CLFD
Clearfield, Inc.

Clearfield, Inc.CLFD

Technology · Communication Equipment
28.72USD
-12.65%
Nov 06, 2026
CLFD overview ready
Fiber management and protection hardware for telecommunications networks
Clearfield is a direct physical-layer supplier to fiber access-network construction: it sells fiber-management, protection and delivery products used by broadband service providers to distribute, terminate and deploy fiber in outside-plant and access-network builds.
Primary theme is lagging
Optical / Photonics is lagging (-33.0pp vs SPY over 21 sessions; 0 of 12 members ahead of SPY).
Price trend is broken
Longer-term context reads early recovery, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Attractive valuation
Current market expectations look undemanding relative to the cash the business actually produces.
Mixed fundamentals
Free cash flow yield is strong, while EV / EBITDA is weak.
Primary risk
Dependence on telecommunications capital expenditure cycles.
Market Nov 5Price action Nov 5Research Oct 5

Conviction Level

PriceAction3.4BusinessPerformance9.0BusinessQuality6.5Valuation8.3ThemeMomentum1.0Accelerating — Revenue growth has accelerated, rising from -15% to +13% year over year. Diluted EPS is up 100% year over year at $0.22. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−33.0pp
Theme return
−34.6%
Beating SPY
0 of 12
21 sessions to Nov 4, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads early recovery, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$435.6M
Avg Volume (60D)
136.2K
60 sessions
Revenue Growth YoY
-27.4%
Trailing twelve months
Gross Margin
+33.0%
Operating Margin
+2.3%
Trailing twelve months
Free Cash Flow Yield
+4.9%
Distance from 200DMA
-11.5%
Next Earnings
2026-11-10
EV / EBITDA
60.0x
EV / Sales
2.6x
Market metrics as of Nov 5, 2026

Business Performance

Accelerating

Revenue growth has accelerated, rising from -15% to +13% year over year. Diluted EPS is up 100% year over year at $0.22.

Latest reported: Q3 FY2026, ended Jun 30
Revenue growthAccelerating
+13%
$43.9M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. n/a
  2. +16%
  3. -15%
  4. +13%
Earnings growthGrowing
+100%
Diluted EPS $0.22 vs $0.11 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
5.9%
+1.9 pp YoY · gross margin 31.8% (-3.5 pp)

Business Quality

6.5 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say cheap; intrinsic is the dissenting view.
Clearfield, Inc. has a Cheap valuation stance because current market expectations look undemanding relative to the cash the business actually produces.

Company Research

Thesis
Clearfield is a direct physical-layer supplier to fiber access-network construction: it sells fiber-management, protection and delivery products used by broadband service providers to distribute, terminate and deploy fiber in outside-plant and access-network builds. CLFD has a real, direct exposure to U.S.
Opportunity
Moderate opportunity
Broadband-provider, utility and public-sector spending to extend and upgrade last-mile fiber networks, creating demand for the passive connectivity, protection, distribution and installation hardware required to deploy fiber efficiently.
Key risk
Dependence on telecommunications capital expenditure cycles.

Economic classification

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Business & Markets

Technology · Communication Equipment
What they do

Clearfield, Inc. designs, manufactures, and distributes fiber management, protection, and delivery products primarily for telecommunications networks in the U.S. Internationally.

How it earns

The company generates revenue through transactional sales of hardware products and fiber management solutions.

Products & services
FieldSmart fiber management panels and enclosures
WaveSmart optical components
FiberFlex outdoor active cabinets
Customers & end markets
Telecommunications service providers
Network infrastructure operators
Market position

Niche player specializing in fiber management hardware within the communication equipment industry.

Demand drivers
Medium cyclicality

Demand is influenced by capital expenditure cycles in telecommunications infrastructure but supported by ongoing fiber network expansion.