Clearwater Paper Corp. (CLW) intrinsic value & 10-year financials
Clearwater Paper Corp. (CLW) has a Graham intrinsic value of $61.37 per share. At $19.30 on Oct 17, 2026, the stock trades 69% below that value. Over the last 10 fiscal years revenue shrank 1.2% a year to $1.6B, with an average return on invested capital of 2.8%.
- Graham intrinsic value
- $61.37
- Share price (Oct 17, 2026)
- $19.30
- Price vs Graham value
- 69% below
- Market cap
- $312.1M
- Revenue (FY2025)
- $1.6B
- Revenue growth (10-yr CAGR)
- -1.2%
- ROIC (10-yr avg)
- 2.8%
- Free cash flow (FY2025)
- -$76.5M
CLW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.6B | -$18.6M | -$1.15 | -$76.5M | -2.7% | -2.8% |
| FY2024 | $1.4B | $196.3M | $11.70 | -$55.2M | -4.7% | -6.1% |
| FY2023 | $1.1B | $107.7M | $6.30 | $117.0M | 15.6% | 12.3% |
| FY2022 | $1.2B | $46.0M | $2.68 | $116.7M | 9.5% | 6.5% |
| FY2021 | $1.8B | -$28.1M | -$1.67 | $58.0M | 0.7% | 0.8% |
| FY2020 | $1.9B | $77.1M | $4.61 | $207.4M | 8.5% | 9.9% |
| FY2019 | $1.8B | -$5.6M | -$0.34 | -$84.5M | 2.6% | 2.5% |
| FY2018 | $1.7B | -$143.8M | -$8.72 | -$126.8M | -5.7% | -8.3% |
| FY2017 | $1.7B | $97.3M | $5.88 | -$22.1M | 4.2% | 6.7% |
| FY2016 | $1.7B | $49.6M | $2.90 | $17.4M | 6.4% | 6.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Clearwater Paper Corp is facing top-line stagnation, with revenue contracting over the decade.
Clearwater Paper Corp has historically struggled to out-earn its cost of capital, averaging just 2.8% ROIC.
Clearwater Paper Corp 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, Clearwater Paper Corp is modeled at -1.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $61.37 per share.