Clearwater Paper Corp
NYSE:CLW
Clearwater Paper Corp
Clearwater Paper Corp. engages in the manufacturing and selling of private label tissue, paperboard, and pulp-based products. The company is headquartered in Spokane, Washington and currently employs 3,000 full-time employees. The company went IPO on 2008-12-05. The firm operates through two segments: Pulp and Paperboard segment, and Consumer Products segment. The firm's Pulp and Paperboard segment markets and manufactures bleached paperboard for the packaging industry and is a producer of solid bleach sulfate (SBS) paperboard. This segment produces hardwood and softwood pulp, which is primarily used as the basis for its paperboard products. The Company’s Consumer Products segment manufactures and sells a line of at-home tissue products, as well as parent rolls and away from home (AFH) products. The company is a supplier of private label tissue to a range of retailers and wholesale distributors, including grocery, club, mass merchants and discount stores. The company supplies bleached paperboard to printers and packaging converters, and offer services that include custom sheeting, slitting and cutting.
Clearwater Paper Corp. engages in the manufacturing and selling of private label tissue, paperboard, and pulp-based products. The company is headquartered in Spokane, Washington and currently employs 3,000 full-time employees. The company went IPO on 2008-12-05. The firm operates through two segments: Pulp and Paperboard segment, and Consumer Products segment. The firm's Pulp and Paperboard segment markets and manufactures bleached paperboard for the packaging industry and is a producer of solid bleach sulfate (SBS) paperboard. This segment produces hardwood and softwood pulp, which is primarily used as the basis for its paperboard products. The Company’s Consumer Products segment manufactures and sells a line of at-home tissue products, as well as parent rolls and away from home (AFH) products. The company is a supplier of private label tissue to a range of retailers and wholesale distributors, including grocery, club, mass merchants and discount stores. The company supplies bleached paperboard to printers and packaging converters, and offer services that include custom sheeting, slitting and cutting.
Revenue Growth: Net sales for 2025 grew 12% year-over-year, primarily from the full-year operation of the Augusta mill.
Cost Reductions: The company achieved over $50 million in fixed cost reductions, including $16 million in SG&A savings, with SG&A dropping to 6.5% of net sales.
Challenging Market: Industry oversupply and flat demand pressured margins and pricing, resulting in significant pricing headwinds for 2026.
Pricing Headwinds: Management expects a $70 million pricing headwind in 2026, but has announced price increases on about half of its volume.
Strategic Moves: Clearwater completed its separation from the tissue business and integration of Augusta ahead of schedule, repurchased $17 million in shares, and maintained over $400 million in liquidity.
2026 Outlook: 2026 revenue is expected to be $1.4–1.5 billion with breakeven adjusted EBITDA in Q1 due to weather-related disruptions and cost pressures.
Product Diversification: Plans are underway to launch a new lightweight paperboard (VELORA) and to potentially invest in CUK production to expand product offerings.
