CLW Clearwater Paper Corp

Overview and Growth

Clearwater Paper Corp generated $1.56B of revenue in fiscal 2025, with net loss of $18.60M and an operating cash inflow of $12.30M. Revenue of $1.56B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 12.4% above fiscal 2024 revenue of $1.38B, marking a year-over-year increase. The company reported diluted EPS of -$1.15, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 109.8% decrease from fiscal 2024 diluted EPS of $11.70. The company employed $1.59B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.98x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $115.60M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 7.4% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $42.10M after the reported operating expense base. Relative to revenue, the operating deficit measured 2.7%, showing the shortfall after operating costs. The bottom-line result was a net loss of $18.60M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 1.2% after all recognized items. The reported tax benefit was $7.10M, favorably bridging the pretax and after-tax results. The loss-to-equity relationship was 2.3%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 1.2%, placing the bottom-line deficit against the company’s resource base.

Liquidity and Capital Structure

At period end, the $1.59B asset base was financed through $763.00M of liabilities and $825.30M of equity. The near-term balance sheet paired $526.00M of current assets with $216.20M of current liabilities at the reporting date. Current assets covered current liabilities by 2.43x, leaving a positive buffer for near-term obligations. The company held $30.70M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 14.2% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $346.10M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.42x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 21.8%, showing how much of the asset base was matched by borrowing. Liabilities represented 48.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 1.9%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 5.4% from $1.68B in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 3.4% from $854.60M in fiscal 2024, placing the current capital base lower year over year. The reported cash balance changed 61.4% from $79.60M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported $12.30M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital expenditures used $88.80M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 722.0% of operating cash flow, quantifying the share of cash from operations directed to investment. Negative free cash flow was $76.50M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -4.9%, reflecting a cash deficit equal to 4.9% of revenue after capital spending. The cash deficit after capital spending represented 4.8% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.