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Side-by-side financial comparison of ADTRAN Holdings, Inc. (ADTN) and Clearfield, Inc. (CLFD). Click either name above to swap in a different company.
ADTRAN Holdings, Inc. is the larger business by last-quarter revenue ($291.6M vs $34.3M, roughly 8.5× Clearfield, Inc.). ADTRAN Holdings, Inc. runs the higher net margin — -1.2% vs -1.8%, a 0.6% gap on every dollar of revenue. On growth, ADTRAN Holdings, Inc. posted the faster year-over-year revenue change (20.1% vs -3.2%). ADTRAN Holdings, Inc. produced more free cash flow last quarter ($30.6M vs $-2.4M). Over the past eight quarters, ADTRAN Holdings, Inc.'s revenue compounded faster (13.5% CAGR vs -3.5%).
Adtran, Inc. is an American fiber networking and telecommunications company headquartered in Huntsville, Alabama. It is a vendor of both residential and enterprise networking equipment, along with administrative software for network management and deployment. Its customers include communications service providers, governments, enterprises and utilities.
Clearfield, Inc. is a company headquartered in Minneapolis, Minnesota. The company produces fiber optic products.
ADTN vs CLFD — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $291.6M | $34.3M |
| Net Profit | $-3.6M | $-614.0K |
| Gross Margin | 39.0% | 33.2% |
| Operating Margin | 1.5% | -5.3% |
| Net Margin | -1.2% | -1.8% |
| Revenue YoY | 20.1% | -3.2% |
| Net Profit YoY | 92.2% | 67.8% |
| EPS (diluted) | $-0.02 | $-0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $291.6M | $34.3M | ||
| Q3 25 | $279.4M | $23.4M | ||
| Q2 25 | $265.1M | $49.9M | ||
| Q1 25 | $247.7M | $47.2M | ||
| Q4 24 | $242.9M | $29.7M | ||
| Q3 24 | $227.7M | $5.6M | ||
| Q2 24 | $226.0M | $48.8M | ||
| Q1 24 | $226.2M | $36.9M |
| Q4 25 | $-3.6M | $-614.0K | ||
| Q3 25 | $-10.3M | $-9.1M | ||
| Q2 25 | $-20.5M | $1.6M | ||
| Q1 25 | $-11.3M | $1.3M | ||
| Q4 24 | $-46.1M | $-1.9M | ||
| Q3 24 | $-33.3M | $-827.0K | ||
| Q2 24 | $-49.7M | $-447.0K | ||
| Q1 24 | $-330.8M | $-5.9M |
| Q4 25 | 39.0% | 33.2% | ||
| Q3 25 | 38.3% | 53.2% | ||
| Q2 25 | 37.3% | 30.5% | ||
| Q1 25 | 38.4% | 30.1% | ||
| Q4 24 | 36.9% | 29.2% | ||
| Q3 24 | 36.5% | — | ||
| Q2 24 | 36.0% | 21.9% | ||
| Q1 24 | 31.1% | 7.7% |
| Q4 25 | 1.5% | -5.3% | ||
| Q3 25 | -1.0% | 10.3% | ||
| Q2 25 | -5.0% | 3.0% | ||
| Q1 25 | -1.6% | 0.6% | ||
| Q4 24 | -6.9% | -6.9% | ||
| Q3 24 | -11.5% | 17.3% | ||
| Q2 24 | -17.0% | -4.7% | ||
| Q1 24 | -153.1% | -26.4% |
| Q4 25 | -1.2% | -1.8% | ||
| Q3 25 | -3.7% | -38.8% | ||
| Q2 25 | -7.7% | 3.2% | ||
| Q1 25 | -4.5% | 2.8% | ||
| Q4 24 | -19.0% | -6.4% | ||
| Q3 24 | -14.6% | -14.7% | ||
| Q2 24 | -22.0% | -0.9% | ||
