Latest Ratios: P/E Ratio -56.0x · EV/EBITDA 52.4x · ROE -3.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $445M | $481M | $568M | $430M | $1.5B | $609M | $275M | $159M | $181M | $186M | $257M |
| Enterprise Value | $432M | $468M | $567M | $409M | $1.5B | $598M | $262M | $149M | $172M | $167M | $229M |
| P/E Ratio → | -56.02 | — | — | 13.21 | 29.48 | 30.03 | 38.06 | 34.85 | 42.03 | 48.57 | 31.86 |
| P/S Ratio | 2.96 | 3.20 | 4.52 | 1.91 | 5.37 | 4.32 | 2.96 | 1.87 | 2.33 | 2.51 | 3.41 |
| P/B Ratio | 1.77 | 1.88 | 2.06 | 1.37 | 9.86 | 5.86 | 3.33 | 2.13 | 2.63 | 2.88 | 4.10 |
| P/FCF | 18.00 | 19.47 | 44.89 | 37.01 | — | 68.71 | 56.74 | 13.04 | 53.89 | 43.44 | 25.88 |
| P/OCF | 15.10 | 16.33 | 25.56 | 21.50 | 1453.67 | 55.82 | 41.35 | 10.82 | 39.79 | 29.50 | 22.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.12 | 4.52 | 1.81 | 5.45 | 4.25 | 2.81 | 1.76 | 2.22 | 2.26 | 3.04 |
| EV / EBITDA | 52.42 | 56.83 | — | 9.70 | 21.94 | 21.71 | 24.20 | 20.27 | 24.22 | 24.12 | 18.79 |
| EV / EBIT | 203.92 | 54.02 | — | 9.56 | 23.00 | 23.23 | 28.57 | 25.19 | 34.00 | 31.49 | 21.02 |
| EV / FCF | — | 18.95 | 44.84 | 35.17 | — | 67.51 | 53.93 | 12.22 | 51.34 | 39.11 | 23.06 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.7% | 33.7% | 20.6% | 35.4% | 41.7% | 43.5% | 40.7% | 38.4% | 39.9% | 40.9% | 43.7% |
| Operating Margin | 1.4% | 1.4% | -15.3% | 16.6% | 23.6% | 17.9% | 9.0% | 6.1% | 6.5% | 7.2% | 14.3% |
| Net Profit Margin | -5.4% | -5.4% | -9.9% | 14.4% | 18.2% | 14.4% | 7.8% | 5.4% | 5.5% | 5.2% | 10.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.0% | -3.0% | -4.2% | 14.1% | 39.3% | 21.8% | 9.3% | 6.4% | 6.4% | 6.1% | 14.1% |
| ROA | -2.6% | -2.6% | -3.7% | 11.1% | 27.8% | 18.4% | 8.2% | 5.8% | 5.9% | 5.5% | 12.5% |
| ROIC | 0.6% | 0.6% | -5.1% | 12.2% | 36.7% | 23.3% | 9.4% | 6.2% | 7.2% | 9.9% | 23.7% |
| ROCE | 0.8% | 0.8% | -6.2% | 14.9% | 45.1% | 26.5% | 10.5% | 7.2% | 7.5% | 8.3% | 18.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.05 | 0.05 | 0.25 | 0.02 | 0.03 | — | — | — | — |
| Debt / EBITDA | 1.06 | 1.06 | — | 0.39 | 0.55 | 0.09 | 0.26 | — | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.00 | -0.07 | 0.14 | -0.10 | -0.17 | -0.13 | -0.12 | -0.29 | -0.45 |
| Net Debt / EBITDA | -1.55 | -1.55 | — | -0.51 | 0.30 | -0.39 | -1.26 | -1.37 | -1.20 | -2.67 | -2.30 |
| Debt / FCF | — | -0.52 | -0.05 | -1.84 | — | -1.21 | -2.82 | -0.82 | -2.55 | -4.33 | -2.82 |
| Interest Coverage | — | — | — | 251.62 | 206.25 | — | — | — | — | — | — |
Net cash position: cash ($21M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.42 | 5.42 | 9.43 | 10.21 | 3.10 | 3.49 | 5.04 | 6.43 | 8.25 | 9.70 | 6.96 |
| Quick Ratio | 4.27 | 4.27 | 7.12 | 6.83 | 1.51 | 2.15 | 3.66 | 5.07 | 6.23 | 7.70 | 5.82 |
| Cash Ratio | 2.90 | 2.90 | 5.30 | 5.80 | 0.43 | 1.15 | 2.60 | 3.57 | 3.51 | 5.77 | 4.57 |
| Asset Turnover | — | 0.49 | 0.40 | 0.63 | 1.18 | 1.12 | 0.98 | 1.04 | 1.05 | 1.06 | 1.07 |
| Inventory Turnover | 2.37 | 2.37 | 1.78 | 1.49 | 1.92 | 2.89 | 3.83 | 5.81 | 4.64 | 5.17 | 5.07 |
| Days Sales Outstanding | — | 43.74 | 40.24 | 45.91 | 72.36 | 50.41 | 41.16 | 39.14 | 60.27 | 35.72 | 38.78 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 7.6% | 3.4% | 3.3% | 2.6% | 2.9% | 2.4% | 2.1% | 3.1% |
| FCF Yield | 5.6% | 5.1% | 2.2% | 2.7% | — | 1.5% | 1.8% | 7.7% | 1.9% | 2.3% | 3.9% |
| Buyback Yield | 3.7% | 3.5% | 6.0% | 0.1% | 0.1% | 0.1% | 0.2% | 0.0% | 1.0% | 2.0% | 0.1% |
| Total Shareholder Yield | 3.7% | 3.5% | 6.0% | 0.1% | 0.1% | 0.1% | 0.2% | 0.0% | 1.0% | 2.0% | 0.1% |
