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.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaPremium SBS grades used for blister packs, carded packaging, top sheet and other high-end cartons.
Paperboard for liquid packaging, cups, plates and other food service end uses.
Conversion services that prepare paperboard into customer-specific sheeted or narrow-roll formats.
Minor pulp sales and other non-core product revenue.
Tuotteet
Raportoitu · osuus liikevaihdosta- Foodservice42,7 %
- Folding Carton37,2 %
- Other10,4 %
- Sheeting and Distribution9,7 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Clearwater Paper sells mainly to independent packaging converters that print and convert paperboard into finished cartons and food service packaging. Its end markets include pharmaceuticals, cosmetics, premium retail goods, liquid packaging, cups, plates and other consumer packaging applications. The company also sells sheeted paperboard to merchants and commercial printers, with demand shaped by customer inventory levels, pricing formulas and end-market packaging trends.
Buy SBS paperboard for printing and conversion into folding cartons and food service packaging.
Pharmaceutical, cosmetics and premium retail packaging customers that need a high-end print surface.
Buy paperboard for cups, plates and liquid packaging where cleanliness and performance matter.
Purchase sheeted paperboard and related formats for downstream print and packaging work.
Purchase minor pulp volumes when available, but this is not a core revenue driver.
Strategia
The company is focused on premium SBS paperboard, especially higher-end folding carton and food service applications where print quality and performance support pricing. It is also investing in product innovation, sustainability, and alternative fibers while using its independent supplier model to avoid competing with customers in converted end products. Recent strategy also includes integrating the Augusta acquisition, improving productivity, and managing maintenance, working capital and cost inflation.
Higher-end folding carton and food service grades support differentiation and pricing power.
Customer demand is shifting toward renewable, recyclable and compostable packaging materials.
Cyclical demand and input inflation make manufacturing efficiency critical to margins.
The Augusta acquisition expands capacity and supports the company’s North American supply position.
Maantiede
2025Clearwater Paper’s business is concentrated in North America, with sales primarily to customers across the United States and some distribution into Canada and Mexico through the regional packaging supply chain. All manufacturing facilities and assets are located in the continental United States, which keeps operations close to customers but exposes the company to U.S. labor, energy, freight and maintenance costs. The company also imports some chemicals, pulp and energy from Canada, making it sensitive to trade policy and cross-border supply conditions.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
Clearwater Paper is exposed to cyclical paperboard demand, price competition and customer concentration, which can quickly pressure utilization, pricing and margins. Its cost base is sensitive to freight, chemicals, energy and maintenance outages, while weather events, cyber incidents and trade policy can disrupt operations or supply chains. The company also faces substitution risk from other paperboard grades and non-paper packaging materials as customers shift toward alternative sustainable formats.
- Customer concentrationVaikutus: KorkeaTodennäköisyys: Korkea
Top 10 customers represented 46% of sales, so losing a large account would materially reduce revenue.
Kohdistuu: Top customers and non-exclusive contracts
- Cyclical demand weaknessVaikutus: KorkeaTodennäköisyys: Korkea
Lower market demand reduces shipments and capacity utilization while fixed manufacturing costs remain.
Kohdistuu: Paperboard market cycles
- Input cost inflationVaikutus: KorkeaTodennäköisyys: Korkea
Freight, chemicals, energy and maintenance costs directly affect manufacturing margins.
Kohdistuu: Plant operations and logistics
- Weather and climate disruptionVaikutus: KeskitasoTodennäköisyys: Korkea
Extreme weather can suspend mill operations and disrupt supply chains, as seen at Augusta.
Kohdistuu: Manufacturing facilities
- Product substitutionVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Customers can switch to CRB, CUK, FBB or non-paper packaging alternatives.
Kohdistuu: SBS paperboard demand
- Cybersecurity and IT disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen
ERP, manufacturing and supply-chain systems are operationally critical and third-party exposure exists.
Kohdistuu
Kirjanpito
Harkinnanvaraiset erätFirst and fourth quarter sales volumes are typically lower for certain grades, affecting quarter-to-quarter comparability.
Vaikutus: Revenue and margin timing
Annual outages create concentrated expense periods and can reduce production volumes.
Vaikutus: Gross margin and operating cost timing
The Augusta acquisition requires allocation of purchase price to acquired assets and liabilities.
Vaikutus: Depreciation, amortization and potential impairment
Discount rates and asset returns can materially change pension expense and obligations.
Vaikutus: Other income/expense and balance sheet liabilities
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Päivitetty: 24.9.2026