Clearwater Paper Corp
CLW · Paperboard Mills · 16.1M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $8M (gross $18M, SBC $10M)
Reference price $18.14 · est. market cap ~$293M — last insider sale, 2025-11-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Single-substrate SBS paperboard producer in a downcycle, posting a loss year amid severe margin compression and oversupply.
Strengths
- Revenue up 12% (62nd pct) post-Augusta acquisition; current ratio 2.4
- Active buyback authorization and balanced leverage (55th pct)
Risks
- Gross margin collapsed to 7.4% (7th pct), net/operating margins negative, interest coverage -2.4
- Negative FCF (-$76.5M), ~1.6-quarter cash runway (19th pct), product concentration and top-10 customers at 46%
Notable findings
- No interest coverageInterest coverage -2.37 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -1.2%)
- Cash burnNegative free cash flow (-76.5M)
- Customer concentration~46% of revenue from one customer/distributor — Our top 10 customers accounted for 46% of our sales in 2025
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
7.4%
Operating margin
-2.7%
Net margin
-1.2%
Return on equity
-2.3%
Return on assets
-1.2%
ROIC
-2.8%
Revenue growth (QoQ)
-6.8%
Net-income growth
-109.5%
Debt / equity
0.4×
Net debt / EBITDA
6.3×
Interest coverage
-2.4×
Current ratio
2.4×
Free cash flow
-$76M
EBITDA
$50M
Tangible book value
$823M
Cash & investments
$31M
Cash runway
2q
Stock comp / revenue
0.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-18 | Kitch Arsen S. | Grant | 9.2K | — |
| 2026-05-18 | Kitch Arsen S. | Grant | 9.2K | $14.83 |
| 2026-05-15 | Passarello Mathew D | Tax withheld | 179 | $13.72 |
| 2026-03-15 | Aulin Virginia L. | Tax withheld | 381 | $13.11 |
| 2026-03-15 | Krajnik Sean M. | Tax withheld | 623 | $13.11 |
| 2026-03-15 | Krajnik Sean M. | Tax withheld | 193 | $13.11 |
| 2026-03-15 | Rome Marc D. | Tax withheld | 355 | $13.11 |
| 2026-03-15 | Rome Marc D. | Tax withheld | 293 | $13.11 |
| 2026-03-15 | Passarello Mathew D | Tax withheld | 390 | $13.11 |
| 2026-03-15 | Baker Sherri | Tax withheld | 569 | $13.11 |
| 2026-03-15 | Baker Sherri | Tax withheld | 524 | $13.11 |
| 2026-03-15 | Bowden Steve M | Tax withheld | 540 | $13.11 |
| 2026-03-15 | Bowden Steve M | Tax withheld | 497 | $13.11 |
| 2026-03-15 | Bowden Steve M | Tax withheld | 450 | $13.11 |
| 2026-03-15 | Kitch Arsen S. | Tax withheld | 5.4K | $13.11 |
| 2026-03-15 | Kitch Arsen S. | Tax withheld | 5.0K | $13.11 |
| 2026-03-15 | Kitch Arsen S. | Tax withheld | 3.2K | $13.11 |
| 2026-03-15 | Barckley Rebecca Anne | Tax withheld | 159 | $13.11 |
| 2026-03-15 | Barckley Rebecca Anne | Tax withheld | 141 | $13.11 |
| 2026-03-15 | Barckley Rebecca Anne | Tax withheld | 123 | $13.11 |
| 2026-03-15 | Krajnik Sean M. | Tax withheld | 534 | $13.11 |
| 2026-02-26 | Aulin Virginia L. | Grant | 10.0K | — |
| 2026-02-26 | Krajnik Sean M. | Grant | 11K | — |
| 2026-02-26 | Rome Marc D. | Grant | 11K | — |
| 2026-02-26 | Passarello Mathew D | Grant | 10K | — |
| 2026-02-26 | Baker Sherri | Grant | 15K | — |
| 2026-02-26 | Bowden Steve M | Grant | 13K | — |
| 2026-02-26 | Kitch Arsen S. | Grant | 84K | — |
| 2026-02-26 | Barckley Rebecca Anne | Grant | 4.3K | — |
| 2026-01-15 | Rome Marc D. | Tax withheld | 81 | $20.33 |
| 2025-11-28 | Bowden Steve M | Sell | 8.9K | $18.14 |
| 2025-07-01 | Rome Marc D. | Grant | 2.3K | — |
| 2025-05-15 | Passarello Mathew D | Tax withheld | 179 | $28.51 |
| 2025-03-17 | Moyes Kari G. | Sell | 1.1K | $23.98 |
| 2025-03-15 | Bowden Steve M | Tax withheld | 448 | $23.95 |
| 2025-03-15 | Gadd Michael S | Tax withheld | 446 | $23.95 |
