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Side-by-side financial comparison of Clearwater Paper Corp (CLW) and TREX CO INC (TREX). Click either name above to swap in a different company.
Clearwater Paper Corp is the larger business by last-quarter revenue ($360.3M vs $343.4M, roughly 1.0× TREX CO INC). TREX CO INC runs the higher net margin — 17.9% vs -3.6%, a 21.4% gap on every dollar of revenue. On growth, TREX CO INC posted the faster year-over-year revenue change (1.0% vs -4.7%). Over the past eight quarters, Clearwater Paper Corp's revenue compounded faster (2.3% CAGR vs -4.5%).
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.
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
CLW vs TREX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $360.3M | $343.4M |
| Net Profit | $-12.8M | $61.4M |
| Gross Margin | -0.2% | 40.5% |
| Operating Margin | — | 24.3% |
| Net Margin | -3.6% | 17.9% |
| Revenue YoY | -4.7% | 1.0% |
| Net Profit YoY | -103.2% | 1.6% |
| EPS (diluted) | — | $0.58 |
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 | $343.4M | ||
| Q4 25 | $386.4M | $161.1M | ||
| Q3 25 | $399.0M | $285.3M | ||
| Q2 25 | $391.8M | $387.8M | ||
| Q1 25 | $378.2M | $340.0M | ||
| Q4 24 | $387.1M | $167.6M | ||
| Q3 24 | $393.3M | $233.7M | ||
| Q2 24 | $344.4M | $376.5M |
| Q1 26 | $-12.8M | $61.4M | ||
| Q4 25 | $38.3M | $2.3M | ||
| Q3 25 | $-53.3M | $51.8M | ||
| Q2 25 | $2.7M | $75.9M | ||
| Q1 25 | $-6.3M | $60.4M | ||
| Q4 24 | $199.1M | $9.8M | ||
| Q3 24 | $5.8M | $40.6M | ||
| Q2 24 | $-25.8M | $87.0M |
| Q1 26 | -0.2% | 40.5% | ||
| Q4 25 | 4.5% | 30.2% | ||
| Q3 25 | 4.7% | 40.5% | ||
| Q2 25 | 11.0% | 40.8% | ||
| Q1 25 | 9.7% | 40.5% | ||
| Q4 24 | 3.8% | 32.7% | ||
| Q3 24 | 7.7% | 39.9% | ||
| Q2 24 | -0.6% | 44.7% |
| Q1 26 | — | 24.3% | ||
| Q4 25 | 1.9% | 2.2% | ||
| Q3 25 | -13.9% | 24.7% | ||
| Q2 25 | 2.5% | 26.4% | ||
| Q1 25 | -1.1% | 24.0% | ||
| Q4 24 | -4.0% | 9.2% | ||
| Q3 24 | -0.3% | 23.2% | ||
| Q2 24 | -13.6% | 31.1% |
| Q1 26 | -3.6% | 17.9% | ||
| Q4 25 | 9.9% | 1.4% | ||
| Q3 25 | -13.4% | 18.1% | ||
| Q2 25 | 0.7% | 19.6% | ||
| Q1 25 | -1.7% | 17.8% | ||
| Q4 24 | 51.4% | 5.8% | ||
| Q3 24 | 1.5% | 17.4% | ||
| Q2 24 | -7.5% | 23.1% |
| Q1 26 | — | $0.58 | ||
| Q4 25 | $2.36 | $0.03 | ||
| Q3 25 | $-3.30 | $0.48 | ||
| Q2 25 | $0.17 | $0.71 | ||
| Q1 25 | $-0.38 | $0.56 | ||
| Q4 24 | $11.87 | $0.10 | ||
| Q3 24 | $0.35 | $0.37 | ||
| Q2 24 | $-1.55 | $0.80 |
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 | $4.5M |
| Total DebtLower is stronger | $361.1M | — |
| Stockholders' EquityBook value | $813.8M | $995.8M |
| Total Assets | $1.6B | $1.7B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.5M | $4.5M | ||
| Q4 25 | $30.7M | $3.8M | ||
| Q3 25 | $34.4M | $11.4M | ||
| Q2 25 | $46.7M | $5.5M | ||
| Q1 25 | $44.0M | $5.0M | ||
| Q4 24 | $79.6M | $1.3M | ||
| Q3 24 | $35.5M | $12.8M | ||
| Q2 24 | $39.6M | $1.2M |
| 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 | $995.8M | ||
| Q4 25 | $825.3M | $1.0B | ||
| Q3 25 | $783.0M | $1.0B | ||
| Q2 25 | $836.8M | $989.3M | ||
| Q1 25 | $836.6M | $910.1M | ||
| Q4 24 | $854.6M | $850.1M | ||
| Q3 24 | $664.6M | $887.9M | ||
| Q2 24 | $658.6M | $894.9M |
| Q1 26 | $1.6B | $1.7B | ||
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.6B | $1.6B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $2.5B | $1.3B | ||
| Q2 24 | $2.5B | $1.3B |
| 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 | — | $-118.4M |
| Free Cash FlowOCF − Capex | — | $-143.4M |
| FCF MarginFCF / Revenue | — | -41.8% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -1.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $224.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-118.4M | ||
| Q4 25 | $5.0M | $65.5M | ||
| Q3 25 | $34.0M | $196.9M | ||
| Q2 25 | $-28.2M | $249.8M | ||
| Q1 25 | $1.5M | $-154.0M | ||
| Q4 24 | $-35.1M | $-8.5M | ||
| Q3 24 | $16.2M | $132.8M | ||
| Q2 24 | $21.1M | $193.7M |
| Q1 26 | — | $-143.4M | ||
| Q4 25 | $-9.9M | $22.1M | ||
| Q3 25 | $15.7M | $142.9M | ||
| Q2 25 | $-51.1M | $203.0M | ||
| Q1 25 | $-31.2M | $-233.5M | ||
| Q4 24 | $-68.1M | $-89.3M | ||
| Q3 24 | $-30.8M | $54.5M | ||
| Q2 24 | $3.0M | $158.2M |
| Q1 26 | — | -41.8% | ||
| Q4 25 | -2.6% | 13.7% | ||
| Q3 25 | 3.9% | 50.1% | ||
| Q2 25 | -13.0% | 52.3% | ||
| Q1 25 | -8.2% | -68.7% | ||
| Q4 24 | -17.6% | -53.3% | ||
| Q3 24 | -7.8% | 23.3% | ||
| Q2 24 | 0.9% | 42.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 26.9% | ||
| Q3 25 | 4.6% | 18.9% | ||
| Q2 25 | 5.8% | 12.1% | ||
| Q1 25 | 8.6% | 23.4% | ||
| Q4 24 | 8.5% | 48.2% | ||
| Q3 24 | 12.0% | 33.5% | ||
| Q2 24 | 5.3% | 9.4% |
| Q1 26 | — | -1.93× | ||
| Q4 25 | 0.13× | 28.45× | ||
| Q3 25 | — | 3.80× | ||
| Q2 25 | -10.44× | 3.29× | ||
| Q1 25 | — | -2.55× | ||
| Q4 24 | -0.18× | -0.87× | ||
| Q3 24 | 2.79× | 3.27× | ||
| Q2 24 | — | 2.23× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
