Clearfield, Inc. (CLFD)

Clearfield experienced several stock events in the past six months. In Q3 Fiscal 2025, the company reported net sales of $49.9 million, a 2% year-over-year increase, and a net income of $1.6 million. In November 2025, Clearfield reported full-year net sales of $150.1 million for fiscal 2025, a 20% increase from fiscal 2024, and divested its Nestor segment. Following the divestiture, Clearfield provided a fiscal 2026 net sales target of $160 million to $170 million. Clearfield insiders purchased $300,600 worth of company stock, with Ronald Roth, Chairman of the Board, buying US$300,600 on December 14, 2025. The stock price experienced a decline of 27.62% over the past six months.

Clearfield historically experiences stronger demand in the second half of its fiscal year. Demand for fiber optic products surged during the COVID-19 pandemic, but fiscal year 2024 saw a 38% decrease in net sales as customers managed existing inventory levels. Demand is projected to recover, with an anticipated increase of 36% in fiscal 2025. Government initiatives like the BEAD program and the E-ACAM program are expected to drive future demand. The global fiber optics market is projected to grow at an 8.3% CAGR from 2025 to 2034.

Clearfield, Inc. specializes in fiber optic management solutions within the telecommunications infrastructure sector. The company designs, manufactures, and distributes products for fiber optic management, protection, and delivery within communications networks. Clearfield's product lines include FieldSmart panels and enclosures, WaveSmart optical components, FieldShield fiber pathway protection, FiberFlex outdoor active cabinets, CraftSmart FiberFirst pedestals and YOURx access terminals, and Fiber Assemblies and ClearPass Connector Cleaning Dust Caps. The company provides solutions for fiber to the premise, fiber to the business, data center interconnect/campus networks, metro core, backhaul, and small cells.

Clearfield's market presence is primarily in North America, accounting for 92% of its fiscal 2024 net sales. The United States is a central pillar, targeting states receiving federal broadband funding. The company has facilities in Minneapolis, Minnesota, and Tijuana, Mexico, and a new distribution center in Minnesota. International expansion in Canada, the Caribbean, and Latin America contributes less than 8% of total revenue. The Nestor segment, which served European markets, has been divested.

Clearfield has maintained a strong brand reputation, known for its reliability and exceptional customer service. The company's commitment to innovation has solidified its leadership position, contributing to an increase in its fiber optics market share. Clearfield's financial recovery in fiscal 2025 underscores a positive trajectory for its reputation. The company was recognized by Forbes, ranking 4th on its 2023 list of America's Best Small Companies.

Institutional investors hold approximately 88.73% of Clearfield's stock, with key shareholders including BlackRock, Inc. and Vanguard Group Inc. Insiders hold 17.80% of the stock. Cheri Beranek, the President and CEO, beneficially owned 1.59 million shares, and Ronald G. Roth, the Chairman of the Board, held 109,990 shares as of December 30, 2024. Ronald G. Roth is the largest individual shareholder, owning 2.73 million shares, representing 19.70% of the company.