What are the investment strengths of Clearwater Paper Corp (CLW)?

Trading at 0.39x book with 780.3M tangible assets (mostly PPE 1.0B) - deep value if operations stabilize Debt/equity 0.44x manageable; ROE 19.6% TTM shows earnings power exists when margins normalize

What are the investment risks for Clearwater Paper Corp (CLW)?

Gross margin 7.3% vs industry 20.8% - structurally uncompetitive cost position threatens viability Revenue declining 9.5% 3Y CAGR in shrinking industry; FCF negative 5 quarters running

Clearwater Paper Corp

CLW

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Clearwater Paper Corp AI Insights

Informational only. Not investment advice.

As of 2025-12-17

Snapshot

Net income 142.2M TTM despite -4.2M operating income - likely one-time gain masking operating losses[Net Income]
FCF of -134.7M TTM with only 34.4M cash - burning through liquidity at unsustainable rate[Free Cash Flow]
P/B of 0.39x vs 780.3M tangible book - market pricing significant asset impairment risk[Price to Book Ratio]

Watch Triggers

Cash and Equivalents: Falls below 20M — At -27.8M quarterly cash burn, triggers liquidity crisis within 6 months
Gross Margin: Rises above 12% — Would signal cost restructuring working; path to operating profitability
Total Debt: Increases above 400M — Signals distressed refinancing; dilution or covenant risk

Bull Case

Trading at 0.39x book with 780.3M tangible assets (mostly PPE 1.0B) - deep value if operations stabilize

Price to Book RatioTangible Book ValuePPE

Debt/equity 0.44x manageable; ROE 19.6% TTM shows earnings power exists when margins normalize

Debt to EquityROE

Bear Case

Gross margin 7.3% vs industry 20.8% - structurally uncompetitive cost position threatens viability

Gross MarginOperating Margin

Revenue declining 9.5% 3Y CAGR in shrinking industry; FCF negative 5 quarters running

Total Revenue 3Y GrowthFree Cash Flow

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

30%

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Forward Thesis

Cash runway crisis within 12 months without refinancing or asset sales

3-12mhigh

FCF burn of -134.7M TTM vs 34.4M cash
347.9M total debt with 0.6M current portion
Gross profit down 37.5% YoY

Cash 34.4M vs quarterly burn ~34MOperating income -4.2M TTMGross margin 7.3% vs industry 20.8%

Valuation Context

Caveats

Public Strategies Rankings

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CLW Fundamentals

Manufacturing → Paper Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$287.17M		—
Enterprise Value	$600.67M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$1.56B	-29.6%	—
Earnings Per Share (diluted) - TTM	$-1.08		—
Operating Margin - TTM	-0.27%	-3.8%	—
Net Margin - TTM	9.14%	+8.5%	—
Free Cash Flow - TTM	$-134.7M		—
Return on Common Equity - TTM	0.20	+17.4%	—
Beta 5Y (Monthly)	unknown		—

