Recent News
July 31, 2025 — Clearfield and Hawaiian Telcom highlighted progress toward making Hawaii the first fully fiber‑enabled state, noting Clearfield components in >60% of homes passed and plans for ~1,000 passive optical network cabinets by year‑end. August 4, 2025 — Clearfield CMO blog “Fire and Ice” discussed product resilience in extreme environments and Telcordia testing for FieldSmart hardware. September 10, 2025 — CMO blog “After the BEAD Proposals” commented on BEAD outcomes, noting ~80% fiber funding in many states and urging rapid resolution of objections and a focus on long‑term fiber deployments.
Technical Analysis
Directional indicators present a bullish tilt: DI+ at 21.76 and increasing while DI‑ at 23.00 decreases, which signals buying pressure outpacing selling pressure despite the absence of trend strength (ADX 18.26 indicates no established trend). That combination supports short‑term upside potential but cautions on follow‑through.
MACD sits negative at ‑0.49 but shows an increasing trajectory and trades above its signal line (MACD signal ‑0.91), a bullish momentum crossover that often precedes higher short‑term price action.
MRO at ‑23.07 and rising indicates the price sits below WMDST’s target framework and suggests potential upward mean reversion pressure as momentum improves.
RSI at 46.73 and rising points to rebuilding bullish momentum without overbought conditions; room exists for additional upward movement before momentum extremes appear.
Price versus averages: closing price at $34.42 sits above the 12‑day EMA ($33.72) and 20‑day average ($33.56), under the 50‑day ($36.52) and slightly below the 200‑day ($34.70). Short‑term EMAs trending up supports near‑term strength, while the 50‑ and 200‑day averages cap upside without stronger trend confirmation.
Bollinger bands place the close slightly above the 1x upper band (upper 1x = $34.18), suggesting short‑term outperformance within a narrow volatility band (20‑day stdev $0.61). The ichimoku cloud (Senkou A $38.63 / Senkou B $38.84) lies above price, indicating longer‑term resistance overhead. Volume at 91,460 trails short‑ and medium‑term averages, implying current moves lack high conviction from traders.
Fundamental Analysis
Top‑line and margins: total revenue reached $49,903,000 for the latest period. YoY revenue growth registers 5.80% while a provided year‑over‑year metric shows a large negative figure; sequential context matters when assessing momentum. Gross margin measures 30.53%, improving YoY, while operating margin sits at 3.00% and EBIT margin at 6.18%.
Margin comparison to peers: EBIT margin at 6.18% sits below the industry peer mean (26.65%) and industry peer median (23.68%), indicating Clearfield currently operates with lower operating profitability than typical communications‑equipment peers. QoQ, EBIT margin improved by 57.49% versus the prior quarter, signaling material sequential recovery in operating leverage.
Profitability and earnings: net income totaled $1,606,000 and EBIT equaled $3,084,000. EPS actual $0.11 beat the $0.10 estimate by $0.01, a 10% EPS surprise versus expectations. EBITDA measured $5,139,000 and operating cash flow reached $7,918,000, supporting ongoing operations.
Cash, liquidity, and leverage: cash stands at $33,871,000 and cash plus short‑term investments at $117,229,000, versus total debt of $21,674,000, yielding a net cash position exceeding $95,000,000. Current ratio equals 5.93x and quick ratio 4.43x, both well above the industry peer mean current ratio (1.79x), underlining strong short‑term liquidity.
Capital efficiency and working capital: cash conversion cycle runs long at 174.39 days compared with the industry peer mean of 107.90 days, reflecting extended working capital tied in inventory and receivables; cash conversion cycle improved QoQ and YoY per the provided change metrics.
Free cash flow and returns: free cash flow reached $7,419,000 with a free cash flow yield of 1.456%, marginally above the industry peer mean of 1.406%. Return on equity at 0.607% and return on assets at 0.513% remain low but showed sequential improvement in the period indicated by positive QoQ changes.
