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ValueScreener company report

Clearwater Paper Corporation (CLW)

NYSE / Basic Materials / Paper, Lumber & Forest Products

Share price

19.30 USD Market dataClose of Oct 15, 2026

Market capitalisation

311.3M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 18, 2026
Ratios computed
Oct 15, 2026
Filed years
16, FY2009 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-2.3% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

0.38x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-24.5% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 1.73B USDFY2016 Net income: 49.6M USDFY2017 Revenue: 1.73B USDFY2017 Net income: 97.3M USDFY2018 Revenue: 1.72B USDFY2018 Net income: -143.8M USDFY2019 Revenue: 1.76B USDFY2019 Net income: -5.6M USDFY2020 Revenue: 1.87B USDFY2020 Net income: 77.1M USDFY2021 Revenue: 1.77B USDFY2021 Net income: -28.1M USDFY2022 Revenue: 1.20B USDFY2022 Net income: 46.0M USDFY2023 Revenue: 1.14B USDFY2023 Net income: 107.7M USDFY2024 Revenue: 1.38B USDFY2024 Net income: 196.3M USDFY2025 Revenue: 1.56B USDFY2025 Net income: -18.6M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
4 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -2.2% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Basic Materials sector (247 companies), -2.2% sits at the 46th percentile; the middle half of that group runs from -20.2% to 11.8%.

Is it safe

Net debt to EBITDA was 7.31x in FY2025, in the band labelled "High, covenant territory" (4.00x and above), on lines set by credit-analyst convention, suggesting debt in the range lenders write covenants around.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Clearwater Paper Corporation's return on equity stayed above the median of the Basic Materials sector, year by year. (FY2022 to FY2025, 4 fiscal years of Clearwater Paper Corporation with a comparable figure)
The direction
Which way Clearwater Paper Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Clearwater Paper Corporation)
What could explain it
What in Clearwater Paper Corporation's filed statements could explain the movements. (7 readings drawn from the statement lines Clearwater Paper Corporation filed)
What to check next
What to check next on Clearwater Paper Corporation, and where in its filings. (5 questions for Clearwater Paper Corporation)
In one paragraph
One paragraph on Clearwater Paper Corporation's returns, cash, balance sheet and price. (10 of sixteen figures read for Clearwater Paper Corporation)

These are CLW’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CLWPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 18, 2026, accession 0001441236-26-000007.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Clearwater Paper Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.

n/a ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Return on equity-2.3% ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Return on capital employed, pre-tax-3.1% ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Return on assets-1.2% ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Gross margin7.4% ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Operating margin-2.7% ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Net margin-1.2% ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
CLW -1.2%
VHI -2.8%ITRG -0.9%IPI 3.8%UAMY -11.1%TROX -16.2%
-16.2%3.8%
Net margin: CLW against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Clearwater Paper Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.48 ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Current ratio2.43 ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Quick ratio1.13 ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Interest coverage
Why n/m

Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

n/m ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Altman Z-score2.13 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Net debt367.8M ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Total assets 1.59BTotal liabilities 763.0MShareholders' equity 825.3MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Clearwater Paper Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 18, 2026, 0001441236-26-000007).

Clearwater Paper Corporation: balance sheet position
Total assets1.59B FiledFY2025 10-K, filed Feb 18, 2026
Total liabilities763.0M FiledFY2025 10-K, filed Feb 18, 2026
Shareholders' equity825.3M FiledFY2025 10-K, filed Feb 18, 2026
Cash30.7M FiledFY2025 10-K, filed Feb 18, 2026
Total debt398.5M FiledFY2025 10-K, filed Feb 18, 2026
Net debt367.8M
Current ratio2.43
Debt to equity0.48
  • Interest cover: FY2025: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Clearwater Paper Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
P/E on trailing twelve months1.98x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.38x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Price to sales0.20x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Enterprise value to EBITDA13.52x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Diluted earnings per share-1.15 USD FiledFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007

