Clearwater Paper Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Clearwater Paper Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,735	1,730	1,724	1,762	1,869	1,773	1,195	1,136	1,384	1,555
Cost of revenue	1,494	1,521	1,537	1,597	1,574	1,590	983	935	1,308	1,440
Gross profit	241	209	188	165	294	183	213	201	76.1	116
Selling, general and administrative	128	121	108	113	122	113	110	119	117	101
Operating income	115	71.2	-97.9	45.4	158	12	99.3	78.1	-64.5	-42.1
Interest expense			39.5	49.8	44.4	35.5	11.7	11.8	32	17.8
Interest income			1.2	1.1	0	0.6	1	2.4	2.9	1.8
Other non-operating income			-35.6	-53.3	-59.9	-47.7	-17.4	-12.5	-36.6	-18
Pre-tax income	80.7	40.9	-134	-7.9
Income tax	31.1	-56.4	10.3	-2.3	21.1	-7.7	29.2	16.9	-27.1	-7.1
Income from continuing operations							52.7	48.7	-74	-53
Net income	49.6	97.3	-144	-5.6	77.1	-28.1	46	108	196	-18.6
EBITDA	206	176	4	161	269	117	203	177	35.3	50.3
EPS, basic	2.91	5.91	-8.72	-0.34	4.65	-1.67	2.71	6.39	11.70	-1.15
EPS, diluted	2.90	5.88	-8.72	-0.34	4.61	-1.67	2.68	6.30	11.70	-1.15
Shares, basic (weighted)	17	16.5	16.5	16.5	16.6	16.8	17	16.9	16.8	16.2
Shares, diluted (weighted)	17.1	16.6	16.5	16.5	16.7	16.8	17.2	17.1	16.8	16.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	23	15.7	22.5	20	35.9	25.2	53.7	42	79.6	30.7
Short-term investments	0
Receivables	147	142	146	159	161	167	189	96.1	189	195
Inventory	258	266	266	281	263	278	324	161	258	282
Other current assets	8.68	8.66	3.4	3.6	15.2	16.9	19.9	17.4	19.1	18.3
Total current assets	446	453	444	466	475	487	586	564	545	526
Property, plant and equipment	945	1,051	1,269	1,258	1,192	1,082	1,017	361	1,023	1,002
Lease right-of-use assets			0	73.1	63.5	53.6	43.3	31.7	39.1	41.8
Goodwill	244	244	35.1	35.1	35.1			35.1	48.6	0
Intangible assets	40.5	32.5	24.1	0	13.7	10.8	8.6	6.4	4.3	2.1
Other non-current assets	7.75	21.8	15.7	29.1	134	121	100	47.6	57.9	60.4
Total assets	1,684	1,802	1,788	1,878	1,800	1,690	1,704	1,672	1,679	1,588
Accounts payable	128	169	228	160	143	156	213	89.1	165	131
Accrued liabilities	49.9	42	57.1	60.7	58	29.3	41.9	32.8	38.2	33.6
Short-term debt		155	122	17.9	1.7	1.6	0.9	0	0.6	0.6
Total current liabilities	367	419	449	280	245	254	312	286	320	216
Long-term debt	570	571	693	885	716	638	565	440	282	346
Lease liabilities			0	65.6	54.3	42.7	35.9	24.2	28.3	31.7
Other non-current liabilities	41.8	43.3	20.2	17.3	25.2				80.5	83.7
Total liabilities	1,214	1,227	1,362	1,446	1,279	1,178	1,132	1,003	825	763
Total debt	570	571	693	902	718	639	566	440	273	274
Paid-in capital	347	1.16	6.4	9.8	16.6	23.6	28.5	14.9	11.5	8.3
Retained earnings	570	618	487	482	559	531	577	685	881	862
Treasury stock	-395	0						0	-3.3	-14.8
Other comprehensive income	-51.8	-44	-67.3	-59.5	-54.3	-42.6	-33.3	-30.7	-34.5	-30.5
Shareholders' equity	470	575	426	432	521	512	572	669	855	825
Total equity	470	575	426	432	521	512	572	669	855	825
Total liabilities and equity	1,684	1,802	1,788	1,878	1,800	1,690	1,704	1,672	1,679	1,588