Valuation context: WMDST values the stock as over‑valued. Market multiples reflect that view—trailing PE at 365.50 substantially exceeds the industry peer mean (93.64) and median (90.53). Price‑to‑sales at 10.21 sits below the industry peer mean (15.89), while price‑to‑book at 1.93 falls below the industry peer mean (6.69). Enterprise multiple measures at 80.55 versus an industry peer mean of 64.27, reinforcing a premium enterprise valuation relative to peer averages.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-06 |
| NEXT REPORT DATE: | 2025-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 28.8 M |
| Operating Cash Flow | $ 7.9 M | |
| Capital Expenditures | $ -499.00 K | |
| Change In Working Capital | $ 2.6 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 5.0 M | |
| End Period Cash Flow | $ 33.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 49.9 M | |
| Forward Revenue | $ 4.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 34.7 M | |
| Depreciation | $ 2.1 M | |
| Depreciation and Amortization | $ 2.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 48.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 15.2 M | |
| EBITDA | $ 5.1 M | |
| EBIT | $ 3.1 M | |
| Operating Income | $ 1.5 M | |
| Interest Income | — | |
| Interest Expense | $ 106.0 K | |
| Net Interest Income | $ -106.00 K | |
| Income Before Tax | $ 3.0 M | |
| Tax Provision | $ 1.4 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 1.6 M | |
| Net Income From Continuing Operations | $ 1.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.10 | |
| EPS Actual | $ 0.11 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 10.0 % | |
| Forward EPS | $ 0.04 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 314.7 M | |
| Intangible Assets | $ 17.4 M | |
| Net Tangible Assets | $ 247.1 M | |
| Total Current Assets | $ 212.6 M | |
| Cash and Short-Term Investments | $ 117.2 M | |
| Cash | $ 33.9 M | |
| Net Receivables | $ 26.6 M | |
| Inventory | $ 53.8 M | |
| Long-Term Investments | $ 689.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 8.7 M | |
| Short-Term Debt | $ 3.2 M | |
| Total Current Liabilities | $ 35.9 M | |
| Net Debt | — | |
| Total Debt | $ 21.7 M | |
| Total Liabilities | $ 50.2 M | |
| EQUITY | ||
| Total Equity | $ 264.5 M | |
| Retained Earnings | $ 116.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 19.16 | |
| Shares Outstanding | 13.806 M | |
| Revenue Per-Share | $ 3.61 | |
| VALUATION | Market Capitalization | $ 509.5 M |
| Enterprise Value | $ 414.0 M | |
| Enterprise Multiple | 80.551 | |
| Enterprise Multiple QoQ | -9.196 % | |
| Enterprise Multiple YoY | -74.668 % | |
| Enterprise Multiple IPRWA | high: 155.2 CLFD: 80.551 mean: 64.27 median: 62.152 low: -128.676 |
|
| EV/R | 8.295 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.19 | |
| Asset To Liability | 6.265 | |
| Debt To Capital | 0.076 | |
| Debt To Assets | 0.069 | |
| Debt To Assets QoQ | -1.091 % | |
| Debt To Assets YoY | 145.089 % | |
| Debt To Assets IPRWA | high: 0.542 mean: 0.274 median: 0.244 CLFD: 0.069 low: 0.008 |
|
| Debt To Equity | 0.082 | |
| Debt To Equity QoQ | 0.676 % | |
| Debt To Equity YoY | 151.689 % | |
| Debt To Equity IPRWA | high: 2.179 mean: 0.291 median: 0.14 CLFD: 0.082 low: 0.009 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.926 | |
| Price To Book QoQ | 21.763 % | |
| Price To Book YoY | -2.106 % | |
| Price To Book IPRWA | high: 26.154 mean: 6.686 median: 5.083 CLFD: 1.926 low: -11.218 |
|
| Price To Earnings (P/E) | 365.499 | |
| Price To Earnings QoQ | 9.404 % | |
| Price To Earnings YoY | -138.525 % | |
| Price To Earnings IPRWA | CLFD: 365.499 high: 176.345 mean: 93.638 median: 90.525 low: -43.675 |
|
| PE/G Ratio | 16.448 | |
| Price To Sales (P/S) | 10.21 | |
| Price To Sales QoQ | 14.473 % | |
| Price To Sales YoY | -7.804 % | |
| Price To Sales IPRWA | high: 34.766 median: 16.502 mean: 15.887 CLFD: 10.21 low: 0.438 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 803.435 | |
| Forward PE/G | 36.155 | |
| Forward P/S | 105.575 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.488 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.16 | |
| Asset Turnover Ratio QoQ | 3.854 % | |
| Asset Turnover Ratio YoY | 3.571 % | |
| Asset Turnover Ratio IPRWA | high: 0.457 CLFD: 0.16 median: 0.142 mean: 0.141 low: 0.074 |
|
| Receivables Turnover | 1.964 | |
