Clearwater Paper Corporation (CLW) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+208.2%

$42.09

vs $13.66 price

Levered DCF

$90.47

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.74

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-15.13×	-4.5×	5.65×	13.95×	-21.96×	8.12×	-62.82×	-2.79×
P/B	0.34×	0.58×	0.91×	1.12×	1.2×	1.2×	0.81×	0.94×
P/S	0.18×	0.36×	0.54×	0.31×	0.35×	0.33×	0.2×	0.23×
EV / EBITDA	14.41×	-823.97×	8.83×	5.67×	12.32×	5.43×	8.3×	-1,089.86×
Gross margin	7.4%	5.5%	17.7%	12.3%	10.3%	15.7%	9.3%	10.9%
Operating margin	0.8%	-3.0%	15.6%	5.9%	0.7%	8.5%	2.6%	-5.7%
Net margin	-1.2%	-8.0%	9.5%	2.2%	-1.6%	4.1%	-0.3%	-8.3%
Current ratio	2.43×	1.7×	1.97×	1.88×	1.92×	1.94×	1.66×	0.99×
Debt / equity	0.51×	0.38×	0.71×	1.07×	1.36×	1.51×	2.27×	1.92×
Interest coverage	0.74×	-1.28×	14.88×	3.43×	0.32×	3.4×	1.01×	-3.18×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.3%	-13.0%	16.1%	8.0%	-5.5%	14.8%	-1.3%	-33.7%
Return on invested capital	0.8%	-2.2%	9.4%	5.5%	0.6%	7.9%	2.0%	-6.7%
Return on assets	-1.2%	-6.6%	6.4%	2.7%	-1.7%	4.3%	-0.3%	-8.0%
Free cash flow yield	-0.0%	-11.0%	19.2%	18.2%	9.4%	33.2%	-24.0%	-31.6%
Earnings yield	-6.6%	-22.2%	17.7%	7.2%	-4.6%	12.3%	-1.6%	-35.8%
Enterprise value	$703.1M	$741.6M	$1B	$1.2B	$1.3B	$1.4B	$1.3B	$1.2B
Net debt / EBITDA	8.64×	-268.89×	3.66×	2.64×	6.44×	2.96×	6.07×	-724.6×
Cash conversion cycle (days)	13	76	59	55	60	59	63	41