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	49.6	97.3	-144	-5.6	77.1	-28.1	46	108	196	-18.6
Depreciation and amortization	91.1	105	102	116	111	105	103	98.6	99.8	92.4
Stock-based compensation	12.4	3.6	3.3	4.1	10.5	9.1	12.7	9.9	5.6	3.8
Deferred income tax	18.3	-40.6	7.1	-0.3	36.7	-9.7	7.5	-3.6	47.9	-21.2
Change in receivables		5.6	6.6	-18	6.1	-5.3	-16.9	-1.3	-87.2	-2.2
Change in inventory		-14.8	-8.1	-21.2	18.1	-20.2	-46.3	4	12.4	-23.5
Change in payables		31.3	25.2	-28.5	-12	1.9	49.2	-21.3	98.9	-75.3
Cash from operations	173	179	169	55.6	247	96.4	150	191	61.4	12.3
Capital expenditures	-155	-200	-296	-140	-39.6	-38.4	-33.5	-73.7	-117	-88.8
Acquisitions	-67.4	0	0				0	0	-708	0
Cash from investing	-223	-199	-224	-140	-39.6	-25.1	-33.5	-73.7	168	-100
Debt issued	0	0	0	296	275	0	0	222	753	82
Debt repaid	0	0	0	-103	-449	-81	-80.9	-326	-931	-18.6
Share buybacks	-65.3	-4.9	0	0	0	0	-5	-17.9	-10	-17.2
Cash from financing	67.1	13.8	63.3	82	-193	-82	-88.6	-129	-191	39.3
Net change in cash	17.4	-6.3	8.2	-2.5	14.4	-10.7	28.2	-12.4	37.7	-48.9
Free cash flow	17.4	-21	-127	-84.5	207	58	117	117	-55.2	-76.5
Interest paid	26.7	28.1	26.1	38.4	45	36	33	37.8	52.4	15.9
Income taxes paid	17.7	2.7	-10.6	3.1	-7.9	-7.7	43	16.6	19	53.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $20.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	5.1%	Gross profit / revenue.
Operating margin	-3.2%	Operating income / revenue.
EBITDA margin	2.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-1.6%	Net income / revenue.
FCF margin	-3.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.7%	Cash from operations / revenue.
Return on equity (ROE)	-3.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.6%	Net income / average total assets.
Return on invested capital (ROIC)	-3.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	6.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	51.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-18.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-17.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	42.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-37.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-28.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-109.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-109.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-80.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-56.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-45.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.61x	Current assets / current liabilities.
Quick ratio	1.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.34x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.4%	Total debt / total assets.
Liabilities / assets	48.2%	Total liabilities / total assets.
Net debt	$237.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-2.54x	Operating income / interest expense.
Working capital	$321.7M	Current assets - current liabilities.
Tangible book value	$813.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.98x	Revenue / average total assets.
Fixed asset turnover	1.56x	Revenue / average property, plant and equipment.
Inventory turnover	5.41x	Cost of revenue / average inventory.
Days inventory	67 days	365 x average inventory / cost of revenue.
Receivables turnover	7.77x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	83 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	577.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$95.62	Revenue / diluted weighted shares.
FCF per share	-$3.35	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.70	Cash from operations / diluted weighted shares.
Book value per share	$50.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$50.61	Tangible book value / shares outstanding.
Cash per share	$2.27	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$328.0M	Share price x shares outstanding.
Enterprise value	$565.3M	Market cap + total debt - cash - short-term investments.
P/S	0.21x	Market cap / revenue.
P/B	0.40x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.40x	Market cap / tangible book value, when positive.
P/OCF	29.0x	Market cap / cash from operations, when positive.
EV/Sales	0.37x	Enterprise value / revenue.
EV/EBITDA	12.5x	Enterprise value / EBITDA, when both are positive.
FCF yield	-16.4%	Free cash flow / market cap.
Earnings yield	-7.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was Clearwater Paper Corp's revenue in fiscal 2025?

Clearwater Paper Corp reported revenue of $1.56B for fiscal 2025, 12.4% higher than the year before.

Was Clearwater Paper Corp profitable in fiscal 2025?

No. It reported a net loss of $18.6M.

How much free cash flow did Clearwater Paper Corp generate in fiscal 2025?

Cash from operations of $12.3M minus capital expenditures of $88.8M left free cash flow of -$76.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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