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CLW

Clearwater Paper Corporation

CLW

Clearwater Paper Corporation • NYSE
$18.19 ▲ 0.33% (+0.06)
Market Cap $291.74 M
52w High $33.57
52w Low $16.44
Dividend Yield 0%
P/E -3.95
Volume 75.48K
Outstanding Shares 16.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $399M ▲ $23.7M ▼ $-53.9M ▼ -13.509% ▼ $-3.3 ▼ $-31.6M ▼
Q2-2025 $391.8M ▲ $33.2M ▼ $3.6M ▲ 0.919% ▲ $0.17 ▲ $32.4M ▲
Q1-2025 $378.2M ▼ $40.7M ▲ $-6.3M ▲ -1.666% ▲ $-0.38 ▼ $17.7M ▲
Q4-2024 $387.1M ▼ $27.5M ▼ $-108M ▼ -27.9% ▼ $11.86 ▲ $-800K ▼
Q3-2024 $393.3M $31.3M $5.9M 1.5% $0.35 $23.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $34.4M ▼ $1.561B ▼ $778.6M ▼ $783M ▼
Q2-2025 $46.7M ▲ $1.641B ▲ $804.1M ▲ $836.7M ▲
Q1-2025 $44M ▼ $1.634B ▼ $797.4M ▼ $836.6M ▼
Q4-2024 $79.6M ▲ $1.679B ▼ $824.8M ▼ $854.5M ▲
Q3-2024 $35.5M $2.489B $1.824B $664.6M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-53.3M ▼ $34M ▲ $-30.4M ▼ $-15.8M ▼ $-12.3M ▼ $15.7M ▲
Q2-2025 $2.7M ▲ $-28.2M ▼ $-22.9M ▲ $53.7M ▲ $2.7M ▲ $-51.1M ▼
Q1-2025 $-6.3M ▲ $1.5M ▲ $-32.7M ▼ $-4.4M ▲ $-35.6M ▼ $-31.2M ▲
Q4-2024 $-19.6M ▼ $-35.1M ▼ $959.5M ▲ $-880.3M ▼ $44.1M ▲ $-68.1M ▼
Q3-2024 $5.8M $16.2M $-47M $26.8M $-4.1M $-30.8M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Foodservice
Foodservice
 $0 ▲$150.00M ▲$170.00M ▲$180.00M ▲
Other
Other
 $100.00M ▲$40.00M ▼$40.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue over the past several years has been fairly steady, but profitability has swung around quite a bit. Margins have generally been thin, typical for this type of industry, with only modest operating profits in most years and occasional small losses. The most recent period shows an unusual pattern: a weak operating result but very strong reported earnings per share. That combination usually points to one‑time gains (such as the sale of a business) rather than underlying strength in the ongoing operations. Overall, the income statement tells a story of a business in transition, moving away from tissue and refocusing on paperboard, with earnings volatility as that shift plays out.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable in terms of overall size, with total assets not moving dramatically over the past several years. The key change is on the financing side: debt has been coming down and equity has been building up. That suggests the company has been using proceeds from the tissue divestiture and cash generation to reduce leverage and strengthen its capital base. Cash balances are modest, so the company is not sitting on a large cash pile, but the direction of travel—less debt and more equity—points to a sturdier financial position than a few years ago.

Cash Flow

Cash Flow Cash generation from the core business has been uneven but generally adequate, with stronger years and weaker years reflecting the cyclicality of the industry and the impact of restructuring. Free cash flow has been positive in most years, but the latest period dips negative as the company steps up investment spending while cash from operations softens. That pattern is consistent with a company investing in new capacity and product capabilities during a strategic pivot. In the short term, this puts some pressure on cash, but it may be aimed at improving efficiency and growth potential over time.

Competitive Edge

Competitive Edge Clearwater Paper is reshaping itself into a focused paperboard packaging company, stepping away from tissue to concentrate on serving packaging converters. Its main edge is being an independent supplier, which avoids the channel conflicts that some integrated competitors face when they both make and convert paperboard. The acquisition of the Augusta mill and the expanded production footprint give it better scale and geographic reach in North America, while targeted cost‑saving efforts aim to keep it competitive on price. Still, it operates in a tough, commodity‑leaning market with large, well‑capitalized rivals, exposure to raw‑material and energy costs, and the execution risk that comes with integrating acquisitions and delivering promised cost savings.

Innovation and R&D

Innovation and R&D Innovation is tightly linked to sustainability and packaging performance. The company is pushing higher recycled content in its paperboard while trying to maintain strength, print quality, and food‑contact safety. Products like ReMagine and NuVo focus on recycled fiber, compostable barriers, and plastic‑reducing designs, which align with regulatory and consumer trends away from traditional plastics. Looking ahead, Clearwater Paper is exploring new substrates such as unbleached and recycled paperboard grades, lighter‑weight carton designs, and more biodegradable or poly‑free coatings. It is also working to use more recycled and mechanical pulp to lower environmental impact and potentially costs. Overall, R&D appears targeted and commercially oriented rather than broad-based, aiming to differentiate within a mature industry through sustainability and specialized performance.

Summary

Clearwater Paper is in the middle of a significant transformation, exiting tissue and betting on paperboard packaging as its core. The financials show this shift clearly: relatively stable sales levels but choppy profits, a recent year boosted by one‑off gains, and cash flows temporarily pressured by investment. On the positive side, the balance sheet is being de‑risked with lower debt and higher equity, and the company now has a larger, more national footprint in paperboard. Strategically, Clearwater Paper is leaning into sustainability and independence as its main differentiators, focusing on recycled content, compostable barriers, and strong relationships with converters. The opportunity is to become a leading, innovation‑minded supplier in a growing sustainable packaging niche. The main risks are industry cyclicality, strong competition, input‑cost swings, and the challenge of successfully executing on capacity expansion, cost savings, and new product development while transitioning its business model.

NEWS

October 28, 2025 · 4:05 PM UTC

Clearwater Paper Reports Third Quarter 2025 Results

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October 14, 2025 · 4:05 PM UTC

Clearwater Paper Announces Availability and Timing of Third Quarter 2025 Earnings Conference Call and Webcast

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September 9, 2025 · 4:05 PM UTC

Clearwater Paper Announces Upcoming Investor Conference Participation

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