Clearfield (CLFD) AI Stock Analysis

• Market Cap: $436.15M
• Dividend Yield: N/A
• Average Volume (3M): 121.53K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.23
• Revenue Growth: -9.94%
• EPS Growth: 30.96%
• Country: US
• Employees: 400
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): -0.04
• Shares Outstanding: 13,685,411
• 10 Day Avg. Volume: 81,894
• 30 Day Avg. Volume: 121,530
• PEG Ratio: 1.88
• Price to Book (P/B): 1.88
• Price to Sales (P/S): 3.20
• P/FCF Ratio: 19.47
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 2.90
• Enterprise Value/Gross Profit: 8.04
• Enterprise Value/Ebitda: 25.73
• 1Y Price Target: $44.25
• Price Target Upside: 39.94% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.54
• Revenue Forecast (FY): $164.21M

• Rating: 58 Neutral
• Price Target: $34.00 ▲(7.53% Upside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is primarily held back by weak TTM financial performance (sharp revenue decline and net losses) and only neutral technical momentum. Offsetting supports include a strong, low-debt balance sheet with positive free cash flow and a generally positive earnings update (revenue beat, margin improvement, reiterated full-year guidance, and ongoing buybacks).

Positive Factors

Balance sheet strength

Very low leverage and a large equity base provide durable financial flexibility to fund operations, strategic investments, and share repurchases without needing external financing. This conservatism helps Clearfield absorb cyclical telecom spending swings and supports multi‑quarter execution.

Positive cash generation

Sustained positive operating and free cash flow despite top-line pressure indicates the core business converts revenue to cash. That cashability underpins capex, working capital, and buybacks, providing a multi‑month runway to invest in growth initiatives and weather revenue cyclicality.

Strategic product expansion (Nova)

The Nova platform extends Clearfield into adjacent higher-density and data‑edge deployments, diversifying addressable markets beyond traditional MSO and municipality builds. Over 2–6 months, product validation and early deployments can seed multi‑year growth and improved margin mix if adoption scales.

Negative Factors

Severe revenue decline & net losses

A pronounced top‑line collapse materially weakens operating leverage and earnings quality. Continued revenue contraction makes margin recovery and sustainable profitability dependent on either a meaningful demand rebound or permanent structural cost cuts, creating multi‑quarter execution risk.

BABA supply constraints

Prolonged lead times for BABA‑compliant fiber create a structural bottleneck for BEAD-funded projects. Delays can push out funded deployments, reduce addressable near‑term revenue, and advantage competitors with secured supply, producing persistent headwinds beyond a single quarter.

Rising operating expenses

Elevated operating spend to expand sales and technology increases the break‑even revenue level. If top‑line recovery is uneven or lumpier, these fixed and semi‑fixed costs can depress margins and delay return to GAAP profitability for several quarters while investments mature.

Clearfield Business Overview & Revenue Model

Company Description

Clearfield, Inc. manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures. It also provides WaveSmart, which are optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and outdoor cabinet and fiber active cabinet products. The company offers StreetSmart, a portfolio of fiber management products; FieldShield, a fiber pathway and protection method for reducing the cost of broadband deployment; and YOURx platform that consists of hardened terminals, test access points, and various drop cable options for portions of the access network across various fiber drop cable media. It also provides CraftSmart, a line of optical protection field enclosures, including CraftSmart Fiber Protection Pedestals and CraftSmart Fiber Protection Vaults integrated solutions optimized to house FieldSmart products at the last mile access point of the network in above-grade or below-grade installations. The company offers fiber and copper assemblies with an industry-standard or customer-specified configuration; and designs and manufactures custom solutions for in-the-box and network connectivity assemblies specific to that customer's product line. It provides its fiber to anywhere platform for various incumbent local exchange carriers, competitive local exchange carriers, wireless operators, and multiple systems operators and cable TV companies, as well as the utility/municipality, enterprise, and data center markets. The company was formerly known as APA Enterprises, Inc. and changed its name to Clearfield, Inc. in January 2008. Clearfield, Inc. was founded in 1979 and is headquartered in Minneapolis, Minnesota.

How the Company Makes Money

Clearfield generates revenue through the sale of its fiber management and connectivity products, which are essential for the deployment of fiber optic networks. The company has a diverse revenue model that includes direct sales to customers, as well as partnerships with distributors and telecommunications companies. Key revenue streams stem from product sales, including optical distribution frames and enclosures, as well as ongoing support services and solutions for network management. Additionally, Clearfield benefits from partnerships with major telecom providers, which helps expand its market reach and drive sales growth.

