Clearfield, Inc. CLFD
We design, manufacture, and distribute fiber protection, fiber management, and fiber delivery solutions to enable rapid and cost-effective fiber-fed deployment throughout the broadband service provider space primarily across North America. Our "fiber to anywhere" platform serves the unique requirements of Community Broadband customers (Tier 2 and 3 telco carriers, utilities, municipalities, and alternative carriers), Multiple System Operators (cable television), Large Regional Service Providers (ILEC operating a multi-state network with more than 500,000 subscribers), National Carriers (wireline/wireless national telco carriers (Tier 1)), and International customers (primarily Europe, Canada, Mexico, and Caribbean Markets).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $150.1M | $125.6M | $225.7M | $270.9M | $140.8M | $93.1M | $85.0M | $77.7M | $73.9M | $75.3M |
| Cost of revenue | $99.6M | $99.7M | $145.9M | $157.9M | $79.6M | $55.2M | $52.3M | $46.7M | $43.7M | $42.4M |
| Gross profit | $50.5M | $25.8M | $79.9M | $112.9M | $61.2M | $37.9M | $32.7M | $31.0M | $30.3M | $32.9M |
| R&D | $2.4M | $3.0M | $3.1M | $895.0K | $243.0K | $1.3M | $1.1M | $787.4K | $865.6K | $838.1K |
| SG&A | $48.4M | $45.1M | $42.3M | $49.1M | $35.9M | $29.5M | $27.5M | $25.9M | $25.0M | $22.1M |
| Operating income | $2.1M | -$19.2M | $37.6M | $63.8M | $25.2M | $8.4M | $5.2M | $5.1M | $5.3M | $10.7M |
| Interest expense | — | $506.0K | $881.0K | $311.0K | — | — | — | — | — | — |
| Pre-tax income | $8.7M | -$11.8M | $42.6M | $63.8M | $25.7M | $9.2M | $5.9M | $5.5M | $5.6M | $10.9M |
| Income tax | $2.4M | $3.2M | $8.9M | $14.5M | $5.4M | $1.9M | $1.4M | $1.3M | $1.7M | $2.9M |
| Net income | -$8.1M | -$12.5M | $32.5M | $49.4M | $20.3M | $7.3M | $4.6M | $4.3M | $3.8M | $8.0M |
| EPS, basic | -0.58 | -0.85 | 2.17 | 3.58 | 1.48 | 0.53 | 0.34 | 0.32 | 0.28 | 0.60 |
| EPS, diluted | -0.58 | -0.85 | 2.17 | 3.55 | 1.47 | 0.53 | 0.34 | 0.32 | 0.28 | 0.59 |
| Shares, diluted (wtd. avg.) | $14.0M | $14.6M | $15.0M | $13.9M | $13.8M | $13.6M | $13.5M | $13.5M | $13.7M | $13.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.5M | $14.1M | $37.8M | $16.6M | $13.2M | $16.4M | $10.1M | $8.5M | $18.5M | $28.0M |
| Short-term investments | $84.5M | $114.8M | $130.3M | $5.8M | $10.4M | $10.6M | $13.5M | $8.9M | $5.9M | $5.5M |
| Receivables | $18.0M | $13.8M | $28.4M | $53.7M | $19.4M | $10.5M | $9.1M | $12.8M | $7.2M | $8.0M |
| Inventory | $42.0M | $56.1M | $98.1M | $82.2M | $27.5M | $14.4M | $9.0M | $10.1M | $8.5M | $8.4M |
| Total current assets | $198.5M | $229.6M | $296.3M | $160.1M | $71.5M | $52.5M | $42.5M | $41.1M | $41.1M | $51.1M |
| Property, plant and equipment | $9.7M | $15.9M | $21.5M | $18.2M | $5.0M | $5.0M | $5.4M | $4.7M | $5.4M | $5.8M |
| Goodwill | $4.7M | $6.6M | $6.5M | $6.4M | $4.7M | $4.7M | $4.7M | $4.7M | $2.6M | $2.6M |
| Other intangibles | $9.4M | $4.7M | $6.1M | $6.4M | $4.7M | $5.0M | $5.1M | $5.5M | $284.8K | — |
| Total assets | $306.2M | $315.3M | $355.5M | $351.8M | $125.9M | $95.3M | $81.9M | $74.2M | $69.5M | $70.6M |
| Accounts payable | $7.0M | $2.8M | $8.9M | $24.1M | $9.2M | $3.7M | $3.2M | $2.4M | $1.7M | $2.6M |
| Short-term debt | — | $0 | $2.1M | $0 | — | — | — | — | — | — |
| Total current liabilities | $36.6M | $24.4M | $29.0M | $51.7M | $20.5M | $10.4M | $6.6M | $5.0M | $4.2M | $7.3M |
| Long-term debt | — | — | — | — | $0 | — | — | — | — | — |
| Total liabilities | $50.0M | $39.5M | $40.4M | $81.5M | $22.1M | $12.5M | $7.0M | $5.4M | $5.0M | $8.0M |
| Retained earnings | $106.9M | $115.0M | $127.3M | $94.8M | $45.4M | $25.1M | $17.8M | $13.3M | $9.0M | $5.1M |
| Total equity | $256.2M | $275.8M | $315.2M | $147.6M | $103.8M | $82.8M | $74.9M | $68.9M | $64.5M | $62.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $26.6M | $17.8M | $24.6M | $2.3M | $10.9M | $6.7M | $14.7M | $4.5M | $6.3M | $11.6M |
| Depreciation and amortisation | $6.1M | $5.9M | $4.6M | $3.4M | $2.3M | $2.4M | $2.2M | $2.0M | $1.6M | $1.4M |
| Stock-based compensation | $4.6M | $4.4M | $3.6M | $2.3M | $1.3M | $774.0K | $1.7M | $2.0M | $2.3M | $1.4M |
| Capital expenditure | $4.7M | $8.0M | $7.4M | $9.1M | $2.0M | $1.8M | $2.5M | $1.2M | $2.0M | $1.6M |
| Investing cash flow | -$7.0M | -$5.3M | -$111.3M | -$8.2M | -$13.6M | -$41.0K | -$13.0M | -$12.6M | -$11.5M | -$1.6M |
| Financing cash flow | -$17.2M | -$33.3M | $113.4M | $9.4M | -$536.0K | -$247.0K | -$236.7K | -$1.9M | -$4.2M | $32.0K |
| Buybacks | $16.7M | $33.4M | $0 | $0 | $0 | $429.0K | — | $1.8M | $3.6M | $333.8K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001171843-25-007594.
Others in SIC 3661
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CIEN | CIENA CORP | $45.52B | 377.6x | 18.8% |
| FN | Fabrinet | $14.60B | 31.2x | 35.7% |
| ADTN | ADTRAN Holdings, Inc. | $578.5M | — | 17.5% |
| FIEE | FiEE, Inc. | $33.5M | 39.3x | 867.9% |
| FKWL | FRANKLIN WIRELESS CORP | $28.9M | — | 49.6% |
| CLRO | CLEARONE INC | $13.6M | — | — |
| SONM | DNA X, Inc. | $4.8M | — | — |
| AUDC | AUDIOCODES LTD | — | — | 1.4% |