Clearfield, Inc. (CLFD) 10-Year Financial Performance & Capital Metrics

CLFD • • Industrial / General

TechnologyCommunication EquipmentFiber & Cable ConnectivityFiber Access & FTTH

AboutClearfield, Inc. manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures. It also provides WaveSmart, which are optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and outdoor cabinet and fiber active cabinet products. The company offers StreetSmart, a portfolio of fiber management products; FieldShield, a fiber pathway and protection method for reducing the cost of broadband deployment; and YOURx platform that consists of hardened terminals, test access points, and various drop cable options for portions of the access network across various fiber drop cable media. It also provides CraftSmart, a line of optical protection field enclosures, including CraftSmart Fiber Protection Pedestals and CraftSmart Fiber Protection Vaults integrated solutions optimized to house FieldSmart products at the last mile access point of the network in above-grade or below-grade installations. The company offers fiber and copper assemblies with an industry-standard or customer-specified configuration; and designs and manufactures custom solutions for in-the-box and network connectivity assemblies specific to that customer's product line. It provides its fiber to anywhere platform for various incumbent local exchange carriers, competitive local exchange carriers, wireless operators, and multiple systems operators and cable TV companies, as well as the utility/municipality, enterprise, and data center markets. The company was formerly known as APA Enterprises, Inc. and changed its name to Clearfield, Inc. in January 2008. Clearfield, Inc. was founded in 1979 and is headquartered in Minneapolis, Minnesota.Show more

Revenue $150M -9.9%
EBITDA $8M +152.1%
Net Income -$8M +35.4%
EPS (Diluted) -0.58 +31.8%
Gross Margin 33.66% +94.2%
EBITDA Margin 5.49% +157.9%
Operating Margin 1.41% +110.1%
Net Margin -5.36% +28.2%
ROE -3.03% +28.2%
ROIC 0.61% +110.0%
Debt/Equity 0.03 -30.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 16.5% free cash flow margin
✓Strong 5Y sales CAGR of 10.0%
✓Share count reduced 4.1% through buybacks

✗Weaknesses

✗Weak 3Y average ROE of 2.3%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.55%

5Y10.03%

3Y-17.86%

TTM-9.94%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM35.35%

EPS CAGR

10Y-

5Y-

3Y-

TTM32.59%

ROCE

10Y Avg13.17%

5Y Avg15.93%

3Y Avg2.68%

Latest0.76%

Peer Comparison

Fiber Access & FTTH

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LITELumentum Holdings Inc.	24.34B	343.27	927.76	21.03%	3.7%	8.22%		2.30
CIENCiena Corporation	34.34B	243.79	420.33	-8.47%	3.1%	5.05%	1.1%	0.58
ADTNADTRAN Holdings, Inc.	728.25M	9.09	-1.60	-19.7%	-8.5%	-16.18%	5.27%	0.39
UTSIUTStarcom Holdings Corp.	23.68M	2.50	-5.21	-30.95%	-62.02%	-14.39%		0.04
CLFDClearfield, Inc.	447.56M	32.34	-55.76	-9.94%	-5.36%	-3.14%	5.52%	0.03

