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Primary reporting period: 2025-09-30 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Clearfield, Inc. specializes in the development, manufacturing, and global distribution of both standard and customized passive fiber optic connectivity solutions. These products cater to a diverse clientele, including entities engaged in fiber-to-the-premises (FTTP) deployments, enterprise networks, and original equipment manufacturers (OEMs) across the United States and internationally. The company's extensive product portfolio encompasses several key lines: FieldSmart: A range of physical infrastructure components such as panels, cabinets, and wall boxes, specifically designed for housing and protecting fiber optic connections.
How they make money
Clearfield designs, manufactures, and distributes fiber optic management, protection, and delivery products. The company generates revenue by selling these products to communication service providers and distributors, focusing on reducing the total cost of ownership for fiber network deployment through scalable, modular architectures.
Products & services
Fiber optic management and delivery platforms, including fiber assemblies, enclosures, and related connectivity hardware for communication networks.
Brands & revenue mix
FieldShield
Product line for fiber connectivity.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
For the fiscal year ended September 30, 2025, the company had two customers (distributors) that accounted for approximately 18% and 13% of net sales, respectively.
Suppliers, materials & equipment
Manufacturing partners — A network of domestic and global manufacturing partners that provide support for the company's final build and assembly processes.Source
Competitors
PPC Broadband — A subsidiary of Belden, Inc. that competes with the FieldShield product lines.Source
Emtelle UK Limited — Competes with the FieldShield product lines.Source
Strengths
Scalable fiber management and delivery platform architectureSource
Ability to produce products on both a quick-turn and scheduled delivery basisSource
Overall investment score · Quality, value, risk and opportunity
36
Poor
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
52
Fair
Financial Strength
60
Business Quality / Moat
89
Management
41
Growth Quality
5
Risk / Durability
30
Weak Company · Expensive Stock
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
42
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
53/100
Building Historical Record
Model Score 53/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently moderate.
What we like
•Balance-sheet / debt profile scores strongly
•Recent buyback activity is present
What to watch
•Valuation is a weaker part of the current profile
•Revenue fundamentals are weak
•Asset quality is a weaker factor
Company-specific research
Questions worth answering for CLFD
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•What is driving CLFD's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
•Is CLFD's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
•How is CLFD likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
•What specifically needs to improve for CLFD to reach sustainable profitability?
•What future growth or profitability would be needed to justify CLFD's current valuation?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for CLFD
Detected from reported data — verify before acting.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on CLFD.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Scalable fiber management and delivery platform architecture.
+Ability to produce products on both a quick-turn and scheduled delivery basis.
+Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
−Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Communication Equipment industry.
−Dependence on a limited number of customers.
−Reliance on third-party manufacturing partners.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdown
Wall Street Score
Weak36/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Strong
83
Debt Cost—
Debt Reduction YoY35.2%
Debt / Equity0.03x
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Revenue
Poor
3
Revenue YoY-13.3%
Revenue CAGR-18.4%
Net Margin-5.5%
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Asset
Poor
34
Asset Growth YoY-2.9%
Liquidation/Share$17.58
Net Assets/MCap0.61x
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Capital
Poor
21
Earnings Yield-1.7%
Buyback Yield3.1%
Debt Cost—
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Management
Weak
41
ROIC0.7%
ROE-2.9%
ROA-2.7%
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Moat
Strong
89
EPS Growth—
FCF/Share Growth50.0%
Rev/Share Growth6.9%
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Valuation
Poor
0
Intrinsic Value—
Value Reference—
MOS—
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Buffett
Weak
46
Revenue3
Moat89
Valuation0
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MOS
Poor
0
MOS %—
Value Reference—
Deep Discount Reference—
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Financial
Poor
39
Interest Coverage—
ROIC0.7%
FCF Yield5.8%
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Master
Poor
30
Financial39
Valuation0
Debt83
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Resilience
Strong
83
Survival Years2.4 yrs
Current Ratio5.42x
FCF Margin16.5%
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Score Changes
6 historical score records available
Previous Score
36
Sep 14, 2026
Change
-0.2
points
Current Score
36
Oct 1, 2026
Category Changes
Revenue-0.2
Debt0
Assets-1.2
Capital-1.0
Management0
Moat0
Valuation0
Buffett-0.2
CLFD decreased 0.2 points because some fundamentals weakened.
Projected Score
Projected Score
42
Projected Change
+6.0 points
Preliminary comparable-period financial changes suggest improvement of approximately 6.0 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailable
Current Price
$33.41
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Value Reference: —
Deep Discount Reference: —
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Monetary values in USD. Share counts in raw units.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue
$130.2M
$150.1M
$125.6M
$225.7M
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····
····
····
····
····
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Cost of Revenue
$80.8M
$99.6M
$99.7M
$145.9M
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····
····
····
····
····
····
Gross Profit
$49.4M
$50.5M
$25.8M
$79.9M
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····
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····
····
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Research & Development
$0.00
$0.00
$0.00
$0.00
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····
····
····
····
····
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SG&A Expenses
$46.4M
$48.4M
$45.1M
$42.3M
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····
····
····
····
····
····
Operating Expenses
$46.4M
$48.4M
$45.1M
$42.3M
····
····
····
····
····
····
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EBITDA
$12.7M
$14.8M
-$5.8M
$47.4M
····
····
····
····
····
····
····
Operating Income
$3.0M
$2.1M
-$19.2M
$37.6M
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····
····
····
····
····
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Interest Expense
$0.00
$0.00
$0.00
$170K
····
····
····
····
····
····
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Income Before Tax
$9.2M
$8.7M
-$11.8M
$42.6M
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····
····
····
····
····
····
Income Tax Expense
$1.7M
$2.4M
-$3.2M
$8.9M
····
····
····
····
····
····
····
Net Income
-$7.2M
-$8.1M
-$12.5M
$32.5M
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····
····
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Basic EPS
$-0.51
$-0.58
$-0.85
$2.17
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Basic Shares
13.59M
13.99M
14.58M
14.98M
····
····
····
····
····
····
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Diluted Shares
13.59M
13.99M
14.58M
15.01M
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····
····
····
····
····
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Upgrade to Premium for up to 10 annual periods, where available.
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Margins expanded
Debt reduced
What Weakened
Cash position declined
Potential Score Impact
Positive indicators included EPS growth, debt levels, net income margin. Pressure indicators included revenue growth, cash levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 12.1%. EPS increased 83.3%. Cash declined 39.6%. Total debt declined 52.6%. Net income margin improved by 3.6 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Upgrade to Premium to unlock all earnings history.View plans
Government disclosed trading activity is available on the Smart Money directory. Filings may be delayed and may not represent complete current holdings.
Dividend HistoryShare
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
Premium
5 Years
$———.——
Premium
10 Years
$———.——
Premium
Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.