| 2025-03-15 | Gadd Michael S | Tax withheld | 507 | $23.95 |
| 2025-03-15 | Kitch Arsen S. | Tax withheld | 3.8K | $23.95 |
| 2025-03-15 | Kitch Arsen S. | Tax withheld | 5.0K | $23.95 |
| 2025-03-15 | Baker Sherri | Tax withheld | 512 | $23.95 |
| 2025-03-15 | Bowden Steve M | Tax withheld | 511 | $23.95 |
| 2025-03-15 | Urlick Michael J | Tax withheld | 435 | $23.95 |
| 2025-03-15 | Urlick Michael J | Tax withheld | 531 | $23.95 |
| 2025-03-15 | Barckley Rebecca Anne | Tax withheld | 123 | $23.95 |
| 2025-03-15 | Barckley Rebecca Anne | Tax withheld | 142 | $23.95 |
| 2025-03-15 | Moyes Kari G. | Tax withheld | 369 | $23.95 |
| 2025-03-15 | Moyes Kari G. | Tax withheld | 420 | $23.95 |
| 2025-03-03 | Bowden Steve M | Tax withheld | 534 | $26.15 |
| 2025-03-03 | Urlick Michael J | Tax withheld | 467 | $26.15 |
| 2025-03-03 | Barckley Rebecca Anne | Tax withheld | 157 | $26.15 |
| 2025-03-03 | Moyes Kari G. | Tax withheld | 439 | $26.15 |
| 2025-03-03 | Kitch Arsen S. | Tax withheld | 3.8K | $26.15 |
| 2025-03-03 | Gadd Michael S | Tax withheld | 531 | $26.15 |
| 2025-02-27 | Moyes Kari G. | Sell | 2.8K | $26.72 |
| 2025-02-24 | Kitch Arsen S. | Grant | 41K | — |
| 2025-02-24 | Kitch Arsen S. | Grant | 74K | $27.30 |
| 2025-02-24 | Kitch Arsen S. | Tax withheld | 24K | $27.30 |
| 2025-02-24 | Baker Sherri | Grant | 6.9K | — |
| 2025-02-24 | Bowden Steve M | Grant | 6.0K | — |
| 2025-02-24 | Bowden Steve M | Grant | 15K | $27.30 |
| 2025-02-24 | Bowden Steve M | Tax withheld | 4.3K | $27.30 |
| 2025-02-24 | Moyes Kari G. | Grant | 5.7K | — |
| 2025-02-24 | Moyes Kari G. | Grant | 14K | $27.30 |
| 2025-02-24 | Moyes Kari G. | Tax withheld | 3.6K | $27.30 |
| 2025-02-24 | Urlick Michael J | Grant | 5.7K | — |
| 2025-02-24 | Urlick Michael J | Grant | 12K | $27.30 |
| 2025-02-24 | Urlick Michael J | Tax withheld | 3.8K | $27.30 |
| 2025-02-24 | Barckley Rebecca Anne | Grant | 1.9K | — |
| 2025-02-24 | Barckley Rebecca Anne | Grant | 4.5K | $27.30 |
| 2025-02-24 | Barckley Rebecca Anne | Tax withheld | 1.4K | $27.30 |
| 2025-02-24 | Gadd Michael S | Grant | 6.8K | — |
| 2025-02-24 | Gadd Michael S | Grant | 17K | $27.30 |
| 2025-02-24 | Gadd Michael S | Tax withheld | 4.3K | $27.30 |
| 2025-02-24 | Passarello Mathew D | Grant | 4.7K | — |
| 2025-01-02 | LAYMON JOE W | Option exercise | 4.4K | — |
| 2025-01-02 | LAYMON JOE W | Disposition | 4.4K | $29.51 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-12 | Exec/director change5.03Shareholder vote | filing ↗ |
| 2026-04-28 | ResultsExhibits | filing ↗ |
| 2026-02-18 | Results | filing ↗ |
| 2025-10-28 | ResultsExec/director change | filing ↗ |
| 2025-07-29 | Results | filing ↗ |
| 2025-05-21 | Exec/director change | filing ↗ |
| 2025-05-12 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2025-04-29 | Results | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-12 | 2026-05-07 | 0001441236-26-000028 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001441236-26-000024 ↗ |
| 10-Q | 2026-04-28 | 2026-03-31 | 0001441236-26-000025 ↗ |
| 10-K | 2026-02-18 | 2025-12-31 | 0001441236-26-000007 ↗ |
| 8-K | 2026-02-18 | 2026-02-18 | 0001441236-26-000006 ↗ |
| 8-K | 2025-10-28 | 2025-10-24 | 0001441236-25-000007 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0001441236-25-000008 ↗ |
| 10-Q | 2025-07-29 | 2025-06-30 | 0002011383-25-000020 ↗ |
| 8-K | 2025-07-29 | 2025-07-29 | 0002011383-25-000019 ↗ |
| 8-K | 2025-05-21 | 2025-05-16 | 0001504337-25-000020 ↗ |
| 8-K | 2025-05-12 | 2025-05-08 | 0001193125-25-117819 ↗ |
| 10-Q | 2025-04-29 | 2025-03-31 | 0001504337-25-000017 ↗ |