Clearfield, Inc.

CLFD · Telephone & Telegraph Apparatus · 13.6M shares · +2%/yr ↑ shares · EDGAR filings ↗

Reference price $39.90 · est. market cap ~$542M — last insider sale, 2026-06-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C54

Fiber-broadband equipment maker with strong revenue recovery but a net loss and supply-chain dependence.

Strengths

Strong revenue recovery — +19.6% (68th)
Very liquid balance sheet — current ratio 5.42 (88th), quick ratio 4.27

Risks

Net loss — net margin -5.4% (26th), ROE -3.1%
Single/limited-source supplier dependence per risk factors — qualitative (per 10-K)
Earnings decline — net income -35.4% (38th)

Notable findings

Net lossNet loss (net margin -5.4%)
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Strong balance sheetStrong balance sheet — $166M cash & investments
Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Insider sellingInsider selling — 7 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$1M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $62M2025-09-30 · $18M2025-12-31 · $34M2026-03-31 · $34M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

33.7%

Operating margin

1.4%

Net margin

-5.4%

Return on equity

-3.1%

Return on assets

-2.6%

Revenue growth (QoQ)

0.1%

Current ratio

5.4×

EBITDA

$8M

Tangible book value

$242M

Cash & investments

$166M

Stock comp / revenue

3.1%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-09	Khemakhem Anis	Sell	1.7K	$39.90
2026-06-01	Beranek Cheryl	Sell	7.5K	$46.92
2026-05-27	Beranek Cheryl	Sell	2.5K	$50.00
2026-05-11	Beranek Cheryl	Sell	2.5K	$45.02
2026-05-11	Jones Walter Louis JR	Sell	2.4K	$46.05
2026-05-08	Beranek Cheryl	Sell	5.0K	$40.27
2026-05-06	Khemakhem Anis	Tax withheld	635	$30.28
2026-02-27	Seidel Rebecca	Grant	2.5K	—
2026-02-27	Wirsbinski Carol Ann	Grant	2.5K	—
2026-02-27	Kelly Catherine T.	Grant	2.5K	—
2026-02-27	Jones Walter Louis JR	Grant	2.5K	—
2026-02-27	Sarcevic Ademir	Grant	2.5K	—
2026-02-27	SKARVAN KATHLEEN	Grant	2.5K	—
2026-02-27	ROTH RONALD G	Grant	2.5K	—
2026-02-19	Hayward Donald R.	Sell	3.6K	$32.00
2025-12-31	Beranek Cheryl	Grant	210	$24.78
2025-12-31	Khemakhem Anis	Grant	131	$24.78
2025-12-31	Hill John P	Grant	222	$24.78
2025-12-31	HERZOG DANIEL R	Grant	88	$24.78
2025-12-15	ROTH RONALD G	Buy	10K	$30.06
2025-12-11	Beranek Cheryl	Gift	2.0K	—
2025-12-10	Seidel Rebecca	Grant	326	—
2025-12-10	SKARVAN KATHLEEN	Grant	326	—
2025-11-28	Beranek Cheryl	Grant	26K	—
2025-11-28	HERZOG DANIEL R	Grant	11K	—
2025-11-28	Hill John P	Grant	17K	—
2025-11-20	Beranek Cheryl	Grant	5.4K	—
2025-11-20	Beranek Cheryl	Tax withheld	2.7K	$28.22
2025-11-20	Beranek Cheryl	Grant	11K	—
2025-11-20	Hill John P	Grant	5.4K	—
2025-11-20	Hill John P	Grant	11K	—
2025-11-20	Hill John P	Tax withheld	2.7K	$28.22
2025-11-20	HERZOG DANIEL R	Grant	2.7K	—
2025-11-20	HERZOG DANIEL R	Grant	5.4K	—
2025-11-20	HERZOG DANIEL R	Tax withheld	824	$28.22
2025-11-16	Hill John P	Tax withheld	2.7K	$30.72
2025-11-16	HERZOG DANIEL R	Tax withheld	510	$30.72
2025-11-16	HERZOG DANIEL R	Tax withheld	973	$30.72
2025-11-16	HERZOG DANIEL R	Tax withheld	825	$30.72
2025-11-16	HERZOG DANIEL R	Tax withheld	510	$30.72
2025-11-16	HERZOG DANIEL R	Tax withheld	973	$30.72
2025-11-16	HERZOG DANIEL R	Tax withheld	825	$30.72
2025-11-16	Beranek Cheryl	Tax withheld	1.0K	$30.72
2025-11-16	Beranek Cheryl	Tax withheld	1.9K	$30.72
2025-11-16	Beranek Cheryl	Tax withheld	2.3K	$30.72
2025-11-16	Hill John P	Tax withheld	1.0K	$30.72
2025-11-16	Hill John P	Tax withheld	2.0K	$30.72
2025-09-18	Hill John P	Tax withheld	14K	$34.21
2025-09-18	Hill John P	Option exercise	24K	$12.43
2025-09-18	Hill John P	Option exercise	18K	$23.74
2025-09-18	Hill John P	Tax withheld	13K	$34.21
2025-09-12	HERZOG DANIEL R	Option exercise	12K	$23.74
2025-09-12	HERZOG DANIEL R	Tax withheld	9.5K	$33.25
2025-09-12	HERZOG DANIEL R	Option exercise	12K	$12.43
2025-09-12	HERZOG DANIEL R	Tax withheld	6.8K	$33.25
2025-08-08	Beranek Cheryl	Option exercise	18K	$23.74
2025-08-08	Beranek Cheryl	Tax withheld	14K	$32.59
2025-08-08	Beranek Cheryl	Option exercise	24K	$12.43
2025-08-08	Beranek Cheryl	Tax withheld	14K	$32.59
2025-06-30	Beranek Cheryl	Grant	197	$26.35
2025-06-30	Hill John P	Grant	498	$26.35
2025-06-30	HERZOG DANIEL R	Grant	683	$26.35
2025-02-28	Sarcevic Ademir	Grant	2.5K	—
2025-02-28	Wirsbinski Carol Ann	Grant	2.5K	—
2025-02-28	Kelly Catherine T.	Grant	2.5K	—
2025-02-28	HAYSSEN CHARLES N	Grant	2.5K	—
2025-02-28	Hayward Donald R.	Grant	2.5K	—
2025-02-28	Jones Walter Louis JR	Grant	2.5K	—
2025-02-28	ROTH RONALD G	Grant	2.5K	—
2025-02-19	Hill John P	Sell	24K	$33.10
2025-02-14	Hill John P	Sell	14K	$33.05
2025-02-12	Hill John P	Sell	17K	$33.26
2024-12-31	Hill John P	Grant	276	$26.35
2024-12-31	Beranek Cheryl	Grant	198	$26.35
2024-12-31	HERZOG DANIEL R	Grant	137	$26.35

