Forensic Analysis · Communication Services / Telecom · as of Jun 27, 2026
Clearfield, Inc. (CLFD)
A forensic read on Clearfield, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
10.0
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-3.4%
ROE
$525M
Market cap
Clearfield, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 10.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.62×Cash conversion.Over FY2022–FY2024, operating cash flow was 0.62× cumulative net income. Reported profit is not turning into cash — a classic earnings-quality warning.
1%Return on invested capital.Return on invested capital is 1% and slipping from 31% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
264% of FCFShareholder returns.Returned $33M to shareholders (buybacks + dividends) in FY2024 — 264% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.
+0.2%/yrShare-count dilution.Diluted share count changed +1% over the last 3 years to FY2025 (+0.2%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin-5.4%
Debt / Equity0.01x
Free Cash Flow$17.5M
Latest Revenue$150.1M
Return on Equity-3.1%
Revenue Growth YoY+19.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Clearfield, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CLFD's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown