Clearwater Paper Corp (CLW)

Clearwater Paper Corporation manufactures and supplies solid bleached sulfate (SBS) paperboard packaging products in the United States and internationally. The company offers SBS paperboard for use in folding cartons, food service, and commercial printing items; folding carton paperboards, such as blister, carded packaging, and top sheet products; food service paperboard, including liquid packaging, and cup and plate categories, as well as rigid containers comprising juice, milk, and wine; and custom sheeting and slitting of paperboard products. It serves packaging converters through sales managers. The company was founded in 1926 and is headquartered in Spokane, Washington.

Ticker: CLW
Exchange: NYSE
Sector: Basic Materials
Industry: Paper & Paper Products
Market cap: $214.10M
52-week range: $11.73 - $23.59

Valuation

Share price: $13.27 (close of Nov 6, 2026)
P/E (TTM): 102.08x
Price to book: 0.27x
Price to free cash flow: 3.77x
Enterprise value: $759.20M
Book value per share: $49.23

Price performance

Period	Change
1 day	-4.46%
5 days	0.00%
1 month	-33.05%
3 months	-41.95%
6 months	-6.75%
Year to date	-23.74%
1 year	-27.80%
3 years	-63.44%
5 years	-65.61%
10 years	-74.53%
All time	+17.96%

Short interest

As of: Oct 15, 2026
Short % of float: 4.05%
Shares short: 631.41K
Days to cover: 5.29
Change since prior report: +0.71%
Source: FINRA consolidated short interest

Super investors holding CLW

Mason Hawkins (Southeastern Asset Management) · Ken Griffin (Citadel)

Profitability and growth

Return on equity: -2.25%
Return on invested capital: -2.96%
Return on assets: -1.17%
Return on capital employed: -3.07%
Gross margin: 7.43%
Net margin: -1.20%
EBITDA margin: 3.23%
Revenue growth: 12.42%
Net income growth: -109.48%

Cash flow and balance sheet

Free cash flow yield (TTM): 26.53%
Current ratio: 1.47x
Net debt to EBITDA: 8.45x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $1.56B
Cost of revenue: $1.44B
Gross profit: $115.60M
EBITDA: $50.30M
Net income: -$18.60M
Earnings per share: $-1.15
Interest expense: $17.80M
Shares outstanding: 16.17M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$1.56B	$115.60M	-$18.60M	-$1.15
2024-12-31	$1.38B	$76.10M	$196.30M	$11.70
2023-12-31	$1.14B	$200.70M	$107.70M	$6.39
2022-12-31	$1.20B	$212.50M	$46.00M	$2.71
2021-12-31	$1.77B	$182.60M	-$28.10M	-$1.67
2020-12-31	$1.87B	$294.20M	$77.10M	$4.65
2019-12-31	$1.76B	$164.50M	-$5.60M	-$0.34
2018-12-31	$1.72B	$187.50M	-$143.80M	-$8.72
2017-12-31	$1.73B	$209.20M	$97.30M	$5.91
2016-12-31	$1.73B	$241.20M	$49.55M	$2.91

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	7.43%	-1.20%	-2.25%	-2.96%
2024-12-31	5.50%	14.19%	22.97%	-3.26%
2023-12-31	17.67%	9.48%	16.10%	5.48%
2022-12-31	17.78%	3.85%	8.04%	6.10%
2021-12-31	10.30%	-1.59%	-5.49%	0.98%
2020-12-31	15.74%	4.13%	14.80%	10.42%
2019-12-31	9.34%	-0.32%	-1.30%	3.16%
2018-12-31	10.87%	-8.34%	-33.72%	-7.74%
2017-12-31	12.09%	5.62%	16.91%	5.47%
2016-12-31	13.90%	2.86%	10.55%	8.05%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$30.70M	$345.50M
2024-12-31	$79.60M	$281.60M
2023-12-31	$42.00M	$439.90M
2022-12-31	$53.70M	$564.90M
2021-12-31	$25.20M	$637.60M
2020-12-31	$35.90M	$716.40M
2019-12-31	$20.00M	$884.50M
2018-12-31	$22.50M	$692.90M
2017-12-31	$15.70M	$570.52M
2016-12-31	$23.00M	$569.75M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$76.50M	$3.80M
2024-12-31	-$55.20M	$5.60M
2023-12-31	$117.00M	$9.90M
2022-12-31	$116.70M	$12.70M
2021-12-31	$58.00M	$9.10M
2020-12-31	$207.40M	$10.50M
2019-12-31	-$84.50M	$4.10M
2018-12-31	-$126.80M	$3.30M
2017-12-31	-$21.00M	$3.60M
2016-12-31	$17.40M	$12.38M

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-26	Sep 2026	-
2026-07-28	Jun 2026	-$1.40
2026-04-28	Mar 2026	-
2026-02-18	Dec 2025	-
2025-10-28	Sep 2025	-
2025-07-29	Jun 2025	-
2025-04-29	Mar 2025	-
2025-02-13	Dec 2024	-

Filings and sources

Company website: clearwaterpaper.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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