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-05-06	ResultsExhibits	filing ↗
2026-04-30	Material agreementExhibits	filing ↗
2026-02-27	Shareholder vote	filing ↗
2026-02-04	ResultsExhibits	filing ↗
2025-12-12	5.03Exhibits	filing ↗
2025-11-25	ResultsExhibits	filing ↗
2025-11-17	Material agreementExhibits	filing ↗
2025-10-29	Exec/director changeExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
10-Q	2026-05-07	2026-03-31	0001171843-26-003126 ↗
8-K	2026-05-06	2026-05-06	0001171843-26-003066 ↗
8-K	2026-04-30	2026-04-25	0001171843-26-002887 ↗
8-K	2026-02-27	2026-02-26	0001171843-26-001184 ↗
10-Q	2026-02-09	2025-12-31	0001171843-26-000700 ↗
8-K	2026-02-04	2026-02-04	0001171843-26-000624 ↗
8-K	2025-12-12	2025-12-10	0001171843-25-007921 ↗
10-K	2025-11-25	2025-09-30	0001171843-25-007594 ↗
8-K	2025-11-25	2025-11-25	0001171843-25-007560 ↗
8-K	2025-11-17	2025-11-11	0001171843-25-007385 ↗
8-K	2025-10-29	2025-10-28	0001171843-25-006755 ↗
10-Q	2025-08-07	2025-06-30	0001171843-25-005167 ↗