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	75.29M	73.95M	77.65M	85.03M	93.07M	140.76M	270.88M	268.72M	166.71M	150.13M
Revenue Growth %	0.25%	-0.02%	0.05%	0.1%	0.09%	0.51%	0.92%	-0.01%	-0.38%	-0.1%
Cost of Goods Sold+	42.42M	43.68M	46.65M	52.35M	55.16M	79.58M	157.94M	183.44M	137.82M	99.6M
COGS % of Revenue	0.56%	0.59%	0.6%	0.62%	0.59%	0.57%	0.58%	0.68%	0.83%	0.66%
Gross Profit+	32.87M	30.26M	31M	32.69M	37.91M	61.18M	112.95M	85.28M	28.89M	50.54M
Gross Margin %	0.44%	0.41%	0.4%	0.38%	0.41%	0.43%	0.42%	0.32%	0.17%	0.34%
Gross Profit Growth %	0.32%	-0.08%	0.02%	0.05%	0.16%	0.61%	0.85%	-0.24%	-0.66%	0.75%
Operating Expenses+	22.14M	24.95M	25.93M	27.5M	29.53M	35.94M	49.13M	47.99M	52.11M	48.42M
OpEx % of Revenue	0.29%	0.34%	0.33%	0.32%	0.32%	0.26%	0.18%	0.18%	0.31%	0.32%
Selling, General & Admin	22.14M	24.95M	25.93M	27.5M	29.53M	35.94M	47.53M	47.99M	52.11M	48.42M
SG&A % of Revenue	0.29%	0.34%	0.33%	0.32%	0.32%	0.26%	0.18%	0.18%	0.31%	0.32%
Research & Development	838.12K	865.57K	787.36K	1.09M	1.27M	1.24M	895K	3.12M	3M	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.02%	-
Other Operating Expenses	-838.12K	-865.57K	-787.36K	-1.09M	-1.27M	-1.24M	705K	-3.12M	-3M	0
Operating Income+	10.73M	5.31M	5.07M	5.19M	8.38M	25.23M	63.82M	37.29M	-23.22M	2.12M
Operating Margin %	0.14%	0.07%	0.07%	0.06%	0.09%	0.18%	0.24%	0.14%	-0.14%	0.01%
Operating Income Growth %	0.52%	-0.51%	-0.05%	0.02%	0.62%	2.01%	1.53%	-0.42%	-1.62%	1.09%
EBITDA+	12.18M	6.93M	7.12M	7.37M	10.81M	27.54M	67.23M	43.34M	-15.81M	8.24M
EBITDA Margin %	0.16%	0.09%	0.09%	0.09%	0.12%	0.2%	0.25%	0.16%	-0.09%	0.05%
EBITDA Growth %	0.47%	-0.43%	0.03%	0.03%	0.47%	1.55%	1.44%	-0.36%	-1.36%	1.52%
D&A (Non-Cash Add-back)	1.45M	1.62M	2.05M	2.18M	2.42M	2.3M	3.41M	6.05M	7.41M	6.12M
EBIT	10.89M	5.31M	5.07M	5.93M	9.15M	25.73M	64.14M	37.29M	-15.75M	8.67M
Net Interest Income+	157.4K	273.93K	457.1K	738.46K	770.95K	500.12K	-311K	-881K	6.97M	6.55M
Interest Income	157.4K	273.93K	457.1K	738.46K	770.95K	500.12K	0	0	7.47M	6.55M
Interest Expense	0	0	0	0	0	0	311K	881K	506K	0
Other Income/Expense	157.4K	273.93K	457.1K	738.46K	770.95K	500.12K	17K	4.33M	6.97M	6.55M
Pretax Income+	10.89M	5.59M	5.53M	5.93M	9.15M	25.73M	63.83M	41.61M	-16.26M	8.67M
Pretax Margin %	0.14%	0.08%	0.07%	0.07%	0.1%	0.18%	0.24%	0.15%	-0.1%	0.06%
Income Tax+	2.88M	1.74M	1.25M	1.36M	1.86M	5.41M	14.47M	9.08M	-3.8M	2.36M
Effective Tax Rate %	0.74%	0.69%	0.77%	0.77%	0.8%	0.79%	0.77%	0.78%	0.77%	-0.93%
Net Income+	8.01M	3.85M	4.27M	4.57M	7.29M	20.33M	49.36M	32.53M	-12.45M	-8.05M
Net Margin %	0.11%	0.05%	0.06%	0.05%	0.08%	0.14%	0.18%	0.12%	-0.07%	-0.05%
Net Income Growth %	0.71%	-0.52%	0.11%	0.07%	0.6%	1.79%	1.43%	-0.34%	-1.38%	0.35%
Net Income (Continuing)	8.01M	3.85M	4.27M	4.57M	7.29M	20.33M	49.36M	32.53M	-12.45M	6.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	-14.36M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.59	0.28	0.32	0.34	0.53	1.47	3.55	2.17	-0.85	-0.58
EPS Growth %	0.74%	-0.53%	0.14%	0.06%	0.56%	1.77%	1.41%	-0.39%	-1.39%	0.32%
EPS (Basic)	0.60	0.28	0.32	0.34	0.53	1.48	3.58	2.17	-0.85	-0.58
Diluted Shares Outstanding	13.66M	13.66M	13.45M	13.45M	13.64M	13.78M	13.91M	15.01M	14.58M	13.99M
Basic Shares Outstanding	13.37M	13.53M	13.43M	13.44M	13.64M	13.72M	13.77M	14.98M	14.58M	13.99M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	51.11M	41.14M	41.09M	42.51M	52.52M	71.51M	160.12M	296.25M	229.59M	198.49M
