Clearwater Paper Corporation (CLW) Key Metrics
CLW valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $311.3M
- Enterprise value
- $622.5M
- P/E (TTM)
- — 10-yr median 8.2
- Forward P/E
- 10.9
- PEG ratio
- 3.21
- Price / sales
- 0.2 10-yr median 0.3
- Price / book
- 0.4 10-yr median 1.0
- EV / EBITDA
- 75.0 10-yr median 8.6
- Dividend yield
- —
- Beta
- 0.33
CLW key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCLW valuation Price multiples at each fiscal year-end price.
Price / sales−49.9%
0.2
2025 · hover or tap a bar for each year
20162025
Price / book−41.7%
0.3
2025 · hover or tap a bar for each year
20162025
EV / EBITDA
14.4
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+11.0 pts
−0.0%
2025 · hover or tap a bar for each year
20162025
CLW returns How much profit the business earns on the capital it uses.
Return on equity+12.3 pts
−2.2%
2025 · hover or tap a bar for each year
20162025
Return on invested capital+3.8 pts
0.8%
2025 · hover or tap a bar for each year
20162025
Return on assets+5.5 pts
−1.1%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+4.0 pts
−0.0%
2025 · hover or tap a bar for each year
20162025
Asset turnover+15.3%
0.95
2025 · hover or tap a bar for each year
20162025
CLW per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+16.7%
$96.20
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$1.15
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$0.00
2025 · hover or tap a bar for each year
20162025
Book value per share+0.2%
$51.04
2025 · hover or tap a bar for each year
20162025
Shares outstanding−3.6%
16.2M
2025 · hover or tap a bar for each year
20162025
CLW financial health Debt, liquidity and how easily interest is covered.
Debt / equity+35.8%
0.51
2025 · hover or tap a bar for each year
20162025
Net debt+$179.8M
$421.8M
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA
8.64
2025 · hover or tap a bar for each year
20162025
Current ratio+42.9%
2.43
2025 · hover or tap a bar for each year
20162025
Interest coverage
0.7
2025 · hover or tap a bar for each year
20162025
Debt / assets+38.7%
0.27
2025 · hover or tap a bar for each year
20162025
CLW efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+7 days
45 days
2025 · hover or tap a bar for each year
20162025
Days of inventory−26 days
33 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+2 days
37 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−20 days
40 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−8.4 pts
0.0%
2025 · hover or tap a bar for each year
20162025
CLW valuation history
Fiscal year-endToday10-year median
CLW returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CLW debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CLW cash returned to shareholders
DividendsBuybacksFree cash flow
CLW price vs earnings per share
Share price at year-endEPS (right axis)
CLW key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $281.3M | $499.6M | $617.3M | $649.6M | $614.8M | $631.3M | $353.1M | $401.8M | $751.6M | $1.12B |
| Enterprise value | $703.1M | $741.6M | $1.05B | $1.21B | $1.29B | $1.38B | $1.31B | $1.20B | $1.49B | $1.83B |
| P/E ratio | — | — | 5.7 | 14.1 | — | 8.2 | — | — | 7.7 | 22.6 |
| Price / sales | 0.2 | 0.4 | 0.5 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.4 | 0.6 |
| Price / book | 0.3 | 0.6 | 0.9 | 1.1 | 1.2 | 1.2 | 0.8 | 0.9 | 1.3 | 2.4 |
| Price / free cash flow | — | — | 5.3 | 5.6 | 10.6 | 3.0 | — | — | — | 64.4 |
| Price / operating cash flow | — | 8.1 | 3.2 | 4.3 | 6.4 | 2.6 | 6.4 | 2.4 | 4.2 | 6.5 |
| EV / sales | 0.5 | 0.5 | 0.9 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | 0.9 | 1.1 |
| EV / EBITDA | 14.4 | — | 8.9 | 5.7 | 12.3 | 5.5 | 8.3 | — | 8.4 | 9.0 |
| EV / free cash flow | — | — | 9.0 | 10.4 | 22.2 | 6.7 | — | — | — | 104.9 |
| Earnings yield | −6.6% | −22.2% | 17.4% | 7.1% | −4.6% | 12.2% | −1.6% | −35.8% | 13.0% | 4.4% |