| Shares Outstanding | — | $14M | $15M | $15M | $14M | $14M | $14M | $13M | $13M | $14M | $14M |
BEAD funding implementation delays
Based on current market data, Clearfield trades at a forward P/E of 73.23, suggesting that investors are pricing in a significant recovery in profitability that remains unsupported by the company's recent negative net margin of -1.5% reported in the most recent quarterly financial statements.
The elevated forward multiple indicates that the market is valuing the company as a cyclical recovery play rather than a steady-state business. This valuation appears aggressive given the lack of visibility into the timing of BEAD-funded project deployments, which are essential for restoring the top-line growth required to justify such a premium.
According to recent financial filings, Clearfield's ROIC has compressed to -0.6% in 2026Q2, reflecting a sharp decline from historical levels as the company struggles to generate positive returns on its invested capital during this prolonged period of industry-wide inventory digestion and reduced demand.
The negative return on capital suggests that the company's current asset base is underutilized, failing to generate sufficient operating income to cover the cost of capital. This trend warrants further investigation into whether the company's manufacturing footprint, while strategically positioned for 'Buy America' compliance, has become a structural drag on returns.
As reported in quarterly data, the cash conversion cycle has expanded to 182 days in 2026Q2, primarily driven by elevated days of inventory outstanding, which highlights the company's ongoing struggle to normalize stock levels following the 2022 industry-wide over-accumulation of fiber connectivity hardware.
The extended CCC indicates that capital is being trapped in inventory rather than being converted into cash, which exacerbates the company's liquidity constraints. Investors should monitor whether this inefficiency is a temporary byproduct of the current demand trough or a sign of weakening leverage with customers who are delaying their own infrastructure build-outs.
The price-to-sales ratio is frequently misapplied to Clearfield's business model, as it obscures the company's high sensitivity to project-based revenue volatility and fails to account for the significant margin compression currently impacting the firm's ability to convert top-line revenue into sustainable free cash flow.
Relying on P/S multiples ignores the underlying cost structure, specifically the fixed overhead associated with domestic manufacturing that requires consistent volume to remain profitable. A more appropriate metric would be an adjusted EV/EBITDA that accounts for the cyclical nature of the rural broadband market and the potential for margin expansion once BEAD funding begins to flow.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CLFD stock.
Clearfield, Inc.'s current P/E ratio is -56.0x. The historical average is 28.3x.
Clearfield, Inc.'s current EV/EBITDA is 52.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.4x.
Clearfield, Inc.'s return on equity (ROE) is -3.0%. The historical average is -1.3%.
Based on historical data, Clearfield, Inc. is trading at a P/E of -56.0x. Compare with industry peers and growth rates for a complete picture.
Clearfield, Inc. has 33.7% gross margin and 1.4% operating margin.
Clearfield, Inc.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.