Clearwater Paper Corporation logo

Clearwater Paper Corporation(CLW)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
2-STAR RATING
PASS
LAST CLOSE
$19.89
09/28/2026
(24-hour delay)

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Upturn Advisory & Investor View for CLW

09/28/2026: CLW (2-star) is currently NOT-A-BUY. Pass it for now.

Clearwater Paper is a focused manufacturer of private-brand tissue products and bleached paperboard for various industrial applications. The company has a leading position in supplying major North American retailers, which provides stable demand for its tissue segment. Its primary investment story revolves around operational efficiency and strategic deleveraging of its balance sheet. However, investors should be aware of risks including high financial leverage, susceptibility to volatile commodity prices, and intense competition from large, scaled manufacturers. This stock may suit value-oriented investors who can look past near-term volatility and are interested in a pure-play industrial operator, while those seeking dividends should note the company's focus on capital reinvestment.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorMixed fitThe company operates in a mature industry where growth is typically incremental rather than explosive.
Momentum investorWeak fitThe stock tends to be range-bound based on commodity cycles rather than consistent momentum trends.
Value investorStrong fitThe company often trades at valuations that may attract investors looking for discounted assets in the industrial space.
Dividend investorWeak fitClearwater Paper does not currently pay a dividend to shareholders.
Low-risk investorWeak fitPrice volatility and exposure to commodity cycles make this a higher-risk proposition for conservative portfolios.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityMedium / highThe stock price is heavily influenced by cyclical swings in paper and pulp demand.
Valuation riskMediumMarket mispricing during cyclical troughs or peaks can impact short-term returns.
Competition risk (scale competitors)HighLarge scale competitors like P&G have significant resources to compete on price and innovation.
Business qualityMediumThe business model is steady but limited by the nature of commodity-linked manufacturing.
Dividend incomeLow / noneThe company does not provide a yield, making it unsuitable for income-focused strategies.
Execution riskMediumOperational success depends on managing high debt loads and input cost inflation.

Price Behavior

Strong Uptrend
PRICE PATH

Strong Uptrend

The stock has maintained a strong upward price trend across the last three quarters.

Choppy
PRICE STABILITY

Choppy

The stock has experienced frequent reversals and pronounced short-term price swings.

Analysis of Past Performance

Type Stock
Historic Profit -38.96%
Avg. Invested days 22
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 2.0
Stock Returns Performance Upturn Returns Performance icon 1.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/28/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
CLW receives a 3-star rating, supported by solid company fundamentals. The rating is constrained by weak unit economics, weak price momentum, and limited analyst upside.

Company Fundamentals

★★★★★
CLW has solid overall fundamentals (4 stars), with moderate financial health, solid growth momentum, and solid ownership. In FY2025 versus FY2024, strong earnings growth (+83.2%) and solid revenue growth (+12.4%) are partially offset by weak cash generation (FCF margin -0.0%), weak profitability (net margin -1.2%), modest insider ownership of 3.62%.

Financial Health Rating

★★★★★
CLW's financial health is supported by moderate liquidity, including working-capital and asset support (WC/assets 19.5%). Profitability is soft (2 stars), which helps explain the 3-star overall score.

Growth Momentum Score

★★★★★
Free-cash-flow growth is CLW's strongest growth driver at +99.9% FY2025 versus FY2024 (strong, 5 stars). Revenue growth (+12.4%, solid) and earnings growth (+83.2%, strong) are also constructive, though not equally high across every growth measure.

Ownership

★★★★★
Institutional ownership is 90.1% and approximately 96.5% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 3.62% provides only moderate management-shareholder alignment.

Top 5 Institutional Investors

Southeastern Asset Management Inc 9.46%
BlackRock Inc 7.57%
Dimensional Fund Advisors, Inc. 6.59%
Gate City Capital Management, LLC 5.82%
Readystate Asset Management LP 4.85%

Unit Economics (Per $1K Revenue)

★★★★★
CLW generates approximately $74 of gross profit, $8 of operating income, and $-0 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Negative free cash flow explains the 1-star rating, with weak cash conversion and weak capital efficiency.

Economic Dimensions

★★★★★
Effective Tax Rate: 11.81%

Quantitative Style Profile

★★★★★
CLW has a liquid, relatively low-volatility profile. Weak momentum is the primary drawback, while valuation that is moderately attractive rather than deeply discounted.

Style Classification

Quality Focused

Low VolatilitySmall / Mid Cap RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 328.04M USD
Price to earnings Ratio -
1Y Target Price 21.5
Price to earnings Ratio -
1Y Target Price 21.5
Volume (30-day avg) 144.0K shares
Beta 0.22
52 Weeks Range 11.73 - 23.59
Updated Date 09/27/2026
52 Weeks Range 11.73 - 23.59
Updated Date 09/27/2026
Dividends yield (FY) -
Basic EPS (TTM) -5.27

How Company Makes Money

Business areaWhat it includesRetail investor read
Consumer ProductsTissue, paper towels, and related products for retail private labels.Revenue comes from people buying store-brand paper products at grocery and retail stores.
Pulp and PaperboardBleached paperboard for packaging applications.Revenue comes from selling materials used by other companies to package consumer goods.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Revenue by Geography

Geography revenue - Year on Year

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Valuation

Trailing PE -
Forward PE 10.91
Enterprise Value 622.51M
Price to Sales(TTM) 0.22
Enterprise Value 622.51M
Price to Sales(TTM) 0.22
Enterprise Value to Revenue 0.41
Enterprise Value to EBITDA 75
Shares Outstanding 16.13M
Shares Floating 15.56M
Shares Outstanding 16.13M
Shares Floating 15.56M
Percent Insiders 3.62
Percent Institutions 90.14

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Clearwater Paper Corporation

Exchange NYSE
Headquarters Spokane, WA, United States
IPO Launch date 2008-12-05
CEO, President & Director Mr. Arsen S. Kitch
Sector Basic Materials
Industry Paper & Paper Products
Full time employees 1900
Full time employees 1900

Clearwater Paper Corporation manufactures and supplies solid bleached sulfate (SBS) paperboard packaging products in the United States and internationally. The company offers SBS paperboard for use in folding cartons, food service, and commercial printing items; folding carton paperboards, such as blister, carded packaging, and top sheet products; food service paperboard, including liquid packaging, and cup and plate categories, as well as rigid containers comprising juice, milk, and wine; and custom sheeting and slitting of paperboard products. It serves packaging converters through sales managers. The company was founded in 1926 and is headquartered in Spokane, Washington.