Clearwater Paper (CLW)
Supplies SBS paperboard for food-service packaging and folding cartons across North America.
Something off on this page? Send us feedback.
Manufactures Solid Bleached Sulfate paperboard for food-service packaging, folding cartons, sheeting, and limited market pulp. Sales are concentrated in North America, and its non-integrated model lets converter customers buy board without usually competing against their supplier.
Produces Solid Bleached Sulfate paperboard for food-service packaging and folding-carton uses, with sheeting, slitting, cutting, and limited pulp sales around the core board mill network.
Most sales are tied to North American converter customers that print, sheet, and form the board into cups, plates, cartons, blister packs, and commercial-print applications. The non-integrated model matters because Clearwater generally sells board rather than converted end-products.
Execution now centers on the paperboard reset: adding Augusta capacity, exiting private-label tissue, serving quality-sensitive converters, and launching lighter folding-carton grades such as Velora. The business depends on SBS demand, pricing, customer concentration, and substitution from other paperboard grades or non-paper packaging.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 29, 2026 | RBC Capital | Reiterate | Rating: —Target: $19 | Target: $21 |
| Jul 29, 2026 | TD Securities | Reiterate | Rating: —Target: — | Target: $20 |
| Jul 15, 2026 | Truist Financial | Target | Target: $12 | Target: $17 |
| Apr 29, 2026 | Truist Financial | Target | Target: $16 | Target: $12 |
| Apr 29, 2026 | RBC Capital | Reiterate | Rating: —Target: $20 | Target: $19 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $95.4M · Total debt $361.1M · Total assets $1.57B · Shareholders' equity $794.1M
- Revenue
- $374.8M
- Operating income
- −$24.0M
- Net income
- −$21.5M
No dividends on record.
| Institutions | 91.23% | 14.71M shares | |
|---|---|---|---|
| 146 holders · as of Jun 30, 2026 | |||
| Insiders | 5.17% | 834.3K shares | |
| 11 holders · as of Aug 18, 2026 | |||
| Other | 3.60% | 579.8K shares | |
| remainder | |||
16.13M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
T. Rowe Price Investment Management, Inc.Institution | 11.80% | 1.90M | filed Aug 10, 2022 |
Southeastern Asset Management Inc/TN/Institution | 9.55% | 1.54M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.83% | 1.26M | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 6.59% | 1.06M | as of Jun 30, 2026 |
Gate City Capital Management, LLCInstitution | 5.82% | 938,496 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 28, 2025 | Steve M. Bowden | officer: Sr. V.P. | −8,889 | $18.14 |
- Smurfit Westrock
Global fiber-packaging scale across paperboard, cartons, and pulp
- Graphic Packaging
Major paperboard-packaging rival in SBS, CRB/CUK, cartons, and foodservice
- International Paper
Containerboard and corrugated scale that substitutes for paperboard packaging
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Clearwater Paper | $21.55 | −1.64% | $353.4M | — | — | 0.2 | −4.3% |
| Smurfit Westrock | $46.69 | +0.52% | $24.36B | 49.4 | 15.9 | 0.8 | +1.7% |
| Graphic Packaging | $9.83 | +2.72% | $2.83B | 14.5 | 10.6 | 0.3 | −0.7% |
| International Paper | $35.93 | +0.62% | $18.91B | — | 15.4 | 0.8 | −11.3% |
| Median | 32.0 | 15.4 | 0.8 | −0.7% |