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Side-by-side financial comparison of Black Hawk Acquisition Corp (BKHA) and Clearwater Paper Corp (CLW). Click either name above to swap in a different company.
Clearwater Paper Corp is the larger business by last-quarter revenue ($360.3K vs $230.6K, roughly 1.6× Black Hawk Acquisition Corp). Black Hawk Acquisition Corp runs the higher net margin — -1.6% vs -3.6%, a 1.9% gap on every dollar of revenue.
Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.
BKHA vs CLW — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $230.6K | $360.3K |
| Net Profit | $-3.8K | $-12.8K |
| Gross Margin | — | -0.2% |
| Operating Margin | -94.5% | — |
| Net Margin | -1.6% | -3.6% |
| Revenue YoY | — | -4.7% |
| Net Profit YoY | -100.5% | -103.2% |
| EPS (diluted) | — | — |
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.
| Q1 26 | — | $360.3K | ||
| Q4 25 | $230.6K | $386.4M | ||
| Q3 25 | $494.5K | $399.0M | ||
| Q2 25 | $767.6K | $391.8M | ||
| Q1 25 | $765.9K | $378.2M | ||
| Q4 24 | — | $387.1M | ||
| Q3 24 | $965.5K | $393.3M | ||
| Q2 24 | $668.2K | $344.4M |
| Q1 26 | — | $-12.8K | ||
| Q4 25 | $-3.8K | $38.3M | ||
| Q3 25 | $154.4K | $-53.3M | ||
| Q2 25 | $520.5K | $2.7M | ||
| Q1 25 | $658.4K | $-6.3M | ||
| Q4 24 | — | $199.1M | ||
| Q3 24 | $883.8K | $5.8M | ||
| Q2 24 | $310.9K | $-25.8M |
| Q1 26 | — | -0.2% | ||
| Q4 25 | — | 4.5% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 9.7% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 7.7% | ||
| Q2 24 | — | -0.6% |
| Q1 26 | — | — | ||
| Q4 25 | -94.5% | 1.9% | ||
| Q3 25 | -69.0% | -13.9% | ||
| Q2 25 | -32.3% | 2.5% | ||
| Q1 25 | -14.2% | -1.1% | ||
| Q4 24 | — | -4.0% | ||
| Q3 24 | -8.8% | -0.3% | ||
| Q2 24 | -53.8% | -13.6% |
| Q1 26 | — | -3.6% | ||
| Q4 25 | -1.6% | 9.9% | ||
| Q3 25 | 31.2% | -13.4% | ||
| Q2 25 | 67.8% | 0.7% | ||
| Q1 25 | 86.0% | -1.7% | ||
| Q4 24 | — | 51.4% | ||
| Q3 24 | 91.5% | 1.5% | ||
| Q2 24 | 46.5% | -7.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.36 | ||
| Q3 25 | — | $-3.30 | ||
| Q2 25 | — | $0.17 | ||
| Q1 25 | — | $-0.38 | ||
| Q4 24 | — | $11.87 | ||
| Q3 24 | — | $0.35 | ||
| Q2 24 | — | $-1.55 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $36.5M |
| Total DebtLower is stronger | — | $361.1M |
| Stockholders' EquityBook value | $-3.8M | $813.8M |
| Total Assets | $23.9M | $1.6B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $36.5M | ||
| Q4 25 | — | $30.7M | ||
| Q3 25 | — | $34.4M | ||
| Q2 25 | — | $46.7M | ||
| Q1 25 | — | $44.0M | ||
| Q4 24 | — | $79.6M | ||
| Q3 24 | — | $35.5M | ||
| Q2 24 | — | $39.6M |
| Q1 26 | — | $361.1M | ||
| Q4 25 | — | $346.8M | ||
| Q3 25 | — | $337.0M | ||
| Q2 25 | — | $330.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $283.4M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | $813.8M | ||
| Q4 25 | $-3.8M | $825.3M | ||
| Q3 25 | $-3.3M | $783.0M | ||
| Q2 25 | $-2.5M | $836.8M | ||
| Q1 25 | $-2.3M | $836.6M | ||
| Q4 24 | — | $854.6M | ||
| Q3 24 | $-2.1M | $664.6M | ||
| Q2 24 | $-2.0M | $658.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $23.9M | $1.6B | ||
| Q3 25 | $23.3M | $1.6B | ||
| Q2 25 | $73.5M | $1.6B | ||
| Q1 25 | $72.8M | $1.6B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $71.4M | $2.5B | ||
| Q2 24 | $70.5M | $2.5B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.33× | ||
| Q3 24 | — | 1.73× | ||
| Q2 24 | — | 1.74× |
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 | $-100.5K | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-100.5K | $5.0M | ||
| Q3 25 | $-107.9K | $34.0M | ||
| Q2 25 | $-278.6K | $-28.2M | ||
| Q1 25 | $-163.3K | $1.5M | ||
| Q4 24 | — | $-35.1M | ||
| Q3 24 | $-42.8K | $16.2M | ||
| Q2 24 | $-414.2K | $21.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-9.9M | ||
| Q3 25 | — | $15.7M | ||
| Q2 25 | — | $-51.1M | ||
| Q1 25 | — | $-31.2M | ||
| Q4 24 | — | $-68.1M | ||
| Q3 24 | — | $-30.8M | ||
| Q2 24 | — | $3.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -2.6% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | -8.2% | ||
| Q4 24 | — | -17.6% | ||
| Q3 24 | — | -7.8% | ||
| Q2 24 | — | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | 8.6% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 5.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | -0.70× | — | ||
| Q2 25 | -0.54× | -10.44× | ||
| Q1 25 | -0.25× | — | ||
| Q4 24 | — | -0.18× | ||
| Q3 24 | -0.05× | 2.79× | ||
| Q2 24 | -1.33× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
