Clearfield, Inc.
- Open
- 31.27
- Day high
- 31.42
- Day low
- 30.76
- Prev close
- 32.12
- Volume
- 193K
- Mkt cap
- $416M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.7
- P/S
- 3.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.0M over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions mixed (13F)
Clearfield, Inc. (CLFD) is a Technology company listed on NASDAQ. The stock is down 29% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Clearfield, Inc. (CLFD) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CLFD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.04 | $-0.04 | +0.0% | $34M | +2.4% |
| Feb 4, 2026 | $-0.04 | $-0.02 | +50.0% | $34M | +2.3% |
| Nov 25, 2025 | $0.09 | $0.13 | +44.4% | $18M | -55.9% |
| Aug 6, 2025 | $0.05 | $0.11 | +120.0% | $50M | -1.8% |
| May 8, 2025 | $-0.19 | $0.09 | +147.4% | $47M | -1.5% |
| Feb 6, 2025 | $-0.31 | $-0.13 | +58.1% | $35M | -0.8% |
| Nov 7, 2024 | $-0.19 | $-0.06 | +68.4% | $47M | +11.5% |
| Aug 1, 2024 | $-0.34 | $-0.04 | +88.2% | $49M | +16.3% |
| May 2, 2024 | $-0.52 | $-0.40 | +23.1% | $37M | +18.1% |
| Feb 1, 2024 | $-0.42 | $-0.35 | +16.7% | $34M | +14.6% |
| Nov 9, 2023 | $0.10 | $0.17 | +70.0% | $50M | +1.9% |
| Aug 3, 2023 | $0.09 | $0.33 | +266.7% | $61M | +22.5% |
CLFD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Beranek Cheryldirector, officer: Chief Executive Officer | Sell | 1,778 | $40.06 |
| Jul 2, 2026 | Khemakhem Anisofficer: Chief Commercial Officer | Grant | 158 | $24.78 |
| Jul 2, 2026 | Hill John Pofficer: Chief Operating Officer | Grant | 459 | $24.78 |
| Jul 2, 2026 | HERZOG DANIEL Rofficer: Chief Financial Officer | Grant | 752 | $24.78 |
| Jul 2, 2026 | Beranek Cheryldirector, officer: Chief Executive Officer | Grant | 210 | $24.78 |
| Jun 11, 2026 | Khemakhem Anisofficer: Chief Commercial Officer | Sell | 1,684 | $39.90 |
| Jun 3, 2026 | Beranek Cheryldirector, officer: Chief Executive Officer | Sell | 7,500 | $46.92 |
| May 28, 2026 | Beranek Cheryldirector, officer: Chief Executive Officer | Sell | 2,500 | $50.00 |
| May 12, 2026 | Jones Walter Louis JRdirector | Sell | 2,391 | $46.05 |
| May 12, 2026 | Beranek Cheryldirector, officer: Chief Executive Officer | Sell | 2,500 | $45.02 |
| May 12, 2026 | Beranek Cheryldirector, officer: Chief Executive Officer | Sell | 5,000 | $40.27 |
| May 8, 2026 | Khemakhem Anisofficer: Chief Commercial Officer | Tax | 635 | $30.28 |
| Mar 2, 2026 | Kelly Catherine T.director | Grant | 2,544 | — |
| Mar 2, 2026 | SKARVAN KATHLEENdirector | Grant | 2,544 | — |
| Mar 2, 2026 | Jones Walter Louis JRdirector | Grant | 2,544 | — |
Source: CLFD SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full CLFD insider & 13F page →Clearfield, Inc. company profile
Overview
Clearfield, Inc. (NASDAQ:CLFD) is a Minneapolis-based manufacturer of fiber optic connectivity products founded in 1979. Originally known as APA Enterprises, the company changed its name to Clearfield in 2008 and went public in 1986. The company has evolved from a small connectivity manufacturer into a comprehensive provider of fiber-to-the-premises infrastructure solutions, serving telecommunications carriers, cable operators, and enterprises across North America and internationally. Today, Clearfield operates manufacturing facilities in the United States, Mexico, and Estonia, positioning itself as a key enabler of rural broadband expansion and fiber network deployment.
Business
Clearfield operates in the fiber optic telecommunications infrastructure industry, manufacturing passive and active connectivity products that enable the deployment of high-speed internet networks. The company's core business revolves around providing the physical infrastructure components needed to bring fiber optic internet service from central offices to homes and businesses, commonly known as fiber-to-the-premises (FTTP) networks. The company's product portfolio is organized around several key platforms. FieldSmart represents their flagship series of panels, cabinets, wall boxes, and enclosures that house and protect fiber optic connections. WaveSmart comprises optical components that handle signal processing functions like splitting, coupling, and multiplexing within fiber networks. StreetSmart includes outdoor fiber management products designed for harsh environmental conditions. The YOURx platform consists of hardened terminals and test access points for network access portions. CraftSmart offers protective enclosures including pedestals and vaults for last-mile network installations. The company operates through two primary business segments. The Clearfield segment, representing approximately 85% of total revenue, focuses on North American markets and manufactures the core fiber connectivity products. The Nestor segment, acquired in recent years and contributing about 15% of revenue, specializes in high-performance cable assemblies and serves primarily European markets from manufacturing facilities in Estonia and Finland. This segment targets more specialized applications requiring custom connectivity solutions. Beyond passive connectivity products, Clearfield has expanded into active equipment with their FiberFlex series of active cabinets that combine passive connectivity with active electronics, positioning the company as a more comprehensive infrastructure provider rather than just a components manufacturer.
