NYSE : CLW
Clearwater Paper Corporation — Financial statements
Materials · Paper & Paper Products · United States
Last price 12.72 USD (Oct 30, 2026, 10:41 AM EDT) · Market cap 205.32M
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Financial statements
Clearwater Paper Corporation (CLW) reported revenue of 1.51B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.51B | 1.56B | 1.38B | 1.14B | 1.20B | 1.77B |
| Cost of Revenue | 1.50B | 1.44B | 1.32B | 935.00M | 982.50M | 1.59B |
| Gross Profit | 8.70M | 115.90M | 67.10M | 201.00M | 212.50M | 182.60M |
| Selling, General & Admin | 86.60M | 102.00M | 114.90M | 119.30M | 115.70M | 123.30M |
| Other Operating Expenses | -3.00M | -3.00M | 800.00K | 300.00K | 800.00K | |
| Operating Expenses | 84.50M | 98.30M | 115.60M | 120.80M | 117.40M | 124.40M |
| Operating Income | -75.80M | 17.60M | -48.50M | 80.20M | 95.10M | 58.20M |
| Interest Expense | -21.50M | -18.60M | -32.10M | -11.90M | -12.20M | -37.00M |
| Interest & Investment Income | 1.90M | 1.80M | 2.90M | 2.40M | 1.00M | 600.00K |
| Other Non Operating Income (Expenses) | -100.00K | |||||
| EBT Excluding Unusual Items | -95.50M | 800.00K | -77.70M | 70.70M | 83.90M | 21.80M |
| Merger & Restructuring Charges | 1.20M | -6.40M | -22.10M | -1.90M | -58.40M | |
| Impairment of Goodwill | -48.00M | |||||
| Gain (Loss) on Sale of Assets | -1.50M | 1.80M | ||||
| Asset Writedown | -3.30M | -6.50M | -1.50M | -100.00K | ||
| Other Unusual Items | -1.10M | -9.10M | -3.10M | -500.00K | -1.00M | |
| Pretax Income | -48.70M | -60.10M | -101.10M | 65.60M | 81.90M | -35.80M |
| Income Tax Expense | -16.00M | -7.10M | -27.10M | 16.90M | 29.20M | -7.70M |
| Earnings From Continuing Operations | -32.70M | -53.00M | -74.00M | 48.70M | 52.70M | -28.10M |
| Earnings From Discontinued Operations | 35.10M | 34.40M | 270.30M | 59.00M | -6.70M | |
| Net Income | 2.40M | -18.60M | 196.30M | 107.70M | 46.00M | -28.10M |
| Net Income to Common | 2.40M | -18.60M | 196.30M | 107.70M | 46.00M | -28.10M |
| Shares Outstanding (Basic) | 16.09M | 16.17M | 16.78M | 16.86M | 16.98M | 16.77M |
| Shares Outstanding (Diluted) | 16.09M | 16.17M | 16.78M | 17.09M | 17.18M | 16.77M |
| EPS (Basic) | 0.15 | -1.15 | 11.70 | 6.39 | 2.71 | -1.68 |
| EPS (Diluted) | 0.15 | -1.15 | 11.70 | 6.30 | 2.68 | -1.68 |
| Free Cash Flow | 56.80M | -76.50M | -55.20M | 117.00M | 116.70M | 58.00M |
| Free Cash Flow Per Share | 3.53 | -4.73 | -3.29 | 6.85 | 6.79 | 3.46 |
| Gross Margin | 0.58% | 7.45% | 4.85% | 17.69% | 17.78% | 10.30% |
| Operating Margin | -5.03% | 1.13% | -3.50% | 7.06% | 7.96% | 3.28% |
| Profit Margin | 0.16% | -1.20% | 14.19% | 9.48% | 3.85% | -1.58% |
| Free Cash Flow Margin | 3.77% | -4.92% | -3.99% | 10.30% | 9.77% | 3.27% |
| EBITDA | 17.80M | 110.00M | 21.30M | 120.90M | 198.40M | 163.20M |
| EBITDA Margin | 1.18% | 7.07% | 1.54% | 10.64% | 16.60% | 9.21% |
