Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Clearwater PaperCLW +5.71%52 Net-Net Working Capital is $-27.19 as of Jun. 2026. GuruFocus rates CLW with a GF Score™ of 52/100 and a GF Value™ of $32.30 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 72 Forest Products companies, Clearwater Paper ranks worse than 1388887.5% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Clearwater Paper's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-27.19.
The industry rank for Clearwater Paper's Net-Net Working Capital or its related term are showing as below:
CLW's Price-to-Net-Net-Working-Capital is not ranked *
in the Forest Products industry.
Industry Median: 4.045 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Clearwater Paper (NYSE:CLW) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Clearwater Paper Net-Net Working Capital Related Terms
Clearwater Paper Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Clearwater Paper's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CLW vs MERC, ITP: Net-Net Working Capital Comparison
For the Paper & Paper Products subindustry, Clearwater Paper's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Clearwater Paper Price-to-Net-Net-Working-Capital vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Clearwater Paper's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Clearwater Paper's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-27.19 mean?
Clearwater Paper (CLW) has a Net-Net Working Capital of $-27.19 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Clearwater Paper According to the industry distribution chart, Clearwater Paper ranks #999999 out of 72 companies in the Forest Products industry.
Is Clearwater Paper's Net-Net Working Capital too high?
Clearwater Paper's current Net-Net Working Capital is $-27.19. Based on the distribution chart, Clearwater Paper ranks #999999 out of 72 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, Clearwater Paper has a GF Score™ of 52/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Clearwater Paper's Net-Net Working Capital compare to MERC and ITP?
According to the Forest Products industry distribution chart, Clearwater Paper ranks #999999 out of 72 companies for Net-Net Working Capital. This places Clearwater Paper in the lower half of its industry. The industry median Net-Net Working Capital is 4.05. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Forest Products company?
The median Net-Net Working Capital among Forest Products companies is 4.05, based on 72 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Clearwater Paper For the Forest Products industry, the median Net-Net Working Capital is 4.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Clearwater Paper's current Net-Net Working Capital is $-27.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Clearwater Paper stock overvalued right now?
Based on GuruFocus' analysis, Clearwater Paper (CLW) is currently considered Possible Value Trap. The stock's GF Value™ is $32.30, compared to a current price of $22.23 — trading 31.2% below its estimated fair value. The current Net-Net Working Capital is $-27.19. Clearwater Paper's overall GF Score™ is 52/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Clearwater Paper (CLW), the current Net-Net Working Capital is $-27.19 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Clearwater Paper (CLW) Overvalued in 2026?
Based on GuruFocus' analysis, Clearwater Paper stock appears to be undervalued.
The current stock price of $22.23 is trading 31.2% below its estimated GF Value™ of $32.30.
GuruFocus considers Clearwater Paper to be Possible Value Trap.
Key valuation signals for CLW:
Net-Net Working Capital: $-27.19
GF Value™: $32.30 vs. price of $22.23 (31.2% below fair value)
No single metric tells the full story. See the CLW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Clearwater Paper Corp is engaged in the manufacturing and supplier of Solid Bleached Sulfate (SBS) paperboard packaging products. The company products includes: SBS paperboard which is a premium paperboard grade that is frequently used to produce folding cartons, food service, commercial printing items. It generates maximum revenue from Pulp and Paperboard segment. Company operate in United States and have globalized access too. Geographically, it derives maximum revenue from the United States.
52GF Score
Get the complete analysis for CLW
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
CLW has been successfully added to your 
