Latest Ratios: P/E Ratio -12.6x · EV/EBITDA 6.1x · ROE -2.4%. (2006–2025 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 | $253M | $280M | $500M | $617M | $650M | $615M | $631M | $353M | $402M | $752M | $1.1B |
| Enterprise Value | $675M | $702M | $742M | $1.0B | $1.2B | $1.3B | $1.4B | $1.3B | $1.2B | $1.5B | $1.8B |
| P/E Ratio → | -12.65 | — | 2.54 | 5.73 | 14.11 | — | 8.19 | — | — | 7.72 | 22.60 |
| P/S Ratio | 0.16 | 0.18 | 0.36 | 0.54 | 0.31 | 0.35 | 0.34 | 0.20 | 0.23 | 0.43 | 0.65 |
| P/B Ratio | 0.31 | 0.34 | 0.58 | 0.92 | 1.14 | 1.20 | 1.21 | 0.82 | 0.94 | 1.31 | 2.39 |
| P/FCF | — | — | — | 5.28 | 5.57 | 10.60 | 3.04 | — | — | — | 64.44 |
| P/OCF | 9999.00 | 22781.98 | 8.14 | 3.24 | 4.32 | 6.38 | 2.56 | 6.35 | 2.38 | 4.23 | 6.49 |
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 | — | 0.45 | 0.54 | 0.92 | 0.58 | 0.73 | 0.74 | 0.75 | 0.70 | 0.86 | 1.05 |
| EV / EBITDA | 6.05 | 6.30 | 25.75 | 4.81 | 5.37 | 11.01 | 5.14 | 8.16 | 299.71 | 8.44 | 8.87 |
| EV / EBIT | 35.88 | 37.34 | — | 13.59 | 11.12 | — | 9.70 | 30.84 | — | 20.58 | 16.41 |
| EV / FCF | — | — | — | 8.96 | 10.36 | 22.20 | 6.67 | — | — | — | 104.94 |
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 | 7.4% | 7.4% | 5.5% | 17.7% | 12.3% | 10.3% | 15.7% | 9.3% | 10.9% | 12.1% | 13.9% |
| Operating Margin | 1.2% | 1.2% | -3.0% | 15.6% | 5.9% | 0.7% | 8.5% | 2.6% | -5.7% | 4.1% | 6.6% |
| Net Profit Margin | -1.3% | -1.3% | -8.0% | 9.5% | 2.2% | -1.6% | 4.1% | -0.3% | -8.3% | 5.6% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.4% | -2.4% | -14.6% | 17.4% | 8.5% | -5.4% | 16.2% | -1.3% | -28.7% | 18.6% | 10.5% |
| ROA | -1.2% | -1.2% | -6.6% | 6.4% | 2.7% | -1.6% | 4.2% | -0.3% | -8.0% | 5.6% | 3.1% |
| ROIC | 1.2% | 1.2% | -2.8% | 11.9% | 7.9% | 0.7% | 8.9% | 2.6% | -5.8% | 4.3% | 7.7% |
| ROCE | 1.4% | 1.4% | -3.0% | 12.8% | 8.6% | 0.8% | 10.0% | 3.1% | -7.2% | 5.3% | 8.8% |
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 | 0.51 | 0.51 | 0.38 | 0.71 | 1.07 | 1.36 | 1.51 | 2.27 | 1.92 | 1.31 | 1.55 |
| Debt / EBITDA | 3.78 | 3.78 | 11.17 | 2.17 | 2.72 | 5.97 | 2.93 | 6.10 | 204.89 | 4.27 | 3.54 |
| Net Debt / Equity | — | 0.51 | 0.28 | 0.64 | 0.98 | 1.31 | 1.44 | 2.22 | 1.87 | 1.28 | 1.50 |
| Net Debt / EBITDA | 3.78 | 3.78 | 8.40 | 1.98 | 2.48 | 5.75 | 2.79 | 5.97 | 199.26 | 4.18 | 3.42 |
| Debt / FCF | — | — | — | 3.68 | 4.79 | 11.60 | 3.62 | — | — | — | 40.51 |
| Interest Coverage | 1.01 | 1.01 | -2.20 | 6.48 | 3.05 | -0.01 | 3.07 | 0.95 | -3.34 | 2.30 | 3.67 |
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 | 2.43 | 2.43 | 1.70 | 1.97 | 1.88 | 1.92 | 1.94 | 1.66 | 0.99 | 1.08 | 1.22 |
| Quick Ratio | 2.43 | 2.43 | 0.90 | 1.41 | 0.84 | 0.82 | 0.86 | 0.66 | 0.40 | 0.45 | 0.51 |
| Cash Ratio | 0.00 | 0.00 | 0.25 | 0.15 | 0.17 | 0.10 | 0.15 | 0.08 | 0.05 | 0.04 | 0.06 |
| Asset Turnover | — | 0.98 | 0.82 | 0.68 | 1.22 | 1.05 | 1.04 | 0.94 | 0.96 | 0.96 | 1.03 |
| Inventory Turnover | 5111.11 | 5111.11 | 5.07 | 5.80 | 5.63 | 5.73 | 5.98 | 5.68 | 5.77 | 5.72 | 5.79 |
| Days Sales Outstanding | — | 45.83 | 49.78 | 30.88 | 33.13 | 34.47 | 31.37 | 33.03 | 32.14 | 34.24 | 32.99 |
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 | — | — | 39.3% | 17.4% | 7.1% | — | 12.2% | — | — | 13.0% | 4.4% |
| FCF Yield | — | — | — | 19.0% | 18.0% | 9.4% | 32.9% | — | — | — | 1.6% |
| Buyback Yield | 6.8% | 6.1% | 2.0% | 2.9% | 0.8% | 0.3% | 0.1% | 0.0% | 0.0% | 0.7% | 5.8% |
| Total Shareholder Yield | 6.8% | 6.1% | 2.0% | 2.9% | 0.8% | 0.3% | 0.1% | 0.0% | 0.0% | 0.7% | 5.8% |
| Shares Outstanding | — | $16M | $17M | $17M | $17M | $17M | $17M | $17M | $16M | $17M | $17M |
Liquidity and margin volatility
As reported in recent financial statements, CLW trades at a P/S ratio of 0.17 and a P/B of 0.33, suggesting that the market is pricing in significant long-term impairment risks rather than viewing the company as a viable, ongoing concern within the paper and packaging sector.
