.6	–	–	–	35.1
Intangibles	2.1	4.3	6.4	8.6	10.8	13.7
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	16.6	18.7	51.0	76.1	110	21.7
Total assets	1,588	1,679	1,672	1,704	1,690	1,800
Liabilities
Accounts payable	131	165	164	213	168	143
Payable/accrued	–	–	−0.1	–	0.1	–
Accrued expenses	84.7	104	121	98.1	67.5	83.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.6	0.6	0.8	0.9	1.6	1.7
Other current liabilities	0	50.9	0.1	0	16.6	16.7
Total current liabilities	216	320	286	312	254	245
Long-term debt	346	282	462	565	638	716
Minority interest	–	–	–	–	–	–
Other liabilities	201	223	255	255	287	318
Total liabilities	763	825	1,003	1,131	1,178	1,279
Shareholders' equity
Preferred stock	–	0	–	0	–	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	8.3	11.5	14.9	28.5	23.6	16.6
Retained earnings (accumulated deficit)	862	881	684	577	531	559
Treasury stock	−14.8	−3.3	–	–	–	–
Other equity	−30.5	−34.4	−30.6	−33.2	−42.6	−54.3
Total equity	825	855	669	572	512	521
Total liabilities & shareholders' equity	1,588	1,679	1,672	1,704	1,690	1,800

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Clearwater Paper Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−18.6	196	108	46.0	−28.1	77.1
Depreciation, depletion & amortization	92.4	99.8	98.6	103	105	111
Deferred taxes	−22.5	39.0	−14.9	−7.9	−9.7	33.5
Non-cash items	60.5	−292	14.4	23.8	54.8	18.8
Changes in working capital	−99.6	18.4	−15.1	−14.9	−25.6	6.6
Cash from operations	12.2	61.4	191	150	96.4	247
Investing activities
Capital expenditures	−88.8	−117	−73.7	−33.5	−38.4	−39.6
Other investing cash flows	−11.6	284	0	0	13.3	0
Cash from investing	−100	168	−73.7	−33.5	−25.1	−39.6
Financing activities
Financing cash flow items	−6.9	−3.7	−7.9	−2.7	−1.0	−5.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	46.2	−188	−122	−85.9	−81.0	−188
Cash from financing	39.3	−191	−129	−88.6	−82.0	−193
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−48.9	37.7	−12.4	28.2	−10.7	14.5
Free cash flow	−76.6	−55.2	117	117	58.0	207

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 2, 2026 after market close.