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Side-by-side financial comparison of Clearwater Paper Corp (CLW) and EXELIXIS, INC. (EXEL). Click either name above to swap in a different company.
EXELIXIS, INC. is the larger business by last-quarter revenue ($598.7M vs $360.3M, roughly 1.7× Clearwater Paper Corp). EXELIXIS, INC. runs the higher net margin — 40.8% vs -3.6%, a 44.4% gap on every dollar of revenue. On growth, EXELIXIS, INC. posted the faster year-over-year revenue change (5.6% vs -4.7%). Over the past eight quarters, EXELIXIS, INC.'s revenue compounded faster (18.7% 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.
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
CLW vs EXEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $360.3M | $598.7M |
| Net Profit | $-12.8M | $244.5M |
| Gross Margin | -0.2% | 95.6% |
| Operating Margin | — | 39.3% |
| Net Margin | -3.6% | 40.8% |
| Revenue YoY | -4.7% | 5.6% |
| Net Profit YoY | -103.2% | 74.8% |
| EPS (diluted) | — | $0.89 |
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 | $598.7M | ||
| Q4 25 | $386.4M | $597.8M | ||
| Q3 25 | $399.0M | $568.3M | ||
| Q2 25 | $391.8M | $555.4M | ||
| Q1 25 | $378.2M | $566.8M | ||
| Q4 24 | $387.1M | — | ||
| Q3 24 | $393.3M | $539.5M | ||
| Q2 24 | $344.4M | $637.2M |
| Q1 26 | $-12.8M | $244.5M | ||
| Q4 25 | $38.3M | $193.6M | ||
| Q3 25 | $-53.3M | $184.8M | ||
| Q2 25 | $2.7M | $159.6M | ||
| Q1 25 | $-6.3M | $139.9M | ||
| Q4 24 | $199.1M | — | ||
| Q3 24 | $5.8M | $118.0M | ||
| Q2 24 | $-25.8M | $226.1M |
| Q1 26 | -0.2% | 95.6% | ||
| Q4 25 | 4.5% | 96.9% | ||
| Q3 25 | 4.7% | 96.6% | ||
| Q2 25 | 11.0% | 96.5% | ||
| Q1 25 | 9.7% | 96.5% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 7.7% | 96.8% | ||
| Q2 24 | -0.6% | 97.2% |
| Q1 26 | — | 39.3% | ||
| Q4 25 | 1.9% | 39.6% | ||
| Q3 25 | -13.9% | 37.6% | ||
| Q2 25 | 2.5% | 33.6% | ||
| Q1 25 | -1.1% | 28.8% | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | -0.3% | 25.2% | ||
| Q2 24 | -13.6% | 43.3% |
| Q1 26 | -3.6% | 40.8% | ||
| Q4 25 | 9.9% | 32.4% | ||
| Q3 25 | -13.4% | 32.5% | ||
| Q2 25 | 0.7% | 28.7% | ||
| Q1 25 | -1.7% | 24.7% | ||
| Q4 24 | 51.4% | — | ||
| Q3 24 | 1.5% | 21.9% | ||
| Q2 24 | -7.5% | 35.5% |
| Q1 26 | — | $0.89 | ||
| Q4 25 | $2.36 | $0.69 | ||
| Q3 25 | $-3.30 | $0.65 | ||
| Q2 25 | $0.17 | $0.55 | ||
| Q1 25 | $-0.38 | $0.47 | ||
| Q4 24 | $11.87 | — | ||
| Q3 24 | $0.35 | $0.40 | ||
| Q2 24 | $-1.55 | $0.77 |
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 | $2.2B |
| Total Assets | $1.6B | $2.8B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.5M | $1.1B | ||
| Q4 25 | $30.7M | $988.5M | ||
| Q3 25 | $34.4M | $791.1M | ||
| Q2 25 | $46.7M | $1.0B | ||
| Q1 25 | $44.0M | $1.1B | ||
| Q4 24 | $79.6M | — | ||
| Q3 24 | $35.5M | $1.2B | ||
| Q2 24 | $39.6M | $1.0B |
| 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 | $2.2B | ||
| Q4 25 | $825.3M | $2.2B | ||
| Q3 25 | $783.0M | $2.0B | ||
| Q2 25 | $836.8M | $2.1B | ||
| Q1 25 | $836.6M | $2.2B | ||
| Q4 24 | $854.6M | — | ||
| Q3 24 | $664.6M | $2.3B | ||
| Q2 24 | $658.6M | $2.1B |
| Q1 26 | $1.6B | $2.8B | ||
| Q4 25 | $1.6B | $2.8B | ||
| Q3 25 | $1.6B | $2.7B | ||
| Q2 25 | $1.6B | $2.8B | ||
| Q1 25 | $1.6B | $2.9B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $2.5B | $3.0B | ||
| Q2 24 | $2.5B | $2.8B |
| 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 | — | $333.5M |
| Free Cash FlowOCF − Capex | — | $332.4M |
| FCF MarginFCF / Revenue | — | 55.5% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.36× |
| TTM Free Cash FlowTrailing 4 quarters | — | $875.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $333.5M | ||
| Q4 25 | $5.0M | $290.3M | ||
| Q3 25 | $34.0M | $49.0M | ||
| Q2 25 | $-28.2M | $211.4M | ||
| Q1 25 | $1.5M | $240.3M | ||
| Q4 24 | $-35.1M | — | ||
| Q3 24 | $16.2M | $271.3M | ||
| Q2 24 | $21.1M | $119.5M |
| Q1 26 | — | $332.4M | ||
| Q4 25 | $-9.9M | $288.8M | ||
| Q3 25 | $15.7M | $46.2M | ||
| Q2 25 | $-51.1M | $208.5M | ||
| Q1 25 | $-31.2M | $236.3M | ||
| Q4 24 | $-68.1M | — | ||
| Q3 24 | $-30.8M | $263.1M | ||
| Q2 24 | $3.0M | $113.0M |
| Q1 26 | — | 55.5% | ||
| Q4 25 | -2.6% | 48.3% | ||
| Q3 25 | 3.9% | 8.1% | ||
| Q2 25 | -13.0% | 37.5% | ||
| Q1 25 | -8.2% | 41.7% | ||
| Q4 24 | -17.6% | — | ||
| Q3 24 | -7.8% | 48.8% | ||
| Q2 24 | 0.9% | 17.7% |
| Q1 26 | — | 0.2% | ||
| Q4 25 | 3.9% | 0.2% | ||
| Q3 25 | 4.6% | 0.5% | ||
| Q2 25 | 5.8% | 0.5% | ||
| Q1 25 | 8.6% | 0.7% | ||
| Q4 24 | 8.5% | — | ||
| Q3 24 | 12.0% | 1.5% | ||
| Q2 24 | 5.3% | 1.0% |
| Q1 26 | — | 1.36× | ||
| Q4 25 | 0.13× | 1.50× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | -10.44× | 1.32× | ||
| Q1 25 | — | 1.72× | ||
| Q4 24 | -0.18× | — | ||
| Q3 24 | 2.79× | 2.30× | ||
| Q2 24 | — | 0.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLW
Segment breakdown not available.
EXEL
| Cabometyx | $544.7M | 91% |
| Collaboration | $52.1M | 9% |
| Collaborative Arrangementwith Takeda | $5.9M | 1% |
| Cometriq | $1.8M | 0% |
