Clearwater Paper (CLW)
Market Price (7/30/2026): $21.63 | Market Cap: $348.8 MilSector: Materials | Industry: Paper Products
Clearwater Paper (CLW)
Market Price (7/30/2026): $21.63Market Cap: $348.8 MilSector: MaterialsIndustry: Paper Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 16% Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Sustainable Resource Management, and Sustainable Consumption. Themes include Sustainable Packaging Materials, Show more. | Weak multi-year price returns2Y Excs Rtn is -96%, 3Y Excs Rtn is -95% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -61 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.0% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%, Rev Chg QQuarterly Revenue Change % is -4.3% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% Key risksCLW key risks include [1] reduced diversification resulting from its strategic shift to focus primarily on paperboard and [2] challenges in successfully integrating its Augusta mill acquisition to realize the anticipated financial benefits. |
| Attractive yieldFCF Yield is 16% |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Sustainable Resource Management, and Sustainable Consumption. Themes include Sustainable Packaging Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -96%, 3Y Excs Rtn is -95% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -61 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.0% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%, Rev Chg QQuarterly Revenue Change % is -4.3% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% |
| Key risksCLW key risks include [1] reduced diversification resulting from its strategic shift to focus primarily on paperboard and [2] challenges in successfully integrating its Augusta mill acquisition to realize the anticipated financial benefits. |
Qualitative Assessment
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Clearwater Paper (CLW) stock has gained about 50% since 3/31/2026 because of the following key factors:
1. Favorable future outlook driven by announced price increases and improving industry conditions. Clearwater Paper's stock surged despite a reported net loss of $21 million and negative Adjusted EBITDA of $8 million in fiscal Q2 2026 (ended June 30, 2026). Investors instead focused on management's projections for a significant turnaround, anticipating fiscal Q3 2026 Adjusted EBITDA to be between $20 million and $30 million. This positive outlook is largely attributed to two $60-per-ton price increases announced in June and August, which are expected to generate an annualized EBITDA improvement of $50 million to $60 million once fully realized by early fiscal year 2027. Additionally, the paperboard industry is showing signs of recovery, with operating rates reaching 88% in fiscal Q2 2026, up from 81% in fiscal Q1 2026, and projected to exceed 90% by the end of fiscal year 2026 due to capacity reductions.
2. Substantial debt reduction and enhanced liquidity. The company demonstrated strong financial management by reducing its net debt by $59 million in fiscal Q2 2026 and $50 million year-to-date. This deleveraging was primarily supported by a $26 million cash tax refund and $15 million in insurance proceeds received during fiscal Q2 2026, contributing to $32.5 million in insurance recoveries year-to-date. Clearwater Paper also secured a total liquidity of $445 million and expects positive free cash flow for the full fiscal year 2026.
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Clearwater Paper (CLW) stock has gained about 50% since 3/31/2026 because of the following key factors:
1. Favorable future outlook driven by announced price increases and improving industry conditions. Clearwater Paper's stock surged despite a reported net loss of $21 million and negative Adjusted EBITDA of $8 million in fiscal Q2 2026 (ended June 30, 2026). Investors instead focused on management's projections for a significant turnaround, anticipating fiscal Q3 2026 Adjusted EBITDA to be between $20 million and $30 million. This positive outlook is largely attributed to two $60-per-ton price increases announced in June and August, which are expected to generate an annualized EBITDA improvement of $50 million to $60 million once fully realized by early fiscal year 2027. Additionally, the paperboard industry is showing signs of recovery, with operating rates reaching 88% in fiscal Q2 2026, up from 81% in fiscal Q1 2026, and projected to exceed 90% by the end of fiscal year 2026 due to capacity reductions.
