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Forensic Analysis · Communications Equipment & Electronic Components · as of Nov 8, 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.

C · Mixed — selective
Forensic grade
Safe
Financial health
10.0
Distress distance
Clean
Earnings quality
1
Forensic signals
-3.0%
ROE
19.6%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Clearfield, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 10.0, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

0.6%
FY2025
Return on invested capital. Return on invested capital is 0.6% in the latest fiscal year, against 10.2% in FY2023, having run between -5.4% and 10.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $30M in FY2023 and $2M in FY2025, with operating income at 16.6% of revenue in FY2023, -15.3% in FY2024 and 1.4% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. $100M of the $262M base at FY2025 is short-term investments (38.0%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.

Key fundamentals

Latest Revenue$150.1M
Revenue Growth YoY+19.6%
Revenue CAGR (2yr)-18.4%
Net Margin-5.4%
Free Cash Flow$21.8M
Return on Equity-3.0%
Debt / Equity0.01x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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