Revenue volatility remains elevated with a 27.1% year-over-year decline in 2026Q2, while gross margins have struggled to sustain recovery, reaching only 32.5% during the same period.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Mar'07 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 136.22M | 150.13M | 125.57M | 225.72M | 270.88M | 140.76M | 93.07M | 85.03M | 77.65M | 73.95M | 75.29M | 60.32M | 58.05M | 53.35M | 37.47M | 35.19M | 24.37M | 24.94M | 23.49M | 10.3M | 15.72M | 13.89M | 11.91M | 436.16K | 595.96K | 885.74K | 420.81K | 700K | 2.2M | 2.8M | 2.5M |
| Revenue Growth % | -21% | 19.56% | -44.37% | -16.67% | 92.45% | 51.23% | 9.46% | 9.51% | 5.01% | -1.78% | 24.81% | 3.93% | 8.79% | 42.37% | 6.48% | 44.43% | -2.32% | 6.18% | 128.17% | -34.49% | 13.19% | 16.6% | 2630.55% | -26.81% | -32.72% | 110.49% | -39.88% | -68.18% | -21.43% | 12% | 25% |
| Cost of Goods Sold | 85.51M | 99.6M | 99.72M | 145.87M | 157.94M | 79.58M | 55.16M | 52.35M | 46.65M | 43.68M | 42.42M | 35.46M | 33.45M | 31.36M | 22.19M | 20.53M | 15.23M | 16.07M | 15.64M | 7.08M | 12.2M | 11.2M | 11.91M | 2.8M | 3.55M | 2.24M | 2.69M | 1.8M | 1.9M | 1.5M | 1.6M |
| COGS % of Revenue | - | 66.34% | 79.42% | 64.62% | 58.3% | 56.54% | 59.26% | 61.56% | 60.08% | 59.07% | 56.34% | 58.78% | 57.62% | 58.78% | 59.21% | 58.35% | 62.5% | 64.44% | 66.58% | 68.75% | 77.62% | 80.64% | 100.04% | 642.57% | 594.93% | 252.8% | 638.93% | 257.14% | 86.36% | 53.57% | 64% |
| Gross Profit | 50.71M | 50.54M | 25.85M | 79.86M | 112.95M | 61.18M | 37.91M | 32.69M | 31M | 30.26M | 32.87M | 24.87M | 24.6M | 21.99M | 15.29M | 14.66M | 9.14M | 8.87M | 7.85M | 3.22M | 3.52M | 2.69M | -4.58K | -2.37M | -2.95M | -1.35M | -2.27M | -1.1M | 300K | 1.3M | 900K |
| Gross Margin % | 37.23% | 33.66% | 20.58% | 35.38% | 41.7% | 43.46% | 40.74% | 38.44% | 39.92% | 40.93% | 43.66% | 41.22% | 42.38% | 41.22% | 40.79% | 41.65% | 37.5% | 35.56% | 33.42% | 31.25% | 22.38% | 19.36% | -0.04% | -542.57% | -494.93% | -152.8% | -538.93% | -157.14% | 13.64% | 46.43% | 36% |
| Gross Profit Growth % | - | 95.52% | -67.63% | -29.3% | 84.62% | 61.36% | 15.98% | 5.46% | 2.42% | -7.93% | 32.18% | 1.09% | 11.87% | 43.86% | 4.28% | 60.42% | 3% | 12.98% | 144.02% | -8.51% | 30.83% | 58732.72% | 99.81% | 19.77% | -117.93% | 40.32% | -106.17% | -466.67% | -76.92% | 44.44% | 28.57% |
| Operating Expenses | 48.78M | 48.42M | 45.08M | 42.28M | 49.13M | 35.94M | 29.53M | 27.5M | 25.93M | 24.95M | 22.14M | 17.82M | 16.08M | 14.54M | 11.01M | 10.99M | 8.01M | 7.66M | 6.85M | 3.67M | 6.97M | 6.48M | 6.55M | 2.96M | 2.85M | 3.47M | 1.49M | 1.5M | 1.3M | 1.5M | 1.1M |
| OpEx % of Revenue | - | 32.25% | 35.9% | 18.73% | 18.14% | 25.54% | 31.73% | 32.34% | 33.39% | 33.74% | 29.41% | 29.53% | 27.7% | 27.26% | 29.38% | 31.22% | 32.89% | 30.71% | 29.18% | 35.66% | 44.37% | 46.69% | 55.03% | 679.35% | 477.87% | 391.35% | 353.07% | 214.29% | 59.09% | 53.57% | 44% |