Cash & Short-Term Investments	33.54M	24.47M	17.48M	23.61M	27.03M	23.59M	22.45M	168.11M	128.97M	105.98M
Cash Only	28.01M	18.54M	8.55M	10.08M	16.45M	13.22M	16.65M	37.83M	14.15M	21.49M
Short-Term Investments	5.53M	5.94M	8.93M	13.52M	10.58M	10.37M	5.8M	130.29M	114.83M	84.48M
Accounts Receivable	8M	7.24M	12.82M	9.12M	10.5M	19.44M	53.7M	28.39M	13.84M	17.99M
Days Sales Outstanding	38.78	35.72	60.27	39.14	41.16	50.41	72.36	38.56	30.31	43.74
Inventory	8.37M	8.45M	10.05M	9.01M	14.41M	27.52M	82.21M	98.06M	56.1M	42.03M
Days Inventory Outstanding	72.05	70.63	78.63	62.85	95.34	126.25	189.99	195.1	148.57	154.03
Other Current Assets	1.2M	978.93K	742.14K	769.16K	585.44K	953.95K	1.76M	1.7M	30.68M	32.49M
Total Non-Current Assets+	19.48M	28.35M	33.14M	39.38M	42.77M	54.4M	69M	59.26M	85.68M	107.69M
Property, Plant & Equipment	5.78M	5.43M	4.74M	5.41M	7.65M	7.3M	31.48M	35.39M	26.83M	18.1M
Fixed Asset Turnover	13.02x	13.61x	16.37x	15.71x	12.17x	19.27x	8.60x	7.59x	6.21x	8.29x
Goodwill	2.57M	2.57M	4.71M	4.71M	4.71M	4.71M	6.4M	6.53M	4.71M	4.71M
Intangible Assets	0	284.79K	5.48M	5.15M	4.83M	4.7M	6.38M	6.09M	4.67M	9.35M
Long-Term Investments	10.7M	19.82M	17.97M	23.9M	25.14M	36.91M	22.75M	6.34M	24.5M	59.82M
Other Non-Current Assets	428.31K	529.95K	227.46K	210.91K	266.86K	418.98K	581K	1.87M	18.83M	5.44M
Total Assets+	70.6M	69.49M	74.23M	81.89M	95.3M	125.91M	229.13M	355.52M	315.27M	306.17M
Asset Turnover	1.07x	1.06x	1.05x	1.04x	0.98x	1.12x	1.18x	0.76x	0.53x	0.49x
Asset Growth %	0.23%	-0.02%	0.07%	0.1%	0.16%	0.32%	0.82%	0.55%	-0.11%	-0.03%
Total Current Liabilities+	7.35M	4.24M	4.98M	6.61M	10.41M	20.47M	51.69M	29M	24.35M	36.6M
Accounts Payable	2.57M	1.74M	2.36M	3.17M	3.69M	9.21M	24.12M	8.89M	2.78M	7.03M
Days Payables Outstanding	22.14	14.54	18.49	22.13	24.41	42.27	55.74	17.69	7.37	25.76
Short-Term Debt	0	0	0	0	0	0	4.39M	2.11M	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	4.7M	2.41M	2.05M	3.22M	4.86M	8.73M	13.62M	11.86M	16.77M	24.55M
Current Ratio	6.96x	9.70x	8.25x	6.43x	5.04x	3.49x	3.10x	10.21x	9.43x	5.42x
Quick Ratio	5.82x	7.70x	6.23x	5.07x	3.66x	2.15x	1.51x	6.83x	7.12x	4.27x
Cash Conversion Cycle	88.69	91.82	120.4	79.86	112.09	134.39	206.61	215.98	171.51	172.02
Total Non-Current Liabilities+	655.53K	725.8K	372.98K	348.11K	2.13M	1.61M	29.85M	11.35M	15.16M	13.41M
Long-Term Debt	0	0	0	0	0	0	18.67M	0	2.23M	0
Capital Lease Obligations	0	0	0	0	2.13M	1.61M	10.41M	10.63M	8.76M	5.93M
Deferred Tax Liabilities	411.78K	444.08K	104.94K	101.69K	0	0	774K	721K	161K	0
Other Non-Current Liabilities	243.75K	281.72K	268.04K	246.42K	0	0	0	0	4.01M	7.47M
Total Liabilities	8M	4.97M	5.35M	6.96M	12.54M	22.09M	81.55M	40.35M	39.51M	50.01M
Total Debt+	0	0	0	0	2.79M	2.53M	36.85M	16.48M	13.52M	8.76M
Net Debt	-28.01M	-18.54M	-8.55M	-10.08M	-13.65M	-10.69M	20.2M	-21.35M	-631K	-12.74M
Debt / Equity	-	-	-	-	0.03x	0.02x	0.25x	0.05x	0.05x	0.03x
Debt / EBITDA	-	-	-	-	0.26x	0.09x	0.55x	0.38x	-	1.06x
Net Debt / EBITDA	-2.30x	-2.67x	-1.20x	-1.37x	-1.26x	-0.39x	0.30x	-0.49x	-	-1.55x
Interest Coverage	-	-	-	-	-	-	205.20x	42.32x	-45.89x	-
Total Equity+	62.59M	64.53M	68.87M	74.93M	82.75M	103.82M	147.58M	315.16M	275.76M	256.16M
Equity Growth %	0.22%	0.03%	0.07%	0.09%	0.1%	0.25%	0.42%	1.14%	-0.13%	-0.07%
