Clearfield (CLFD)
NASDAQ:CLFD
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Clearfield
(NASDAQ:CLFD)
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Rating:61Neutral
Price Target:
$49.00
▲(63.44% Upside)
Action:Reiterated
Date:05/12/26
CLFD scores mid-range primarily due to pressured financial performance (declining revenue and recent losses) tempered by a notably strong balance sheet and positive free cash flow. Earnings-call guidance and backlog trends provide a constructive setup for a second-half rebound, but valuation is constrained by negative earnings and technicals look overheated after a sharp move above moving averages.
Positive Factors
Strong balance sheet and low leverage
Very low debt-to-equity (~0.05) and a conservative capital structure give Clearfield flexibility to absorb revenue volatility, fund product launches or repurchases, and avoid refinancing stress. This durable strength supports execution and optionality over the next 2–6 months.
Negative Factors
Sustained revenue and earnings decline
A multi-year reset from 2022–2023 highs to TTM revenue decline and negative net margin indicates underlying demand and profitability weakness. Persistent top-line contraction limits margin recovery and reduces ability to restore ROE and shareholder returns over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet and low leverage
Very low debt-to-equity (~0.05) and a conservative capital structure give Clearfield flexibility to absorb revenue volatility, fund product launches or repurchases, and avoid refinancing stress. This durable strength supports execution and optionality over the next 2–6 months.
Read all positive factors
Clearfield Key Performance Indicators (KPIs)
Any
Net Revenue by Geography
Data provided by:
The Fly
The FlyClearfield (CLFD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$594.27M
Dividend YieldN/A
Average Volume (3M)301.67K
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue Growth-23.56%
EPS Growth-362.44%
CountryUS
Employees400
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.61
Shares Outstanding13,589,460
10 Day Avg. Volume466,756
30 Day Avg. Volume301,673
Financial Highlights & Ratios
PEG Ratio1.88
Price to Book (P/B)1.88
Price to Sales (P/S)3.20
P/FCF Ratio19.47
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue4.37
Enterprise Value/Gross Profit11.75
Enterprise Value/Ebitda54.16
Forecast
1Y Price Target
$43.75Price Target Upside45.93% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.51
Revenue Forecast (FY)$163.64M
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 offer...
How the Company Makes Money
Clearfield makes money primarily by selling fiber optic connectivity and fiber management hardware to customers building or expanding fiber networks. Revenue is generated from product sales that typically include fiber distribution, termination, a...
Clearfield Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: management delivered Q2 sales toward the high end of guidance, showed meaningful sequential backlog growth (+39%) and maintained a strong balance sheet ($147M cash, no debt) while continuing share repurchases. They also highlighted product momentum (NOVA) and a clear strategy to expand into adjacent edge and data center markets. Offsetting these positives are a 15% year-over-year revenue decline, a Q2 net loss (EPS down to -$0.04 from +$0.18 prior year), margin compression (gross margin down ~1.9 percentage points YoY), and significant uncertainty from BEAD funding delays that push meaningful program-related revenue into Fiscal 2027. Overall, the company appears well-capitalized and strategically positioned for longer-term growth, but near-term revenue and profitability are under pressure due to external program timing and supply/financing constraints.Positive Updates
Q2 Sales Met Guidance and Forward Revenue Guidance Raised
Net sales of $34.4M came in toward the high end of guidance ($32M–$35M). Management provided Q3 guidance of $42M–$46M and reiterated full-year Fiscal 2026 guidance of $160M–$170M (≈10% top-line growth at the midpoint).
Negative Updates
Year-over-Year Revenue Decline
Q2 net sales of $34.4M represent a 15% decline versus $40.6M in the prior-year second quarter; part of the decline attributed to a prior-year pull-in by a Large Regional Customer.
Read all updates
Q2-2026 Updates
Positive
Negative
Q2 Sales Met Guidance and Forward Revenue Guidance Raised
Net sales of $34.4M came in toward the high end of guidance ($32M–$35M). Management provided Q3 guidance of $42M–$46M and reiterated full-year Fiscal 2026 guidance of $160M–$170M (≈10% top-line growth at the midpoint).