| Q1 24 | -146.2% | -16.0% |
| Q4 25 | $-0.02 | $-0.04 | ||
| Q3 25 | $-0.12 | $-0.65 | ||
| Q2 25 | $-0.24 | $0.11 | ||
| Q1 25 | $-0.14 | $0.09 | ||
| Q4 24 | $-0.58 | $-0.13 | ||
| Q3 24 | $-0.38 | $-0.06 | ||
| Q2 24 | $-0.63 | $-0.04 | ||
| Q1 24 | $-4.20 | $-0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $95.7M | $96.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $145.8M | $249.7M |
| Total Assets | $1.2B | $268.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.7M | $96.4M | ||
| Q3 25 | $93.7M | $106.0M | ||
| Q2 25 | $106.3M | $117.2M | ||
| Q1 25 | $101.3M | $112.0M | ||
| Q4 24 | $76.0M | $113.0M | ||
| Q3 24 | $88.5M | $129.0M | ||
| Q2 24 | $111.2M | $123.8M | ||
| Q1 24 | $106.8M | $142.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2M | ||
| Q2 24 | — | $2.1M | ||
| Q1 24 | — | — |
| Q4 25 | $145.8M | $249.7M | ||
| Q3 25 | $141.6M | $256.2M | ||
| Q2 25 | $169.6M | $264.5M | ||
| Q1 25 | $138.9M | $265.9M | ||
| Q4 24 | $127.0M | $267.4M | ||
| Q3 24 | $205.6M | $275.8M | ||
| Q2 24 | $213.6M | $274.6M | ||
| Q1 24 | $260.8M | $279.2M |
| Q4 25 | $1.2B | $268.1M | ||
| Q3 25 | $1.2B | $306.2M | ||
| Q2 25 | $1.2B | $314.7M | ||
| Q1 25 | $1.2B | $310.9M | ||
| Q4 24 | $1.2B | $303.2M | ||
| Q3 24 | $1.3B | $315.3M | ||
| Q2 24 | $1.3B | $318.1M | ||
| Q1 24 | $1.3B | $315.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $42.2M | $-1.4M |
| Free Cash FlowOCF − Capex | $30.6M | $-2.4M |
| FCF MarginFCF / Revenue | 10.5% | -7.1% |
| Capex IntensityCapex / Revenue | 4.0% | 2.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $98.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.2M | $-1.4M | ||
| Q3 25 | $12.2M | — | ||
| Q2 25 | $32.2M | $7.9M | ||
| Q1 25 | $43.2M | $3.0M | ||
| Q4 24 | $2.4M | $7.2M | ||
| Q3 24 | $43.3M | $13.1M | ||
| Q2 24 | $19.9M | $4.0M | ||
| Q1 24 | $37.9M | $-5.7M |
| Q4 25 | $30.6M | $-2.4M | ||
| Q3 25 | $4.2M | — | ||
| Q2 25 | $27.5M | $7.5M | ||
| Q1 25 | $35.8M | $654.0K | ||
| Q4 24 | $-895.0K | $5.1M | ||
| Q3 24 | $37.1M | $9.1M | ||
| Q2 24 | $8.4M | $2.8M | ||
| Q1 24 | $24.4M | $-7.7M |
| Q4 25 | 10.5% | -7.1% | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 10.4% | 15.1% | ||
| Q1 25 | 14.4% | 1.4% | ||
| Q4 24 | -0.4% | 17.1% | ||
| Q3 24 | 16.3% | 160.9% | ||
| Q2 24 | 3.7% | 5.8% | ||
| Q1 24 | 10.8% | -20.8% |
| Q4 25 | 4.0% | 2.9% | ||
| Q3 25 | 2.9% | 2.0% | ||
| Q2 25 | 1.8% | 0.8% | ||
| Q1 25 | 3.0% | 5.1% | ||
| Q4 24 | 1.4% | 7.0% | ||
| Q3 24 | 2.7% | 71.4% | ||
| Q2 24 | 5.1% | 2.5% | ||
| Q1 24 | 6.0% | 5.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.93× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
CLFD
Segment breakdown not available.