Book Value per Share	4.58	4.72	5.12	5.57	6.07	7.53	10.61	20.99	18.91	18.31
Total Shareholders' Equity	62.59M	64.53M	68.87M	74.93M	82.75M	103.82M	147.58M	315.16M	275.76M	256.16M
Common Stock	141.26K	138.13K	136.47K	136.42K	136.5K	137.32K	138K	153K	142K	138K
Retained Earnings	5.13M	8.98M	13.25M	17.82M	25.11M	45.44M	94.8M	127.34M	114.96M	106.91M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.93M	-6.13M	-6.91M	0	0	0	-1.9M	-544K	1.08M	1.73M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	11.55M	6.3M	4.55M	14.73M	6.66M	10.9M	1M	20.01M	22.22M	29.45M
Operating CF Margin %	0.15%	0.09%	0.06%	0.17%	0.07%	0.08%	0%	0.07%	0.13%	0.2%
Operating CF Growth %	0.69%	-0.45%	-0.28%	2.24%	-0.55%	0.64%	-0.91%	18.99%	0.11%	0.33%
Net Income	8.01M	3.85M	4.27M	4.57M	7.29M	20.33M	49.36M	32.53M	-12.45M	-8.05M
Depreciation & Amortization	1.45M	1.62M	2.05M	2.18M	2.42M	2.3M	3.41M	6.05M	7.41M	4.34M
Stock-Based Compensation	1.4M	2.32M	2M	1.73M	774K	1.28M	2.34M	3.58M	4.64M	4.6M
Deferred Taxes	2.34M	32.3K	-339.14K	-3.25K	-279.81K	-187.35K	-326K	-2.11M	-4.08M	-4.24M
Other Non-Cash Items	12.35K	678.88K	-17.69K	138.35K	-58.54K	202.29K	-29K	-3.51M	-4.41M	16.97M
Working Capital Changes	-1.67M	-2.2M	-3.42M	6.12M	-3.49M	-13.02M	-53.76M	-16.53M	31.11M	15.83M
Change in Receivables	-1.99M	761.57K	-5.58M	3.49M	-1.38M	-9.15M	-24.23M	26.28M	7.8M	-3.55M
Change in Inventory	-1.19M	-80.41K	1.18M	1.04M	-5.4M	-13.12M	-43.74M	-15.08M	31.99M	13.64M
Change in Payables	2.32M	-3.06M	723.99K	1.6M	3.15M	9.78M	14.5B	-26.26B	544K	5.56M
Cash from Investing+	-1.64M	-11.54M	-12.61M	-12.96M	-41.13K	-13.6M	-8.2M	-112.25M	-6.9M	-8.84M
Capital Expenditures	-1.63M	-2.02M	-1.19M	-2.51M	-1.81M	-2.05M	-9.15M	-8.38M	-9.57M	-4.74M
CapEx % of Revenue	0.02%	0.03%	0.02%	0.03%	0.02%	0.01%	0.03%	0.03%	0.06%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-76.41K	-64.84K	83.05K	-10.45M	1.76M	-11.55M	0	-103.86M	0	-893K
Cash from Financing+	31.97K	-4.24M	-1.93M	-236.67K	-246.73K	-536K	10.65M	113.42M	-36.91M	-14.24M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-437.54K	-952.83K	-489.43K	-553.16K	-176.42K	-458K	-6.59M	463K	-8K	1.82M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	9.93M	4.28M	3.36M	12.22M	4.85M	8.86M	-8.15M	11.63M	12.66M	24.71M
FCF Margin %	0.13%	0.06%	0.04%	0.14%	0.05%	0.06%	-0.03%	0.04%	0.08%	0.16%
FCF Growth %	3.31%	-0.57%	-0.21%	2.64%	-0.6%	0.83%	-1.92%	2.43%	0.09%	0.95%
FCF per Share	0.73	0.31	0.25	0.91	0.36	0.64	-0.59	0.77	0.87	1.77
FCF Conversion (FCF/Net Income)	1.44x	1.64x	1.06x	3.23x	0.91x	0.54x	0.02x	0.62x	-1.78x	-3.66x
Interest Paid	0	0	0	0	0	0	119K	463K	394K	0
Taxes Paid	1.13M	1.47M	719.69K	1.68M	1.44M	5.5M	13.74M	12.97M	159K	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.07%	6.05%	6.41%	6.35%	9.25%	21.79%	39.27%	14.06%	-4.21%	-3.03%
Return on Invested Capital (ROIC)	23.75%	9.89%	7.15%	6.22%	9.39%	23.33%	36.69%	12.12%	-6.12%	0.61%
Gross Margin	43.66%	40.93%	39.92%	38.44%	40.74%	43.46%	41.7%	31.74%	17.33%	33.66%
Net Margin	10.64%	5.2%	5.5%	5.37%	7.84%	14.44%	18.22%	12.11%	-7.47%	-5.36%
Debt / Equity	-	-	-	-	0.03x	0.02x	0.25x	0.05x	0.05x	0.03x
Interest Coverage	-	-	-	-	-	-	205.20x	42.32x	-45.89x	-
FCF Conversion	1.44x	1.64x	1.06x	3.23x	0.91x	0.54x	0.02x	0.62x	-1.78x	-3.66x
Revenue Growth	24.81%	-1.78%	5.01%	9.51%	9.46%	51.23%	92.45%	-0.8%	-37.96%	-9.94%

