Clearfield, Inc. (CLFD) intrinsic value & 10-year financials
Clearfield, Inc. (CLFD) has a Graham intrinsic value of $45.76 per share. At $29.47 on Oct 17, 2026, the stock trades 36% below that value. Over the last 10 fiscal years revenue grew 8.0% a year to $150.1M, with an average return on invested capital of 11.4%.
- Graham intrinsic value
- $45.76
- Share price (Oct 17, 2026)
- $29.47
- Price vs Graham value
- 36% below
- Market cap
- $412.3M
- Revenue (FY2025)
- $150.1M
- Revenue growth (10-yr CAGR)
- 8.0%
- ROIC (10-yr avg)
- 11.4%
- Free cash flow (FY2025)
- $21.8M
CLFD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $150.1M | -$8.1M | -$0.58 | $21.8M | 1.4% | 0.8% |
| FY2024 | $166.7M | -$12.5M | -$0.85 | $12.7M | -13.9% | -6.6% |
| FY2023 | $268.7M | $32.5M | $2.17 | $12.3M | 13.9% | 13.7% |
| FY2022 | $270.9M | $49.4M | $3.55 | -$7.5M | 23.6% | 41.1% |
| FY2021 | $140.8M | $20.3M | $1.47 | $8.9M | 17.9% | 25.1% |
| FY2020 | $93.1M | $7.3M | $0.53 | $4.8M | 9.0% | 10.0% |
| FY2019 | $85.0M | $4.6M | $0.34 | $12.2M | 6.1% | 6.2% |
| FY2018 | $77.7M | $4.3M | $0.32 | $3.5M | 6.5% | 5.9% |
| FY2017 | $73.9M | $3.8M | $0.28 | $4.3M | 7.2% | 5.8% |
| FY2016 | $75.3M | $8.0M | $0.59 | $10.0M | 14.3% | 12.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Clearfield, Inc. has demonstrated mature, steady growth, with revenue compounding at 8.0% annually over the past decade.
Clearfield, Inc. returns on capital have been average, hovering around 12.9% ROIC over the decade.
Clearfield, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Clearfield, Inc. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $45.76 per share.