Clearwater Paper Corp CLW
Clearwater Paper is recognized as a leading manufacturer and supplier of Solid Bleached Sulfate (SBS) paperboard packaging products, serving independent converters throughout North America. We participate in the North American paperboard market, which encompasses approximately 10 million tons and is divided into three principal substrates, each offering a diverse array of applications. SBS constitutes nearly fifty percent of the market, while Coated Unbleached Kraft (CUK) and Coated Recycled Board (CRB) comprise the remaining substrates.
The paperboard products produced are inherently sustainable, aligning with prevailing trends that favor renewable and recyclable materials. We believe we are strategically positioned to benefit from the increasing emphasis on sustainability within the industry. We produce paperboard that is then converted and printed by independent converters and primarily used in folding carton and food service applications. Additionally, minor amounts of pulp are sold to outside customers.
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 | $1.56B | $1.38B | $1.14B | $1.20B | $1.77B | $1.87B | $1.76B | $1.72B | $1.73B | $1.73B |
| Cost of revenue | $1.44B | $1.31B | $935.3M | $982.5M | $1.59B | $1.57B | $1.60B | $1.54B | $1.52B | $1.49B |
| Gross profit | $115.6M | $76.1M | $200.7M | $212.5M | $182.6M | $294.2M | $164.5M | $187.5M | $209.2M | $241.2M |
| SG&A | $100.8M | $116.7M | $119.4M | $110.0M | $112.9M | $122.0M | $112.8M | $107.8M | $121.2M | $128.2M |
| Total operating expenses | $1.60B | $1.45B | $1.06B | $1.10B | $1.76B | $1.71B | $1.72B | $1.82B | $1.66B | $1.62B |
| Operating income | -$42.1M | -$64.5M | $78.1M | $99.3M | $12.0M | $158.1M | $45.4M | -$97.9M | $71.2M | $114.8M |
| Interest expense | $17.8M | $32.0M | $11.8M | $11.7M | $35.5M | $44.4M | $49.8M | $39.5M | — | — |
| Pre-tax income | -$11.5M | $223.4M | $124.6M | $75.2M | -$20.4M | $98.2M | -$7.9M | -$133.5M | $40.9M | $80.7M |
| Income tax | $7.1M | $27.1M | $16.9M | $29.2M | $7.7M | $21.1M | $2.3M | $10.3M | $56.4M | $31.1M |
| Net income | -$18.6M | $196.3M | $107.7M | $46.0M | -$28.1M | $77.1M | -$5.6M | -$143.8M | $97.3M | $49.6M |
| EPS, basic | -1.15 | 11.70 | 6.39 | 2.71 | -1.67 | 4.65 | -0.34 | -8.72 | 5.91 | 2.91 |
| EPS, diluted | -1.15 | 11.70 | 6.30 | 2.68 | -1.67 | 4.61 | -0.34 | -8.72 | 5.88 | 2.90 |
| Shares, diluted (wtd. avg.) | $16.2M | $16.8M | $17.1M | $17.2M | $16.8M | $16.7M | $16.5M | $16.5M | $16.6M | $17.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $30.7M | $79.6M | $42.0M | $54.4M | $26.2M | $36.9M | $22.4M | $24.9M | $16.7M | — |
| Receivables | $195.3M | $188.7M | $96.1M | $188.8M | $167.4M | $160.6M | $159.4M | — | — | — |
| Inventory | $281.7M | $258.0M | $161.2M | $324.0M | $277.7M | $263.3M | $281.4M | — | — | — |
| Total current assets | $526.0M | $545.4M | $564.1M | $586.3M | $487.2M | $474.9M | $465.8M | — | — | — |
| Property, plant and equipment | $1.00B | $1.02B | $360.7M | $1.02B | $1.08B | $1.19B | $1.26B | — | — | — |
| Goodwill | $0 | $48.6M | $35.1M | — | — | $35.1M | — | — | — | — |
| Other intangibles | $2.1M | $4.3M | $6.4M | $8.6M | $10.8M | $13.7M | — | — | — | — |
| Total assets | $1.59B | $1.68B | $1.67B | $1.70B | $1.69B | $1.80B | $1.88B | $1.79B | — | — |
| Accounts payable | $215.6M | $319.7M | $195.5M | $311.1M | $252.5M | $243.1M | — | — | — | — |
| Short-term debt | $600.0K | $600.0K | $0 | $900.0K | $1.6M | $1.7M | $17.9M | — | — | — |
| Total current liabilities | $216.2M | $320.4M | $286.0M | $312.0M | $254.1M | $244.8M | $280.4M | — | — | — |
| Long-term debt | $345.5M | $281.6M | $439.9M | $564.9M | $637.6M | $716.4M | $884.5M | — | — | — |
| Total liabilities | $763.0M | $824.7M | $1.00B | $1.13B | $1.18B | $1.28B | $1.45B | — | — | — |
| Retained earnings | $862.3M | $880.8M | $684.5M | $576.8M | $530.7M | $558.8M | $481.7M | — | — | — |
| Total equity | $825.3M | $854.6M | $668.8M | $572.1M | $511.7M | $521.1M | $432.0M | $426.4M | $575.4M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12.3M | $61.4M | $190.7M | $150.2M | $96.4M | $247.0M | $55.6M | $168.9M | $178.7M | $172.8M |
| Depreciation and amortisation | $92.4M | $99.8M | $98.6M | $103.3M | $105.0M | $111.0M | $115.6M | $101.9M | $105.0M | $91.1M |
| Stock-based compensation | $3.8M | $5.6M | $9.9M | $12.7M | $9.1M | $10.5M | $4.1M | $3.3M | $3.6M | $12.4M |
| Capital expenditure | $88.8M | $116.6M | $73.7M | $33.5M | $38.4M | $39.6M | $140.1M | $295.7M | $199.7M | $155.3M |
| Investing cash flow | -$100.4M | $167.7M | -$73.7M | -$33.5M | -$25.1M | -$39.6M | -$140.1M | -$224.0M | -$198.8M | -$222.5M |
| Financing cash flow | $39.3M | -$191.4M | -$129.4M | -$88.6M | -$82.0M | -$192.9M | $82.0M | $63.3M | $13.8M | $67.1M |
| Buybacks | $17.2M | $10.0M | $17.9M | $5.0M | $0 | $0 | $0 | $0 | $4.9M | $65.3M |
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 0001441236-26-000007.