CLW Dividend History

No dividends

CLW Stock Splits

1 stock split

08/29/110.5:1 split

CLW SEC Filings

Filing Date	Report Date	Report Type	Filing Link
10/28/25	09/30/25	10-Q	0001441236-25-000008
07/29/25	06/30/25	10-Q	0002011383-25-000020
04/29/25	03/31/25	10-Q	0001504337-25-000017
02/24/25	12/31/24	10-K	0001504337-25-000005
11/04/24	09/30/24	10-Q	0001504337-24-000053
08/06/24	06/30/24	10-Q	0001504337-24-000042
04/29/24	03/31/24	10-Q	0001504337-24-000025
02/20/24	12/31/23	10-K	0001504337-24-000010
10/30/23	09/30/23	10-Q	0001504337-23-000041
08/01/23	06/30/23	10-Q	0001504337-23-000026
05/02/23	03/31/23	10-Q	0001504337-23-000014
02/14/23	12/31/22	10-K	0001504337-23-000008
10/31/22	09/30/22	10-Q	0001504337-22-000030
08/02/22	06/30/22	10-Q	0001504337-22-000023
04/28/22	03/31/22	10-Q	0001504337-22-000012
02/15/22	12/31/21	10-K	0001504337-22-000008
11/02/21	09/30/21	10-Q	0001504337-21-000032
08/04/21	06/30/21	10-Q	0001504337-21-000025
05/05/21	03/31/21	10-Q	0001504337-21-000015
02/25/21	12/31/20	10-K	0001504337-21-000009
11/03/20	09/30/20	10-Q	0001504337-20-000033
08/04/20	06/30/20	10-Q	0001504337-20-000023
05/05/20	03/31/20	10-Q	0001504337-20-000009
03/09/20	12/31/19	10-K	0001628280-20-003186
11/05/19	09/30/19	10-Q	0001628280-19-013305
08/09/19	06/30/19	10-Q	0001628280-19-010511
05/08/19	03/31/19	10-Q	0001628280-19-006304
03/18/19	12/31/18	10-K	0001628280-19-003083
11/09/18	09/30/18	10-Q	0001628280-18-014135
08/07/18	06/30/18	10-Q	0001628280-18-010565
05/02/18	03/31/18	10-Q	0001628280-18-005573
02/21/18	12/31/17	10-K	0001628280-18-001924
10/31/17	09/30/17	10-Q	0001628280-17-010385
08/04/17	06/30/17	10-Q	0001628280-17-008143
05/04/17	03/31/17	10-Q	0001441236-17-000004
02/22/17	12/31/16	10-K	0001441236-17-000002
10/26/16	09/30/16	10-Q	0001441236-16-000015
07/27/16	06/30/16	10-Q	0001441236-16-000012
05/04/16	03/31/16	10-Q	0001628280-16-015520
02/22/16	12/31/15	10-K	0001628280-16-011455
11/04/15	09/30/15	10-Q	0001628280-15-008208
08/05/15	06/30/15	10-Q	0001628280-15-006143
05/06/15	03/31/15	10-Q	0001628280-15-003804
02/26/15	12/31/14	10-K	0001628280-15-001105
10/30/14	09/30/14	10-Q	0001445305-14-004576
07/31/14	06/30/14	10-Q	0001445305-14-003289
04/30/14	03/31/14	10-Q	0001445305-14-001574
02/20/14	12/31/13	10-K	0001445305-14-000491
10/31/13	09/30/13	10-Q	0001445305-13-002619
07/30/13	06/30/13	10-Q	0001445305-13-001748
05/03/13	03/31/13	10-Q	0001445305-13-001099
02/25/13	12/31/12	10-K	0001445305-13-000301
11/05/12	09/30/12	10-Q	0001445305-12-003398
08/03/12	06/30/12	10-Q	0001193125-12-334568
05/04/12	03/31/12	10-Q	0001193125-12-212255
02/24/12	12/31/11	10-K	0001193125-12-078152
11/04/11	09/30/11	10-Q	0001193125-11-297740
08/05/11	06/30/11	10-Q	0001193125-11-212253
05/06/11	03/31/11	10-Q	0001193125-11-130716
03/11/11	12/31/10	10-K	0001193125-11-063935
11/05/10	09/30/10	10-Q	0001193125-10-248470
08/05/10	06/30/10	10-Q	0001193125-10-179098
05/06/10	03/31/10	10-Q	0001193125-10-109456
02/26/10	12/31/09	10-K	0001193125-10-043151
11/03/09	09/30/09	10-Q	0001193125-09-220834
08/04/09	06/30/09	10-Q	0001193125-09-163669
05/05/09	03/31/09	10-Q	0001193125-09-099865
03/18/09	12/31/08	10-K	0001193125-09-056925
09/30/08	09/30/08	10-Q	--
09/15/08	06/30/08	10-Q	--
03/31/08	03/30/08	Unknown	--
11/24/08	12/31/07	10-K	0001193125-08-241450
09/30/07	09/30/07	Unknown	--
06/30/07	06/30/07	Unknown	--
08/01/08	03/30/07	10-Q	--