Frequently Asked Questions

Growth & Financials

Clearfield, Inc. (CLFD) reported $150.1M in revenue for fiscal year 2025. This represents a 301% increase from $37.5M in 2012.

Clearfield, Inc. (CLFD) saw revenue decline by 9.9% over the past year.

Clearfield, Inc. (CLFD) reported a net loss of $8.1M for fiscal year 2025.

Dividend & Returns

Clearfield, Inc. (CLFD) has a return on equity (ROE) of -3.0%. Negative ROE indicates the company is unprofitable.

Clearfield, Inc. (CLFD) generated $24.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Clearfield, Inc. (CLFD) 10-Year Financial Performance & Capital Metrics

CLFD • • Industrial / General

TechnologyCommunication EquipmentFiber & Cable ConnectivityFiber Access & FTTH

Revenue $150M -9.9%
EBITDA $8M +152.1%
Net Income -$8M +35.4%
EPS (Diluted) -0.58 +31.8%
Gross Margin 33.66% +94.2%
EBITDA Margin 5.49% +157.9%
Operating Margin 1.41% +110.1%
Net Margin -5.36% +28.2%
ROE -3.03% +28.2%
ROIC 0.61% +110.0%
Debt/Equity 0.03 -30.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 16.5% free cash flow margin
✓Strong 5Y sales CAGR of 10.0%
✓Share count reduced 4.1% through buybacks

✗Weaknesses

✗Weak 3Y average ROE of 2.3%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.55%

5Y10.03%

3Y-17.86%

TTM-9.94%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM35.35%

EPS CAGR

10Y-

5Y-

3Y-

TTM32.59%

ROCE

10Y Avg13.17%

5Y Avg15.93%

3Y Avg2.68%

Latest0.76%

Peer Comparison

Fiber Access & FTTH

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LITELumentum Holdings Inc.	24.34B	343.27	927.76	21.03%	3.7%	8.22%		2.30
CIENCiena Corporation	34.34B	243.79	420.33	-8.47%	3.1%	5.05%	1.1%	0.58
ADTNADTRAN Holdings, Inc.	728.25M	9.09	-1.60	-19.7%	-8.5%	-16.18%	5.27%	0.39
UTSIUTStarcom Holdings Corp.	23.68M	2.50	-5.21	-30.95%	-62.02%	-14.39%		0.04
CLFDClearfield, Inc.	447.56M	32.34	-55.76	-9.94%	-5.36%	-3.14%	5.52%	0.03