| Free cash flow yield | −0.0% | −11.0% | 19.0% | 18.0% | 9.4% | 32.9% | −23.9% | −31.6% | −2.9% | 1.6% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 6.1% | 2.0% | 2.9% | 0.8% | 0.3% | 0.1% | 0.0% | 0.0% | 0.7% | 5.8% |
| Share price at fiscal year-end | $17.40 | $29.77 | $36.12 | $37.81 | $36.67 | $37.75 | $21.36 | $24.37 | $45.40 | $65.55 |
| Per share | ||||||||||
| Revenue per share | $96.20 | $82.45 | $66.47 | $121.07 | $105.72 | $111.73 | $106.54 | $104.58 | $104.52 | $101.41 |
| Earnings per share | −$1.15 | −$6.61 | $6.30 | $2.68 | −$1.68 | $4.61 | −$0.34 | −$8.72 | $5.88 | $2.90 |
| Operating cash flow per share | $0.00 | $3.66 | $11.16 | $8.74 | $5.75 | $14.77 | $3.36 | $10.24 | $10.73 | $10.10 |
| Free cash flow per share | −$0.00 | −$3.29 | $6.85 | $6.79 | $3.46 | $12.40 | −$5.11 | −$7.69 | −$1.33 | $1.02 |
| Cash per share | $0.00 | $4.74 | $2.46 | $3.17 | $1.50 | $2.15 | $1.29 | $1.36 | $0.95 | $1.34 |
| Book value per share | $51.04 | $50.92 | $39.13 | $33.29 | $30.52 | $31.16 | $26.13 | $25.86 | $34.76 | $27.47 |
| Tangible book value per share | $50.91 | $47.77 | $36.70 | $30.75 | $27.78 | $28.24 | $22.98 | $22.27 | $18.04 | $10.82 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.01 | $6.95 | $4.31 | $1.95 | $2.29 | $2.37 | $8.47 | $17.94 | $12.06 | $9.08 |
| Debt per share | $26.09 | $19.16 | $27.65 | $35.72 | $41.63 | $47.10 | $59.39 | $49.71 | $45.42 | $42.55 |
| Shares outstanding | 16.2M | 16.8M | 17.1M | 17.2M | 16.8M | 16.7M | 16.5M | 16.5M | 16.6M | 17.1M |
| Change in shares outstanding | −3.6% | −1.8% | −0.5% | +2.5% | +0.3% | +1.2% | +0.3% | −0.4% | −3.2% | −9.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −2.2% | −14.6% | 17.4% | 8.5% | −5.4% | 16.2% | −1.3% | −28.7% | 18.6% | 10.5% |
| Return on invested capital (ROIC) | 0.8% | −3.0% | 11.8% | 6.6% | 0.8% | 9.3% | 2.7% | −6.1% | 5.7% | 5.0% |
| Return on assets (ROA) | −1.1% | −6.6% | 6.4% | 2.7% | −1.6% | 4.2% | −0.3% | −8.0% | 5.6% | 3.1% |
| Return on tangible assets | −1.2% | −6.8% | 6.6% | 2.8% | −1.7% | 4.4% | −0.3% | −8.3% | 6.4% | 3.5% |
| Free cash flow margin | −0.0% | −4.0% | 10.3% | 5.6% | 3.3% | 11.1% | −4.8% | −7.4% | −1.3% | 1.0% |
| Income quality (OCF / net income) | — | — | 1.77 | 3.27 | — | 3.20 | — | — | 1.83 | 3.49 |
| Financial health | ||||||||||
| Total debt | $421.8M | $321.6M | $472.6M | $613.7M | $698.0M | $787.7M | $981.9M | $819.5M | $752.0M | $727.9M |
| Cash & short-term investments | $30,700 | $79.6M | $42.0M | $54.4M | $25.2M | $35.9M | $21.4M | $22.5M | $15.7M | $23.0M |
| Net debt | $421.8M | $242.0M | $430.6M | $559.3M | $672.8M | $751.8M | $960.5M | $797.1M | $736.2M | $704.9M |
| Debt / equity | 0.51 | 0.38 | 0.71 | 1.07 | 1.36 | 1.51 | 2.27 | 1.92 | 1.31 | 1.55 |
| Debt / assets | 0.27 | 0.19 | 0.28 | 0.36 | 0.41 | 0.44 | 0.52 | 0.46 | 0.42 | 0.43 |
| Net debt / EBITDA | 8.64 | — | 3.66 | 2.64 | 6.44 | 2.96 | 6.07 | — | 4.15 | 3.48 |
| Current ratio | 2.43 | 1.70 | 1.97 | 1.88 | 1.92 | 1.94 | 1.66 | 0.99 | 1.08 | 1.22 |
| Quick ratio | 2.43 | 0.90 | 1.41 | 0.84 | 0.82 | 0.86 | 0.66 | 0.40 | 0.45 | 0.51 |
| Interest coverage | 0.7 | -1.3 | 14.9 | 3.4 | 0.3 | 3.4 | 1.0 | -3.2 | 2.3 | 3.8 |
| Working capital | $309.8M | $225.0M | $278.2M | $274.3M | $233.1M | $230.1M | $185.4M | −$5.3M | $33.5M | $80.0M |
| Invested capital | $1.25B | $1.10B | $1.10B | $1.13B | $1.18B | $1.27B | $1.39B | $1.22B | $1.31B | $1.17B |
| Tangible asset value | $823.2M | $801.5M | $627.2M | $528.3M | $465.8M | $472.3M | $380.0M | $367.2M | $298.7M | $185.1M |
| Net current asset value | −$237.0M | −$279.4M | −$439.0M | −$545.2M | −$691.2M | −$804.4M | −$979.9M | −$917.8M | −$774.0M | −$768.0M |
| Graham number | — | — | $74.48 | $44.78 | — | $56.85 | — | — | $67.81 | $42.31 |
| Graham net-net per share | −$38.12 | −$28.29 | −$47.30 | −$45.02 | −$53.01 | −$59.27 | −$70.41 | −$66.25 | −$57.76 | −$55.24 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $17.2M | $10.0M | $17.9M | $5.0M | $1.7M | $700,000 | $0 | $0 | $4.9M | $65.3M |