Revenue model
Clearfield generates revenue primarily through direct product sales to telecommunications service providers, with a business model centered on manufacturing and selling physical infrastructure components. The company's customers include rural broadband providers, regional telecommunications carriers, cable television operators (MSOs), national wireless carriers, and international telecommunications companies. The revenue model is straightforward product sales, with customers purchasing connectivity products, cabinets, and assemblies needed for their fiber network deployments. The company typically operates on relatively short lead times of 4-6 weeks, requiring customers to place orders based on near-term deployment schedules rather than long-term contracts. This creates a somewhat cyclical revenue pattern tied to the broader telecommunications infrastructure investment cycles. Clearfield's profitability is significantly influenced by several key factors. Manufacturing capacity utilization plays a crucial role in gross margins, as the company has invested heavily in production facilities across multiple countries. When demand is strong and factories operate at high capacity, margins improve substantially. Conversely, during slower periods, fixed manufacturing costs pressure profitability. Raw material costs, particularly for specialized optical components and metals, directly impact margins. The company's global manufacturing footprint provides some protection against regional supply chain disruptions and tariff impacts, with production facilities strategically located in the United States, Mexico, and Estonia. Customer inventory levels create significant demand volatility. When telecommunications providers build inventory during strong markets, subsequent periods often see reduced orders as customers work through existing stock. This inventory digestion cycle has been particularly pronounced in recent years, affecting both revenue and margins. Competition from larger telecommunications equipment manufacturers and pricing pressure from customers seeking cost reductions also influence profitability. The company's focus on rural and community broadband markets provides some insulation from the most intense price competition seen in major metropolitan markets.
Competitive moat
Clearfield's competitive moat appears relatively narrow, operating in a highly competitive telecommunications equipment market without strong barriers to entry. The company's primary competitive advantages stem from its specialized focus on rural and community broadband markets, where larger competitors may find the market size less attractive, and its reputation for craft-friendly, easy-to-install products that reduce labor costs for deployment technicians. The company has built meaningful relationships with rural telecommunications providers and smaller regional carriers, creating some customer stickiness through familiarity with Clearfield's product ecosystem and training programs. Their Clearfield College training initiative helps technicians become proficient with their products, creating switching costs for customers who have invested in training their workforce on Clearfield systems. However, the fundamental technology underlying fiber optic connectivity is largely commoditized, with multiple suppliers capable of providing similar functionality. Larger competitors like CommScope, Corning, and international manufacturers possess greater scale advantages, broader product portfolios, and stronger relationships with major telecommunications carriers. The company's manufacturing scale, while respectable, does not provide significant cost advantages over larger competitors. Clearfield's geographic focus on North American rural markets and recent expansion into European markets through the Nestor acquisition provides some protection from direct competition, but this market positioning also limits growth opportunities. The company's moat is best characterized as narrow and primarily dependent on customer relationships and market positioning rather than technological differentiation or scale advantages. The business remains vulnerable to competitive pressure, particularly if larger players decide to focus more aggressively on rural markets or if customers prioritize cost over service relationships.
Risks & safety
Clearfield maintains a strong balance sheet with minimal financial risk, though operating performance has been volatile. • **Liquidity and Solvency**: Strong current ratio of 6.8x and quick ratio of 4.9x indicate excellent short-term liquidity. Cash position of $28.8 million provides adequate working capital buffer. • **Debt Levels**: Very low debt-to-equity ratio of 0.08x indicates minimal financial leverage and low solvency risk. Total debt represents less than 8% of total equity. • **Cash Flow**: Positive operating cash flow of $3.0 million and minimal free cash flow of $0.4 million in recent quarter. Full-year 2024 generated $22.2 million in operating cash flow despite net losses. • **Valuation Metrics**: Currently trading at elevated P/E ratio of 79x based on recent minimal earnings. EV/EBITDA of 392x reflects very low current profitability levels. • **Profitability Concerns**: Company has generated net losses in recent quarters, with EBITDA margins near breakeven. Return on equity of 0.5% indicates very low profitability relative to shareholder equity. • **Cyclical Risk**: Revenue declined 38% from 2023 peak of $269 million to $167 million in 2024, demonstrating significant cyclical volatility in the business model.
Recent development
Over the past several years, Clearfield has executed a strategic transformation focused on expanding beyond passive connectivity products into active infrastructure solutions and broadening its geographic reach. The company implemented its LEAP strategic plan, emphasizing leverage of community broadband expertise, execution of capacity expansion, acceleration of infrastructure investment, and positioning innovation at the forefront. A key strategic move was the acquisition of Nestor Cables, establishing a European manufacturing and sales presence with facilities in Estonia and Finland. This acquisition brought higher-margin custom cable assembly capabilities and access to European telecommunications markets, contributing approximately 15% of total revenue. The company has since optimized this segment by focusing production on higher-margin products and improving manufacturing efficiency. Product innovation has centered on developing solutions that reduce deployment labor costs and installation complexity. Notable introductions include the FiberFlex series of active cabinets that combine passive connectivity with active electronics, positioning Clearfield as a more comprehensive infrastructure provider. The company launched CraftSmart Deploy Reel TAP Box and developed a 3D interactive fiber installation tool via the BILT mobile app to improve technician efficiency. Manufacturing strategy has emphasized geographic diversification and supply chain resilience. The company expanded facilities in Mexico and Minnesota while establishing the Estonia operation, creating redundancy and tariff mitigation capabilities. This global footprint provides flexibility in serving different markets and protection against trade policy changes. Clearfield has also positioned itself for the anticipated BEAD (Broadband Equity, Access, and Deployment) program funding, which represents a significant government initiative to expand rural broadband access. The company expects this program to contribute meaningfully to revenue beginning in fiscal 2026, requiring preparation of manufacturing capacity and BABA-compliant product lines to serve government-funded projects.
CLFD company profile · for informational purposes only — not investment advice.
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