| D&A For EBITDA | 93.60M | 92.40M | 69.80M | 40.70M | 103.30M | 105.00M |
| EBIT | -75.80M | 17.60M | -48.50M | 80.20M | 95.10M | 58.20M |
| EBIT Margin | -5.03% | 1.13% | -3.50% | 7.06% | 7.96% | 3.28% |
| Effective Tax Rate | 25.76% | 35.65% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 35.70M | 30.70M | 79.60M | 42.00M | 53.70M | 25.20M |
| Cash & Short-Term Investments | 35.70M | 30.70M | 79.60M | 42.00M | 53.70M | 25.20M |
| Accounts Receivable | 153.50M | 161.40M | 171.10M | 88.20M | 175.30M | 159.90M |
| Other Receivables | 9.30M | 33.90M | 17.60M | 7.90M | 13.50M | 7.50M |
| Receivables | 162.80M | 195.30M | 188.70M | 96.10M | 188.80M | 167.40M |
| Inventory | 249.80M | 281.70M | 258.00M | 161.20M | 324.00M | 277.70M |
| Restricted Cash | 283.90M | 700.00K | ||||
| Other Current Assets | 14.20M | 18.30M | 19.10M | 264.80M | 19.10M | 16.90M |
| Total Current Assets | 746.40M | 526.00M | 545.40M | 564.10M | 586.30M | 487.20M |
| Property, Plant & Equipment | 968.70M | 1.04B | 1.06B | 392.40M | 1.06B | 1.14B |
| Goodwill | 48.60M | 35.10M | 35.10M | |||
| Other Intangible Assets | 2.10M | 4.30M | 6.40M | 8.60M | ||
| Long-Term Deferred Tax Assets | 1.40M | 1.70M | 800.00K | 600.00K | 2.20M | |
| Other Long-Term Assets | 61.10M | 15.20M | 17.10M | 673.00M | 12.50M | 65.30M |
| Total Assets | 1.78B | 1.59B | 1.68B | 1.67B | 1.70B | 1.69B |
| Accounts Payable | 147.20M | 130.90M | 164.60M | 89.20M | 213.00M | 156.20M |
| Accrued Expenses | 39.70M | 33.60M | 38.20M | 32.80M | 41.90M | 80.20M |
| Current Portion of Long-Term Debt | 274.70M | |||||
| Current Portion of Leases | 13.40M | 12.90M | 11.70M | 8.50M | 12.90M | 17.70M |
| Current Income Taxes Payable | 6.00M | 50.80M | 1.20M | |||
| Other Current Liabilities | 25.60M | 38.80M | 55.10M | 154.30M | 44.20M | |
| Total Current Liabilities | 506.60M | 216.20M | 320.40M | 286.00M | 312.00M | 254.10M |
| Long-Term Debt | 284.60M | 337.70M | 273.20M | 439.90M | 541.60M | 620.10M |
| Long-Term Leases | 8.10M | 39.50M | 36.70M | 24.20M | 59.20M | 60.20M |
| Pension & Post-Retirement Benefits | 45.40M | 49.50M | 52.50M | 54.50M | 58.20M | 73.60M |
| Long-Term Deferred Tax Liabilities | 54.10M | 68.20M | 89.70M | 36.00M | 142.70M | 149.90M |
| Other Long-Term Liabilities | 83.20M | 51.90M | 52.10M | 162.40M | 17.70M | 20.50M |
| Total Liabilities | 982.00M | 763.00M | 824.60M | 1.00B | 1.13B | 1.18B |
| Additional Paid-In Capital | 8.00M | 8.30M | 11.50M | 14.90M | 28.50M | 23.60M |
| Retained Earnings | 826.30M | 862.30M | 880.80M | 684.50M | 576.80M | 530.70M |
| Treasury Stock | -11.40M | -14.80M | -3.30M | |||
| Comprehensive Income & Other | -28.70M | -30.50M | -34.40M | -30.60M | -33.20M | -42.60M |
| Shareholders' Equity | 794.20M | 825.30M | 854.60M | 668.80M | 572.10M | 511.70M |
| Total Liabilities & Equity | 1.78B | 1.59B | 1.68B | 1.67B | 1.70B | 1.69B |
| Total Debt | 580.80M | 390.10M | 321.60M | 472.60M | 613.70M | 698.00M |
