Clearwater Paper Corporation — Earnings Quality Grade F
CLW · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 36 days, change -7 days YoY
AR growth -6.6% vs revenue growth 12.4%
Revenue grew 12.4% but CFFO declined -80.0%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 9.2% vs COGS 10.1%. Normal
CapEx growth -23.8% vs revenue 12.4%. Normal
SG&A/Gross Profit = 86.3%, exceeds 70%
Gross margin 7.4%, change +1.9pp. Stable
Cash Flow Quality
CFFO/NI = -0.66. Below 1.0
FCF is negative ($-0.1B)
Accruals ratio = -1.9%. Low accruals
Cash $0.0B covers only 9% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Debt/EBITDA = 7.3x (>4x). Interest coverage = 0.1x (<2x). Financial stress
Other assets 0.7% vs revenue 12.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -96% YoY. Normal
Manipulation Score
M-Score = -2.91 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25