Read all positive updates
Company Guidance
Management guided Q3 FY2026 net sales of $42–$46 million and net income per diluted share of $0.17–$0.21 (based on shares outstanding at the end of Q2, excluding potential future repurchases), with operating expenses expected to remain roughly consistent with Q2; for full-year FY2026 they reiterated net sales of $160–$170 million (about 10% midpoint growth) and net income per share of $0.48–$0.62, with operating expenses as a percent of revenue in line with FY2025. For context, Q2 results included net sales of $34.4 million (near the high end of their $32–$35 million guidance), a gross margin of 32.5% (down from 34.4% year‑over‑year), operating expenses of $13.2 million, a net loss of $0.5 million (‑$0.04 per diluted share), a 39% sequential backlog increase and a 1.3 book‑to‑bill, about $147 million in cash and investments with no debt, and 237,000 shares repurchased for $7.3 million; management expects meaningful BEAD-related revenue in FY2027 while seeing healthy privately financed build activity in FY2026.Clearfield Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
82
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 136.22M | 150.13M | 125.57M | 225.72M | 270.88M | 140.76M |
| Gross Profit | 50.71M | 50.54M | 25.85M | 79.86M | 112.95M | 61.18M |
| EBITDA | 11.00M | 14.79M | -5.84M | 47.37M | 67.23M | 28.04M |
| Net Income | -8.61M | -8.05M | -12.45M | 32.53M | 49.36M | 20.33M |
Balance Sheet | ||||||
| Total Assets | 263.55M | 306.17M | 315.27M | 355.52M | 229.13M | 125.91M |
| Cash, Cash Equivalents and Short-Term Investments | 91.07M | 105.98M | 128.97M | 168.11M | 22.45M | 23.59M |
| Total Debt | 10.94M | 8.76M | 13.52M | 16.48M | 36.85M | 2.53M |
| Total Liabilities | 20.74M | 50.01M | 39.51M | 40.35M | 81.55M | 22.09M |
| Stockholders Equity | 242.81M | 256.16M | 275.76M | 315.16M | 147.58M | 103.82M |
Cash Flow | ||||||
| Free Cash Flow | 16.09M | 24.71M | 12.66M | 11.63M | -8.15M | 8.86M |
| Operating Cash Flow | 18.12M | 29.45M | 22.22M | 20.01M | 1.00M | 10.90M |
| Investing Cash Flow | -16.43M | -8.84M | -6.90M | -112.25M | -8.20M | -13.60M |
| Financing Cash Flow | -20.10M | -14.24M | -36.91M | 113.42M | 10.65M | -536.00K |
Clearfield Technical Analysis
Positive
29.98
Price Trends
31.97
Positive
31.48
Positive
32.01
Positive
Market Momentum
3.71
Negative
68.09
Neutral
51.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLFD, the sentiment is Positive. The current price of 29.98 is below the 20-day moving average (MA) of 37.32, below the 50-day MA of 31.97, and below the 200-day MA of 32.01, indicating a bullish trend. The MACD of 3.71 indicates Negative momentum. The RSI at 68.09 is Neutral, neither overbought nor oversold. The STOCH value of 51.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLFD.
Clearfield Risk Analysis
Clearfield disclosed 23 risk factors in its most recent earnings report. Clearfield reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Clearfield Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $310.36M | 25.27 | 33.31% | ― | 14.16% | 38.26% | |
63 Neutral | $1.19B | 53.47 | 7.33% | ― | 46.26% | 111.78% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $594.27M | ― | -3.40% | ― | -23.56% | -362.44% | |
57 Neutral | $239.11M | ― | -1.43% | ― | -15.03% | -110.33% | |
55 Neutral | $134.04M | ― | -17.50% | ― | 149.18% | 54.90% | |
54 Neutral | $227.61M | ― | 3.37% | ― | 0.23% | ― |
* Technology Sector Average
CLFD
Clearfield
43.73
5.43
14.18%
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17.59
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BKTI
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Clearfield Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Clearfield Extends Loan Agreement Maturity with Old National
Neutral
Apr 30, 2026
On April 25, 2026, Clearfield, Inc. amended its existing loan agreement with Old National Bank, extending the maturity of its line of credit from April 25, 2026 to July 24, 2026 and incorporating updated interest and payment terms previously conta...
Executive/Board ChangesShareholder Meetings
Clearfield Shareholders Back Board, Executive Pay and Auditor
Positive
Feb 27, 2026
On February 26, 2026, Clearfield held its 2026 Annual Meeting of Shareholders, with approximately 73% of outstanding common shares represented, reflecting solid investor participation in the company’s governance process. Shareholders elected...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.