Recent News
On July 23, 2026 the company announced the launch of Circa™, a coated recycled paperboard line for folding-carton and carrier applications developed in collaboration with Greenpaper, expanding Clearwater Paper’s recycled product offering and U.S. distribution footprint. On July 18, 2026 at least one sell-side shop reiterated a positive view of the stock. Separately, an insider filing on May 19, 2026 recorded a restricted stock unit grant to the CEO.
Technical Analysis
ADX reads 12.83, indicating no trend; price action lacks a dominant directional impulse, so momentum-driven moves require confirmation before a sustained trend forms.
DI+ shows a dip & reversal while DI- reads 20.24 and is decreasing; both directional indicators imply recent bullish reengagement in directional forces versus prior selling pressure.
MACD sits at 0.14 and is increasing, with the MACD above its 0.09 signal line; that cross-above constitutes a bullish momentum signal and supports near-term upside if sustained.
MRO equals -13.73 (negative), indicating the current price sits below the WMDST target and implies potential upward pressure toward that valuation level.
RSI at 51.96 with a dip & reversal shows momentum shifted back from a short-term pullback into neutral-to-constructive territory; this supports consolidation with bias toward re-acceleration if MACD holds.
Price trades above the short-term averages (12-day EMA $16.15 and 20-day average $15.87) but remains slightly below the 200-day average $16.50; that configuration supports modest upside constrained by the longer-term average acting as a near-term cap.
Fundamental Analysis
Revenue totaled $360,300,000 for the period ending 2026-03-31, with YoY revenue growth of 1.94% and QoQ growth of 1.14% — modest top-line expansion but not accelerating. Gross profit registered $-900,000 and gross margin at -0.25%, a deterioration YoY (gross margin YoY change -102.576%), which pressures operating results.
Operating income equaled $-21,400,000 and operating margin -5.939%; operating margin improved QoQ by 8.18% and improved YoY by 4.22%, indicating sequential operational leverage despite a negative absolute margin. EBIT stood at $-11,800,000 with an EBIT margin of -3.275%, below the industry peer mean of 3.476% and inside the industry peer range (low -6.35% to high 3.768%). EBIT margin declined QoQ by -275.79% but rose YoY by 188.04% (both values per reporting).
Net income recorded $-12,800,000 and EPS came in at $-1.29 versus an estimate of $-1.33, producing a positive EPS surprise of 3.01%. Free cash flow totaled $-8,600,000 with a free cash flow yield of -3.476% and free-cash growth contracting YoY, constraining internal financing options.
Liquidity metrics show $36,500,000 in cash and cash-and-short-term investments, a current ratio of 2.61 (up 56.55% YoY) and a quick ratio of 1.26 (up 57.34% YoY), reflecting improved short-term coverage of liabilities. Working capital and operating cash flow remain thin: operating cash flow only $500,000 and a cash conversion cycle of 76.74 days (above the industry peer mean of ~17.13 days), indicating capital tied in inventory and receivables.
Balance-sheet leverage: total debt $373,200,000, net debt $324,600,000, debt-to-equity 45.87%, and debt-to-EBITDA at 32.17x — the latter signals acute earnings coverage pressure. Interest expense totaled $4,700,000 and the interest-coverage ratio stands at -2.51, reflecting negative operating income versus interest obligations.
