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CLW · NYSE · Paper, Lumber & Forest Products

Clearwater Paper

Supplies SBS paperboard for food-service packaging and folding cartons across North America.

$20.82

After-hours close+0.05 (+0.26%)

At close$20.77(−1.53%)

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Profile

Clearwater Paper CorporationCLWMaterials

Manufactures Solid Bleached Sulfate paperboard for food-service packaging, folding cartons, sheeting, and limited market pulp. Sales are concentrated in North America, and its non-integrated model lets converter customers buy board without usually competing against their supplier.

Produces Solid Bleached Sulfate paperboard for food-service packaging and folding-carton uses, with sheeting, slitting, cutting, and limited pulp sales around the core board mill network.

Most sales are tied to North American converter customers that print, sheet, and form the board into cups, plates, cartons, blister packs, and commercial-print applications. The non-integrated model matters because Clearwater generally sells board rather than converted end-products.

Execution now centers on the paperboard reset: adding Augusta capacity, exiting private-label tissue, serving quality-sensitive converters, and launching lighter folding-carton grades such as Velora. The business depends on SBS demand, pricing, customer concentration, and substitution from other paperboard grades or non-paper packaging.

Company facts

CEOArsen S. Kitch

ListedDec 17, 2008

ExchangeNYSE

HeadquartersSpokane, WA

CountryUnited States

Employees1,900

CIK0001441236

ISINUS18538R1032

Key statistics

Market cap$335.8M

EPS (ttm)−$3.04

P/E (ttm)−6.85

ROE-6.1%

P/B0.4228

P/S0.2208

Dividend yield—

Beta0.95vs XLB 1.18

Year to date +17.3% · Average volume (30d) 214.4K

Analysts

Price target, next 12 months$20.00−3.9%Median of 10 analysts · vs the Aug 28 close

ConsensusBuy6 of 10 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $20.82

High$21.00+0.9%

Median$20.00−3.9%

Low$17.00−18.3%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Jul 29, 2026	RBC Capital	Reiterate	Outperform	$19	$21
Jul 29, 2026	TD Securities	Reiterate	Hold		$20
Jul 15, 2026	Truist Financial	Target		$12	$17
Apr 29, 2026	Truist Financial	Target		$16	$12
Apr 29, 2026	RBC Capital	Reiterate	Outperform	$20	$19

Earnings

EPS

Estimate−$0.14

ReportedDue Oct 27, 2026

Revenue

Estimate$387.4M

ReportedDue Oct 27, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Jul 28, 2026Q2 FY26	−$1.49	−$1.75	−17.4%	$374.8M	$374.8M	0.0%	+23.42%
Apr 28, 2026Q1 FY26	−$1.32	−$1.29	+2.3%	$363.6M	$360.3M	−0.9%	−13.20%
Feb 18, 2026Q4 FY25	−$0.50	−$0.42	+15.2%	$379.0M	$386.4M	+2.0%	−9.33%
Oct 28, 2025Q3 FY25	−$0.53	−$0.51	+3.8%	$387.9M	$399.0M	+2.9%	−8.54%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$378.2M	$391.8M	$399.0M	$386.4M	$360.3M	$374.8M
Gross profit	$36.7M	$43.0M	$18.8M	$17.2M	−$900.0K	−$10.4M
Operating income	$5.2M	$14.5M	−$4.9M	−$2.5M	−$21.4M	−$24.0M
Net income	−$6.3M	$2.7M	−$53.3M	$38.3M	−$12.8M	−$21.5M
Diluted EPS	−$0.38	$0.17	−$3.30	$2.39	−$0.80	−$1.33
Gross margin	9.7%	11.0%	4.7%	4.5%	-0.2%	-2.8%
Operating margin	1.4%	3.7%	-1.2%	-0.6%	-5.9%	-6.4%

Fiscal years (4-quarter sums)FY21 $1.77B · FY22 $2.08B · FY23 $1.60B · FY24 $1.62B · FY25 $1.56B

Revenue by product · Q2 FY26

Foodservice$173.0M · 84%

Other$32.2M · 16%

Revenue by geography · FY25

United States$1.42B · 91%

Non-US$137.2M · 9%

Balance sheet, Jun 30, 2026Cash & short-term investments $95.4M · Total debt $361.1M · Total assets $1.57B · Shareholders' equity $794.1M

Dividends

No dividends on record.

Ownership

Institutions 91.25%14.72M sharesInsiders 5.17%834.3K sharesOther 3.58%576.6K shares

Shares outstanding 16.13M · Float 15.58M · 96.6% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Southeastern Asset Management Inc/TN/	1.54M	9.55%	13F	Aug 14, 2026
BlackRock, Inc.	1.26M	7.83%	13F	Aug 7, 2026
Dimensional Fund Advisors LP	1.06M	6.60%	13G	Jul 14, 2026
Gate City Capital Management, LLC	938.5K	5.80%	13G	Aug 14, 2026
Readystate Asset Management LP	781.4K	4.84%	13F	Aug 14, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Nov 28, 2025	Steve M. Bowden	officer: Sr. V.P.	−8,889	$18.14