Clearfield (NasdaqGM:CLFD) - Share price, News & Analysis

CLFD fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	3/6
Past Performance	5/6
Financial Health	6/6
Dividends	0/6

CLFD Stock Overview

Rewards

Earnings are forecast to grow 16.86% per year

Earnings grew by 158% over the past year

Risk Analysis

High level of non-cash earnings

Clearfield Competitors

Harmonic

NasdaqGS:HLIT

US$896.5m

Digi International

NasdaqGS:DGII

US$825.2m

AudioCodes

NasdaqGS:AUDC

US$705.4m

Radware

NasdaqGS:RDWR

US$980.2m

Price History & Performance

Summary of all time highs, changes and price drops for Clearfield
Historical stock prices
Current Share Price	US$59.49
52 Week High	US$86.71
52 Week Low	US$32.53
Beta	1.17
1 Month Change	-3.47%
3 Month Change	-8.79%
1 Year Change	58.85%
3 Year Change	348.98%
5 Year Change	350.68%
Change since IPO	1,222.00%

Recent News & Updates

Jun 06

I Ran A Stock Scan For Earnings Growth And Clearfield (NASDAQ:CLFD) Passed With Ease

It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...

May 10

Why The 31% Return On Capital At Clearfield (NASDAQ:CLFD) Should Have Your Attention

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business...

May 06

Clearfield: A High-Growth Telecom Equipment Story

Clearfield’s future revenue growth will be driven by its high-speed bandwidth generating products. The company is investing in products, manufacturing, and supply chain to increase competitiveness and reduce costs. Long-term investors can buy the company’s shares on dips to maximize their profit.

Shareholder Returns

	CLFD	US Communications	US Market
7D	2.5%	-0.6%	1.6%
1Y	58.9%	-17.2%	-20.8%

Return vs Industry: CLFD exceeded the US Communications industry which returned -17% over the past year.

Return vs Market: CLFD exceeded the US Market which returned -20.4% over the past year.

Price Volatility

Is CLFD's price volatile compared to industry and market?
CLFD volatility
CLFD Average Weekly Movement	9.7%
Communications Industry Average Movement	8.2%
Market Average Movement	8.1%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	3.2%

Stable Share Price: CLFD is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: CLFD's weekly volatility (10%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1979	250	Cheri Beranek	https://www.seeclearfield.com

Clearfield, Inc. manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures. It also provides WaveSmart, which are optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and outdoor cabinet and fiber active cabinet products.

Clearfield Fundamentals Summary

How do Clearfield's earnings and revenue compare to its market cap?
CLFD fundamental statistics
Market Cap	US$819.27m
Earnings (TTM)	US$33.15m
Revenue (TTM)	US$188.58m

24.7x

P/E Ratio

4.3x

P/S Ratio

Is CLFD overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CLFD income statement (TTM)
Revenue	US$188.58m
Cost of Revenue	US$105.57m
Gross Profit	US$83.00m
Other Expenses	US$49.85m
Earnings	US$33.15m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	2.41
Gross Margin	44.02%
Net Profit Margin	17.58%
Debt/Equity Ratio	0%

How did CLFD perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is CLFD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CLFD?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CLFD. This is calculated by dividing CLFD's market cap by their current preferred multiple.
What is CLFD's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$819.27m

CLFD key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4.3x
Enterprise Value/EBITDA	18.4x
PEG Ratio	1.5x

Price to Earnings Ratio vs Peers

How does CLFD's PE Ratio compare to its peers?

CLFD PE Ratio vs Peers

The above table shows the PE ratio for CLFD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	67.4x
HLIT Harmonic	50.2x	73.9%	US$896.5m
DGII Digi International	70.1x	78.7%	US$825.2m
AUDC AudioCodes	21.8x	17.3%	US$705.4m
RDWR Radware	127.7x	n/a	US$980.2m
CLFD Clearfield	24.7x	16.9%	US$819.3m

Forward PE

Price-To-Earnings vs Peers: CLFD is good value based on its Price-To-Earnings Ratio (24.7x) compared to the peer average (67.4x).

Price to Earnings Ratio vs Industry

How does CLFD's PE Ratio compare vs other companies in the US Communications Industry?

Price-To-Earnings vs Industry: CLFD is expensive based on its Price-To-Earnings Ratio (24.7x) compared to the US Communications industry average (21.7x)

Price to Earnings Ratio vs Fair Ratio

What is CLFD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CLFD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	24.7x
Fair PE Ratio	23.9x

Price-To-Earnings vs Fair Ratio: CLFD is expensive based on its Price-To-Earnings Ratio (24.7x) compared to the estimated Fair Price-To-Earnings Ratio (23.9x).

Share Price vs Fair Value

What is the Fair Price of CLFD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate CLFD's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate CLFD's fair value for valuation analysis.

Price to Earnings Growth Ratio

PEG Ratio: CLFD is poor value based on its PEG Ratio (1.5x)

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Future Growth

How is Clearfield forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

16.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CLFD's forecast earnings growth (16.9% per year) is above the savings rate (1.9%).

Earnings vs Market: CLFD's earnings (16.9% per year) are forecast to grow faster than the US market (13.7% per year).

High Growth Earnings: CLFD's earnings are forecast to grow, but not significantly.

Revenue vs Market: CLFD's revenue (15.8% per year) is forecast to grow faster than the US market (8.3% per year).

High Growth Revenue: CLFD's revenue (15.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if CLFD's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Clearfield performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

45.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CLFD has a high level of non-cash earnings.

Growing Profit Margin: CLFD's current net profit margins (17.6%) are higher than last year (11.7%).

Past Earnings Growth Analysis

Earnings Trend: CLFD's earnings have grown significantly by 45.1% per year over the past 5 years.

Accelerating Growth: CLFD's earnings growth over the past year (158%) exceeds its 5-year average (45.1% per year).

Earnings vs Industry: CLFD earnings growth over the past year (158%) exceeded the Communications industry 35.7%.

Return on Equity

High ROE: CLFD's Return on Equity (26.9%) is considered high.

Discover strong past performing companies

Financial Health

How is Clearfield's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: CLFD's short term assets ($99.0M) exceed its short term liabilities ($25.3M).

Long Term Liabilities: CLFD's short term assets ($99.0M) exceed its long term liabilities ($11.2M).

Debt to Equity History and Analysis

Debt Level: CLFD is debt free.

Reducing Debt: CLFD had no debt 5 years ago.

Debt Coverage: CLFD has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: CLFD has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Clearfield current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate CLFD's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CLFD's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CLFD's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CLFD's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as CLFD has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

10.8yrs

Average management tenure

CEO

Cheri Beranek (59 yo)

15yrs

Tenure

US$1,516,458

Compensation

Ms. Cheryl P. Beranek, also known as Cheri, has been the Chief Executive Officer and President at Clearfield, Inc. (formerly, APA Enterprises Inc) since June 28, 2007. She has been an Independent Director...

CEO Compensation Analysis

Compensation vs Market: Cheri's total compensation ($USD1.52M) is below average for companies of similar size in the US market ($USD4.00M).

Compensation vs Earnings: Cheri's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: CLFD's management team is seasoned and experienced (10.8 years average tenure).

Board Members

Experienced Board: CLFD's board of directors are seasoned and experienced ( 10.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: CLFD insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/29 00:00
End of Day Share Price	2022/06/29 00:00
Earnings	2022/03/31
Annual Earnings	2021/09/30