2. Substantial debt reduction and enhanced liquidity. The company demonstrated strong financial management by reducing its net debt by $59 million in fiscal Q2 2026 and $50 million year-to-date. This deleveraging was primarily supported by a $26 million cash tax refund and $15 million in insurance proceeds received during fiscal Q2 2026, contributing to $32.5 million in insurance recoveries year-to-date. Clearwater Paper also secured a total liquidity of $445 million and expects positive free cash flow for the full fiscal year 2026.
3. Strategic cost reduction initiatives and operational efficiency. Clearwater Paper initiated a restructuring of its Cypress Bend, Arkansas facility in April 2026, leading to a 20% reduction in roles and anticipated annual savings of $8 million to $12 million. Furthermore, the company successfully completed a major maintenance outage at its Lewiston, Idaho facility in June 2026, on time and within the estimated direct cost of $22 million, and reduced its full-year 2026 forecast for total direct maintenance-outage costs to $32 million to $35 million from a previous estimate of $45 million to $50 million. These operational improvements contributed to investor confidence despite higher-than-expected transportation and chemical costs, estimated at $5 million in fiscal Q2 2026, partly linked to the Iran conflict.
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Stock Movement Drivers
Fundamental Drivers
The 50.3% change in CLW stock from 3/31/2026 to 7/29/2026 was primarily driven by a 54.6% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.38 | 21.61 | 50.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,555 | 1,520 | -2.2% |
| P/S Multiple | 0.1 | 0.2 | 54.6% |
| Shares Outstanding (Mil) | 16 | 16 | -0.6% |
| Cumulative Contribution | 50.3% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| CLW | 50.3% | |
| Market (SPY) | 12.2% | 6.6% |
| Sector (XLB) | 3.5% | 30.6% |
Fundamental Drivers
The 24.2% change in CLW stock from 12/31/2025 to 7/29/2026 was primarily driven by a 27.0% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.40 | 21.61 | 24.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,556 | 1,520 | -2.3% |
| P/S Multiple | 0.2 | 0.2 | 27.0% |
| Shares Outstanding (Mil) | 16 | 16 | 0.1% |
| Cumulative Contribution | 24.2% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| CLW | 24.2% | |
| Market (SPY) | 7.3% | 21.1% |
| Sector (XLB) | 14.6% | 38.6% |
Fundamental Drivers
The -20.7% change in CLW stock from 6/30/2025 to 7/29/2026 was primarily driven by a -22.8% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.24 | 21.61 | -20.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,503 | 1,520 | 1.2% |
| P/S Multiple | 0.3 | 0.2 | -22.8% |
| Shares Outstanding (Mil) | 16 | 16 | 1.5% |
| Cumulative Contribution | -20.7% |
Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| CLW | -20.7% | |
| Market (SPY) | 19.1% | 21.4% |
| Sector (XLB) | 19.5% | 44.9% |
Fundamental Drivers
The -31.0% change in CLW stock from 6/30/2023 to 7/29/2026 was primarily driven by a -46.4% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.32 | 21.61 | -31.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,232 | 1,520 | 23.4% |
| P/S Multiple | 0.4 | 0.2 | -46.4% |
| Shares Outstanding (Mil) | 17 | 16 | 4.4% |
| Cumulative Contribution | -31.0% |
Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| CLW | -31.0% | |
| Market (SPY) | 70.4% | 24.7% |
| Sector (XLB) | 31.8% | 36.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLW Return | -3% | 3% | -4% | -18% | -42% | 1% | -54% |
| Peers Return | 7% | -3% | 18% | 36% | -24% | 6% | 34% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| CLW Win Rate | 58% | 42% | 58% | 58% | 33% | 29% | |
| Peers Win Rate | 53% | 56% | 50% | 64% | 42% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| CLW Max Drawdown | -38% | -33% | -26% | -56% | -49% | -39% | |
| Peers Max Drawdown | -19% | -28% | -22% | -14% | -38% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GPK, IP, PKG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/29/2026 (YTD)
How Low Can It Go
| Event | CLW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.8% | -18.8% |
| % Gain to Breakeven | 21.6% | 23.1% |
| Time to Breakeven | 61 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.8% | -6.7% |
| % Gain to Breakeven | 26.2% | 7.1% |
| Time to Breakeven | 68 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.6% | -24.5% |
| % Gain to Breakeven | 44.1% | 32.4% |
| Time to Breakeven | 114 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.5% | -33.7% |
| % Gain to Breakeven | 106.0% | 50.9% |
| Time to Breakeven | 49 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.0% | -19.2% |
| % Gain to Breakeven | 29.8% | 23.8% |
| Time to Breakeven | 17 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -38.7% | -12.2% |
| % Gain to Breakeven | 63.2% | 13.9% |
| Time to Breakeven | 78 days | 62 days |
In The Past
Clearwater Paper's stock fell -17.8% during the 2025 US Tariff Shock. Such a loss loss requires a 21.6% gain to breakeven.