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	75.29M	73.95M	77.65M	85.03M	93.07M	140.76M	270.88M	268.72M	166.71M	150.13M
Revenue Growth %	0.25%	-0.02%	0.05%	0.1%	0.09%	0.51%	0.92%	-0.01%	-0.38%	-0.1%
Cost of Goods Sold+	42.42M	43.68M	46.65M	52.35M	55.16M	79.58M	157.94M	183.44M	137.82M	99.6M
COGS % of Revenue	0.56%	0.59%	0.6%	0.62%	0.59%	0.57%	0.58%	0.68%	0.83%	0.66%
Gross Profit+	32.87M	30.26M	31M	32.69M	37.91M	61.18M	112.95M	85.28M	28.89M	50.54M
Gross Margin %	0.44%	0.41%	0.4%	0.38%	0.41%	0.43%	0.42%	0.32%	0.17%	0.34%
Gross Profit Growth %	0.32%	-0.08%	0.02%	0.05%	0.16%	0.61%	0.85%	-0.24%	-0.66%	0.75%
Operating Expenses+	22.14M	24.95M	25.93M	27.5M	29.53M	35.94M	49.13M	47.99M	52.11M	48.42M
OpEx % of Revenue	0.29%	0.34%	0.33%	0.32%	0.32%	0.26%	0.18%	0.18%	0.31%	0.32%
Selling, General & Admin	22.14M	24.95M	25.93M	27.5M	29.53M	35.94M	47.53M	47.99M	52.11M	48.42M
SG&A % of Revenue	0.29%	0.34%	0.33%	0.32%	0.32%	0.26%	0.18%	0.18%	0.31%	0.32%
Research & Development	838.12K	865.57K	787.36K	1.09M	1.27M	1.24M	895K	3.12M	3M	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.02%	-
Other Operating Expenses	-838.12K	-865.57K	-787.36K	-1.09M	-1.27M	-1.24M	705K	-3.12M	-3M	0
Operating Income+	10.73M	5.31M	5.07M	5.19M	8.38M	25.23M	63.82M	37.29M	-23.22M	2.12M
Operating Margin %	0.14%	0.07%	0.07%	0.06%	0.09%	0.18%	0.24%	0.14%	-0.14%	0.01%
Operating Income Growth %	0.52%	-0.51%	-0.05%	0.02%	0.62%	2.01%	1.53%	-0.42%	-1.62%	1.09%
EBITDA+	12.18M	6.93M	7.12M	7.37M	10.81M	27.54M	67.23M	43.34M	-15.81M	8.24M
EBITDA Margin %	0.16%	0.09%	0.09%	0.09%	0.12%	0.2%	0.25%	0.16%	-0.09%	0.05%
EBITDA Growth %	0.47%	-0.43%	0.03%	0.03%	0.47%	1.55%	1.44%	-0.36%	-1.36%	1.52%
D&A (Non-Cash Add-back)	1.45M	1.62M	2.05M	2.18M	2.42M	2.3M	3.41M	6.05M	7.41M	6.12M
EBIT	10.89M	5.31M	5.07M	5.93M	9.15M	25.73M	64.14M	37.29M	-15.75M	8.67M
Net Interest Income+	157.4K	273.93K	457.1K	738.46K	770.95K	500.12K	-311K	-881K	6.97M	6.55M
Interest Income	157.4K	273.93K	457.1K	738.46K	770.95K	500.12K	0	0	7.47M	6.55M
Interest Expense	0	0	0	0	0	0	311K	881K	506K	0
Other Income/Expense	157.4K	273.93K	457.1K	738.46K	770.95K	500.12K	17K	4.33M	6.97M	6.55M
Pretax Income+	10.89M	5.59M	5.53M	5.93M	9.15M	25.73M	63.83M	41.61M	-16.26M	8.67M
Pretax Margin %	0.14%	0.08%	0.07%	0.07%	0.1%	0.18%	0.24%	0.15%	-0.1%	0.06%
Income Tax+	2.88M	1.74M	1.25M	1.36M	1.86M	5.41M	14.47M	9.08M	-3.8M	2.36M
Effective Tax Rate %	0.74%	0.69%	0.77%	0.77%	0.8%	0.79%	0.77%	0.78%	0.77%	-0.93%
Net Income+	8.01M	3.85M	4.27M	4.57M	7.29M	20.33M	49.36M	32.53M	-12.45M	-8.05M
Net Margin %	0.11%	0.05%	0.06%	0.05%	0.08%	0.14%	0.18%	0.12%	-0.07%	-0.05%
Net Income Growth %	0.71%	-0.52%	0.11%	0.07%	0.6%	1.79%	1.43%	-0.34%	-1.38%	0.35%
Net Income (Continuing)	8.01M	3.85M	4.27M	4.57M	7.29M	20.33M	49.36M	32.53M	-12.45M	6.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	-14.36M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.59	0.28	0.32	0.34	0.53	1.47	3.55	2.17	-0.85	-0.58
EPS Growth %	0.74%	-0.53%	0.14%	0.06%	0.56%	1.77%	1.41%	-0.39%	-1.39%	0.32%
EPS (Basic)	0.60	0.28	0.32	0.34	0.53	1.48	3.58	2.17	-0.85	-0.58
Diluted Shares Outstanding	13.66M	13.66M	13.45M	13.45M	13.64M	13.78M	13.91M	15.01M	14.58M	13.99M
Basic Shares Outstanding	13.37M	13.53M	13.43M	13.44M	13.64M	13.72M	13.77M	14.98M	14.58M	13.99M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	51.11M	41.14M	41.09M	42.51M	52.52M	71.51M	160.12M	296.25M	229.59M	198.49M
Cash & Short-Term Investments	33.54M	24.47M	17.48M	23.61M	27.03M	23.59M	22.45M	168.11M	128.97M	105.98M
