Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Clearwater Paper Corp.CLW · manufacturing | |
|---|---|
| Grade |  Eweakest fifth of 255 graded peers; percentile 85.0, sampling error 3.0 points; lower is stronger |
| Rank | 217 of 255 |
| Profitability | D/Epercentile 79.3 |
| Solvency | Dpercentile 64.4 |
| Growth and financing | Cpercentile 46.4 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.6B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Feb 18, 2026233 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $19.422026-10-08; market equity $313.2M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 18, 2026; the document on sec.gov.
Clearwater Paper is recognized as a leading manufacturer and supplier of Solid Bleached Sulfate (SBS) paperboard packaging products, serving independent converters throughout North America. We participate in the North American paperboard market, which encompasses approximately 10 million tons and is divided into three principal substrates, each offering a diverse array of applications. SBS constitutes nearly fifty percent of the market, while Coated Unbleached Kraft (CUK) and Coated Recycled Board (CRB) comprise the remaining substrates. The paperboard products produced are inherently sustainable, aligning with prevailing trends that favor renewable and recyclable materials.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 79.3 | |||||||
| Gross profitability | 7.3% | [1-3] | 21.9% | 87.6 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| required facts have no common fiscal period end | |||||||
| Accruals ratio | (1.9%) | [1,4-6] | (3.6%) | 66.1 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 5.1 pts | [2-3,7-14] | 2.1 pts | 84.2 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 64.4 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 4.01 | [1,15-20] | 3.66 | 37.9 | 244 | 2025-12-31 | |
| Net debt to EBITDA | 6.28x | [18,21-23] | 1.78x | 96.7 | 121 | 2025-12-31 | |
| Interest coverage | (2.37x) | [18,24] | 5.09x | 81.0 | 64 | 2025-12-31 | |
| Current ratio | 2.43x | [15-16] | 2.25x | 42.0 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 46.4 | |||||||
| Revenue growth, three-year compound | 9.2% | [2,7,9,11] | 2.1% | 25.4 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 13.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 26.4% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (2.3%) | [1,6,25-26] | 4.4% | 77.0 | 279 | 2025-12-31 | |
| Net share issuance, one year | (0.8%) | [27-28] | 0.01% | 36.8 | 243 | 2026-02-17 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.288; sampling error 3.0 percentile points on 255 peers.
Among 255 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 212 | Moving iMAGE Technologies Inc. (MITQ) Moving iMAGE Technologies Inc. (MITQ) Eweakest fifth; percentile 83.1 NYSE · Photographic Equipment & Supplies market equity $5.7M; last close $0.57 Warnings: fortress balance sheet; 8 of 14 inputs | 83.1 | E | fortress balance sheet |
| 213 | Millerknoll, Inc. (MLKN) Millerknoll, Inc. (MLKN) Eweakest fifth; percentile 83.5 Nasdaq · Office Furniture market equity $1.4B; last close $20.77 No active warnings; 11 of 14 inputs | 83.5 | E | |
| 214 | Hillman Solutions Corp. (HLMN) Hillman Solutions Corp. (HLMN) Eweakest fifth; percentile 83.9 Nasdaq · Cutlery, Handtools & General Hardware market equity $1.4B; last close $7.02 No active warnings; 10 of 14 inputs | 83.9 | E | |
| 215 | O-I Glass, Inc. (OI) O-I Glass, Inc. (OI) Eweakest fifth; percentile 84.3 NYSE · Glass Containers market equity $948.1M; last close $6.18 No active warnings; 7 of 14 inputs | 84.3 | E | |
| 216 | Sifco Industries Inc. (SIF) Sifco Industries Inc. (SIF) Eweakest fifth; percentile 84.6 NYSE · Aircraft Engines & Engine Parts market equity $140.8M; last close $22.95 Warnings: fortress balance sheet; 8 of 14 inputs | 84.6 | E | fortress balance sheet |
| 217 | Clearwater Paper Corp. (CLW) Clearwater Paper Corp. (CLW) Eweakest fifth; percentile 85.0 NYSE · Paperboard Mills market equity $314.6M; last close $19.42 No active warnings; 10 of 14 inputs | 85.0 | E | |
| 218 | MasterCraft Boat Holdings, Inc. (MCFT) MasterCraft Boat Holdings, Inc. (MCFT) Eweakest fifth; percentile 85.4 Nasdaq · Ship & Boat Building & Repairing market equity $474.6M; last close $19.52 Warnings: dilution; 11 of 14 inputs | 85.4 | E | dilution |
| 219 | Smurfit Westrock plc (SW) Smurfit Westrock plc (SW) Eweakest fifth; percentile 85.8 NYSE · Paperboard Containers & Boxes market equity $21.7B; last close $41.45 No active warnings; 8 of 14 inputs | 85.8 | E | |
| 220 | Worthington Enterprises, Inc. (WOR) Worthington Enterprises, Inc. (WOR) Eweakest fifth; percentile 86.2 NYSE · Steel Works, Blast Furnaces & Rolling & Finishing Mills market equity $3.0B; last close $61.13 No active warnings; 13 of 14 inputs | 86.2 | E | |
| 221 | IT Tech Packaging, Inc. (ITP) IT Tech Packaging, Inc. (ITP) Eweakest fifth; percentile 86.6 NYSE · Converted Paper & Paperboard Prods (No Contaners/Boxes) market equity $2.5M; last close $0.15 Warnings: late filer, fortress balance sheet; 9 of 14 inputs | 86.6 | E | late filer, fortress balance sheet |
| 222 | Matthews International Corp. (MATW) Matthews International Corp. (MATW) Eweakest fifth; percentile 87.0 Nasdaq · Nonferrous Foundries (Castings) market equity $602.7M; last close $19.32 No active warnings; 9 of 14 inputs | 87.0 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 77.9 | 2204 |
| sector peers, equal sleeves (the grade) | E | 85.0 | 255 |
| same exchange, equal sleeves | E | 83.8 | 984 |