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| Event | CLW | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.8% | -6.7% |
| % Gain to Breakeven | 26.2% | 7.1% |
| Time to Breakeven | 68 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.6% | -24.5% |
| % Gain to Breakeven | 44.1% | 32.4% |
| Time to Breakeven | 114 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.5% | -33.7% |
| % Gain to Breakeven | 106.0% | 50.9% |
| Time to Breakeven | 49 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.0% | -19.2% |
| % Gain to Breakeven | 29.8% | 23.8% |
| Time to Breakeven | 17 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -38.7% | -12.2% |
| % Gain to Breakeven | 63.2% | 13.9% |
| Time to Breakeven | 78 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.4% | -53.4% |
| % Gain to Breakeven | 262.3% | 114.4% |
| Time to Breakeven | 77 days | 1085 days |
In The Past
Clearwater Paper's stock fell -17.8% during the 2025 US Tariff Shock. Such a loss loss requires a 21.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Clearwater Paper (CLW)
Clearwater Paper Corporation (CLW) is a manufacturing company that produces and supplies bleached paperboards and various tissue products for both consumer and commercial use. Headquartered in Spokane, Washington, the company operates through two distinct segments: Pulp and Paperboard, and Consumer Products.
The Pulp and Paperboard segment specializes in bleached paperboards and softwood pulp. Its products are integral to the creation of folding cartons, liquid packaging, cups and plates, blister packaging, and materials for commercial printing. This segment also offers custom paperboard processing services. Clearwater Paper sells these products to industrial customers such as packaging converters, folding carton manufacturers, merchants, and commercial printers.
The Consumer Products segment focuses on a comprehensive range of at-home and away-from-home tissue products. Its at-home offerings include bath tissues, paper towels, facial tissues, and napkins, including recycled fiber options. The away-from-home products cater to commercial and institutional needs. This segment's primary customers are retailers and wholesale distributors, including grocery chains, club stores, mass merchants, and discount retailers.
```AI Analysis | Feedback
Here are 1-3 brief analogies for Clearwater Paper (CLW):
- Think of them as a combination of Kimberly-Clark (for consumer and away-from-home tissues) and a specialized paperboard division of International Paper.
- They are like a more focused version of Georgia-Pacific, producing both common household tissue products and the bleached paperboard used in various packaging.
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- Bleached Paperboards: Manufactures paperboards for diverse applications including folding cartons, liquid packaging, cups, plates, and commercial printing.
- Softwood Pulp: Produces and supplies softwood pulp products.
- At-Home Tissue Products: Offers a line of consumer tissue products such as bath tissues, paper towels, facial tissues, and napkins.
- Away-from-Home Tissues: Provides tissue products specifically for commercial and institutional use.
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Clearwater Paper (CLW) primarily sells its products to other companies.