Cash Only	28.01M	18.54M	8.55M	10.08M	16.45M	13.22M	16.65M	37.83M	14.15M	21.49M
Short-Term Investments	5.53M	5.94M	8.93M	13.52M	10.58M	10.37M	5.8M	130.29M	114.83M	84.48M
Accounts Receivable	8M	7.24M	12.82M	9.12M	10.5M	19.44M	53.7M	28.39M	13.84M	17.99M
Days Sales Outstanding	38.78	35.72	60.27	39.14	41.16	50.41	72.36	38.56	30.31	43.74
Inventory	8.37M	8.45M	10.05M	9.01M	14.41M	27.52M	82.21M	98.06M	56.1M	42.03M
Days Inventory Outstanding	72.05	70.63	78.63	62.85	95.34	126.25	189.99	195.1	148.57	154.03
Other Current Assets	1.2M	978.93K	742.14K	769.16K	585.44K	953.95K	1.76M	1.7M	30.68M	32.49M
Total Non-Current Assets+	19.48M	28.35M	33.14M	39.38M	42.77M	54.4M	69M	59.26M	85.68M	107.69M
Property, Plant & Equipment	5.78M	5.43M	4.74M	5.41M	7.65M	7.3M	31.48M	35.39M	26.83M	18.1M
Fixed Asset Turnover	13.02x	13.61x	16.37x	15.71x	12.17x	19.27x	8.60x	7.59x	6.21x	8.29x
Goodwill	2.57M	2.57M	4.71M	4.71M	4.71M	4.71M	6.4M	6.53M	4.71M	4.71M
Intangible Assets	0	284.79K	5.48M	5.15M	4.83M	4.7M	6.38M	6.09M	4.67M	9.35M
Long-Term Investments	10.7M	19.82M	17.97M	23.9M	25.14M	36.91M	22.75M	6.34M	24.5M	59.82M
Other Non-Current Assets	428.31K	529.95K	227.46K	210.91K	266.86K	418.98K	581K	1.87M	18.83M	5.44M
Total Assets+	70.6M	69.49M	74.23M	81.89M	95.3M	125.91M	229.13M	355.52M	315.27M	306.17M
Asset Turnover	1.07x	1.06x	1.05x	1.04x	0.98x	1.12x	1.18x	0.76x	0.53x	0.49x
Asset Growth %	0.23%	-0.02%	0.07%	0.1%	0.16%	0.32%	0.82%	0.55%	-0.11%	-0.03%
Total Current Liabilities+	7.35M	4.24M	4.98M	6.61M	10.41M	20.47M	51.69M	29M	24.35M	36.6M
Accounts Payable	2.57M	1.74M	2.36M	3.17M	3.69M	9.21M	24.12M	8.89M	2.78M	7.03M
Days Payables Outstanding	22.14	14.54	18.49	22.13	24.41	42.27	55.74	17.69	7.37	25.76
Short-Term Debt	0	0	0	0	0	0	4.39M	2.11M	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	4.7M	2.41M	2.05M	3.22M	4.86M	8.73M	13.62M	11.86M	16.77M	24.55M
Current Ratio	6.96x	9.70x	8.25x	6.43x	5.04x	3.49x	3.10x	10.21x	9.43x	5.42x
Quick Ratio	5.82x	7.70x	6.23x	5.07x	3.66x	2.15x	1.51x	6.83x	7.12x	4.27x
Cash Conversion Cycle	88.69	91.82	120.4	79.86	112.09	134.39	206.61	215.98	171.51	172.02
Total Non-Current Liabilities+	655.53K	725.8K	372.98K	348.11K	2.13M	1.61M	29.85M	11.35M	15.16M	13.41M
Long-Term Debt	0	0	0	0	0	0	18.67M	0	2.23M	0
Capital Lease Obligations	0	0	0	0	2.13M	1.61M	10.41M	10.63M	8.76M	5.93M
Deferred Tax Liabilities	411.78K	444.08K	104.94K	101.69K	0	0	774K	721K	161K	0
Other Non-Current Liabilities	243.75K	281.72K	268.04K	246.42K	0	0	0	0	4.01M	7.47M
Total Liabilities	8M	4.97M	5.35M	6.96M	12.54M	22.09M	81.55M	40.35M	39.51M	50.01M
Total Debt+	0	0	0	0	2.79M	2.53M	36.85M	16.48M	13.52M	8.76M
Net Debt	-28.01M	-18.54M	-8.55M	-10.08M	-13.65M	-10.69M	20.2M	-21.35M	-631K	-12.74M
Debt / Equity	-	-	-	-	0.03x	0.02x	0.25x	0.05x	0.05x	0.03x
Debt / EBITDA	-	-	-	-	0.26x	0.09x	0.55x	0.38x	-	1.06x
Net Debt / EBITDA	-2.30x	-2.67x	-1.20x	-1.37x	-1.26x	-0.39x	0.30x	-0.49x	-	-1.55x
Interest Coverage	-	-	-	-	-	-	205.20x	42.32x	-45.89x	-
Total Equity+	62.59M	64.53M	68.87M	74.93M	82.75M	103.82M	147.58M	315.16M	275.76M	256.16M
Equity Growth %	0.22%	0.03%	0.07%	0.09%	0.1%	0.25%	0.42%	1.14%	-0.13%	-0.07%
Book Value per Share	4.58	4.72	5.12	5.57	6.07	7.53	10.61	20.99	18.91	18.31
Total Shareholders' Equity	62.59M	64.53M	68.87M	74.93M	82.75M	103.82M	147.58M	315.16M	275.76M	256.16M
Common Stock	141.26K	138.13K	136.47K	136.42K	136.5K	137.32K	138K	153K	142K	138K