| sector peers, equal inputs | E | 83.9 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 1.1% | 13.7% | 37 | hotter than 37 of 100 peers |
| Distance from 52-week high | (16.3%) | (24.3%) | 70 | closer to its high than 70 of 100 peers |
| EBIT to enterprise value | (6.6%) | 4.1% | 9 | pricier than 91 of 100 peers |
| Free cash flow yield | (24.3%) | 3.4% | 6 | pricier than 94 of 100 peers |
| Book value to price | 2.59 | 0.34 | 98 | pricier than 2 of 100 peers |
| Sales to price | 4.94 | 0.54 | 96 | pricier than 4 of 100 peers |
| Composite equity issuance, five years | (2.9%) | (9.5%) | 59 | more equity-funded than 59 of 100 peers |
| Relative strength against the sector, log excess return | (0.12) | (0.00) | 37 | ahead of 37 of 100 peers |
Inputs: market equity $314.6M; EBIT -$42.1M; free cash flow -$76.5M; book equity $813.8M; sales $1.6B; debt $361.7M; cash $36.5M[29].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 6 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (1.1%) | ✗ fail[4,6] |
| Operating cash flow above zero | $12.3M | ✓ pass[5] |
| Return on assets improved | (12.8 pts) | ✗ fail[4,6,25,30] |
| Operating cash flow exceeds net income | $30.9M | ✓ pass[4-5] |
| Long-term leverage fell | 4.3 pts | ✗ fail[1,6,25,31-32] |
| Current ratio improved | 73.1 pts | ✓ pass[15-16,33-34] |
| No new shares issued | (0.8%) | ✓ pass[27-28] |
| Gross margin improved | 1.9 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | 9.9 pts | ✓ pass[2,6-7,25] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $36.5M[35] |
| Operating cash flow, four quarters | $11.3M[5,35-39] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 73 |
| 10-Q received Jul 28, 2026 | |
| Median daily dollar volume | $2.7M |
| 63 sessions | |
| Days since newest grade input | 233 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $1.6B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.6B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $1.4B | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$18.6M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $12.3M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $1.7B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 7 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.4B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 8 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $1.3B | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:Revenues | $1.1B | 2023-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 10 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $935.3M | 2023-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:Revenues | $1.2B | 2022-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 12 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $982.5M | 2022-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:Revenues | $1.8B | 2021-12-31 | 2024-02-20 | 10-K | filing · viewer · series |
| 14 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $1.6B | 2021-12-31 | 2024-02-20 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $526.0M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $216.2M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $862.3M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | -$42.1M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $825.3M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $763.0M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 21 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $346.8M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 22 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $30.7M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 23 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $92.4M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 24 | interest expense | us-gaap:InterestExpense | $17.8M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $1.7B | 2023-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 26 | assets | us-gaap:Assets | $1.7B | 2022-12-31 | 2024-02-20 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 16,038,485 | 2026-02-17 | 2026-02-18 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 16,175,161 | 2025-02-21 | 2025-02-26 | 10-K/A | filing · viewer · series |
| 29 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 16,125,253 | 2026-04-27 | 2026-04-28 | 10-Q | filing · viewer · series |
| 30 | net income | us-gaap:NetIncomeLoss | $196.3M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 31 | long term debt | us-gaap:LongTermDebtNoncurrent | $345.5M | 2025-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 32 | long term debt | us-gaap:LongTermDebtNoncurrent | $281.6M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 33 | current assets | us-gaap:AssetsCurrent | $545.4M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 34 | current liabilities | us-gaap:LiabilitiesCurrent | $320.4M | 2024-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 35 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $36.5M | 2026-03-31 | 2026-04-28 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $500,000 | 2026-03-31 | 2026-04-28 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $7.3M | 2025-09-30 | 2025-10-28 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$26.7M | 2025-06-30 | 2025-07-29 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.5M | 2025-03-31 | 2026-04-28 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 85.0 is 5.0 points from the nearest band edge; sampling error is 3.0 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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