Based on the provided company description, its major customers fall into the following categories:
- For its Pulp and Paperboard segment:
- Packaging converters
- Folding carton converters
- Merchants
- Commercial printers
- For its Consumer Products segment:
- Retailers (including grocery, club, mass merchants, and discount stores)
- Wholesale distributors
The provided background describes the categories of companies that Clearwater Paper sells to, rather than listing specific named customer companies or their public symbols.
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Arsen Kitch
President and Chief Executive Officer
Arsen Kitch was elected President and CEO of Clearwater Paper effective April 1, 2020. He previously served as senior vice president and general manager of the consumer products division since 2018, and held roles as vice president of finance and vice president of financial planning and analysis. Mr. Kitch joined Clearwater Paper in 2013 as senior director of strategy and planning. Before joining the company, he held positions at Nestlé USA, KKR Capstone, and Frito-Lay, suggesting experience with firms connected to private equity. He holds an MBA from Stanford University Graduate School of Business and a Bachelor's degree in business administration from the University of California, Berkeley.
Sherri Baker
Senior Vice President, Finance and Chief Financial Officer
Sherri Baker began her career with Clearwater Paper in August 2023 as Senior Vice President and Chief Financial Officer. Prior to joining Clearwater Paper, Ms. Baker served as CFO at PGT Innovations and then at Hyliion Holdings. She also held positions of increasing leadership responsibility at Dean Foods and Frito Lay. Ms. Baker started her career at Ernst & Young in their audit practice and brings over 25 years of experience in building and leading finance teams.
Steve Bowden
Senior Vice President, Commercial
Steve Bowden serves as Senior Vice President, Commercial, where he leads Clearwater Paper's overall commercial strategy and the teams responsible for bringing products to market. He joined Clearwater Paper in October 2018 as senior vice president and general manager of the pulp and paperboard business. Before Clearwater Paper, Mr. Bowden was the president of the America's food and beverage division for Multi-Color.
Virginia Aulin
Senior Vice President, Human Resources and Corporate Affairs
Virginia Aulin became Senior Vice President, Human Resources and Corporate Affairs in January 2026, having joined the company as vice president of public affairs in October 2024. Ms. Aulin has led human resources, communications, and government affairs functions for various organizations, including public and private companies, start-ups, and nonprofits. Her career includes key roles with MacMillan Bloedel, Weyerhaeuser, TimberWest Forest Corp., Boise Cascade, Boise Inc., and PCA.
Michael Passarello
Senior Vice President, Supply Chain and Corporate Development
Michael Passarello has served as Senior Vice President, Supply Chain and Corporate Development since January 2025, with corporate IT responsibilities added in January 2026. He was previously Vice President, Corporate Strategy & Integration from April 2024 through December 2024. Before joining Clearwater Paper, Mr. Passarello was a partner at McKinsey & Company, a private strategy and management consulting firm, from January 2024 to April 2024, and an associate partner and engagement manager prior to that.
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- Industry Oversupply and Pricing Pressure in the Solid Bleached Sulphate (SBS) Market: Clearwater Paper faces significant challenges due to oversupply in the Solid Bleached Sulphate (SBS) market, which has led to substantial pricing pressure and unsustainable margins. The company anticipates a $70 million pricing headwind in 2026, and current margins are deemed "not tenable" for an extended period.
- Operational Disruptions and Increased Costs: The company has recently experienced significant production challenges and increased operating expenses, notably due to severe weather conditions impacting its Augusta and Cypress Bend facilities. These disruptions are estimated to have decreased Adjusted EBITDA by approximately $20 million in early 2026.
- High Debt Load and Financial Flexibility Concerns: Clearwater Paper carries a notable debt load, which has been cited as a risk impacting the company's financial health and flexibility. While debt has decreased from previous levels, concerns about the company's ability to easily pay off its obligations and generate sufficient free cash flow persist.
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Clearwater Paper Corporation operates in two main segments: Pulp and Paperboard, and Consumer Products. The addressable markets for their key products and services are as follows:
Pulp and Paperboard Segment
-
Bleached Paperboards:
- The global bleached paperboard market is projected to reach approximately USD 49.6 billion by 2032, growing at a CAGR of 4.1% from an anticipated market value of USD 34.5 billion in 2023.