| Selling, General & Admin | 48.78M | 48.42M | 45.08M | 42.28M | 47.53M | 35.94M | 29.53M | 27.5M | 25.93M | 24.95M | 22.14M | 17.82M | 16.08M | 14.54M | 11.01M | 10.99M | 8.01M | 7.63M | 6.85M | 3.68M | 6.76M | 5.38M | 5.61M | 1.75M | 1.73M | 1.87M | 782.69K | 700K | 600K | 600K | 500K |
| SG&A % of Revenue | - | 32.25% | 35.9% | 18.73% | 17.55% | 25.54% | 31.73% | 32.34% | 33.39% | 33.74% | 29.41% | 29.53% | 27.7% | 27.26% | 29.38% | 31.22% | 32.89% | 30.58% | 29.18% | 35.79% | 43.03% | 38.74% | 47.06% | 401.42% | 290.94% | 210.76% | 186% | 100% | 27.27% | 21.43% | 20% |
| Research & Development | 0 | 0 | 0 | 0 | 895K | 1.24M | 1.27M | 1.09M | 787.36K | 865.57K | 838.12K | 750.11K | 703.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.41M | 1.1M | 948.74K | 1.21M | 1.11M | 1.18M | 326.99K | 400K | 300K | 400K | 100K |
| R&D % of Revenue | - | - | - | - | 0.33% | 0.88% | 1.36% | 1.28% | 1.01% | 1.17% | 1.11% | 1.24% | 1.21% | - | - | - | - | - | - | - | 8.96% | 7.95% | 7.97% | 277.93% | 186.94% | 132.72% | 77.7% | 57.14% | 13.64% | 14.29% | 4% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 705K | -1.24M | -1.27M | -1.09M | -787.36K | -865.57K | -838.12K | -750.11K | -703.69K | 0 | 0 | 0 | 0 | 31.14K | 0 | -13.08K | -1.2M | 0 | 0 | 0 | 0 | 424.02K | 376.08K | 400K | 400K | 500K | 500K |
| Operating Income | 1.94M | 2.12M | -19.23M | 37.58M | 63.82M | 25.23M | 8.38M | 5.19M | 5.07M | 5.31M | 10.73M | 7.05M | 8.52M | 7.44M | 4.27M | 3.72M | 1.12M | 1.21M | 996.9K | -453.96K | -3.46M | -3.8M | -6.56M | -5.33M | -5.8M | -4.82M | -3.75M | -2.6M | -1M | -200K | -200K |
| Operating Margin % | 1.42% | 1.41% | -15.32% | 16.65% | 23.56% | 17.93% | 9.01% | 6.1% | 6.53% | 7.18% | 14.25% | 11.69% | 14.67% | 13.95% | 11.41% | 10.56% | 4.61% | 4.86% | 4.24% | -4.41% | -21.99% | -27.33% | -55.07% | -1221.91% | -972.8% | -544.15% | -892% | -371.43% | -45.45% | -7.14% | -8% |
| Operating Income Growth % | - | 111.01% | -151.19% | -41.12% | 152.9% | 200.98% | 61.6% | 2.31% | -4.54% | -50.5% | 52.19% | -17.22% | 14.42% | 74.15% | 15.03% | 230.8% | -7.26% | 21.51% | 319.6% | 86.87% | 8.92% | 42.13% | -23.06% | 8.07% | -20.28% | -28.4% | -44.37% | -160% | -400% | 0% | 60% |
| EBITDA | 5.96M | 8.24M | -13.31M | 42.17M | 67.23M | 27.54M | 10.81M | 7.37M | 7.12M | 6.93M | 12.18M | 8.27M | 9.22M | 7.92M | 4.68M | 4.07M | 1.62M | 1.65M | 1.5M | -240.26K | -2.4M | -2.79M | -5.59M | -4.52M | -5.14M | -4.4M | -3.38M | -2.2M | -600K | 300K | 300K |
| EBITDA Margin % | 4.38% | 5.49% | -10.6% | 18.68% | 24.82% | 19.56% | 11.61% | 8.66% | 9.17% | 9.38% | 16.18% | 13.71% | 15.88% | 14.85% | 12.49% | 11.58% | 6.65% | 6.6% | 6.36% | -2.33% | -15.24% | -20.1% | -46.91% | -1036.09% | -862.98% | -496.28% | -802.63% | -314.29% | -27.27% | 10.71% | 12% |