| Dividend payout ratio | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | 15.3% | 4.3% | 2.9% | 0.3% | — | — | — | 375.4% |
| Capex / revenue | 0.0% | 8.4% | 6.5% | 1.6% | 2.2% | 2.1% | 8.0% | 17.2% | 11.5% | 9.0% |
| Capex / operating cash flow | 722.0% | 189.9% | 38.6% | 22.3% | 39.8% | 16.0% | 252.0% | 175.1% | 112.4% | 89.9% |
| Capex / depreciation | 0.00 | 1.67 | 1.81 | 0.32 | 0.37 | 0.36 | 1.21 | 2.90 | 1.90 | 1.71 |
| Stock-based compensation / revenue | 0.0% | 0.4% | 0.9% | 0.6% | 0.5% | 0.6% | 0.2% | 0.2% | 0.2% | 0.7% |
| SG&A / revenue | 6.4% | 8.4% | 13.1% | 6.5% | 6.5% | 6.7% | 6.4% | 6.6% | 7.4% | 7.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 45.1 | 37.6 | 45.8 | 31.3 | 33.8 | 31.3 | 32.2 | 33.3 | 33.7 | 32.7 |
| Days of inventory on hand | 32.7 | 58.5 | 94.7 | 60.2 | 62.1 | 63.1 | 62.6 | 63.2 | 62.9 | 62.8 |
| Days payables outstanding | 37.5 | 35.4 | 58.9 | 38.2 | 35.8 | 34.0 | 43.2 | 47.2 | 35.7 | 31.3 |
| Cash conversion cycle (days) | 40.3 | 60.7 | 81.5 | 53.3 | 60.1 | 60.4 | 51.7 | 49.3 | 60.9 | 64.1 |
| Receivables turnover | 8.10 | 9.72 | 7.97 | 11.68 | 10.81 | 11.68 | 11.32 | 10.98 | 10.84 | 11.17 |
| Payables turnover | 9.74 | 10.31 | 6.19 | 9.56 | 10.20 | 10.75 | 8.46 | 7.73 | 10.23 | 11.66 |
| Inventory turnover | 11.15 | 6.24 | 3.86 | 6.06 | 5.88 | 5.78 | 5.83 | 5.77 | 5.81 | 5.82 |
| Asset turnover | 0.95 | 0.83 | 0.67 | 1.23 | 1.02 | 1.02 | 0.96 | 0.96 | 0.99 | 1.08 |
| Average receivables | $192.0M | $142.4M | $142.4M | $178.1M | $164.0M | $160.0M | $155.6M | $157.1M | $159.6M | $155.3M |
| Average payables | $147.8M | $126.8M | $151.1M | $190.7M | $155.8M | $146.5M | $188.8M | $198.7M | $148.7M | $128.1M |
| Average inventory | $129.1M | $209.5M | $242.6M | $300.9M | $270.5M | $272.4M | $273.8M | $266.1M | $262.0M | $256.8M |
| Intangibles / total assets | 0.1% | 3.2% | 2.5% | 2.6% | 2.7% | 2.7% | 2.8% | 3.3% | 15.4% | 16.9% |
Computed from CLW's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CLW valuation and financial ratios
Clearwater Paper earned a return on equity of −2.2% and a return on invested capital of 0.8% in fiscal 2025. It ended the year with $421.8 million of debt and $0.0 million in cash and short-term investments, net debt of $421.8 million. It returned $17.2 million to shareholders: $0 in dividends and $17.2 million in share buybacks. The share count fell 5.5% from 17.1M to 16.2M over 9 years.
See the CLW income statement, the CLW chart for price history, or the CLW stock overview for the latest quote and news.
CLW key metrics FAQ
What is Clearwater Paper's EV/EBITDA?
Clearwater Paper's enterprise value was 14.4 times EBITDA at the end of fiscal 2025 (enterprise value $703.1 million, EBITDA $48.8 million); the current EV/EBITDA is 75.0.
What is Clearwater Paper's return on equity?
Clearwater Paper's return on equity (ROE) was −2.2% in fiscal 2025: net income of -$18.6 million on average shareholders' equity of $839.9 million.
What is Clearwater Paper's ROIC?
Clearwater Paper's return on invested capital was 0.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Clearwater Paper have?
Clearwater Paper had total debt of $421.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.51 and $421.8 million of net debt (8.64 times EBITDA).
Does Clearwater Paper buy back its shares?
Yes. Clearwater Paper spent $17.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −3.6% over the year, to 16.2M..
What is Clearwater Paper's free cash flow yield?
Clearwater Paper generated -$0.1 million of free cash flow in fiscal 2025, a free cash flow yield of −0.0% on its market value at year-end ($281.3 million).
What is Clearwater Paper's current ratio?
Clearwater Paper's current ratio was 2.43 at the end of fiscal 2025: current assets were 2.43 times current liabilities.