/
Clearwater Paper is recognized as a leading manufacturer and supplier of Solid Bleached Sulfate (SBS) paperboard packaging products, serving independent converters throughout North America. We participate in the North American paperboard market, which encompasses approximately 10 million tons and is divided into three principal substrates, each offering a diverse array of applications.
The business is unprofitable at the operating level (-2.71% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 12.4%, still solid.
Negative free cash flow of -$77M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.54B
▲ +12.4% YoY
Net Income (TTM)
-$25M
▼ -109.5% YoY
Op. Margin
-3.15%
▲ +2.0pp YoY
ROIC
-3.23%
▲ +1.5pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$77M
▼ -38.6% YoY
Op. Cash Flow (FY)
$12M
▼ -80.0% YoY
Net Debt
$345M
Cash & Equiv.
$37M
5Y CAGR: -3.6%
Continue Research