# Clearfield, Inc. (CLFD)

> Source: Nexqual · https://nexqual.com/CLFD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Clearfield, Inc. (CLFD), nexqual.com/CLFD" · informational, not investment advice.

**Price:** USD 27.5 (-5.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 29.16 · day 27.19–28.52 · 52w 23.76–52.73 · market cap $374M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $154M, net income -$7.2M (-4.7% margin), free cash flow $12.6M (SEC filings).
- 1 of 80 tracked superinvestors hold CLFD (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $1.0M; 2 not under a Rule 10b5-1 plan ($177K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 40.25 (range 38–45).
- Total return with dividends: 1Y -23.4% vs S&P 500 +14.9%; 5Y -46.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD 0.1, revenue estimate $40.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $141M | $271M | $226M | $126M | $150M | $154M |
| Gross profit | $61.2M | $113M | $79.9M | $25.8M | $50.5M | — |
| Operating income | $25.2M | $63.8M | $37.6M | -$19.2M | $2.1M | -$368K |
| Net income | $20.3M | $49.4M | $32.5M | -$12.5M | -$8.1M | -$7.2M |
| EPS (diluted) | $1.47 | $3.55 | $2.17 | -$0.85 | -$0.58 | — |
| Free cash flow | $8.9M | -$6.2M | $10.7M | $12.7M | $21.8M | $12.6M |
| Gross margin | 43.5% | 41.7% | 35.4% | 20.6% | 33.7% | — |
| Operating margin | 17.9% | 23.6% | 16.6% | -15.3% | 1.4% | -0.2% |
| Net margin | 14.4% | 18.2% | 14.4% | -9.9% | -5.4% | -4.7% |
| Revenue growth | +51.2% | +92.5% | -16.7% | -44.4% | +19.6% | — |
| Cash + short-term investments | $23.6M | $22.5M | $168M | $129M | $106M | — |
| Total debt | $0K | $18.7M | $2.1M | $2.2M | — | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.4x · P/FCF 29.6x · P/B 1.5x · FCF yield 3.37% · Earnings yield -1.93% · Buyback yield (TTM) 3.61%
P/E at fiscal year-ends: Sep 2023 13.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CLFD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.14% | $15.3M | Reduced -47.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-01 | Beranek Cheryl | Chief Executive Officer | 1,778 | $71K | 0.4% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-09 | Khemakhem Anis | Chief Commercial Officer | 1,684 | $67K | 6.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Beranek Cheryl | Chief Executive Officer | 7,500 | $352K | 1.5% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Beranek Cheryl | Chief Executive Officer | 2,500 | $125K | 0.5% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08…2026-05-11 | Beranek Cheryl | Chief Executive Officer | 7,500 | $314K | 1.5% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Jones Walter Louis Jr | Director | 2,391 | $110K | 21.6% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 40.25 (low 38, high 45).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | Needham | Target lowered | Buy | $52 → $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -23.4% | -46.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -23.5% | -11.6% |
| Volatility (annualized) | 61.7% | 58.8% |
| Max drawdown | -48.0% (May 2026→Aug 2026) | -82.0% (Nov 2022→Oct 2023) |

## Peers (Communication Equipment)
ADTN (ADTRAN Holdings, Inc.) USD 6.45 -3.59% · GILT (Gilat Satellite Networks Ltd.) USD 7.45 -5.34% · NTGR (NETGEAR, Inc.) USD 22.31 -1.98% · FEIM (Frequency Electronics, Inc.) USD 61.6 -9.66% · HLIT (Harmonic Inc.) USD 10.09 -5.96% · VISN (Vistance Networks, Inc.) USD 6.08 -0.49%

## More
Full page: https://nexqual.com/CLFD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2025-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Clearfield | $38.8M | 77.7% | +15.1% |
| Nestor Cables | $11.1M | 22.3% | -26.3% |
| Total revenue | $49.9M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $42.9M | 97.7% | +14.6% |
| Non Us | $999,000 | 2.3% | -25.5% |
| Total revenue | $43.9M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 13%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-05)

- "As a result of industry demand constraints discussed in our Shareholder Letter, we are reducing our outlook for fiscal 2026."
- "We expect net sales from continuing operations to be in the range of $151 million to $155 million, and net income per share to a range of $0.14 to $0.21."
- "For the fourth quarter of fiscal 2026, Clearfield expects net sales to be in the range of $38 million to $42 million and net income per share to be in the range of $0.00 to $0.07."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.10 | $0.42 | -77.4% | $40.4M | 2 |
| Next quarter (ends 2026-12-31) | $0.13 | $0.37 | -66.2% | $42.2M | 2 |
| Current fiscal year (ends 2026-09-30) | $0.43 | $0.70 | -38.6% | $153.0M | 2 |
| Next fiscal year (ends 2027-09-30) | $0.90 | $1.45 | -38.3% | $187.1M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-10): ±17.2%; last 8 reports averaged ±12.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 70.0% | ±17.2% |
| 2026-12-18 | 56 | 68.1% | ±22.5% |
| 2027-03-19 | 147 | 59.1% | ±30.4% |
| 2027-06-17 | 237 | 62.6% | ±40.4% |