Download PDF

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on CLFD

Clearfield, Inc.'s recent performance has been impacted by a mixed bag of developments. Despite the company's Q4 earnings beat, with quarterly earnings of $0.13 per share, exceeding the Zacks Consensus Estimate of $0.09 per share, certain factors may be concerning. The company's leadership team expansion and executive appointments may lead to increased operational expenses. However, the increase in share repurchase program from $65 million to $85 million, authorized by the Board of Directors, is a positive development for shareholders. Additionally, the company has shipped over 2 million ClearPass Connector Cleaning Dust Caps worldwide, reflecting growing adoption of the solution. According to Marketbeat Ratings, the stock has a consensus recommendation of "Hold" from five analysts.

1.c. Company Highlights

2. Clearfield's Q4 Earnings: A Strong Finish to a Robust Fiscal Year

Clearfield, Inc. reported fourth-quarter net sales from continuing operations of $41.1 million, a 13% year-over-year increase, and $150.1 million for the full year, a 20% rise from fiscal year 2024. The company's gross margin improved to 34.6% in Q4 and 33.7% for the full year, driven by better manufacturing efficiencies and overhead absorption. Net income per share from continuing operations was 13¢ in 2025, versus a loss of 1¢ per share in the comparable period last year, beating analyst estimates of 9¢.

Publication Date: Nov -29

📋 Highlights
  • Revenue Growth:: Fiscal 2025 full-year net sales rose 20% YoY to $150.1M, with Q4 growth of 13% to $41.1M.
  • Profitability Turnaround:: Q4 net income per share improved to 13¢ (vs. -1¢ in Q4 2024), driven by better operational efficiency and margin expansion.
  • Gross Margin Expansion:: Full-year gross margin reached 33.7% (up from prior year), with Q4 hitting 34.6% due to manufacturing efficiencies.
  • Strategic Divestiture:: $10.4M non-cash write-down from Nestor Cables divestiture, enabling focus on core broadband and adjacent markets.
  • 2026 Guidance & Balance Sheet:: Projects $160–170M in sales and 48–62¢ EPS, supported by $166M in cash and an expanded $85M share buyback program.

Guidance and Outlook

For fiscal year 2026, Clearfield expects net sales from continuing operations in the range of $160 to $170 million and earnings per share from continuing operations in the range of 48¢ to 62¢. This annual outlook implies mid-40% growth through the rest of the year, assuming normalization of the existing customer base and spending patterns, with less than $10 million from BEAD. As noted by Clearfield's President and CEO, Cheryl P. Beranek, the company is executing on its "Better Broadband and Beyond" strategy, focusing on protecting its core community broadband business and expanding into adjacent markets.

New Product Introductions and Market Opportunities

The company will introduce new product lines, including splice cases and a next-generation fiber management cassette, in 2026, which are expected to drive future growth. Clearfield sees an opportunity in the data center market, particularly in edge data centers, with its new data center cassette product, and anticipates initial orders from BEAD, although significant revenue is not expected until the summer construction season.

Valuation and Growth Prospects

With a P/E Ratio of 20.83 and an EV/EBITDA of 42.76, the market appears to be pricing in significant growth prospects. Analysts estimate next year's revenue growth at -9.6%, which seems conservative given the company's guidance. The company's strong balance sheet, with approximately $166 million in cash and investments, and increased share buyback authorization to $85 million, provide additional support for the stock.

3. NewsRoom

Card image cap

Clearfield Launches Tribal Broadband Training Initiative to Empower Native Communities and Build the Skilled Fiber Workforce of Tomorrow

Dec -04

Source: businesswire.com

Card image cap

Clearfield: Not A Perfect Setup, But A Better One Than The Market Thinks

Dec -02

Source: seekingalpha.com

Card image cap

ACK Asset Management LLC Has $27.14 Million Stock Position in Clearfield, Inc. $CLFD

Nov -28

Source: defenseworld.net

Card image cap

Clearfield, Inc. (CLFD) Q4 2025 Earnings Call Transcript

Nov -25

Source: seekingalpha.com

Card image cap

Clearfield (CLFD) Q4 Earnings Beat Estimates

Nov -25

Source: zacks.com

Card image cap

Clearfield Announces Increase to Share Repurchase Program

Nov -25

Source: globenewswire.com

Card image cap

Clearfield Reports Fourth Quarter and Full Year 2025 Results

Nov -25

Source: globenewswire.com

Card image cap

Clearfield's ClearPass Connector Cleaning Dust Cap Surpasses 2 Million Worldwide

Nov -10

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Clearfield

Expected Growth: 4.0%

Clearfield's 4.0 growth is driven by increasing demand for fiber-based broadband infrastructure, driven by 5G deployments and rural broadband initiatives. Additionally, the company's focus on fiber-to-the-home (FTTH) and fiber-to-the-premises (FTTP) solutions, as well as its strong relationships with major telecom operators, contribute to its growth momentum.

Nestor Cables

Expected Growth: 4.0%

Nestor Cables from Clearfield, Inc. growth driven by increasing demand for fiber-to-the-premises (FTTP) and 5G infrastructure, coupled with rising need for high-speed data transmission and reliable connectivity. Additionally, growing adoption of cloud computing, IoT, and smart cities initiatives fueling demand for high-quality fiber optic cables.

7. Detailed Products

Clearview Blue

A high-density, modular fiber management system designed for data center and central office applications

Clearview Cassette

A high-density, modular fiber management system designed for data center and central office applications

FieldSmart

A fiber management system designed for outside plant applications

YourLink

A high-density, modular fiber management system designed for data center and central office applications

Clearfield Fiber Distribution Hub (FDH)

A fiber management system designed for fiber-to-the-home (FTTH) and fiber-to-the-premises (FTTP) applications

Clearfield StreetSmart

A fiber management system designed for fiber-to-the-home (FTTH) and fiber-to-the-premises (FTTP) applications

8. Clearfield, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Clearfield, Inc. is moderate due to the availability of alternative products and services in the fiber optic industry.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Clearfield, Inc.'s products and services, which limits the ability of customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers in the market, but Clearfield, Inc.'s dependence on a few key suppliers limits its negotiating power.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry in the fiber optic industry, and the potential for new companies to enter the market and compete with Clearfield, Inc.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the fiber optic industry, with multiple companies competing for market share and customers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.74%
Debt Cost 4.95%
Equity Weight 93.26%
Equity Cost 10.60%
WACC 10.22%
Leverage 7.22%

11. Quality Control: Clearfield, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Digi

A-Score: 5.2/10

Value: 3.3

Growth: 6.7

Quality: 7.8

Yield: 0.0

Momentum: 8.0

Volatility: 5.3

1-Year Total Return ->

View Full Report
Stock-Card
Knowles

A-Score: 4.3/10

Value: 3.6

Growth: 1.4

Quality: 6.3

Yield: 0.0

Momentum: 8.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
ADTRAN Holdings

A-Score: 4.1/10

Value: 5.7

Growth: 3.4

Quality: 2.4

Yield: 1.0

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Clearfield

A-Score: 3.3/10

Value: 2.4

Growth: 4.2

Quality: 4.5

Yield: 0.0

Momentum: 5.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Iteris

A-Score: 3.2/10

Value: 1.0

Growth: 7.0

Quality: 4.8

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
AmpliTech

A-Score: 2.9/10

Value: 7.4

Growth: 1.7

Quality: 3.2

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

28.74$

Current Price

28.74$

Potential

-0.00%

Expected Cash-Flows