Clearfield, Inc.

Utilities
Telecommunications Equipment
www.seeclearfield.com

Earnings Score
Moat Score
Safety Score

Market Cap $461.31M
PE -37
Debt $2.23M
Cash $16.17M
EV $447.37M
FCF $12.66M

Earnings

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Sales & Net Margins

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Earnings	-$12.45M
EBIT	-$16.26M
ROE	-5%
ROA	-5%
FCF	$12.66M
Equity	$275.76M
Growth Stability	-37%
PE	-37.04
PEG	-1.44
PB	1.67
P/FCF	36.45
P/S	2.77
Price/Cash	0.04
Debt/Equity	0.01
Debt/FCF	0.18
Net Margins	-7%
Gross Margins	17%
Op. Margins	-10%
Earnings CAGR	17%
Sales Growth YoY	-6%
Sales Growth QoQ	-4%
Sales CAGR	19%
FCF CAGR	4%
Equity CAGR	21%
Earnings Stability	0.31
Earnings Growth YoY	-131%
Earnings Growth QoQ	85%

Earnings CAGR 5Y	26%
Sales CAGR 5Y	27%
FCF CAGR 5Y	12%
Equity CAGR 5Y	44%
Earnings CAGR 3Y	-5%
Sales CAGR 3Y	-5%
FCF CAGR 3Y	20%
Equity CAGR 3Y	43%
Market Cap	$461.31M
Revenue	$166.71M
Assets	$315.28M
Total Debt	$2.23M
Cash	$16.17M
Shares Outstanding	14.23M
EV	447.37M
Earnings Score	20%
Moat Score	8%
Safety Score	67%
Final Score	32%
Working Capital	205.24M
Current Ratio	9.43
Gross Profit	$28.89M
Shares Growth 3y	2%
Equity Growth QoQ	0%
Equity Growth YoY	-13%

Assets & ROA

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Stockholders Equity & ROE

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Clearfield Inc mainly designs, manufactures, and distributes fiber protection, fiber management and fiber delivery solutions for communications networks. It provides a range of products including copper assemblies, cassettes, box enclosures, fiber connectors, frames, microduct, terminals, vaults, pedestal inserts, FieldSmart, WaveSmart, and CraftSmart. The company has a global presence with the majority of the revenue derived from the United States.

SEC Filings

Direct access to Clearfield, Inc. (CLFD) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Clearfield, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Clearfield, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 17%

Stability 31%

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Clearfield, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Clearfield, Inc..

Years

Calculation mode

= $170M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$13M	$13M	$14M	$14M	$15M	$16M	$16M	$17M	$18M	$19M	$19M	$193M
DCF		$12M	$11M	$11M	$10M	$9.7M	$9.2M	$8.7M	$8.3M	$7.9M	$7.4M	$74M
Value	$170M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Net Margins	8%	11%	5%	6%	5%	8%	14%	18%	12%	-7%	-7%
ROA	-	15%	8%	7%	6%	10%	20%	28%	12%	-5%	-5%
ROE	-	13%	6%	6%	6%	9%	20%	33%	10%	-5%	-5%

Bad Net Margins (-7.47%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Debt over FCF	-	-	-	-	-	-	0	-2.29	0.18	0.18	0.18
Debt over Equity	-	-	-	-	-	-	0	0.13	0.01	0.01	0.01
Growth Stability	-	-	-	78%	85%	100%	100%	100%	100%	-37%	-37%

Good Debt/FCF ratio (0.18)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.01)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-37%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	CAGR 5Y
Revenue YoY growth	-	25%	-2%	5%	10%	9%	51%	92%	-1%	-38%	27%
Earnings YoY growth	-	71%	-52%	11%	7%	60%	179%	143%	-34%	-138%	26%
Equity YoY growth	-	22%	3%	7%	9%	10%	25%	42%	114%	-13%	44%
FCF YoY growth	-	329%	-57%	-20%	251%	-60%	83%	-192%	-243%	9%	12%