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Side-by-side financial comparison of Clearwater Paper Corp (CLW) and Duolingo, Inc. (DUOL). Click either name above to swap in a different company.
Clearwater Paper Corp is the larger business by last-quarter revenue ($360.3M vs $295.5M, roughly 1.2× Duolingo, Inc.). Duolingo, Inc. runs the higher net margin — 11.9% vs -3.6%, a 15.4% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (27.0% vs -4.7%). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (28.7% CAGR vs 2.3%).
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.
Duolingo, Inc. is a leading global edtech firm operating a gamified language learning platform. It offers free and premium self-paced courses for over 40 languages, plus language certification, math learning tools, and literacy programs, serving individual learners, schools and corporate clients worldwide.
CLW vs DUOL — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $360.3M | $295.5M |
| Net Profit | $-12.8M | $35.1M |
| Gross Margin | -0.2% | 55.5% |
| Operating Margin | — | 8.0% |
| Net Margin | -3.6% | 11.9% |
| Revenue YoY | -4.7% | 27.0% |
| Net Profit YoY | -103.2% | 24.0% |
| EPS (diluted) | — | $0.72 |
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 | $360.3M | $295.5M | ||
| Q4 25 | $386.4M | $282.9M | ||
| Q3 25 | $399.0M | $271.7M | ||
| Q2 25 | $391.8M | $252.3M | ||
| Q1 25 | $378.2M | $230.7M | ||
| Q4 24 | $387.1M | $209.6M | ||
| Q3 24 | $393.3M | $192.6M | ||
| Q2 24 | $344.4M | $178.3M |
| Q1 26 | $-12.8M | $35.1M | ||
| Q4 25 | $38.3M | $42.0M | ||
| Q3 25 | $-53.3M | $292.2M | ||
| Q2 25 | $2.7M | $44.8M | ||
| Q1 25 | $-6.3M | $35.1M | ||
| Q4 24 | $199.1M | $13.9M | ||
| Q3 24 | $5.8M | $23.4M | ||
| Q2 24 | $-25.8M | $24.4M |
| Q1 26 | -0.2% | 55.5% | ||
| Q4 25 | 4.5% | 72.8% | ||
| Q3 25 | 4.7% | 72.5% | ||
| Q2 25 | 11.0% | 72.4% | ||
| Q1 25 | 9.7% | 71.1% | ||
| Q4 24 | 3.8% | 71.9% | ||
| Q3 24 | 7.7% | 72.9% | ||
| Q2 24 | -0.6% | 73.4% |
| Q1 26 | — | 8.0% | ||
| Q4 25 | 1.9% | 15.4% | ||
| Q3 25 | -13.9% | 12.9% | ||
| Q2 25 | 2.5% | 13.2% | ||
| Q1 25 | -1.1% | 10.2% | ||
| Q4 24 | -4.0% | 6.6% | ||
| Q3 24 | -0.3% | 7.0% | ||
| Q2 24 | -13.6% | 10.5% |
| Q1 26 | -3.6% | 11.9% | ||
| Q4 25 | 9.9% | 14.8% | ||
| Q3 25 | -13.4% | 107.5% | ||
| Q2 25 | 0.7% | 17.8% | ||
| Q1 25 | -1.7% | 15.2% | ||
| Q4 24 | 51.4% | 6.6% | ||
| Q3 24 | 1.5% | 12.1% | ||
| Q2 24 | -7.5% | 13.7% |
| Q1 26 | — | $0.72 | ||
| Q4 25 | $2.36 | $0.99 | ||
| Q3 25 | $-3.30 | $5.95 | ||
| Q2 25 | $0.17 | $0.91 | ||
| Q1 25 | $-0.38 | $0.72 | ||
| Q4 24 | $11.87 | $0.31 | ||
| Q3 24 | $0.35 | $0.49 | ||
| Q2 24 | $-1.55 | $0.51 |
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 | $1.1B |
| Total DebtLower is stronger | $361.1M | — |
| Stockholders' EquityBook value | $813.8M | $1.3B |
| Total Assets | $1.6B | $2.0B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.5M | $1.1B | ||
| Q4 25 | $30.7M | $1.0B | ||
| Q3 25 | $34.4M | $1.0B | ||
| Q2 25 | $46.7M | $976.2M | ||
| Q1 25 | $44.0M | $884.0M | ||
| Q4 24 | $79.6M | $785.8M | ||
| Q3 24 | $35.5M | $854.4M | ||
| Q2 24 | $39.6M | $888.2M |
| 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 | $1.3B | ||
| Q4 25 | $825.3M | $1.3B | ||
| Q3 25 | $783.0M | $1.3B | ||
| Q2 25 | $836.8M | $977.0M | ||
| Q1 25 | $836.6M | $893.8M | ||
| Q4 24 | $854.6M | $824.5M | ||
| Q3 24 | $664.6M | $822.5M | ||
| Q2 24 | $658.6M | $766.9M |
| Q1 26 | $1.6B | $2.0B | ||
| Q4 25 | $1.6B | $2.0B | ||
| Q3 25 | $1.6B | $1.9B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $2.5B | $1.2B | ||
| Q2 24 | $2.5B | $1.1B |
| 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 | — | $105.6M |
| Free Cash FlowOCF − Capex | — | $103.0M |
| FCF MarginFCF / Revenue | — | 34.9% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 3.01× |
| TTM Free Cash FlowTrailing 4 quarters | — | $368.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $105.6M | ||
| Q4 25 | $5.0M | $107.3M | ||
| Q3 25 | $34.0M | $84.2M | ||
| Q2 25 | $-28.2M | $90.7M | ||
| Q1 25 | $1.5M | $105.6M | ||
| Q4 24 | $-35.1M | $83.3M | ||
| Q3 24 | $16.2M | $56.3M | ||
| Q2 24 | $21.1M | $62.4M |
| Q1 26 | — | $103.0M | ||
| Q4 25 | $-9.9M | $96.6M | ||
| Q3 25 | $15.7M | $79.4M | ||
| Q2 25 | $-51.1M | $89.5M | ||
| Q1 25 | $-31.2M | $104.3M | ||
| Q4 24 | $-68.1M | $81.4M | ||
| Q3 24 | $-30.8M | $53.1M | ||
| Q2 24 | $3.0M | $56.8M |
| Q1 26 | — | 34.9% | ||
| Q4 25 | -2.6% | 34.1% | ||
| Q3 25 | 3.9% | 29.2% | ||
| Q2 25 | -13.0% | 35.5% | ||
| Q1 25 | -8.2% | 45.2% | ||
| Q4 24 | -17.6% | 38.8% | ||
| Q3 24 | -7.8% | 27.6% | ||
| Q2 24 | 0.9% | 31.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 3.8% | ||
| Q3 25 | 4.6% | 1.8% | ||
| Q2 25 | 5.8% | 0.5% | ||
| Q1 25 | 8.6% | 0.6% | ||
| Q4 24 | 8.5% | 0.9% | ||
| Q3 24 | 12.0% | 1.7% | ||
| Q2 24 | 5.3% | 3.1% |
| Q1 26 | — | 3.01× | ||
| Q4 25 | 0.13× | 2.56× | ||
| Q3 25 | — | 0.29× | ||
| Q2 25 | -10.44× | 2.02× | ||
| Q1 25 | — | 3.01× | ||
| Q4 24 | -0.18× | 5.99× | ||
| Q3 24 | 2.79× | 2.41× | ||
| Q2 24 | — | 2.56× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLW
Segment breakdown not available.
DUOL
| Bookings | $283.5M | 96% |
| Other | $12.0M | 4% |