| Net Cash (Debt) | -545.10M | -359.40M | -242.00M | -430.60M | -560.00M | -672.80M |
| Net Cash Per Share | -33.88 | -22.23 | -14.42 | -25.19 | -32.59 | -40.13 |
| Filing Date Shares Outstanding | 16.14M | 16.04M | 16.18M | 16.48M | 16.76M | 16.69M |
| Total Common Shares Outstanding | 16.14M | 16.04M | 16.44M | 16.48M | 16.76M | 16.69M |
| Working Capital | 239.80M | 309.80M | 225.00M | 278.10M | 274.30M | 233.10M |
| Book Value Per Share | 49.20 | 51.46 | 51.97 | 40.57 | 34.13 | 30.66 |
| Tangible Book Value | 794.20M | 823.20M | 801.70M | 627.30M | 528.40M | 511.70M |
| Tangible Book Value Per Share | 49.20 | 51.33 | 48.75 | 38.05 | 31.52 | 30.66 |
| Land | 67.60M | 67.00M | 65.80M | 45.10M | 106.10M | 109.10M |
| Buildings | 237.00M | 232.80M | 232.40M | 179.40M | 456.80M | 452.50M |
| Machinery | 2.06B | 2.05B | 1.94B | 1.34B | 2.35B | 2.38B |
| Construction In Progress | 40.00M | 32.00M | 87.60M | 43.00M | 23.90M | 22.40M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.40M | -18.60M | 196.30M | 107.70M | 46.00M | -28.10M |
| Depreciation & Amortization | 93.60M | 92.40M | 69.80M | 40.70M | 103.30M | 105.00M |
| Other Amortization | 3.00M | 2.20M | 11.80M | 4.40M | 2.00M | 2.80M |
| Loss (Gain) From Sale of Assets | 1.00M | -100.00K | -306.80M | 2.00M | 4.60M | 35.70M |
| Asset Writedown & Restructuring Costs | 3.30M | 54.50M | 1.50M | 100.00K | 1.50M | |
| Stock-Based Compensation | 4.70M | 3.80M | 5.60M | 9.90M | 12.70M | 9.10M |
| Other Operating Activities | -31.00M | -22.30M | 31.60M | -14.20M | -3.50M | -2.80M |
| Change in Accounts Receivable | -4.50M | -2.20M | -87.20M | -1.30M | -16.90M | -5.30M |
| Change in Inventory | 32.40M | -23.50M | 12.40M | 4.00M | -46.30M | -20.20M |
| Change in Accounts Payable | 5.80M | -75.30M | 98.90M | -21.30M | 49.20M | 1.90M |
| Change in Other Net Operating Assets | -5.60M | 1.40M | -2.50M | 800.00K | -2.40M | -1.70M |
| Operating Cash Flow | 105.10M | 12.30M | 61.40M | 190.70M | 150.20M | 96.40M |
| Capital Expenditures | -48.30M | -88.80M | -116.60M | -73.70M | -33.50M | -38.40M |
| Sale of Property, Plant & Equipment | 13.30M | |||||
| Cash Acquisitions | -708.20M | |||||
| Divestitures | 500.00K | -11.60M | 992.50M | |||
| Investing Cash Flow | -47.80M | -100.40M | 167.70M | -73.70M | -33.50M | -25.10M |
| Long-Term Debt Issued | 82.00M | 753.40M | 222.00M | |||
| Total Debt Issued | 315.00M | 82.00M | 753.40M | 222.00M | ||
| Long-Term Debt Repaid | -18.60M | -931.10M | -325.60M | -80.90M | -81.00M | |
| Total Debt Repaid | -79.50M | -18.60M | -931.10M | -325.60M | -80.90M | -81.00M |
| Net Debt Issued (Repaid) | 235.50M | 63.40M | -177.70M | -103.60M | -80.90M | -81.00M |
| Repurchase of Common Stock | -800.00K | -19.50M | -14.10M | -22.60M | -7.50M | -1.70M |
| Other Financing Activities | -6.60M | -4.60M | 400.00K | -3.20M | -200.00K | 700.00K |
| Financing Cash Flow | 228.10M | 39.30M | -191.40M | -129.40M | -88.60M | -82.00M |
