Clearwater Paper Corp CLW

Basic materials SIC 2631 - Paperboard Mills NAICS Manufacturing › Paper Manufacturing › Pulp, Paper, and Paperboard Mills › Paperboard Mills derived NYSE

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.

Last close 19.29 2026-10-23
Market cap $311.1M 2026-03-31 share count
52-week range 11.73 - 23.59

Valuation FY2025 figures against the last close

P/S0.2x
P/E—
P/FCF—
EV/EBITDA12.5x
Dividend yield—
Diluted EPS-1.15

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Non-US
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 1.4B (91.2%) 91% United States Non-US, FY2025: 137.2M (8.8%) 9% Non-US FY2024 United States, FY2024: 1.3B (90.5%) 91% Non-US, FY2024: 131.2M (9.5%) 9% FY2023 United States, FY2023: 1B (90.5%) 91% Non-US, FY2023: 107.6M (9.5%) 9%
Region FY2025FY2024FY2023
United States $1.42B $1.25B $1.03B
Non-US $137.2M $131.2M $107.6M

As the company reported it, from the “Segment Reporting (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -1.1511.706.392.71-1.674.65-0.34-8.725.912.91
EPS, diluted -1.1511.706.302.68-1.674.61-0.34-8.725.882.90
Shares, diluted (wtd. avg.) 16.2M16.8M17.1M17.2M16.8M16.7M16.5M16.5M16.6M17.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B Revenue, FY2016: 1.7B Gross profit, FY2016: 241.2M Net income, FY2016: 49.6M Revenue, FY2017: 1.7B Gross profit, FY2017: 209.2M Net income, FY2017: 97.3M Revenue, FY2018: 1.7B Gross profit, FY2018: 187.5M Net income, FY2018: -143.8M Revenue, FY2019: 1.8B Gross profit, FY2019: 164.5M Net income, FY2019: -5.6M Revenue, FY2020: 1.9B Gross profit, FY2020: 294.2M Net income, FY2020: 77.1M Revenue, FY2021: 1.8B Gross profit, FY2021: 182.6M Net income, FY2021: -28.1M Revenue, FY2022: 1.2B Gross profit, FY2022: 212.5M Net income, FY2022: 46M Revenue, FY2023: 1.1B Gross profit, FY2023: 200.7M Net income, FY2023: 107.7M Revenue, FY2024: 1.4B Gross profit, FY2024: 76.1M Net income, FY2024: 196.3M Revenue, FY2025: 1.6B Gross profit, FY2025: 115.6M Net income, FY2025: -18.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.73B $1.73B $1.72B $1.76B $1.87B $1.77B $1.20B $1.14B $1.38B $1.56B
Gross profit $241.2M $209.2M $187.5M $164.5M $294.2M $182.6M $212.5M $200.7M $76.1M $115.6M
Net income $49.6M $97.3M -$143.8M -$5.6M $77.1M -$28.1M $46.0M $107.7M $196.3M -$18.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.