Retained Earnings	5.13M	8.98M	13.25M	17.82M	25.11M	45.44M	94.8M	127.34M	114.96M	106.91M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.93M	-6.13M	-6.91M	0	0	0	-1.9M	-544K	1.08M	1.73M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	11.55M	6.3M	4.55M	14.73M	6.66M	10.9M	1M	20.01M	22.22M	29.45M
Operating CF Margin %	0.15%	0.09%	0.06%	0.17%	0.07%	0.08%	0%	0.07%	0.13%	0.2%
Operating CF Growth %	0.69%	-0.45%	-0.28%	2.24%	-0.55%	0.64%	-0.91%	18.99%	0.11%	0.33%
Net Income	8.01M	3.85M	4.27M	4.57M	7.29M	20.33M	49.36M	32.53M	-12.45M	-8.05M
Depreciation & Amortization	1.45M	1.62M	2.05M	2.18M	2.42M	2.3M	3.41M	6.05M	7.41M	4.34M
Stock-Based Compensation	1.4M	2.32M	2M	1.73M	774K	1.28M	2.34M	3.58M	4.64M	4.6M
Deferred Taxes	2.34M	32.3K	-339.14K	-3.25K	-279.81K	-187.35K	-326K	-2.11M	-4.08M	-4.24M
Other Non-Cash Items	12.35K	678.88K	-17.69K	138.35K	-58.54K	202.29K	-29K	-3.51M	-4.41M	16.97M
Working Capital Changes	-1.67M	-2.2M	-3.42M	6.12M	-3.49M	-13.02M	-53.76M	-16.53M	31.11M	15.83M
Change in Receivables	-1.99M	761.57K	-5.58M	3.49M	-1.38M	-9.15M	-24.23M	26.28M	7.8M	-3.55M
Change in Inventory	-1.19M	-80.41K	1.18M	1.04M	-5.4M	-13.12M	-43.74M	-15.08M	31.99M	13.64M
Change in Payables	2.32M	-3.06M	723.99K	1.6M	3.15M	9.78M	14.5B	-26.26B	544K	5.56M
Cash from Investing+	-1.64M	-11.54M	-12.61M	-12.96M	-41.13K	-13.6M	-8.2M	-112.25M	-6.9M	-8.84M
Capital Expenditures	-1.63M	-2.02M	-1.19M	-2.51M	-1.81M	-2.05M	-9.15M	-8.38M	-9.57M	-4.74M
CapEx % of Revenue	0.02%	0.03%	0.02%	0.03%	0.02%	0.01%	0.03%	0.03%	0.06%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-76.41K	-64.84K	83.05K	-10.45M	1.76M	-11.55M	0	-103.86M	0	-893K
Cash from Financing+	31.97K	-4.24M	-1.93M	-236.67K	-246.73K	-536K	10.65M	113.42M	-36.91M	-14.24M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-437.54K	-952.83K	-489.43K	-553.16K	-176.42K	-458K	-6.59M	463K	-8K	1.82M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	9.93M	4.28M	3.36M	12.22M	4.85M	8.86M	-8.15M	11.63M	12.66M	24.71M
FCF Margin %	0.13%	0.06%	0.04%	0.14%	0.05%	0.06%	-0.03%	0.04%	0.08%	0.16%
FCF Growth %	3.31%	-0.57%	-0.21%	2.64%	-0.6%	0.83%	-1.92%	2.43%	0.09%	0.95%
FCF per Share	0.73	0.31	0.25	0.91	0.36	0.64	-0.59	0.77	0.87	1.77
FCF Conversion (FCF/Net Income)	1.44x	1.64x	1.06x	3.23x	0.91x	0.54x	0.02x	0.62x	-1.78x	-3.66x
Interest Paid	0	0	0	0	0	0	119K	463K	394K	0
Taxes Paid	1.13M	1.47M	719.69K	1.68M	1.44M	5.5M	13.74M	12.97M	159K	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.07%	6.05%	6.41%	6.35%	9.25%	21.79%	39.27%	14.06%	-4.21%	-3.03%
Return on Invested Capital (ROIC)	23.75%	9.89%	7.15%	6.22%	9.39%	23.33%	36.69%	12.12%	-6.12%	0.61%
Gross Margin	43.66%	40.93%	39.92%	38.44%	40.74%	43.46%	41.7%	31.74%	17.33%	33.66%
Net Margin	10.64%	5.2%	5.5%	5.37%	7.84%	14.44%	18.22%	12.11%	-7.47%	-5.36%
Debt / Equity	-	-	-	-	0.03x	0.02x	0.25x	0.05x	0.05x	0.03x
Interest Coverage	-	-	-	-	-	-	205.20x	42.32x	-45.89x	-
FCF Conversion	1.44x	1.64x	1.06x	3.23x	0.91x	0.54x	0.02x	0.62x	-1.78x	-3.66x
Revenue Growth	24.81%	-1.78%	5.01%	9.51%	9.46%	51.23%	92.45%	-0.8%	-37.96%	-9.94%

Frequently Asked Questions

Growth & Financials

Clearfield, Inc. (CLFD) reported $150.1M in revenue for fiscal year 2025. This represents a 301% increase from $37.5M in 2012.

Clearfield, Inc. (CLFD) saw revenue decline by 9.9% over the past year.

Clearfield, Inc. (CLFD) reported a net loss of $8.1M for fiscal year 2025.

Dividend & Returns

Clearfield, Inc. (CLFD) has a return on equity (ROE) of -3.0%. Negative ROE indicates the company is unprofitable.

Clearfield, Inc. (CLFD) generated $24.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.