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ADTRAN vs Clearfield: revenue, profit, margins and growth compared

ADTRAN brought in $1.1B of revenue in fiscal 2025, Clearfield $150.1M in fiscal 2025. Revenue changed by +17.5% at ADTRAN and +19.6% at Clearfield on the year before, so Clearfield grew faster. ADTRAN kept -4.2% of its revenue as net profit, Clearfield -5.4%. Free cash flow was $98M at ADTRAN and $21.8M at Clearfield.

Side by side, latest fiscal year

ADTNCLFD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$1.1B$150.1M
Revenue growth+17.5%+19.6%
Net income-$45.7M-$8.1M
Net margin-4.2%-5.4%
Free cash flow$98M$21.8M
Free cash flow margin9.0%14.5%
Earnings per share (diluted)-$0.52-$0.58
Cash$95.7M$21.5M
Debtn/an/a
Price to earningsn/an/a
Market value$581M$422.1M
Dividend yieldn/an/a
Rank by revenue in sector#77 of 109 · Utilities#95 of 109 · Utilities

Over the years

Revenue
ADTN FY2018: $529.3MADTN FY2019: $530.1MADTN FY2020: $506.5MADTN FY2021: $563MADTN FY2022: $1BADTN FY2023: $1.1BADTN FY2024: $922.7MADTN FY2025: $1.1BCLFD FY2018: $77.7MCLFD FY2019: $85MCLFD FY2020: $93.1MCLFD FY2021: $140.8MCLFD FY2022: $270.9MCLFD FY2023: $225.7MCLFD FY2024: $125.6MCLFD FY2025: $150.1MFY18FY19FY20FY21FY22FY23FY24FY25
ADTN $1.1BCLFD $150.1M
Net income
ADTN FY2018: -$19.3MADTN FY2019: -$53MADTN FY2020: $2.4MADTN FY2021: -$8.6MADTN FY2022: -$2MADTN FY2023: -$268.9MADTN FY2024: -$459.9MADTN FY2025: -$45.7MCLFD FY2018: $4.3MCLFD FY2019: $4.6MCLFD FY2020: $7.3MCLFD FY2021: $20.3MCLFD FY2022: $49.4MCLFD FY2023: $32.5MCLFD FY2024: -$12.5MCLFD FY2025: -$8.1MFY18FY19FY20FY21FY22FY23FY24FY25
ADTN -$45.7MCLFD -$8.1M
Net margin
ADTN FY2018: -3.7%ADTN FY2019: -10.0%ADTN FY2020: 0.5%ADTN FY2021: -1.5%ADTN FY2022: -0.2%ADTN FY2023: -23.4%ADTN FY2024: -49.8%ADTN FY2025: -4.2%CLFD FY2018: 5.5%CLFD FY2019: 5.4%CLFD FY2020: 7.8%CLFD FY2021: 14.4%CLFD FY2022: 18.2%CLFD FY2023: 14.4%CLFD FY2024: -9.9%CLFD FY2025: -5.4%FY18FY19FY20FY21FY22FY23FY24FY25
ADTN -4.2%CLFD -5.4%
Revenue growth
ADTN FY2019: +0.1%ADTN FY2020: -4.4%ADTN FY2021: +11.2%ADTN FY2022: +82.2%ADTN FY2023: +12.0%ADTN FY2024: -19.7%ADTN FY2025: +17.5%CLFD FY2019: +9.5%CLFD FY2020: +9.5%CLFD FY2021: +51.2%CLFD FY2022: +92.5%CLFD FY2023: -16.7%CLFD FY2024: -44.4%CLFD FY2025: +19.6%FY19FY20FY21FY22FY23FY24FY25
ADTN +17.5%CLFD +19.6%
Free cash flow
ADTN FY2018: $47.3MADTN FY2019: -$12MADTN FY2020: -$22.9MADTN FY2021: -$2.7MADTN FY2022: -$61.3MADTN FY2023: -$79.4MADTN FY2024: $69.1MADTN FY2025: $98MCLFD FY2018: $3.4MCLFD FY2019: $12.2MCLFD FY2020: $4.8MCLFD FY2021: $8.9MCLFD FY2022: -$6.2MCLFD FY2023: $10.7MCLFD FY2024: $12.7MCLFD FY2025: $21.8MFY18FY19FY20FY21FY22FY23FY24FY25
ADTN $98MCLFD $21.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about ADTRAN and Clearfield

Which is bigger by revenue, ADTRAN or Clearfield?

ADTRAN is bigger by revenue: $1.1B in fiscal 2025, against $150.1M for Clearfield in fiscal 2025.

Which keeps more of its revenue as profit, ADTRAN or Clearfield?

ADTRAN had a net margin of -4.2% in fiscal 2025; Clearfield had -5.4% in fiscal 2025.

Which grew revenue faster, ADTRAN or Clearfield?

In their latest fiscal years revenue changed by +17.5% at ADTRAN and +19.6% at Clearfield.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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