CLEARFIELD, INC.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $150.1M | $125.6M | $225.7M | $270.9M | $140.8M | $93.1M | $85.0M | $77.7M |
| Cost of Revenue | $99.6M | $99.7M | $145.9M | $157.9M | $79.6M | $55.2M | $52.3M | $46.7M |
| Gross Profit | $50.5M | $25.8M | $79.9M | $112.9M | $61.2M | $37.9M | $32.7M | $31.0M |
| Gross Margin | 33.7% | 20.6% | 35.4% | 41.7% | 43.5% | 40.7% | 38.4% | 39.9% |
| Operating Expenses | ||||||||
| Research & Development | $2.4M | $3.0M | $3.1M | $895.0K | $243.0K | $1.3M | $1.1M | $787.4K |
| SG&A Expense | $48.4M | $45.1M | $42.3M | $49.1M | $35.9M | $29.5M | $27.5M | $25.9M |
| Operating Income | $2.1M | $-19.2M | $37.6M | $63.8M | $25.2M | $8.4M | $5.2M | $5.1M |
| Operating Margin | 1.4% | -15.3% | 16.6% | 23.6% | 17.9% | 9.0% | 6.1% | 6.5% |
| Interest Expense | — | $506.0K | $881.0K | $311.0K | — | — | — | — |
| Pretax Income | $8.7M | $-11.8M | $42.6M | $63.8M | $25.7M | $9.2M | $5.9M | $5.5M |
| Income Tax Expense | $2.4M | $-3.2M | $8.9M | $14.5M | $5.4M | $1.9M | $1.4M | $1.3M |
| Net Income | $-8.1M | $-12.5M | $32.5M | $49.4M | $20.3M | $7.3M | $4.6M | $4.3M |
| Net Margin | -5.4% | -9.9% | 14.4% | 18.2% | 14.4% | 7.8% | 5.4% | 5.5% |
| EPS (Basic) | $-0.58 | $-0.85 | $2.17 | $3.58 | $1.48 | $0.53 | $0.34 | $0.32 |
| EPS (Diluted) | $-0.58 | $-0.85 | $2.17 | $3.55 | $1.47 | $0.53 | $0.34 | $0.32 |
| Shares Outstanding (Basic) | 14.0M | 14.6M | 15.0M | 13.8M | 13.7M | 13.6M | 13.4M | 13.4M |
| Shares Outstanding (Diluted) | 14.0M | 14.6M | 15.0M | 13.9M | 13.8M | 13.6M | 13.5M | 13.5M |
| Dividends Per Share | — | — | — | — | — | — | — | — |
The intelligent investor is a realist who sells to optimists and buys from pessimists.