InsiderClue
Stocks · Materials · Paperboard Mills

Clearwater Paper Corp

CLW Clue Score26
United States Fiscal year ends December CIK 0001441236
$18.97 -2.77% Close, 9 Oct 2026
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Price $18.97 −51.93% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue1,724.2Operating income−97.9Net income−143.8EPS, diluted−8.72Fiscal year 2019Revenue1,761.5 +2.2%Operating income45.4Net income−5.6EPS, diluted−0.34Fiscal year 2020Revenue1,868.6 +6.1%Operating income158.1Net income77.1EPS, diluted4.61Fiscal year 2021Revenue1,772.6 −5.1%Operating income12.0Net income−28.1 −136.4%EPS, diluted−1.67 −136.2%Fiscal year 2022Revenue1,195.0 −32.6%Operating income99.3Net income46.0EPS, diluted2.68Fiscal year 2023Revenue1,136.0 −4.9%Operating income78.1Net income107.7 +134.1%EPS, diluted6.30 +135.1%Fiscal year 2024Revenue1,383.6 +21.8%Operating income−64.5Net income196.3 +82.3%EPS, diluted11.70 +85.7%Fiscal year 2025Revenue1,555.4 +12.4%Operating income−42.1Net income−18.6 −109.5%EPS, diluted−1.15 −109.8%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,724.2 1,761.5 1,868.6 1,772.6 1,195.0 1,136.0 1,383.6 1,555.4
Growth +2.2% +6.1% −5.1% −32.6% −4.9% +21.8% +12.4%
Operating income −97.9 45.4 158.1 12.0 99.3 78.1 −64.5 −42.1
Net income −143.8 −5.6 77.1 −28.1 46.0 107.7 196.3 −18.6
Growth −136.4% +134.1% +82.3% −109.5%
EPS, diluted −8.72 −0.34 4.61 −1.67 2.68 6.30 11.70 −1.15
Growth −136.2% +135.1% +85.7% −109.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2018Operating margin−5.7%Net margin−8.3%Free cash flow margin−7.4%Fiscal year 2019Operating margin2.6%Net margin−0.3%Free cash flow margin−4.8%Fiscal year 2020Operating margin8.5%Net margin4.1%Free cash flow margin11.1%Fiscal year 2021Operating margin0.7%Net margin−1.6%Free cash flow margin3.3%Fiscal year 2022Operating margin8.3%Net margin3.8%Free cash flow margin9.8%Fiscal year 2023Operating margin6.9%Net margin9.5%Free cash flow margin10.3%Fiscal year 2024Operating margin−4.7%Net margin14.2%Free cash flow margin−4.0%Fiscal year 2025Operating margin−2.7%Net margin−1.2%Free cash flow margin−4.9%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −5.7% 2.6% 8.5% 0.7% 8.3% 6.9% −4.7% −2.7%
Net margin −8.3% −0.3% 4.1% −1.6% 3.8% 9.5% 14.2% −1.2%
Free cash flow margin −7.4% −4.8% 11.1% 3.3% 9.8% 10.3% −4.0% −4.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow168.9Capital expenditure−295.7Free cash flow−126.8Fiscal year 2019Operating cash flow55.6Capital expenditure−140.1Free cash flow−84.5Fiscal year 2020Operating cash flow247.0Capital expenditure−39.6Free cash flow207.4Buybacks0.0Fiscal year 2021Operating cash flow96.4Capital expenditure−38.4Free cash flow58.0 −72.0%Buybacks0.0Fiscal year 2022Operating cash flow150.2Capital expenditure−33.5Free cash flow116.7 +101.2%Buybacks−5.0Fiscal year 2023Operating cash flow190.7Capital expenditure−73.7Free cash flow117.0 +0.3%Buybacks−17.9Fiscal year 2024Operating cash flow61.4Capital expenditure−116.6Free cash flow−55.2 −147.2%Buybacks−10.0Fiscal year 2025Operating cash flow12.3Capital expenditure−88.8Free cash flow−76.5Buybacks−17.2
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 168.9 55.6 247.0 96.4 150.2 190.7 61.4 12.3
Capital expenditure −295.7 −140.1 −39.6 −38.4 −33.5 −73.7 −116.6 −88.8
Free cash flow −126.8 −84.5 207.4 58.0 116.7 117.0 −55.2 −76.5
Growth −72.0% +101.2% +0.3% −147.2%
Buybacks n/a n/a 0.0 0.0 −5.0 −17.9 −10.0 −17.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash22.5Total debt692.9Net cash (debt)−670.4Shareholders’ equity426.4Debt to equity1.63Fiscal year 2019Cash20.0Total debt902.4Net cash (debt)−882.4Shareholders’ equity432.0Debt to equity2.09Fiscal year 2020Cash35.9Total debt718.1Net cash (debt)−682.2Shareholders’ equity521.1Debt to equity1.38Fiscal year 2021Cash25.2Total debt639.2Net cash (debt)−614.0Shareholders’ equity511.7Debt to equity1.25Fiscal year 2022Cash53.7Total debt565.8Net cash (debt)−512.1Shareholders’ equity572.1Debt to equity0.99Fiscal year 2023Cash42.0Total debt439.9Net cash (debt)−397.9Shareholders’ equity668.8Debt to equity0.66Fiscal year 2024Cash79.6Total debt282.2Net cash (debt)−202.6Shareholders’ equity854.6Debt to equity0.33Fiscal year 2025Cash30.7Total debt346.1Net cash (debt)−315.4Shareholders’ equity825.3Debt to equity0.42
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 22.5 20.0 35.9 25.2 53.7 42.0 79.6 30.7
Total debt 692.9 902.4 718.1 639.2 565.8 439.9 282.2 346.1
Net cash (debt) −670.4 −882.4 −682.2 −614.0 −512.1 −397.9 −202.6 −315.4
Shareholders’ equity 426.4 432.0 521.1 511.7 572.1 668.8 854.6 825.3
Debt to equity 1.63 2.09 1.38 1.25 0.99 0.66 0.33 0.42

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−5.7% 2.6% 8.5% 0.7% 8.3% 6.9% −4.7% −2.7%
−8.3% −0.3% 4.1% −1.6% 3.8% 9.5% 14.2% −1.2%
−7.4% −4.8% 11.1% 3.3% 9.8% 10.3% −4.0% −4.9%
Spending
6.3% 6.4% 6.5% 6.4% 9.2% 10.5% 8.4% 6.5%
17.1% 8.0% 2.1% 2.2% 2.8% 6.5% 8.4% 5.7%
Returns
−33.7% −1.3% 14.8% −5.5% 8.0% 16.1% 23.0% −2.3%
−8.0% −0.3% 4.3% −1.7% 2.7% 6.4% 11.7% −1.2%
Balance and payout
1.63 2.09 1.38 1.25 0.99 0.66 0.33 0.42
76.2% 77.0% 71.1% 69.7% 66.4% 60.0% 49.1% 48.0%
n/a n/a 0.0% 0.0% 4.3% 15.3% n/a n/a