Clearfield (CLFD) financial statements
Clearfield reported revenue of $150M in fiscal 2025, up 8.0% a year over 9 years.
Net income was -$8M and the operating margin 1.4%, against 14.3% in 2016.
Free cash flow was $22M, and the company returned $17M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Clearfield's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $75M | $74M | $78M | $85M | $93M | $141M | $271M | $226M | $126M | $150M |
| Cost of revenue | $42M | $44M | $47M | $52M | $55M | $80M | $158M | $146M | $100M | $100M |
| Gross profit | $33M | $30M | $31M | $33M | $38M | $61M | $113M | $80M | $26M | $51M |
| Research and development | $838,122 | $865,568 | $787,364 | $1M | $1M | $243,000 | $895,000 | $3M | $3M | $2M |
| Selling, general and admin | $22M | $25M | $26M | $28M | $30M | $36M | $49M | $42M | $45M | $48M |
| Operating income | $11M | $5M | $5M | $5M | $8M | $25M | $64M | $38M | -$19M | $2M |
| Interest expense | — | — | — | — | — | — | $311,000 | $881,000 | $506,000 | — |
| Pre-tax income | $11M | $6M | $6M | $6M | $9M | $26M | $64M | $43M | -$12M | $9M |
| Income tax | $3M | $2M | $1M | $1M | $2M | $5M | $14M | $9M | -$3M | $2M |
| Net income | $8M | $4M | $4M | $5M | $7M | $20M | $49M | $33M | -$12M | -$8M |
| EPS (diluted) | $0.59 | $0.28 | $0.32 | $0.34 | $0.53 | $1.47 | $3.55 | $2.17 | -$0.85 | -$0.58 |
| Diluted shares | 14M | 14M | 13M | 13M | 14M | 14M | 14M | 15M | 15M | 14M |
| Gross margin | 43.7% | 40.9% | 39.9% | 38.4% | 40.7% | 43.5% | 41.7% | 35.4% | 20.6% | 33.7% |
| Operating margin | 14.3% | 7.2% | 6.5% | 6.1% | 9.0% | 17.9% | 23.6% | 16.6% | -15.3% | 1.4% |
| Net margin | 10.6% | 5.2% | 5.5% | 5.4% | 7.8% | 14.4% | 18.2% | 14.4% | -9.9% | -5.4% |
Balance sheet
Fiscal years, from Clearfield's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $34M | $24M | $17M | $24M | $27M | $24M | $22M | $168M | $129M | $106M |
| Receivables | $8M | $7M | $13M | $9M | $10M | $19M | $54M | $28M | $14M | $18M |
| Inventory | $8M | $8M | $10M | $9M | $14M | $28M | $82M | $98M | $56M | $42M |
| Total current assets | $51M | $41M | $41M | $43M | $53M | $72M | $160M | $296M | $230M | $198M |
| Property, plant and equipment | $6M | $5M | $5M | $5M | $5M | $5M | $18M | $22M | $16M | $10M |
| Goodwill | $3M | $3M | $5M | $5M | $5M | $5M | $6M | $7M | $7M | $5M |
| Total assets | $71M | $69M | $74M | $82M | $95M | $126M | $229M | $356M | $315M | $306M |
| Total current liabilities | $7M | $4M | $5M | $7M | $10M | $20M | $52M | $29M | $24M | $37M |
| Long-term debt | — | — | — | — | — | $0 | $19M | $0 | $2M | — |
| Total liabilities | $8M | $5M | $5M | $7M | $13M | $22M | $82M | $40M | $40M | $50M |
| Shareholders' equity | $63M | $65M | $69M | $75M | $83M | $104M | $148M | $315M | $276M | $256M |
| Net debt | -$28M | -$19M | -$9M | -$10M | -$16M | -$13M | $2M | -$36M | -$12M | -$21M |
Cash flow
Fiscal years, from Clearfield's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12M | $6M | $5M | $15M | $7M | $11M | $2M | $18M | $22M | $27M |
| Capital spending | $2M | $2M | $1M | $3M | $2M | $2M | $9M | $7M | $8M | $5M |
| Free cash flow | $10M | $4M | $3M | $12M | $5M | $9M | -$7M | $11M | $14M | $22M |
| Stock-based compensation | $1M | $2M | $2M | $2M | $774,000 | $1M | $2M | $4M | $4M | $5M |
| Share buybacks (net) | -$333,761 | -$4M | -$2M | — | -$429,000 | $0 | $0 | $0 | -$33M | -$17M |
| Net borrowing | — | — | — | — | — | — | $0 | -$17M | $0 | $0 |
| Free cash flow margin | 13.3% | 5.8% | 4.3% | 14.4% | 5.2% | 6.3% | -2.5% | 4.9% | 11.3% | 14.5% |
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Open CLFD in InvestinglyQuestions
What was Clearfield's revenue in 2025?
$150M in fiscal 2025, from its 10-K filing.
How much free cash flow does Clearfield generate?
$22M in fiscal 2025 (operating cash flow minus capital spending).
From Clearfield's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.