- The United States Solid Bleached Sulfate (SBS) paperboard market is a leading market, with a size of approximately $3.5 billion and a CAGR of 4%.
- The global folding cartons market size was valued at USD 185.18 billion in 2025 and is projected to grow to USD 296.97 billion by 2034, exhibiting a CAGR of 5.47%. The U.S. folding carton market is projected to grow to an estimated value of USD 41.86 billion by 2032. The USA folding carton market is estimated at USD 15.6 billion in 2026 and is projected to reach USD 24.1 billion by 2036, expanding at a CAGR of 4.4%.
- The global liquid packaging board market was valued at $12.5 billion in 2024 and is projected to reach $18.7 billion by 2033, growing at a CAGR of 4.5%. The United States holds a significant share, with a market size of approximately $3.2 billion and a CAGR of 5%. Another report indicates the global liquid packaging board market is projected to grow from USD 19.7 billion in 2026 to USD 40.6 billion by 2036, with a CAGR of 7.5%. North America dominates the Liquid Packaging Board Market, holding the largest revenue share of 39.01% in 2024, with the U.S. market capturing 81% of that share.
-
Softwood Pulp:
- The global unbleached softwood kraft pulp market size is estimated at approximately US$28.4 billion in 2026 and is projected to reach nearly US$38.9 billion by 2033, expanding at a compound annual growth rate (CAGR) of about 4.6%. North America is projected to account for approximately 34.3% of the global market value in 2026. Another source states North America is the largest market for unbleached softwood kraft pulp, holding approximately 45% of the global market share.
Consumer Products Segment
-
At-Home Tissue Products (including bath tissues, paper towels, facial tissues, and napkins):
- The global at-home tissue paper market is projected to reach $25.56 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 4.3% from the base year 2025. The at-home segment dominates the overall tissue paper market, holding a 77.65% share in 2024.
- The global bath and toilet tissue market is expected to reach US$95.3 billion in 2025 and is estimated to reach US$135.0 billion in 2032, growing at a CAGR of 5.1%. North America is expected to account for approximately 40.3% of this market in 2025. The global bath & toilet tissue market size was valued at USD 33.56 billion in 2025 and is projected to grow to USD 61.04 billion by 2034, exhibiting a CAGR of 6.96%.
- The global paper towels market was valued at USD 12,131.63 million in 2025 and is expected to increase to USD 17,414.77 million by 2032, growing at a CAGR of 5.3%. North America leads this market with approximately 45% share. The United States accounts for nearly 38% of total global paper towel consumption.
- The global facial tissues market size was valued at USD 8.87 billion in 2025 and is expected to grow to USD 12.66 billion by 2032, with a CAGR of 5.22%. North America held the largest revenue share in the facial tissues market, contributing about 35.13% in 2024. The U.S. facial tissues market is projected to grow at a CAGR of 3.54% through 2032.
-
Away-from-Home Tissues:
- The global Away from Home Tissue Products market was valued at USD 45.50 billion in 2024 and is expected to grow to USD 77.02 billion by 2032, with a CAGR of 6.8%. North America is expected to dominate this market, holding a 35% market share in 2024. The Away-From-Home Tissue and Hygiene market size is forecast to reach USD 65.91 billion by 2031, growing at a 6.92% CAGR from USD 47.16 billion in 2026. North America accounted for 42.09% of the Away-From-Home Tissue and Hygiene market revenue in 2025.
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Clearwater Paper Corporation (CLW) is expected to drive future revenue growth over the next two to three years through several strategic initiatives focused primarily on its paperboard segment, following the divestiture of its tissue business in late 2024.
