Latest Ratios: P/E Ratio -53.6x · EV/EBITDA 49.7x · ROE -3.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $422M | $481M | $568M | $430M | $1.5B | $609M | $275M | $159M | $181M | $186M | $257M |
| Enterprise Value | $409M | $468M | $567M | $409M | $1.5B | $598M | $262M | $149M | $172M | $167M | $229M |
| P/E Ratio → | -53.57 | — | — | 13.21 | 29.48 | 30.03 | 38.06 | 34.85 | 42.03 | 48.57 | 31.86 |
| P/S Ratio | 2.81 | 3.20 | 4.52 | 1.91 | 5.37 | 4.32 | 2.96 | 1.87 | 2.33 | 2.51 | 3.41 |
| P/B Ratio | 1.70 | 1.88 | 2.06 | 1.37 | 9.86 | 5.86 | 3.33 | 2.13 | 2.63 | 2.88 | 4.10 |
| P/FCF | 17.09 | 19.47 | 44.89 | 37.01 | — | 68.71 | 56.74 | 13.04 | 53.89 | 43.44 | 25.88 |
| P/OCF | 14.34 | 16.33 | 25.56 | 21.50 | 1453.67 | 55.82 | 41.35 | 10.82 | 39.79 | 29.50 | 22.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.12 | 4.52 | 1.81 | 5.45 | 4.25 | 2.81 | 1.76 | 2.22 | 2.26 | 3.04 |
| EV / EBITDA | 49.70 | 56.83 | — | 9.70 | 21.94 | 21.71 | 24.20 | 20.27 | 24.22 | 24.12 | 18.79 |
| EV / EBIT | 193.34 | 54.02 | — | 9.56 | 23.00 | 23.23 | 28.57 | 25.19 | 34.00 | 31.49 | 21.02 |
| EV / FCF | — | 18.95 | 44.84 | 35.17 | — | 67.51 | 53.93 | 12.22 | 51.34 | 39.11 | 23.06 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.7% | 33.7% | 20.6% | 35.4% | 41.7% | 43.5% | 40.7% | 38.4% | 39.9% | 40.9% | 43.7% |
| Operating Margin | 1.4% | 1.4% | -15.3% | 16.6% | 23.6% | 17.9% | 9.0% | 6.1% | 6.5% | 7.2% | 14.3% |
| Net Profit Margin | -5.4% | -5.4% | -9.9% | 14.4% | 18.2% | 14.4% | 7.8% | 5.4% | 5.5% | 5.2% | 10.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.0% | -3.0% | -4.2% | 14.1% | 39.3% | 21.8% | 9.3% | 6.4% | 6.4% | 6.1% | 14.1% |
| ROA | -2.6% | -2.6% | -3.7% | 11.1% | 27.8% | 18.4% | 8.2% | 5.8% | 5.9% | 5.5% | 12.5% |
| ROIC | 0.6% | 0.6% | -5.1% | 12.2% | 36.7% | 23.3% | 9.4% | 6.2% | 7.2% | 9.9% | 23.7% |
| ROCE | 0.8% | 0.8% | -6.2% | 14.9% | 45.1% | 26.5% | 10.5% | 7.2% | 7.5% | 8.3% | 18.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.05 | 0.05 | 0.25 | 0.02 | 0.03 | — | — | — | — |
| Debt / EBITDA | 1.06 | 1.06 | — | 0.39 | 0.55 | 0.09 | 0.26 | — | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.00 | -0.07 | 0.14 | -0.10 | -0.17 | -0.13 | -0.12 | -0.29 | -0.45 |
| Net Debt / EBITDA | -1.55 | -1.55 | — | -0.51 | 0.30 | -0.39 | -1.26 | -1.37 | -1.20 | -2.67 | -2.30 |
| Debt / FCF | — | -0.52 | -0.05 | -1.84 | — | -1.21 | -2.82 | -0.82 | -2.55 | -4.33 | -2.82 |
| Interest Coverage | — | — | — | 251.62 | 206.25 | — | — | — | — | — | — |
Net cash position: cash ($21M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.42 | 5.42 | 9.43 | 10.21 | 3.10 | 3.49 | 5.04 | 6.43 | 8.25 | 9.70 | 6.96 |
| Quick Ratio | 4.27 | 4.27 | 7.12 | 6.83 | 1.51 | 2.15 | 3.66 | 5.07 | 6.23 | 7.70 | 5.82 |
| Cash Ratio | 2.90 | 2.90 | 5.30 | 5.80 | 0.43 | 1.15 | 2.60 | 3.57 | 3.51 | 5.77 | 4.57 |
| Asset Turnover | — | 0.49 | 0.40 | 0.63 | 1.18 | 1.12 | 0.98 | 1.04 | 1.05 | 1.06 | 1.07 |
| Inventory Turnover | 2.37 | 2.37 | 1.78 | 1.49 | 1.92 | 2.89 | 3.83 | 5.81 | 4.64 | 5.17 | 5.07 |
| Days Sales Outstanding | — | 43.74 | 40.24 | 45.91 | 72.36 | 50.41 | 41.16 | 39.14 | 60.27 | 35.72 | 38.78 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 7.6% | 3.4% | 3.3% | 2.6% | 2.9% | 2.4% | 2.1% | 3.1% |
| FCF Yield | 5.9% | 5.1% | 2.2% | 2.7% | — | 1.5% | 1.8% | 7.7% | 1.9% | 2.3% | 3.9% |
| Buyback Yield | 3.9% | 3.5% | 6.0% | 0.1% | 0.1% | 0.1% | 0.2% | 0.0% | 1.0% | 2.0% | 0.1% |
| Total Shareholder Yield | 3.9% | 3.5% | 6.0% | 0.1% | 0.1% | 0.1% | 0.2% | 0.0% | 1.0% | 2.0% | 0.1% |
| Shares Outstanding | — | $14M | $15M | $15M | $14M | $14M | $14M | $13M | $13M | $14M | $14M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CLFD stock.