| EBITDA Growth % | 4786.89% | 161.9% | -131.56% | -37.27% | 144.15% | 154.83% | 46.69% | 3.48% | 2.66% | -43.08% | 47.34% | -10.31% | 16.37% | 69.27% | 14.85% | 151.3% | -1.49% | 10.07% | 722.37% | 89.97% | 14.2% | 50.04% | -23.64% | 12.13% | -17% | -30.15% | -53.52% | -266.67% | -300% | 0% | 400% |
| D&A (Non-Cash Add-back) | 4.03M | 6.12M | 5.92M | 4.59M | 3.41M | 2.3M | 2.42M | 2.18M | 2.05M | 1.62M | 1.45M | 1.22M | 699.87K | 476.4K | 404.76K | 358.5K | 498.01K | 434.5K | 498.42K | 213.7K | 1.06M | 1M | 971.19K | 810.5K | 654.46K | 424.02K | 376.08K | 400K | 400K | 500K | 500K |
| EBIT | 6.97M | 8.67M | -11.76M | 42.78M | 64.14M | 25.73M | 9.15M | 5.93M | 5.07M | 5.31M | 10.89M | 7.05M | 8.52M | 7.44M | 4.27M | 3.67M | 1.3M | 1.42M | 996.9K | -453.96K | -1.43M | -1.32M | -3.59M | -6.76M | -5.33M | -5.8M | -4.82M | 0 | -2.6M | -1M | -200K |
| Net Interest Income | -106K | 0 | 0 | -170K | -311K | 500.12K | 770.95K | 738.46K | 457.1K | 273.93K | 157.4K | 105.89K | 95.7K | 92.28K | 102.01K | 109.59K | 142.65K | 119.25K | 0 | -423.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 500.12K | 770.95K | 738.46K | 457.1K | 273.93K | 157.4K | 105.89K | 95.7K | 92.28K | 102.01K | 109.59K | 143.47K | 124.92K | 0 | 378.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 106K | 0 | 0 | 170K | 311K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 820 | 5.68K | 0 | 802.52K | 0 | 0 | 0 | 0 | 0 | 0 | 41.67K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6.3M | 6.55M | 7.47M | 5.03M | 17K | 500.12K | 770.95K | 738.46K | 457.1K | 273.93K | 157.4K | 105.89K | 95.7K | 92.28K | 102.01K | 135.09K | 179K | 201.06K | 313.22K | -194K | 351.37K | 2.89M | 170.41K | -1.2M | 789.03K | 1.06M | 801.23K | 200K | 1.9M | 1.1M | 100K |
| Pretax Income | 8.23M | 8.67M | -11.76M | 42.61M | 63.83M | 25.73M | 9.15M | 5.93M | 5.53M | 5.59M | 10.89M | 7.16M | 8.61M | 7.54M | 4.38M | 3.85M | 1.3M | 1.41M | 1.31M | -323.98K | -3.07M | -3.42M | -6.53M | -5.01M | -4.74M | -2.95M | -3.8M | -2.4M | -700K | 100K | -200K |
| Pretax Margin % | 6.04% | 5.77% | -9.37% | 18.88% | 23.57% | 18.28% | 9.84% | 6.97% | 7.12% | 7.55% | 14.46% | 11.86% | 14.84% | 14.13% | 11.68% | 10.94% | 5.34% | 5.66% | 5.58% | -3.15% | -19.55% | -24.6% | -54.86% | -1148.31% | -794.72% | -333.32% | -901.9% | -342.86% | -31.82% | 3.57% | -8% |
| Income Tax | 2.15M | 2.36M | -3.25M | 8.88M | 14.47M | 5.41M | 1.86M | 1.36M | 1.25M | 1.74M | 2.88M | 2.48M | 3.18M | 2.8M | -3.32M | -2.32M | 121.46K | -2.37M | 93.3K | 51.64K | 275.57K | 4.14K | 2.05K | 1K | 2K | 1K | 1K | -300K | -300K | 100K | -200K |
| Effective Tax Rate % | 26.12% | 27.2% | 27.61% | 20.85% | 22.67% | 21.01% | 20.34% | 22.95% | 22.67% | 31.11% | 26.41% | 34.58% | 36.93% | 37.19% | -75.95% | -60.14% | 9.33% | -167.97% | 7.12% | -15.94% | -8.97% | -0.12% | -0.03% | -0.02% | -0.04% | -0.03% | -0.03% | 12.5% | 42.86% | 100% | 100% |
| Net Income | -8.61M | -8.05M | -12.45M | 32.53M | 49.36M | 20.33M | 7.29M | 4.57M | 4.27M | 3.85M | 8.01M | 4.68M | 5.43M | 4.73M | 7.7M | 6.17M | 1.18M | 3.78M | 1.51M | -1.29M | -3.35M | -3.42M | -6.54M | -5.01M | -4.74M | -2.95M | -3.8M | -2.5M | -1M | 0 | -100K |
