# CLEARWATER PAPER CORPORATION (CLW) · Edgar & Edgarette company card

> Clearwater Paper (CLW) grew revenue 12.4% in FY2025 to $1.6 billion, operating margin -2.7% against a 0.3% median for paperboard mills, equity 52.0% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1441236 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/CLW) · [JSON](https://www.pops4.com/boards/company/CLW.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $1.6B |
| Revenue growth, 1 year | 12.4% |
| Revenue growth per year | -3.2% |
| Operating margin | -2.7% (prior year -4.7%) |
| Net margin | -1.2% |
| Operating cash flow | $12M |
| Capital spending | $89M |
| Free cash flow | −$77M |
| Cash | $31M |
| Long-term debt | $346M |
| Total assets | $1.6B |
| Total equity | $825M |
| Equity ÷ assets | 52.0% |
| Return on equity | -2.3% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 4.01 (safe zone)
- Piotroski F: 6 of 9 (solid)
- Beneish M: -2.79 (below the −1.78 line)
- Health Harbor boat: Old boat · three warning signs · operating loss: a margin of -2.7% in FY2025; free cash flow was negative: capital spending outran operating cash (-$76.5M in FY2025); revenue is hard to predict: its 80% range is ±29%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $1.6B (FY2025), total debt $346.1M. Experience: revenue up 12.4% on the year, down 3.2% a year over 4 years; operating margin -2.7%, up from -4.7%. Soundness: equity 52.0% of assets, return on equity -2.3%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $1.3B and $2.3B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $1.0B to $2.8B. A statistical range, not company guidance. Against peers (13 filers, $50M+ revenue, its industry group): operating margin -2.7% against a 0.3% median; growth 12.4% against 0.9%.

Range logged 2026-09-26, receipt dc815c0fb90d8588, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-10-26 ([filing](https://www.sec.gov/Archives/edgar/data/1441236/000162828026067280/0001628280-26-067280-index.htm))

## Recent filings

- 10-Q · filed 2026-10-26 · [filing](https://www.sec.gov/Archives/edgar/data/1441236/000162828026067282/0001628280-26-067282-index.htm)
- 8-K · filed 2026-10-26 · 2.02 Results of Operations and Financial Condition; 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1441236/000162828026067280/0001628280-26-067280-index.htm)
- 8-K · filed 2026-09-21 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1441236/000119312526396048/0001193125-26-396048-index.htm)
- 10-Q · filed 2026-07-28 · [filing](https://www.sec.gov/Archives/edgar/data/1441236/000162828026050159/0001628280-26-050159-index.htm)
- 8-K · filed 2026-07-28 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1441236/000162828026050153/0001628280-26-050153-index.htm)
- 8-K · filed 2026-05-12 · 5.02 Departure or Election of Directors; Appointment of Officers; 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1441236/000144123626000028/0001441236-26-000028-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001441236.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1441236

## Cite

POPS4, Edgar & Edgarette: CLEARWATER PAPER CORPORATION (CLW) company card, from the company's own SEC filings, accessed 2026-11-06, https://www.pops4.com/boards/company/CLW. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.