Clearfield, Inc.'s current P/E ratio is -53.6x. The historical average is 28.3x.
Clearfield, Inc.'s current EV/EBITDA is 49.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.4x.
Clearfield, Inc.'s return on equity (ROE) is -3.0%. The historical average is -1.3%.
Based on historical data, Clearfield, Inc. is trading at a P/E of -53.6x. Compare with industry peers and growth rates for a complete picture.
Clearfield, Inc. has 33.7% gross margin and 1.4% operating margin.
Clearfield, Inc.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Elevated Valuation Amid Losses
Metrics are mathematically derived from official filings.
Sky-High Multiples Priced for Turnaround
CLFD's forward P/E of 156.57, as indicated in current valuation multiples, is dramatically higher than its trailing P/E of -54.88, suggesting the market is pricing in a substantial earnings recovery that remains unproven in recent results.
The EV/EBITDA multiple of 50.95 appears elevated compared to peer CALX's 54.15 but is significantly above ADTRAN's 9.61, implying that investors are assigning a growth premium to CLFD despite its history of losses. This valuation disconnect may expose the stock to downside risk if profitability does not materialize as expected, warranting scrutiny of implied growth rates relative to the company's volatile revenue cycles.
Gross Margin Rebound Fails to Translate to Bottom Line
While gross margins have improved to 31.8% in 2026Q3 from a low of 7.7% in 2024Q2, as per financial statements, net margins have fluctuated between -16.0% and 6.8%, indicating that operational efficiencies are being eroded by revenue volatility and non-cash expenses.
The decomposition shows that operating margins are marginally positive in recent quarters but remain volatile, driven by fixed cost leverage issues in a downturn. This suggests that true earning power is constrained by the company's cost structure and cyclical demand, which may limit profitability even as gross margins recover, based on reported figures.
Persistent Negative ROIC Highlights Capital Misallocation
ROIC has been negative in most quarters, with a recent reading of 0.8% in 2026Q3, according to ratio data, which is far below the company's likely cost of capital and indicates that invested capital is not generating adequate returns.
ROE and ROA trends mirror this weakness, with ROE barely turning positive in 2026Q3 after several quarters of losses, suggesting that equity holders are seeing minimal value creation. The low asset turnover of 0.17 compounds the returns issue, implying inefficient use of assets and potential structural challenges in the business model that warrant further investigation.
Working Capital Intensity Drains Cash Efficiency
The cash conversion cycle stood at 138 days in 2026Q3, as reported in the ratio table, down from a peak of 280 days in 2025Q1 but still indicative of significant capital tied up in inventory and receivables.
Days inventory outstanding of 107 days is notably high, suggesting slow-moving inventory or overproduction, while days payable outstanding of only 13 days indicates limited supplier financing leverage. This combination may pressure working capital and constrain liquidity during periods of revenue contraction, based on quarterly trends that highlight persistent inefficiencies in managing the cycle.
Overlooking Inventory Risk in Current Ratio
The current ratio of 12.53 in 2026Q3, based on balance sheet data, may obscure true liquidity risk because it includes inventory with a days inventory outstanding of 107 days, which could be difficult to liquidate quickly under stress.
Investors should monitor the quick ratio more closely, which at 10.08剔除inventory but still appears strong; however, given CLFD's cyclical nature and demand volatility, the current ratio overstates immediate liquidity. This ratio is commonly misapplied to capital-intensive businesses like CLFD, where inventory liquidity is questionable, and alternative metrics such as cash conversion cycle provide a more accurate risk assessment.