We publish no fair value or price target of our own. Value CLW on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Clearwater Paper Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Clearwater Paper Corporation: valuation
Share price19.30 USD
Market capitalisation311.3M USD
Enterprise value to EBITDA13.52x
Graham numbern/m
Diluted earnings per share, FY2025-1.15 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 1.56x, median 10.09x, high 791.60x, latest 1.98x. 1,820 trading days with a meaningful ratio, 701 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Clearwater Paper Corporation

  1. Valhi, Inc. (VHI)Market cap 415.2M USD
  2. Integra Resources Corp. (ITRG)Market cap 488.9M USD
  3. Intrepid Potash, Inc. (IPI)Market cap 434.2M USD
  4. United States Antimony Corporation (UAMY)Market cap 416.1M USD
  5. Tronox Holdings plc (TROX)Market cap 565.3M USD

Same sector (Basic Materials) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Clearwater Paper Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-24.5% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Free cash flow-76.5M USD ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Free cash flow margin-4.9% ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
FY2016 Free cash flow: 17.4M USDFY2016 Net income: 49.6M USDFY2017 Free cash flow: -21.0M USDFY2017 Net income: 97.3M USDFY2018 Free cash flow: -126.8M USDFY2018 Net income: -143.8M USDFY2019 Free cash flow: -84.5M USDFY2019 Net income: -5.6M USDFY2020 Free cash flow: 207.4M USDFY2020 Net income: 77.1M USDFY2021 Free cash flow: 58.0M USDFY2021 Net income: -28.1M USDFY2022 Free cash flow: 116.7M USDFY2022 Net income: 46.0M USDFY2023 Free cash flow: 117.0M USDFY2023 Net income: 107.7M USDFY2024 Free cash flow: -55.2M USDFY2024 Net income: 196.3M USDFY2025 Free cash flow: -76.5M USDFY2025 Net income: -18.6M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Clearwater Paper Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.38xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
-24.5%FY2025Oct 15, 2026
n/aFY2025Feb 18, 2026
n/a No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.48FY2025Feb 18, 2026
2.43FY2025Feb 18, 2026
0.20xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
2.13FY2025Oct 15, 2026
-2.58FY2025Feb 18, 2026
6/9FY2025Feb 18, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 16 filed fiscal years on record, FY2009 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Clearwater Paper Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Clearwater Paper Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.56B-42.1M-18.6M-1.15-76.5M-2.7%-2.3%10-K, Feb 18, 20260001441236-26-000007
FY20241.38B-64.5M196.3M11.70-55.2M-4.7%23.0%10-K, Feb 24, 20250001504337-25-000005
FY20231.14B78.1M107.7M6.30117.0M6.9%16.1%10-K, Feb 20, 20240001504337-24-000010
FY20221.20B99.3M46.0M2.68116.7M8.3%8.0%10-K, Feb 14, 20230001504337-23-000008
FY20211.77B12.0M-28.1M-1.6758.0M0.7%-5.5%10-K, Feb 15, 20220001504337-22-000008
FY20201.87B158.1M77.1M4.61207.4M8.5%14.8%10-K, Feb 25, 20210001504337-21-000009
FY20191.76B45.4M-5.6M-0.34-84.5M2.6%-1.3%10-K, Mar 9, 20200001628280-20-003186
FY20181.72B-97.9M-143.8M-8.72-126.8M-5.7%-33.7%10-K, Mar 18, 20190001628280-19-003083
FY20171.73B71.2M97.3M5.88-21.0M4.1%16.9%10-K, Feb 21, 20180001628280-18-001924
FY20161.73B114.8M49.6M2.9017.4M6.6%10.6%10-K, Feb 22, 20170001441236-17-000002
  • Revenue, compound annual growth FY2016 to FY2025: -1.2%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Clearwater Paper Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.58 ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Piotroski F-score6/9 ComputedFY2025 10-K, filed Feb 18, 2026, 0001441236-26-000007
Named tests met4 of 30 Computed
Beta0.86 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 4 met, 20 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Deep value; Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Cash-flow yield and ROIC; Clean books, high ROIC
Not measured
Earnings yield and ROIC (Joel Greenblatt); ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them P/E Ratio, EV/EBIT, Return on Invested Capital. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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