Clearfield Financial Statement Overview

Summary

Mixed fundamentals: severe TTM revenue decline (~-76%) and a return to net losses weigh heavily, partially offset by a very low-leverage balance sheet (debt-to-equity ~0.03) and still-positive free cash flow (~$17.2M TTM).

Income Statement

TTM (Trailing-Twelve-Months) results show a sharp revenue decline (down ~76%) and a return to net losses (net margin about -5%), which materially weakens earnings quality despite still-positive operating profitability (EBIT margin ~6% and EBITDA margin ~10%). Margins have improved versus FY2024 (when operating profit was negative), but profitability remains pressured and the top-line contraction is the key overhang.

Balance Sheet

The balance sheet appears conservatively positioned with very low leverage (debt-to-equity ~0.03 in TTM) and a large equity base relative to debt, providing flexibility to absorb near-term earnings volatility. The main weakness is returns: return on equity is negative in TTM, reflecting current losses rather than balance-sheet strain.

Cash Flow

Cash generation remains a relative strength: TTM operating cash flow (~$20.9M) and free cash flow (~$17.2M) are both positive, indicating solid cash discipline even during an earnings downturn. However, free cash flow is down meaningfully versus the prior annual period (reported free cash flow growth ~-30%), and cash flow metrics are not as strong as peak years, suggesting reduced cash momentum.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	149.00M	150.13M	125.57M	225.72M	270.88M	140.76M
Gross Profit	53.74M	50.54M	25.85M	79.86M	112.95M	61.18M
EBITDA	16.79M	14.79M	-5.84M	47.37M	67.23M	28.04M
Net Income	-6.76M	-8.05M	-12.45M	32.53M	49.36M	20.33M
Balance Sheet
Total Assets	268.05M	306.17M	315.27M	355.52M	229.13M	125.91M
Cash, Cash Equivalents and Short-Term Investments	96.44M	105.98M	128.97M	168.11M	22.45M	23.59M
Total Debt	8.08M	8.76M	13.52M	16.48M	36.85M	2.53M
Total Liabilities	18.40M	50.01M	39.51M	40.35M	81.55M	22.09M
Stockholders Equity	249.65M	256.16M	275.76M	315.16M	147.58M	103.82M
Cash Flow
Free Cash Flow	18.58M	24.71M	12.66M	11.63M	-8.15M	8.86M
Operating Cash Flow	22.24M	29.45M	22.22M	20.01M	1.00M	10.90M
Investing Cash Flow	-22.53M	-8.84M	-6.90M	-112.25M	-8.20M	-13.60M
Financing Cash Flow	-15.14M	-14.24M	-36.91M	113.42M	10.65M	-536.00K

Clearfield Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 31.62
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLFD, the sentiment is Neutral. The current price of 31.62 is above the 20-day moving average (MA) of 31.16, above the 50-day MA of 30.63, and below the 200-day MA of 34.78, indicating a neutral trend. The MACD of 0.42 indicates Negative momentum. The RSI at 51.93 is Neutral, neither overbought nor oversold. The STOCH value of 71.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CLFD.

Clearfield Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BKTI	77 Outperform	$305.30M	25.10	38.74%	―	10.12%	153.04%
GILT	70 Outperform	$1.06B	45.05	5.15%	―	29.67%	41.90%
AVNW	63 Neutral	$318.43M	21.56	5.60%	―	10.89%	―
CRNT	62 Neutral	$205.85M	-93.17	-1.23%	―	-3.78%	-92.62%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CLFD	58 Neutral	$436.15M	―	3.07%	―	-9.94%	30.96%
AMPG	50 Neutral	$67.49M	-5.38	-27.13%	―	93.47%	37.19%

Clearfield Corporate Events

Clearfield Updates Bylaws for Proxy Access Compliance

On December 10, 2025, Clearfield, Inc. announced amendments to its Bylaws to implement proxy access and align with SEC’s universal proxy card rules. These changes allow shareholders owning 3% or more of the company’s stock for at least three years to nominate directors, with provisions ensuring compliance with the Universal Proxy Rules and procedural updates for shareholder meetings.

The most recent analyst rating on (CLFD) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on Clearfield stock, see the CLFD Stock Forecast page.