Clearfield, Inc.
Rank #354StartupCLFD · Nasdaq · Technology
Clearfield, Inc. (CLFD) — Rank #354 by gross profitability (GP/assets 0.19) · ROE -3.3% · Piotroski F-Score N/A.
As-of 2026-09-28 · CIK 0000796505 · all metrics point-in-time as of the filing date.
About
Clearfield, Inc., together with its subsidiaries, designs, manufactures, and distributes fiber management, protection, and delivery products in the United States and internationally.
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The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures; WaveSmart, an optical component integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and FiberFlex, an outdoor active cabinet for mounting and configuration of electronic equipment. It also provides CraftSmart FiberFirst pedestals, an access terminal that offers cable management and mounting bracket kit that support the deployment of access terminals; YOURx, an access terminal that provides flexibility with cable mid-span and internal splicing options; FieldShield, a fiber pathway and protection method for reducing the cost of broadband deployment; Fiber Assemblies used for industry-standard or customer-specified configurations; and ClearPass Connector Cleaning Dust Cap, which simplifies fiber connector cleaning while enhancing network performance. In addition, the company offers fiber to the premise, fiber to the business, DC interconnect/campus network, meet-me room, main distribution area, and white space. Further, it provides metro core, backhaul, indoor/outdoor DAS, small cells, and FTT-cell site. The company serves various service providers, including national carriers, community broadband, multiple system operators, legacy build-to-print copper and fiber assemblies, large enterprises, and original equipment manufacturer markets. It sells its products through sales force and authorized distributors. The company was formerly known as APA Enterprises, Inc. and changed its name to Clearfield, Inc. in January 2008. Clearfield, Inc.
was incorporated in 1979 and is headquartered in Minneapolis, Minnesota.
- Industry
- Communication Equipment
- Sector
- Technology
- State
- MN
- Filer Category
- Accelerated filer
- Fiscal Year End
- September 30
- Website
- seeclearfield.com
Company Snapshot
P/S is the primary valuation lens for pre-profit companies.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
243
Industry
Communication Equipment
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholds2 of 5 thresholds not computable from filed data.
Disclosure regression check
2 previously-disclosed line items are no longer reported. Worth checking the filing for why.
Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.
Profitability
Gross profitability (GP / assets)
0.19
Primary signal (Novy-Marx).
24th pctl of 47 SIC 36 peers
Return on equity
-3.3%
Gross margin
33.7%
17th pctl of 47 SIC 36 peers
Revenue growth (YoY)
19.6%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
-17.9%
Revenue CAGR (5Y)
10.0%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.09
98th pctl of 45 SIC 36 peers (best = lowest)
Current ratio
12.53×
96th pctl of 47 SIC 36 peers
Quick ratio
9.04×
Net cash
$152.76M
Cash & equivalents minus total debt.
Recession resistance
Revenue through recessions
Worst single-year YoY revenue decline, 16 years of history
Cash-flow health
Free cash flow
$21.81M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
3.71
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
3.1%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified startup for 2 consecutive fiscal years (2024-09-30, 2025-09-30) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.