Full Integration and Optimized Operation of the Augusta Mill: The acquisition of the Augusta, Georgia paperboard mill in May 2024 significantly expanded Clearwater Paper's bleached paperboard capacity. Full-year operation of this mill was a primary driver of a 14% increase in paperboard volumes in 2025 and is expected to continue contributing to volume growth and net sales. The company aims for a balanced national network to achieve the least-landed cost, targeting synergies by the end of 2026.
Strategic Expansion into Higher-Margin Paperboard Market Segments: With its refocused strategy as a specialized leader in paperboard packaging, Clearwater Paper is targeting higher-margin end-markets such as food service, pharmaceutical packaging, and high-end commercial printing. This strategic pivot is intended to improve margins and capture demand in premium segments requiring tight technical specifications.
Development and Launch of New Products, Including Plastic-Replacement Solutions: Clearwater Paper is focused on product innovation to capture evolving market demands. The company plans to launch Valora, a new lightweight paperboard product line, in the second quarter of 2026. Furthermore, product development efforts are centered on fiber-based cups and containers, aiming to address shifting consumer preferences and regulatory trends driven by plastic bans and sustainability initiatives between 2025 and 2026.
Overall Growth in Paperboard Shipments and Volumes: Beyond the specific impact of the Augusta mill, Clearwater Paper anticipates achieving flat to modest shipment growth in its paperboard business for 2026. This general increase in the quantity of paperboard products sold to its diverse customer base, including packaging converters and commercial printers, is a fundamental driver of revenue expansion.
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Share Repurchases
- Clearwater Paper repurchased $17 million in shares during 2025.
- As of February 18, 2026, the company had $79 million remaining under its authorized share repurchase program.
- In 2022, the company repurchased approximately $5.0 million worth of shares.
Share Issuance
- Shares were issued as restricted stock vesting compensation, with examples including 490 shares in October 2021, 1,622 shares in February 2023, 3,313 shares in March 2023, 2,305 shares in March 2024, and 1,159 shares in March 2024.
- Clearwater Paper plans to seek shareholder approval for a new 2026 Stock Incentive Plan at its annual meeting on May 7, 2026.
Inbound Investments
- BlackRock disclosed an 8.6% stake in Clearwater Paper in a 13G/A filing on January 21, 2026.
- Southeastern disclosed an 8.6% holding in the company on February 13, 2026.
- Institutional ownership of Clearwater Paper reached approximately 92% by mid-2025.
Outbound Investments
- Clearwater Paper completed the sale of its tissue business to Sofidel for $1.06 billion in 2025.
- The company acquired the Augusta, Georgia paperboard mill on May 1, 2024.
Capital Expenditures
- Capital expenditures for 2026 are expected to be between $65 million and $75 million, with a focus on strategic investments and enhancing operational capabilities.
- The company completed major maintenance outages in 2025 at a total cost of $50 million.
