Quality Investor

Clearfield, Inc.

Rank #354Startup

CLFD · 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

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

2 green1 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.19
Return on equity
-3.3%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.09
Current ratio
12.53×
Net cash
$152.76M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
3.1%

Growth

2/2 pass
Revenue growth
19.6%
Piotroski F-Score
N/A
Share dilution
-4.1%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

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.

PASS

Operating Leverage

2022202320242025
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.

PASS

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

Strong
2008-2009 (GFC)
N/AN/A
2020 (COVID)
9.5%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-38.0%Significant decline

Cash-flow health

Free cash flow

$21.81M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

3.71

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.1%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Value
Hypergrowth
Decline
Startup