The negative TTM P/E ratio of -13.55 underscores the company's inability to generate consistent bottom-line earnings, rendering traditional earnings-based valuation metrics largely irrelevant. Investors should monitor whether the current EV/EBITDA of 6.21 represents a genuine value opportunity or a value trap, given the company's ongoing struggle to maintain positive net margins.
Based on the provided quarterly data, ROIC has trended into negative territory, reaching -0.7% in 2026Q1, which indicates that the company's heavy investment in aging mill infrastructure is failing to generate returns that exceed the cost of capital required to maintain these industrial assets.
The persistent decay in ROE and ROIC over the last ten quarters suggests that the company is destroying shareholder value rather than compounding it. This trend warrants further investigation into whether the planned divestiture of the tissue business will successfully pivot the company toward a more efficient, higher-return capital allocation model.
According to the company's reported figures, the cash conversion cycle has remained highly erratic, peaking at 94 days in 2024Q2, which highlights the significant difficulty management faces in balancing inventory levels and receivables against the company's thin operating margins in a volatile commodity market.
The asset turnover ratio, which has languished near 0.20, confirms that the company is not effectively utilizing its massive physical asset base to drive revenue growth. This inefficiency suggests that the firm's operational leverage is currently working against it, as fixed costs remain high while throughput remains inconsistent.
As indicated by the most recent quarterly balance sheet, the company's cash position of $30,700 is exceptionally low relative to its $1.5 billion revenue base, suggesting a severe liquidity constraint that may limit management's flexibility during periods of operational stress or unexpected market downturns.
While the current ratio of 2.61 might appear superficially healthy, the reliance on inventory and receivables to meet short-term obligations is risky given the cyclical nature of the paperboard market. Investors should monitor whether this cash position necessitates dilutive external financing or emergency asset sales to maintain daily operations.
The price-to-book ratio is frequently misapplied to Clearwater Paper, as it obscures the reality that the company's book value is heavily comprised of aging, capital-intensive mill assets that may be subject to significant future impairment charges rather than representing true, realizable liquidation value.
Analysts should instead focus on EV/EBITDA or free cash flow yield to better assess the company's operational health, as these metrics account for the debt burden and the actual cash-generating capacity of the business. Relying on P/B in this context may lead to an overestimation of the company's asset-backed floor.
Includes 30+ ratios · 20 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CLW stock.
Clearwater Paper Corporation's current P/E ratio is -12.6x. The historical average is 11.5x.
Clearwater Paper Corporation's current EV/EBITDA is 6.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.3x.
Clearwater Paper Corporation's return on equity (ROE) is -2.4%. The historical average is 7.9%.
Based on historical data, Clearwater Paper Corporation is trading at a P/E of -12.6x. Compare with industry peers and growth rates for a complete picture.
Clearwater Paper Corporation has 7.4% gross margin and 1.2% operating margin.
Clearwater Paper Corporation's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.