Clearwater Paper Corporation
- Open
- 21.08
- Day high
- 21.11
- Day low
- 19.01
- Prev close
- 21.09
- Volume
- 201K
- Mkt cap
- $339M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.4
- P/S
- 0.2
- Yield
- —
- Per share
- —
Clearwater Paper Corporation (CLW) is a Basic Materials company listed on NYSE. The stock is down 3% over the past year. Drillr has 1 published research article covering CLW.
Clearwater Paper Corporation (CLW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CLW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $-1.49 | $-1.75 | -17.4% | $375M | -0.0% |
| Apr 28, 2026 | $-1.32 | $-1.29 | +2.3% | $360M | -0.9% |
| Feb 18, 2026 | $-0.49 | $2.38 | +580.8% | $-1.2B | -408.0% |
| Feb 13, 2025 | $-0.33 | $-1.17 | -254.5% | $387M | -18.2% |
| Feb 20, 2024 | $1.42 | $1.35 | -4.9% | $513M | +3.2% |
| Aug 1, 2023 | $1.18 | $1.74 | +47.5% | $525M | +1.3% |
| May 2, 2023 | $1.75 | $1.47 | -16.0% | $525M | -4.2% |
| Feb 14, 2023 | $-0.09 | $-0.30 | -233.3% | $527M | +0.1% |
| Oct 31, 2022 | $1.52 | $1.83 | +20.4% | $539M | +2.0% |
| Aug 2, 2022 | $1.11 | $1.11 | +0.0% | $526M | +6.5% |
| Apr 28, 2022 | $0.87 | $1.03 | +18.4% | $488M | +2.2% |
| Feb 15, 2022 | $0.60 | $0.82 | +36.7% | $490M | +5.6% |
CLW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Baker Sherriofficer: SVP, CFO | Tax | 4,634 | $21.42 |
| Jul 6, 2026 | HILLMAN JEANNE Mdirector | Grant | 1,550 | $15.81 |
| Jul 6, 2026 | Rome Marc D.officer: SVP, Gen. Counsel & Corp. Sec. | Tax | 226 | $15.68 |
| May 28, 2026 | Kitch Arsen S.officer: President, CEO | Grant | 9,154 | — |
| May 19, 2026 | Passarello Mathew Dofficer: Sr. V.P. | Tax | 179 | $13.72 |
| May 19, 2026 | Kitch Arsen S.officer: President, CEO | Grant | 9,154 | $14.83 |
| May 12, 2026 | O'Donnell John Pdirector | Grant | 8,392 | $14.30 |
| May 12, 2026 | TOELDTE ALEXANDERdirector | Grant | 8,392 | $14.30 |
| May 12, 2026 | Corkrean John Jdirector | Grant | 8,392 | $14.30 |
| May 12, 2026 | Nelson Ann Cdirector | Grant | 8,392 | $14.30 |
| May 12, 2026 | LAYMON JOE Wdirector | Grant | 8,392 | $14.30 |
| May 12, 2026 | HILLMAN JEANNE Mdirector | Grant | 8,392 | $14.30 |
| May 12, 2026 | Vickers Tucker Christine M.director | Grant | 8,392 | $14.30 |
| Apr 3, 2026 | HILLMAN JEANNE Mdirector | Grant | 1,677 | $14.61 |
| Mar 17, 2026 | Kitch Arsen S.officer: President, CEO | Tax | 4,965 | $13.11 |
Source: CLW SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full CLW insider & 13F page →Clearwater Paper Corporation company profile
Overview
Clearwater Paper Corporation (NYSE:CLW) is a leading North American manufacturer of paperboard packaging materials and consumer tissue products. Founded in 2005 and publicly traded since 2008, the company has undergone significant strategic transformation in recent years. Originally operating as a diversified paper products company with both paperboard and tissue divisions, Clearwater completed the sale of its tissue business to Sofidel America for $1.06 billion in 2024, allowing the company to focus exclusively on becoming a premier independent paperboard packaging supplier. The company is headquartered in Spokane, Washington, and operates manufacturing facilities across the United States.
Business
Clearwater Paper operates in the paper and forest products industry, specifically focusing on the production of bleached paperboard used in packaging applications. The paperboard industry serves as a critical component of the broader packaging supply chain, providing the raw materials that converters transform into finished packaging products. The company's core product is Solid Bleached Sulfate (SBS) paperboard, a high-quality, food-grade packaging material made from virgin wood fibers. SBS paperboard is characterized by its bright white appearance, excellent printability, and food-safe properties, making it ideal for premium packaging applications. This material is used to create folding cartons for food products, liquid packaging containers like milk cartons, disposable cups and plates, blister packaging for pharmaceuticals and consumer goods, and high-end retail packaging. Following the 2024 divestiture of its tissue business, Clearwater now operates as a single-segment company focused entirely on paperboard manufacturing. The company significantly expanded its capacity through the acquisition of the Augusta, Georgia paperboard facility from Graphic Packaging in May 2024, increasing its total paperboard production capacity by approximately 70%. This acquisition transformed Clearwater from a smaller regional player into one of the larger independent paperboard producers in North America. The North American paperboard market represents approximately 10 million tons of annual demand, with applications spanning food service packaging, consumer goods packaging, and industrial uses. The industry is characterized by cyclical demand patterns influenced by consumer spending, inventory management by customers, and broader economic conditions.