| Miscellaneous Cash Flow Adjustments | -200.00K | -100.00K | -100.00K | 100.00K | ||
| Net Cash Flow | 285.20M | -48.90M | 37.60M | -12.40M | 28.20M | -10.70M |
| Free Cash Flow | 56.80M | -76.50M | -55.20M | 117.00M | 116.70M | 58.00M |
| Free Cash Flow Margin | 3.77% | -4.92% | -3.99% | 10.30% | 9.77% | 3.27% |
| Free Cash Flow Per Share | 3.53 | -4.73 | -3.29 | 6.85 | 6.79 | 3.46 |
| Levered Free Cash Flow | -266.51M | -125.92M | 7.72M | 12.89M | 128.41M | 77.35M |
| Unlevered Free Cash Flow | -256.07M | -116.50M | 15.99M | 15.93M | 134.04M | 97.67M |
| Cash Interest Paid | 18.90M | 15.90M | 52.40M | 37.80M | 33.00M | 36.00M |
| Cash Income Tax Paid | 53.80M | 19.00M | 16.60M | 43.00M | -7.70M | |
| Change in Working Capital | 28.10M | -99.60M | 21.60M | -17.80M | -16.40M | -25.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 214.20M | 279.07M | 493.22M | 598.27M | 633.77M | 612.00M |
| Enterprise Value | 759.30M | 592.57M | 1.62B | 1.07B | 1.16B | 1.28B |
| Last Close Price | 13.27 | 17.40 | 29.77 | 36.12 | 37.81 | 36.67 |
| PE Ratio | 90.24 | 2.51 | 5.55 | 13.78 | ||
| Forward PE | 38.91 | 28.09 | 6.84 | 14.79 | 10.77 | |
| PS Ratio | 0.14 | 0.18 | 0.36 | 0.53 | 0.53 | 0.34 |
| PB Ratio | 0.27 | 0.34 | 0.58 | 0.90 | 1.11 | 1.20 |
| P/TBV Ratio | 0.27 | 0.34 | 0.61 | 0.95 | 1.20 | 1.20 |
| P/FCF Ratio | 3.77 | 5.11 | 5.43 | 10.55 | ||
| P/OCF Ratio | 2.04 | 22.69 | 8.03 | 3.14 | 4.22 | 6.35 |
| PEG Ratio | 4.28 | 4.28 | 4.28 | 4.28 | 4.28 | |
| EV/Sales Ratio | 0.50 | 0.38 | 1.17 | 0.94 | 0.97 | 0.72 |
| EV/EBITDA Ratio | 42.66 | 5.39 | 76.02 | 8.84 | 5.86 | 7.83 |
| EV/EBIT Ratio | 33.67 | 13.32 | 12.23 | 21.97 | ||
| EV/FCF Ratio | 13.37 | 9.13 | 9.96 | 22.04 | ||
| Debt / Equity Ratio | 0.73 | 0.47 | 0.38 | 0.71 | 1.07 | 1.36 |
| Debt / EBITDA Ratio | 17.35 | 3.13 | 9.27 | 3.62 | 2.96 | 3.85 |
| Debt / FCF Ratio | 10.22 | 4.04 | 5.26 | 12.03 | ||
| Net Debt / Equity Ratio | 0.69 | 0.43 | 0.28 | 0.64 | 0.98 | 1.31 |
| Net Debt / EBITDA Ratio | 30.62 | 3.27 | 11.36 | 3.56 | 2.82 | 4.12 |
| Net Debt / FCF Ratio | 9.60 | -4.70 | -4.38 | 3.68 | 4.80 | 11.60 |
| Asset Turnover | 0.90 | 0.95 | 0.83 | 0.67 | 0.70 | 1.02 |
| Inventory Turnover | 5.62 | 5.33 | 6.28 | 3.85 | 3.27 | 5.88 |
| Quick Ratio | 0.39 | 1.04 | 0.84 | 0.48 | 0.78 | 0.76 |
| Current Ratio | 1.47 | 2.43 | 1.70 | 1.97 | 1.88 | 1.92 |
| Return on Equity (ROE) | -4.15% | -6.31% | -9.71% | 7.85% | 9.72% | -5.44% |
| Return on Assets (ROA) | -2.84% | 0.67% | -1.81% | 2.97% | 3.50% | 2.08% |
| Return on Invested Capital (ROIC) | -6.29% | 1.54% | -4.42% | 5.34% | 5.28% | 4.74% |
| Return on Capital Employed (ROCE) | -6.00% | 1.30% | -3.60% | 5.80% | 6.80% | 4.10% |
| Earnings Yield | 1.11% | -6.67% | 39.80% | 18.00% | 7.26% | -4.59% |
| FCF Yield | 26.52% | -27.41% | -11.19% | 19.56% | 18.41% | 9.48% |
| Buyback Yield / Dilution | 2.31% | 3.65% | 1.81% | 0.52% | -2.47% | -0.26% |