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Side-by-side financial comparison of Clearwater Paper Corp (CLW) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($639.8M vs $360.3M, roughly 1.8× Clearwater Paper Corp). Clearwater Paper Corp runs the higher net margin — -3.6% vs -3.6%, a 0.0% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.5% vs -4.7%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (26.3% 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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
CLW vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $360.3M | $639.8M |
| Net Profit | $-12.8M | $-22.9M |
| Gross Margin | -0.2% | 71.2% |
| Operating Margin | — | 19.1% |
| Net Margin | -3.6% | -3.6% |
| Revenue YoY | -4.7% | 33.5% |
| Net Profit YoY | -103.2% | 40.4% |
| EPS (diluted) | — | $-0.07 |
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 | $639.8M | ||
| Q4 25 | $386.4M | $614.5M | ||
| Q3 25 | $399.0M | $562.0M | ||
| Q2 25 | $391.8M | $512.3M | ||
| Q1 25 | $378.2M | $479.1M | ||
| Q4 24 | $387.1M | $459.9M | ||
| Q3 24 | $393.3M | $430.1M | ||
| Q2 24 | $344.4M | $401.0M |
| Q1 26 | $-12.8M | $-22.9M | ||
| Q4 25 | $38.3M | $-12.1M | ||
| Q3 25 | $-53.3M | $-1.3M | ||
| Q2 25 | $2.7M | $-50.4M | ||
| Q1 25 | $-6.3M | $-38.5M | ||
| Q4 24 | $199.1M | $-12.8M | ||
| Q3 24 | $5.8M | $-15.3M | ||
| Q2 24 | $-25.8M | $-15.1M |
| Q1 26 | -0.2% | 71.2% | ||
| Q4 25 | 4.5% | 73.6% | ||
| Q3 25 | 4.7% | 74.0% | ||
| Q2 25 | 11.0% | 74.9% | ||
| Q1 25 | 9.7% | 75.9% | ||
| Q4 24 | 3.8% | 76.4% | ||
| Q3 24 | 7.7% | 77.7% | ||
| Q2 24 | -0.6% | 77.8% |
| Q1 26 | — | 19.1% | ||
| Q4 25 | 1.9% | -8.0% | ||
| Q3 25 | -13.9% | -6.7% | ||
| Q2 25 | 2.5% | -13.1% | ||
| Q1 25 | -1.1% | -11.1% | ||
| Q4 24 | -4.0% | -7.5% | ||
| Q3 24 | -0.3% | -7.2% | ||
| Q2 24 | -13.6% | -8.7% |
| Q1 26 | -3.6% | -3.6% | ||
| Q4 25 | 9.9% | -2.0% | ||
| Q3 25 | -13.4% | -0.2% | ||
| Q2 25 | 0.7% | -9.8% | ||
| Q1 25 | -1.7% | -8.0% | ||
| Q4 24 | 51.4% | -2.8% | ||
| Q3 24 | 1.5% | -3.6% | ||
| Q2 24 | -7.5% | -3.8% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $2.36 | $-0.03 | ||
| Q3 25 | $-3.30 | $0.00 | ||
| Q2 25 | $0.17 | $-0.15 | ||
| Q1 25 | $-0.38 | $-0.11 | ||
| Q4 24 | $11.87 | $-0.05 | ||
| Q3 24 | $0.35 | $-0.04 | ||
| Q2 24 | $-1.55 | $-0.04 |
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 | $932.2M |
| Total DebtLower is stronger | $361.1M | — |
| Stockholders' EquityBook value | $813.8M | $1.5B |
| Total Assets | $1.6B | $6.2B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.5M | $932.2M | ||
| Q4 25 | $30.7M | $943.5M | ||
| Q3 25 | $34.4M | $1.1B | ||
| Q2 25 | $46.7M | $1.5B | ||
| Q1 25 | $44.0M | $204.5M | ||
| Q4 24 | $79.6M | $147.7M | ||
| Q3 24 | $35.5M | $182.9M | ||
| Q2 24 | $39.6M | $157.0M |
| 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 | $1.5B | ||
| Q4 25 | $825.3M | $1.5B | ||
| Q3 25 | $783.0M | $1.3B | ||
| Q2 25 | $836.8M | $1.2B | ||
| Q1 25 | $836.6M | $1.4B | ||
| Q4 24 | $854.6M | $1.0B | ||
| Q3 24 | $664.6M | $973.1M | ||
| Q2 24 | $658.6M | $881.5M |
| Q1 26 | $1.6B | $6.2B | ||
| Q4 25 | $1.6B | $6.0B | ||
| Q3 25 | $1.6B | $5.8B | ||
| Q2 25 | $1.6B | $5.6B | ||
| Q1 25 | $1.6B | $3.7B | ||
| Q4 24 | $1.7B | $3.3B | ||
| Q3 24 | $2.5B | $3.1B | ||
| Q2 24 | $2.5B | $2.9B |
| 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 | — | $158.3M |
| Free Cash FlowOCF − Capex | — | $84.1M |
| FCF MarginFCF / Revenue | — | 13.1% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $311.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $158.3M | ||
| Q4 25 | $5.0M | $190.4M | ||
| Q3 25 | $34.0M | $167.1M | ||
| Q2 25 | $-28.2M | $99.8M | ||
| Q1 25 | $1.5M | $145.8M | ||
| Q4 24 | $-35.1M | $127.3M | ||
| Q3 24 | $16.2M | $104.7M | ||
| Q2 24 | $21.1M | $74.8M |
| Q1 26 | — | $84.1M | ||
| Q4 25 | $-9.9M | $105.2M | ||
| Q3 25 | $15.7M | $82.5M | ||
| Q2 25 | $-51.1M | $39.9M | ||
| Q1 25 | $-31.2M | $59.9M | ||
| Q4 24 | $-68.1M | $54.2M | ||
| Q3 24 | $-30.8M | $54.5M | ||
| Q2 24 | $3.0M | $45.2M |
| Q1 26 | — | 13.1% | ||
| Q4 25 | -2.6% | 17.1% | ||
| Q3 25 | 3.9% | 14.7% | ||
| Q2 25 | -13.0% | 7.8% | ||
| Q1 25 | -8.2% | 12.5% | ||
| Q4 24 | -17.6% | 11.8% | ||
| Q3 24 | -7.8% | 12.7% | ||
| Q2 24 | 0.9% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 13.9% | ||
| Q3 25 | 4.6% | 15.1% | ||
| Q2 25 | 5.8% | 11.7% | ||
| Q1 25 | 8.6% | 17.9% | ||
| Q4 24 | 8.5% | 15.9% | ||
| Q3 24 | 12.0% | 11.7% | ||
| Q2 24 | 5.3% | 7.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.13× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -10.44× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.18× | — | ||
| Q3 24 | 2.79× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