Valuation metrics present mixed signals: price-to-book at 0.30 sits below the industry peer mean of 1.30, while enterprise multiple at 50.35 exceeds the industry peer mean ~41.47. Forward EPS and forward PE remain negative. The current valuation as determined by WMDST: over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-28 |
| NEXT REPORT DATE: | 2026-07-28 |
| CASH FLOW | Begin Period Cash Flow | $ 30.7 M |
| Operating Cash Flow | $ 500.0 K | |
| Capital Expenditures | $ -9.10 M | |
| Change In Working Capital | $ -5.80 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 5.8 M | |
| End Period Cash Flow | $ 36.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 360.3 M | |
| Forward Revenue | $ 39.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 361.2 M | |
| Depreciation | $ 23.4 M | |
| Depreciation and Amortization | $ 23.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 381.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ -900.00 K | |
| EBITDA | $ 11.6 M | |
| EBIT | $ -11.80 M | |
| Operating Income | $ -21.40 M | |
| Interest Income | $ 300.0 K | |
| Interest Expense | $ 4.7 M | |
| Net Interest Income | $ -4.90 M | |
| Income Before Tax | $ -16.50 M | |
| Tax Provision | $ -3.70 M | |
| Tax Rate | 22.424 % | |
| Net Income | $ -12.80 M | |
| Net Income From Continuing Operations | $ -12.80 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.33 | |
| EPS Actual | $ -1.29 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 3.008 % | |
| Forward EPS | $ -0.34 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.6 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 813.7 M | |
| Total Current Assets | $ 522.1 M | |
| Cash and Short-Term Investments | $ 36.5 M | |
| Cash | $ 36.5 M | |
| Net Receivables | $ 163.4 M | |
| Inventory | $ 269.7 M | |
| Long-Term Investments | $ 61.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 125.8 M | |
| Short-Term Debt | $ 600.0 K | |
| Total Current Liabilities | $ 200.4 M | |
| Net Debt | $ 324.6 M | |
| Total Debt | $ 373.2 M | |
| Total Liabilities | $ 756.1 M | |
| EQUITY | ||
| Total Equity | $ 813.7 M | |
| Retained Earnings | $ 849.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 50.46 | |
| Shares Outstanding | 16.125 M | |
| Revenue Per-Share | $ 22.34 | |
| VALUATION | Market Capitalization | $ 247.4 M |
| Enterprise Value | $ 584.1 M | |
| Enterprise Multiple | 50.354 | |
| Enterprise Multiple QoQ | 150.27 % | |
| Enterprise Multiple YoY | 33.106 % | |
| Enterprise Multiple IPRWA | high: 169.193 CLW: 50.354 mean: 41.472 low: 39.676 median: 39.676 |
|
| EV/R | 1.621 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.929 | |
| Asset To Liability | 2.076 | |
| Debt To Capital | 0.314 | |
| Debt To Assets | 0.238 | |
| Debt To Assets QoQ | 5.358 % | |
| Debt To Assets YoY | 32.623 % | |
| Debt To Assets IPRWA | high: 0.827 mean: 0.269 low: 0.262 median: 0.262 CLW: 0.238 |
|
| Debt To Equity | 0.459 | |
| Debt To Equity QoQ | 5.614 % | |
| Debt To Equity YoY | 30.987 % | |
| Debt To Equity IPRWA | high: 0.941 median: 0.644 CLW: 0.459 mean: -0.622 low: -293.313 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.304 | |
| Price To Book QoQ | -14.647 % | |
| Price To Book YoY | -39.541 % | |
| Price To Book IPRWA | high: 1.78 median: 1.352 mean: 1.304 CLW: 0.304 low: -17.323 |
|
| Price To Earnings (P/E) | -11.894 | |
| Price To Earnings QoQ | -72.75 % | |
| Price To Earnings YoY | -115.626 % | |
| Price To Earnings IPRWA | high: 252.127 median: 252.127 mean: 224.325 CLW: -11.894 low: -82.621 |
|
| PE/G Ratio | -0.057 | |
| Price To Sales (P/S) | 0.687 | |
| Price To Sales QoQ | -9.753 % | |
| Price To Sales YoY | -38.268 % | |
| Price To Sales IPRWA | high: 3.353 median: 3.353 mean: 3.256 CLW: 0.687 low: 0.196 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -40.969 | |
| Forward PE/G | -0.198 | |
| Forward P/S | 5.663 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 39.068 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.228 | |
| Asset Turnover Ratio QoQ | -7.002 % | |
| Asset Turnover Ratio YoY | -0.057 % | |
| Asset Turnover Ratio IPRWA | high: 0.27 CLW: 0.228 mean: 0.17 low: 0.161 median: 0.161 |
|
| Receivables Turnover | 2.263 | |
| Receivables Turnover Ratio QoQ | -12.875 % | |