| Net Margin % | -6.32% | -5.36% | -9.92% | 14.41% | 18.22% | 14.44% | 7.84% | 5.37% | 5.5% | 5.2% | 10.64% | 7.76% | 9.36% | 8.87% | 20.55% | 17.52% | 4.85% | 15.17% | 6.45% | -12.53% | -21.31% | -24.63% | -54.87% | -1148.54% | -795.06% | -333.44% | -902.14% | -357.14% | -45.45% | - | -4% |
| Net Income Growth % | -364.87% | 35.36% | -138.28% | -34.09% | 142.84% | 178.72% | 59.72% | 6.82% | 11.09% | -51.98% | 71.15% | -13.82% | 14.77% | -38.53% | 24.87% | 422.24% | -68.8% | 149.95% | 217.34% | 61.47% | 2.08% | 47.67% | -30.46% | -5.72% | -60.43% | 22.2% | -51.85% | -150% | - | 100% | 80% |
| Net Income (Continuing) | 6.08M | 6.31M | -8.51M | 33.72M | 49.36M | 20.33M | 7.29M | 4.57M | 4.27M | 3.85M | 8.01M | 4.68M | 5.43M | 4.73M | 7.7M | 6.17M | 1.18M | 3.78M | 1.22M | -375.62K | -838.22K | -3.35M | -3.42M | -6.54M | -5.01M | -4.74M | -2.95M | -2.5M | -2.5M | -1M | -100K |
| Discontinued Operations | -1.34M | -14.36M | -3.94M | -1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 297.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.63 | -0.58 | -0.85 | 2.17 | 3.55 | 1.47 | 0.53 | 0.34 | 0.32 | 0.28 | 0.59 | 0.34 | 0.40 | 0.36 | 0.60 | 0.48 | 0.09 | 0.31 | 0.13 | -0.11 | -0.28 | -0.29 | -0.55 | -0.42 | -0.40 | -0.26 | -0.43 | -0.29 | -0.12 | -0.10 | -0.01 |
| EPS Growth % | -389.87% | 31.76% | -139.17% | -38.87% | 141.5% | 177.36% | 55.88% | 6.25% | 14.29% | -52.54% | 73.53% | -15% | 11.11% | -40% | 25% | 433.33% | -70.97% | 138.46% | 218.18% | 60.71% | 3.45% | 47.27% | -30.95% | -5% | -53.85% | 39.53% | -48.28% | -141.67% | -20% | -675.19% | 78.5% |
| EPS (Basic) | - | -0.58 | -0.85 | 2.17 | 3.58 | 1.48 | 0.53 | 0.34 | 0.32 | 0.28 | 0.60 | 0.35 | 0.42 | 0.38 | 0.62 | 0.51 | 0.10 | 0.32 | 0.13 | -0.11 | -0.28 | -0.29 | -0.55 | -0.42 | -0.40 | -0.26 | -0.43 | -0.29 | -0.12 | -0.10 | -0.01 |
| Diluted Shares Outstanding | 13.67M | 13.99M | 14.58M | 15.01M | 13.91M | 13.78M | 13.64M | 13.45M | 13.45M | 13.66M | 13.66M | 13.59M | 13.6M | 13.08M | 12.79M | 12.75M | 12.45M | 12.05M | 11.87M | 11.87M | 11.87M | 11.87M | 11.87M | 11.87M | 11.9M | 11.18M | 8.74M | 8.51M | 8.38M | 10M | 7.73M |
| Basic Shares Outstanding | 13.67M | 13.99M | 14.58M | 14.98M | 13.77M | 13.72M | 13.64M | 13.44M | 13.43M | 13.53M | 13.37M | 13.22M | 12.92M | 12.53M | 12.37M | 12.09M | 11.99M | 11.94M | 11.87M | 11.87M | 11.87M | 11.87M | 11.87M | 11.87M | 11.9M | 11.18M | 8.74M | 8.51M | 8.38M | 10M | 7.73M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
BEAD funding implementation delays
According to recent financial disclosures, Clearfield's revenue trajectory remains highly erratic, evidenced by a 27.1% year-over-year decline in 2026Q2, which underscores the company's sensitivity to the ongoing inventory digestion cycle and the lack of recurring revenue streams within its project-based business model.
