Clearwater Paper Corp

Clearwater Paper Corp makes Solid Bleached Sulfate (SBS) paperboard used in folding cartons and food service packaging. The company sells primarily to independent converters in North America and also offers custom sheeting, slitting, and small amounts of pulp sales. Its business is built around being an independent, non-integrated supplier with all manufacturing assets located in the continental United States.

3,2 %

7,4 %

−1,2 %

+12,4 %

2.43

1.13

— Clearwater Paper Corp
%
Folding carton SBS paperboard60% Premium SBS grades used for blister packs, carded packaging, top sheet and other high-end cartons.
Food service paperboard30% Paperboard for liquid packaging, cups, plates and other food service end uses.
Sheeting and slitting services5% Conversion services that prepare paperboard into customer-specific sheeted or narrow-roll formats.
Pulp and other sales5% Minor pulp sales and other non-core product revenue.

Clearwater Paper sells mainly to independent packaging converters that print and convert paperboard into finished...

  • Independent convertersprimary

    Buy SBS paperboard for printing and conversion into folding cartons and food service packaging.

  • Premium folding carton end marketsprimary

    Pharmaceutical, cosmetics and premium retail packaging customers that need a high-end print surface.

  • Food service packaging convertersprimary

    Buy paperboard for cups, plates and liquid packaging where cleanliness and performance matter.

  • Merchants and commercial printerssecondary

    Purchase sheeted paperboard and related formats for downstream print and packaging work.

  • Pulp buyersemerging

    Purchase minor pulp volumes when available, but this is not a core revenue driver.

Clearwater Paper’s business is concentrated in North America, with sales primarily to customers across the United...

  • •Sales are concentrated in North America, especially the United States
  • •All manufacturing assets are located in the continental United States
  • •Customer base spans U.S. converters and some regional distribution channels
  • •Canada is relevant as a source of certain raw materials and energy inputs
  • •Freight and plant location matter because paperboard is bulky and costly to ship

The company is focused on premium SBS paperboard, especially higher-end folding carton and food service applications...

01
Premium product mixshort-term

Higher-end folding carton and food service grades support differentiation and pricing power.

02
Sustainability-led innovationmedium-term

Customer demand is shifting toward renewable, recyclable and compostable packaging materials.

03
Operational productivity and cost controlshort-term

Cyclical demand and input inflation make manufacturing efficiency critical to margins.

04
Asset and footprint optimizationmedium-term

The Augusta acquisition expands capacity and supports the company’s North American supply position.

Clearwater Paper is exposed to cyclical paperboard demand, price competition and customer concentration, which can...

high

Customer concentration

Top 10 customers represented 46% of sales, so losing a large account would materially reduce revenue.

Scope
Top customers and non-exclusive contracts
Materiality
high
high

Cyclical demand weakness

Lower market demand reduces shipments and capacity utilization while fixed manufacturing costs remain.

Scope
Paperboard market cycles
Materiality
high
high

Input cost inflation

Freight, chemicals, energy and maintenance costs directly affect manufacturing margins.

Scope
Plant operations and logistics
Materiality
high
medium

Product substitution

Customers can switch to CRB, CUK, FBB or non-paper packaging alternatives.

Scope
SBS paperboard demand
Materiality
high
medium

Weather and climate disruption

Extreme weather can suspend mill operations and disrupt supply chains, as seen at Augusta.

Scope
Manufacturing facilities
Materiality
medium
medium

Cybersecurity and IT disruption

ERP, manufacturing and supply-chain systems are operationally critical and third-party exposure exists.

Scope
Plants, logistics and customer service
Materiality
medium
Seasonality
Revenue and margin timing
Planned maintenance outages
Gross margin and operating cost timing
Business combination accounting
Depreciation, amortization and potential impairment
Defined benefit pension estimates
Other income/expense and balance sheet liabilities

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: 28/04/2026