| Receivables Turnover Ratio QoQ | -20.334 % | |
| Receivables Turnover Ratio YoY | -0.291 % | |
| Receivables Turnover Ratio IPRWA | high: 3.252 mean: 1.993 CLFD: 1.964 median: 1.691 low: 0.61 |
|
| Inventory Turnover | 0.631 | |
| Inventory Turnover Ratio QoQ | 10.371 % | |
| Inventory Turnover Ratio YoY | 31.599 % | |
| Inventory Turnover Ratio IPRWA | high: 2.635 median: 1.596 mean: 1.197 CLFD: 0.631 low: 0.229 |
|
| Days Sales Outstanding (DSO) | 46.454 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 174.39 | |
| Cash Conversion Cycle Days QoQ | -16.164 % | |
| Cash Conversion Cycle Days YoY | -27.023 % | |
| Cash Conversion Cycle Days IPRWA | high: 378.023 CLFD: 174.39 mean: 107.898 median: 50.228 low: -74.166 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.282 | |
| CapEx To Revenue | -0.01 | |
| CapEx To Depreciation | -0.243 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 264.5 M | |
| Net Invested Capital | $ 267.7 M | |
| Invested Capital | $ 267.7 M | |
| Net Tangible Assets | $ 247.1 M | |
| Net Working Capital | $ 176.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.267 | |
| Current Ratio | 5.925 | |
| Current Ratio QoQ | -12.4 % | |
| Current Ratio YoY | -29.337 % | |
| Current Ratio IPRWA | high: 6.519 CLFD: 5.925 mean: 1.787 median: 1.446 low: 0.533 |
|
| Quick Ratio | 4.427 | |
| Quick Ratio QoQ | -10.101 % | |
| Quick Ratio YoY | -22.697 % | |
| Quick Ratio IPRWA | high: 6.155 CLFD: 4.427 mean: 1.557 median: 0.949 low: 0.415 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.218 | |
| Cost Of Debt | 0.387 % | |
| Interest Coverage Ratio | 29.094 | |
| Interest Coverage Ratio QoQ | 8.455 % | |
| Interest Coverage Ratio YoY | -879.585 % | |
| Interest Coverage Ratio IPRWA | CLFD: 29.094 high: 26.667 mean: 9.424 median: 8.292 low: -17.859 |
|
| Operating Cash Flow Ratio | 0.1 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 24.033 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.239 % | |
| Revenue Growth | 5.798 % | |
| Revenue Growth QoQ | -82.407 % | |
| Revenue Growth YoY | -81.991 % | |
| Revenue Growth IPRWA | high: 42.796 % CLFD: 5.798 % mean: 5.617 % median: 3.554 % low: -38.099 % |
|
| Earnings Growth | 22.222 % | |
| Earnings Growth QoQ | -113.131 % | |
| Earnings Growth YoY | -124.691 % | |
| Earnings Growth IPRWA | high: 200.0 % CLFD: 22.222 % mean: 2.8 % median: 2.128 % low: -400.0 % |
|
| MARGINS | ||
| Gross Margin | 30.527 % | |
| Gross Margin QoQ | 1.459 % | |
| Gross Margin YoY | 39.31 % | |
| Gross Margin IPRWA | high: 92.046 % median: 65.249 % mean: 57.437 % CLFD: 30.527 % low: -12.056 % |
|
| EBIT Margin | 6.18 % | |
| EBIT Margin QoQ | 57.492 % | |
| EBIT Margin YoY | -628.205 % | |
| EBIT Margin IPRWA | high: 73.378 % mean: 26.646 % median: 23.677 % CLFD: 6.18 % low: -62.082 % |
|
| Return On Sales (ROS) | 2.998 % | |
| Return On Sales QoQ | -23.598 % | |
| Return On Sales YoY | -356.239 % | |
| Return On Sales IPRWA | high: 68.34 % mean: 26.399 % median: 23.677 % CLFD: 2.998 % low: -60.161 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 7.4 M | |
| Free Cash Flow Yield | 1.456 % | |
| Free Cash Flow Yield QoQ | 1448.936 % | |
| Free Cash Flow Yield YoY | 197.143 % | |
| Free Cash Flow Yield IPRWA | high: 12.99 % CLFD: 1.456 % mean: 1.406 % median: 1.222 % low: -17.084 % |
|
| Free Cash Growth | 1778.228 % | |
| Free Cash Growth QoQ | -2028.12 % | |
| Free Cash Growth YoY | -1443.357 % | |
| Free Cash Growth IPRWA | CLFD: 1778.228 % high: 210.717 % median: 86.903 % mean: 35.677 % low: -503.15 % |
|
| Free Cash To Net Income | 4.62 | |
| Cash Flow Margin | 7.17 % | |
| Cash Flow To Earnings | 2.228 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.513 % | |
| Return On Assets QoQ | 18.75 % | |
| Return On Assets YoY | -463.83 % | |
| Return On Assets IPRWA | high: 9.389 % mean: 2.839 % median: 2.066 % CLFD: 0.513 % low: -12.112 % |
|
| Return On Capital Employed (ROCE) | 1.106 % | |
| Return On Equity (ROE) | 0.006 | |
| Return On Equity QoQ | 21.643 % | |
| Return On Equity YoY | -472.393 % | |
| Return On Equity IPRWA | high: 0.399 mean: 0.092 median: 0.054 CLFD: 0.006 low: -0.306 |
|
| DuPont ROE | 0.606 % | |
| Return On Invested Capital (ROIC) | 0.91 % | |
| Return On Invested Capital QoQ | 77.734 % | |
| Return On Invested Capital YoY | 196.417 % | |
| Return On Invested Capital IPRWA | high: 12.105 % mean: 4.572 % median: 3.764 % CLFD: 0.91 % low: -5.305 % |
|