The top-line performance appears heavily dependent on the timing of rural fiber deployments, which have faced significant headwinds from administrative delays in federal funding. Investors should monitor whether the recent revenue contraction represents a structural shift in demand or merely a temporary pause in the broader fiber-to-the-home build-out cycle.
As reported in quarterly filings, gross margins have shown a modest recovery to 32.5% in 2026Q2 from the 7.7% lows observed in 2024Q2, yet this improvement appears insufficient to offset the fixed cost burden inherent in the company's domestic manufacturing footprint during periods of low volume.
The structural reliance on 'Buy America' compliant production provides a regulatory moat but necessitates higher capacity utilization to maintain profitability. The current margin profile suggests that the company remains vulnerable to further under-absorption of overhead if demand does not accelerate in the coming fiscal quarters.
Based on the provided income statement data, Clearfield's operating leverage remains negative, with SG&A expenses consistently exceeding $12 million per quarter despite significant revenue fluctuations, indicating that the company has yet to achieve the necessary scale to effectively absorb its fixed operating cost structure.
The inability to scale operating income alongside gross profit suggests that management is maintaining a baseline level of investment in anticipation of future demand. This strategy warrants further investigation into whether current SG&A levels are sustainable if the anticipated recovery in fiber infrastructure spending continues to be delayed.
Financial statements indicate that Clearfield has transitioned into a persistent net loss position, with a net margin of -1.5% in 2026Q2, reflecting the impact of non-operating items and the lack of sufficient top-line growth to cover the company's fixed cost base and ongoing operational expenses.
The shift to negative earnings quality highlights the risks associated with a project-based revenue model that lacks the stability of recurring service contracts. Investors should scrutinize the sustainability of these losses, particularly as the company continues to navigate a challenging macroeconomic environment for rural telecommunications infrastructure investment.
While management emphasizes the competitive advantage of its modular architecture, the company's recent financial performance suggests that the market may be overestimating the durability of its pricing power, as evidenced by the persistent inability to return to consistent profitability despite the purported 'Buy America' regulatory moat.
Short-term observers may focus on the risk that Clearfield's specialized enclosures could become commoditized if Tier 1 carriers shift their procurement strategies toward more standardized, lower-cost alternatives. This potential for margin compression warrants a cautious outlook until there is clear evidence of a sustained, volume-driven recovery in the core Community Broadband segment.
Quick answers to the most common questions about buying CLFD stock.
For fiscal year 2025, Clearfield, Inc. (CLFD) reported total revenue of $150.1M. This represents a 5905.4% increase compared to $2.5M in 1996.
Clearfield, Inc. (CLFD) reported a net loss of $8.1M for the fiscal year ending 2025.
Clearfield, Inc. (CLFD) reported an operating income of $2.1M, resulting in an operating profit margin of 1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Clearfield, Inc. (CLFD) generated $50.5M in gross profit for the year, representing a gross profit margin of 33.7%. This demonstrates the company's core pricing power and production efficiency.