Revenue model
Clearwater Paper generates revenue through the direct sale of paperboard products to packaging converters, folding carton manufacturers, and commercial printers. The company operates on a traditional manufacturing business model where it purchases raw materials (primarily wood chips and recycled fiber), processes them through its pulp and paperboard mills, and sells the finished paperboard products at market-determined prices. The company's customers include packaging converters who transform the paperboard into finished packaging products, folding carton converters who create boxes and cartons for consumer goods, merchants who distribute paperboard to smaller customers, and commercial printers who use the material for various printing applications. Revenue is generated through volume-based sales, with pricing typically following industry benchmarks and market conditions. Several factors significantly impact Clearwater's profitability and margins. Commodity pricing cycles represent the most significant external factor, as paperboard prices fluctuate based on industry supply and demand dynamics, with the company currently experiencing a down cycle in SBS pricing. Raw material costs, particularly wood fiber and energy costs, directly affect manufacturing expenses and can compress margins when they rise faster than selling prices. Industry utilization rates play a crucial role, with the company targeting 90-95% industry utilization for optimal pricing, while current rates around 88% indicate some pricing pressure. Operational efficiency improvements through the Augusta acquisition integration and targeted cost reduction initiatives of $30-40 million annually represent key margin enhancement opportunities. Customer inventory management creates demand volatility, as converters periodically destocking or building inventory can significantly impact quarterly shipment volumes. Import competition, particularly from Canadian and overseas producers, can pressure domestic pricing, though potential tariff policies may provide some protection for domestic manufacturers like Clearwater.
Competitive moat
Clearwater Paper operates in a commodity-like industry with limited sustainable competitive advantages, though it possesses several modest defensive characteristics. The company's primary moat stems from operational scale and geographic positioning, as the Augusta acquisition has made it one of the larger independent paperboard producers in North America, providing some negotiating leverage with both suppliers and customers. The capital-intensive nature of paperboard manufacturing creates barriers to entry, as building new facilities requires hundreds of millions of dollars and multi-year construction timelines. Additionally, the company's integrated pulp and paperboard operations provide some cost advantages over non-integrated competitors, allowing better control over raw material costs and quality. However, Clearwater's moat is relatively weak overall. The paperboard industry is characterized by commodity pricing dynamics where products are largely undifferentiated, limiting pricing power. The company faces competition from larger integrated forest products companies with greater scale advantages, such as International Paper and Graphic Packaging, as well as import competition from Canadian and overseas producers. Cyclical demand patterns and customer inventory management create earnings volatility that the company cannot control. The threat of substitution from alternative packaging materials, including recycled content paperboard and plastic alternatives, represents a long-term competitive challenge. While Clearwater is exploring product diversification into areas like Coated Unbleached Kraft (CUK) and Coated Recycled Board (CRB), these efforts are still in early stages and unlikely to create significant differentiation in the near term. The company's competitive position is best described as that of a capable regional player in a commodity industry, with modest scale advantages but limited pricing power and significant exposure to industry cycles.
Risks & safety
Clearwater Paper presents a moderate margin of safety profile with improved financial flexibility following its strategic transformation, though some operational challenges remain. **Liquidity and Solvency:** - Cash position of $44 million with current ratio of 1.66x indicates adequate short-term liquidity - Debt-to-equity ratio of 0.35x represents conservative leverage following tissue business sale and debt paydown - Negative free cash flow of -$31.2 million in Q1 2025 raises concerns about cash generation, though management expects improvement - Operating cash flow of $1.5 million in Q1 indicates break-even operational cash generation **Valuation Metrics:** - Price-to-book ratio of 0.50x suggests potential asset value protection - EV/EBITDA of 9.1x appears reasonable for a cyclical manufacturer, though based on low current EBITDA - Trading below tangible book value provides some downside protection **Other Considerations:** - Company is in early stages of integration following major acquisition and divestiture, creating execution risk - Cyclical industry currently in down cycle with 88% utilization rates versus target 90-95% - Cost reduction initiatives of $30-40 million may provide earnings support but require successful execution
Recent development
Clearwater Paper has undergone dramatic strategic transformation over the past two years, fundamentally reshaping its business model and market position. The most significant development was the acquisition of the Augusta, Georgia paperboard facility from Graphic Packaging in May 2024, which increased the company's paperboard production capacity by approximately 70% and transformed it into one of the larger independent paperboard producers in North America. Simultaneously, the company divested its entire tissue business to Sofidel America for $1.06 billion, completing the sale in late 2024. This divestiture allowed Clearwater to focus exclusively on paperboard manufacturing while significantly improving its balance sheet through debt reduction. The combined effect of these transactions has repositioned Clearwater from a diversified paper products company into a pure-play paperboard manufacturer. The company has initiated aggressive cost reduction programs targeting $30-40 million in annual savings, including a 10% workforce reduction of over 200 positions and efforts to reduce selling, general, and administrative expenses to 6-7% of sales from current higher levels. Management has also shifted to an annual maintenance outage schedule in 2025 to improve operational efficiency and reduce disruption. Product diversification efforts are underway as the company explores expansion into new paperboard substrates including Coated Unbleached Kraft (CUK) and Coated Recycled Board (CRB), as well as development of compostable food service products and lightweight folding carton solutions. These initiatives aim to reduce dependence on traditional SBS paperboard and capture growth in sustainable packaging segments. The company has also secured new long-term supply agreements to help fill the expanded capacity at the Augusta facility, with management expecting to achieve $40-50 million in volume and cost synergies by the end of 2026 from the acquisition integration.
CLW company profile · for informational purposes only — not investment advice.
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