- Capital expenditures for the 12 months ending in early 2026 were -$88.80 million, reflecting a net cash inflow from capital activities.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Clearwater Paper (CLW) Operating Cash Flow Comparison | 02/17/2025 | |
| Clearwater Paper (CLW) Net Income Comparison | 02/15/2025 | |
| Clearwater Paper (CLW) Operating Income Comparison | 02/14/2025 | |
| Clearwater Paper (CLW) Revenue Comparison | 02/13/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 32.12 |
| Mkt Cap | 12.7 |
| Rev LTM | 8,935 |
| Op Inc LTM | 458 |
| FCF LTM | 353 |
| FCF 3Y Avg | 236 |
| CFO LTM | 1,225 |
| CFO 3Y Avg | 1,127 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.8% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 6.1% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | -42.7% |
| Op Inc Chg 3Y Avg | -30.7% |
| Op Mgn LTM | 4.5% |
| Op Mgn 3Y Avg | 6.7% |
| QoQ Delta Op Mgn LTM | -1.1% |
| CFO/Rev LTM | 10.4% |
| CFO/Rev 3Y Avg | 9.6% |
| FCF/Rev LTM | 3.0% |
| FCF/Rev 3Y Avg | 2.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Food Service | 665 | 540 | 405 | 405 | |
| Folding carton | 579 | 580 | 438 | 471 | |
| Pulp and other | 162 | 103 | 136 | 133 | |
| Sheeting and distribution | 150 | 160 | 158 | 186 | |
| Consumer Products | 835 | ||||
| Eliminations | -8 | ||||
| Pulp and Paperboard | 946 | ||||
| Total | 1,555 | 1,384 | 1,136 | 1,195 | 1,773 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Pulp and Paperboard | 169 | 184 | 126 | 124 | 115 |
| Consumer Products | 92 | 11 | 4 | 111 | -7 |
| Other operating charges, net | -5 | -10 | -58 | -14 | -6 |
| Corporate and eliminations | -78 | -71 | -60 | -63 | -57 |
| Total | 177 | 114 | 12 | 158 | 45 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Consumer Products | 917 | 951 | 986 | 1,080 | 1,147 |
| Pulp and Paperboard | 666 | 642 | 621 | 615 | 652 |
| Corporate | 89 | 83 | |||
| Corporate and eliminations | 111 | 106 | 78 | ||
| Total | 1,672 | 1,704 | 1,690 | 1,800 | 1,878 |
Price Behavior
| Market Price | $21.61 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 12/05/2008 | |
| Distance from 52W High | -26.6% | |
| 50 Days | 200 Days | |
| DMA Price | $16.22 | $16.50 |
| DMA Trend | down | up |
| Distance from DMA | 33.2% | 31.0% |
| 3M | 1YR | |
| Volatility | 69.3% | 56.1% |
| Downside Capture | -95.19 | 150.32 |
| Upside Capture | 159.20 | 87.49 |
| Correlation (SPY) | 22.4% | 29.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.09 | 0.72 | 1.03 | 1.33 | 1.18 | 0.84 |
| Up Beta | -1.59 | -0.54 | 0.73 | 0.89 | 1.01 | 0.74 |
| Down Beta | 2.48 | 2.67 | 1.36 | 1.74 | 0.88 | 0.46 |
| Up Capture | -48% | 79% | 99% | 115% | 77% | 65% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 8 | 20 | 34 | 62 | 116 | 352 |
| Down Capture | -4% | -4% | 134% | 147% | 152% | 107% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 19 | 27 | 59 | 129 | 391 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLW | |
|---|---|---|---|---|
| CLW | -26.8% | 56.0% | -0.35 | - |
| Sector ETF (XLB) | 15.4% | 17.7% | 0.65 | 43.7% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | 21.0% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | 10.9% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | -8.7% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | 36.5% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | 11.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLW | |
|---|---|---|---|---|
| CLW | -6.3% | 47.8% | 0.02 | - |
| Sector ETF (XLB) | 7.0% | 19.0% | 0.26 | 33.9% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 24.9% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | 5.4% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 1.8% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 25.5% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 8.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLW | |
|---|---|---|---|---|
| CLW | -10.9% | 52.8% | -0.00 | - |
| Sector ETF (XLB) | 9.9% | 20.6% | 0.43 | 33.3% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 26.8% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 5.8% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 10.7% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 24.5% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 7.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 03/09/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Annual Savings | 8.00 Mil | 10.00 Mil | 12.00 Mil | 0 | Affirmed | Guidance: 10.00 Mil for 2026 | |
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bowden, Steve M | Sr. V.P. | Direct | Sell | 12022025 | 18.14 | 8,889 | 161,246 | 1,242,880 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bowden, Steve M | Sr. V.P. | Direct | Sell | 12022025 | 18.14 | 8,889 | 161,246 | 1,242,880 | Form |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Paper Products Resources |
| Pulp & Paper Canada |
| Tissue World Magazine |
| Paper360 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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