| Receivables Turnover Ratio YoY | -2.489 % | |
| Receivables Turnover Ratio IPRWA | CLW: 2.263 high: 2.011 mean: 1.664 median: 1.634 low: 1.632 |
|
| Inventory Turnover | 1.31 | |
| Inventory Turnover Ratio QoQ | 0.229 % | |
| Inventory Turnover Ratio YoY | -0.773 % | |
| Inventory Turnover Ratio IPRWA | high: 2.169 median: 2.169 mean: 2.104 low: 1.361 CLW: 1.31 |
|
| Days Sales Outstanding (DSO) | 40.319 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 76.738 | |
| Cash Conversion Cycle Days QoQ | 10.058 % | |
| Cash Conversion Cycle Days YoY | 20.035 % | |
| Cash Conversion Cycle Days IPRWA | high: 110.316 CLW: 76.738 mean: 17.13 low: 13.573 median: 13.573 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.12 | |
| CapEx To Revenue | -0.025 | |
| CapEx To Depreciation | -0.389 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ 813.7 M | |
| Net Working Capital | $ 321.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.182 | |
| Current Ratio | 2.605 | |
| Current Ratio QoQ | 7.084 % | |
| Current Ratio YoY | 56.547 % | |
| Current Ratio IPRWA | CLW: 2.605 high: 2.169 mean: 1.236 low: 1.213 median: 1.213 |
|
| Quick Ratio | 1.259 | |
| Quick Ratio QoQ | 11.461 % | |
| Quick Ratio YoY | 57.343 % | |
| Quick Ratio IPRWA | CLW: 1.259 high: 1.218 median: 0.944 mean: 0.935 low: 0.81 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 32.172 | |
| Cost Of Debt | 0.997 % | |
| Interest Coverage Ratio | -2.511 | |
| Interest Coverage Ratio QoQ | -263.89 % | |
| Interest Coverage Ratio YoY | 98.515 % | |
| Interest Coverage Ratio IPRWA | high: 1.705 median: 1.705 mean: 1.593 low: -1.068 CLW: -2.511 |
|
| Operating Cash Flow Ratio | 0.045 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 31.722 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.165 % | |
| Revenue Growth | -6.755 % | |
| Revenue Growth QoQ | 113.901 % | |
| Revenue Growth YoY | 193.823 % | |
| Revenue Growth IPRWA | high: 8.854 % median: -0.583 % mean: -1.704 % CLW: -6.755 % low: -15.169 % |
|
| Earnings Growth | 207.143 % | |
| Earnings Growth QoQ | -887.137 % | |
| Earnings Growth YoY | -241.931 % | |
| Earnings Growth IPRWA | CLW: 207.143 % high: -43.885 % mean: -276.573 % low: -287.5 % median: -287.5 % |
|
| MARGINS | ||
| Gross Margin | -0.25 % | |
| Gross Margin QoQ | -105.617 % | |
| Gross Margin YoY | -102.576 % | |
| Gross Margin IPRWA | high: 28.923 % median: 28.923 % mean: 27.806 % CLW: -0.25 % low: -0.888 % |
|
| EBIT Margin | -3.275 % | |
| EBIT Margin QoQ | -275.792 % | |
| EBIT Margin YoY | 188.039 % | |
| EBIT Margin IPRWA | high: 3.768 % median: 3.768 % mean: 3.476 % CLW: -3.275 % low: -6.35 % |
|
| Return On Sales (ROS) | -5.939 % | |
| Return On Sales QoQ | 817.929 % | |
| Return On Sales YoY | 422.339 % | |
| Return On Sales IPRWA | high: 2.914 % median: 2.914 % mean: 2.671 % CLW: -5.939 % low: -6.722 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -8.60 M | |
| Free Cash Flow Yield | -3.476 % | |
| Free Cash Flow Yield QoQ | 3.237 % | |
| Free Cash Flow Yield YoY | -53.128 % | |
| Free Cash Flow Yield IPRWA | high: 0.469 % median: 0.469 % mean: -0.292 % CLW: -3.476 % low: -103.019 % |
|
| Free Cash Growth | -13.131 % | |
| Free Cash Growth QoQ | -91.947 % | |
| Free Cash Growth YoY | -75.766 % | |
| Free Cash Growth IPRWA | CLW: -13.131 % high: -63.137 % median: -63.137 % mean: -79.971 % low: -408.821 % |
|
| Free Cash To Net Income | 0.672 | |
| Cash Flow Margin | 2.526 % | |
| Cash Flow To Earnings | -0.711 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -0.811 % | |
| Return On Assets QoQ | -133.347 % | |
| Return On Assets YoY | 113.421 % | |
| Return On Assets IPRWA | high: 0.161 % median: 0.161 % mean: 0.128 % CLW: -0.811 % low: -2.596 % |
|
| Return On Capital Employed (ROCE) | -0.862 % | |
| Return On Equity (ROE) | -0.016 | |
| Return On Equity QoQ | -133.894 % | |
| Return On Equity YoY | 108.898 % | |
| Return On Equity IPRWA | high: 9.389 mean: 0.045 median: 0.004 low: -0.003 CLW: -0.016 |
|
| DuPont ROE | -1.562 % | |
| Return On Invested Capital (ROIC) | -0.779 % | |
| Return On Invested Capital QoQ | -260.288 % | |
| Return On Invested Capital YoY | 164.068 % | |
| Return On Invested Capital IPRWA | high: 0.769 % median: 0.769 % mean: 0.709 % CLW: -0.779 % low: -1.722 % |
|