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Data as of Q2 2026
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Ranked against 23 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| QCOM | $188.9B | 35.3× | 14.2× | 4.3× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 0.7× | 2,943 |
| LITE | $89.5B | — | 136.3× | 29.7× | 83.2% | 41.7% | -230% | -149% | -110% | -0.6× | 1,273 |
| MSI | $74.3B | 35.2× | 24.1× | 6.4× | 8.0% | 51.7% | 18.4% | 89.4% | 18.6% | 2.3× | 1,414 |
| CIEN | $56.8B | 471.1× | 189.7× | 11.9× | 18.8% | 42.0% | 2.6% | 4.5% | 2.9% | 1.5× | 1,193 |
| UI | $37.5B | 39.1× | 30.7× | 11.5× | 27.2% | 46.2% | 29.3% | 66.7% | 66.7% | -0.4× | 346 |
| FN | $15.3B | 32.8× | 28.3× | 3.3× | 35.7% | 12.0% | 10.2% | 19.3% | 19.3% | -0.7× | 719 |
| ESE | $6.7B | 22.6× | 27.8× | 6.2× | 19.2% | 42.1% | 27.3% | 19.4% | 17.3% | 0.3× | 421 |
| PL | $5.5B | — | — | 17.9× | 25.9% | 56.1% | -80.2% | -131% | -131% | — | 464 |
| ONDS | $3.9B | — | — | 77.0× | 605% | 39.7% | -261% | -30.2% | -30.2% | — | 419 |
| VISN | $1.4B | 0.6× | 117.1× | 0.7× | 39.7% | 49.5% | — | -227% | 36.5% | — | 345 |
| NSSC | $1.3B | 30.1× | 24.6× | 6.4× | 11.4% | 59.2% | 21.3% | 22.5% | 22.5% | -2.7× | 242 |
| HLIT | $1.1B | — | 45.2× | 3.2× | -26.2% | 48.5% | -12.0% | -11.3% | -8.7% | -0.5× | 252 |
| UMAC | $971M | — | — | 86.7× | 101% | 34.9% | -171% | -11.0% | -11.0% | — | 184 |
| GILT | $636M | 24.3× | 10.0× | 1.4× | 47.9% | 29.5% | 4.6% | 4.1% | 4.1% | -3.5× | 126 |
| NTGR | $632M | — | — | 0.9× | 3.8% | 38.0% | -2.6% | -3.6% | -3.6% | — | 179 |
| ADTN | $567M | — | 6.1× | 0.5× | 17.5% | 38.3% | -4.2% | -31.3% | -31.3% | -1.2× | 238 |
| CLFD | $442M | — | 51.1× | 3.0× | 19.6% | 33.7% | -5.4% | -3.1% | -3.1% | -2.6× | 123 |
| AIOT | $361M | — | 7.6× | 0.8× | 22.4% | 55.5% | -4.6% | -4.3% | -2.7% | 3.0× | 179 |
| AUDC | $277M | 37.0× | 13.0× | 1.1× | 1.4% | 65.0% | 3.6% | 5.2% | 5.2% | -2.5× | 66 |
| BKTI | $264M | 20.4× | 13.6× | 3.1× | 12.5% | 48.8% | 15.7% | 30.3% | 30.3% | -1.3× | 117 |
| AVNW | $262M | 107.4× | 12.7× | 0.6× | 1.2% | 31.5% | 0.6% | 0.9% | 0.7% | 1.1× | 122 |
| TBCH | $260M | 18.9× | 9.3× | 0.8× | -14.2% | 37.3% | 4.9% | 12.2% | 8.6% | 1.2× | 116 |
| VUZI | $199M | — | — | 31.7× | 9.1% | -16.9% | -514% | -131% | -131% | — | 128 |
| CRNT | $188M | — | 9.3× | 0.6× | -14.1% | 33.8% | -0.6% | -1.2% | -1.1% | -1.1× | 78 |
Peers = companies sharing CLFD's sector (Telephone & Telegraph Apparatus) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $16.7M buybacks = $16.7M returned.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $150.1M 100.0% | $125.6M 100.0% | $225.7M 100.0% | $270.9M 100.0% | $140.8M 100.0% | $93.1M 100.0% | $85.0M 100.0% | $77.7M 100.0% | $73.9M 100.0% | $75.3M 100.0% |
| Cost of Revenue | $99.6M 66.3% | $99.7M 79.4% | $145.9M 64.6% | $157.9M 58.3% | $79.6M 56.5% | $55.2M 59.3% | $52.3M 61.6% | $46.7M 60.1% | $43.7M 59.1% | $42.4M 56.3% |
| Gross Profit | $50.5M 33.7% | $25.8M 20.6% | $79.9M 35.4% | $112.9M 41.7% | $61.2M 43.5% | $37.9M 40.7% | $32.7M 38.4% | $31.0M 39.9% | $30.3M 40.9% | $32.9M 43.7% |
| Research & Development | $2.4M 1.6% | $3.0M 2.4% | $3.1M 1.4% | $895K 0.3% | $243K 0.2% | $1.3M 1.4% | $1.1M 1.3% | $787K 1.0% | $866K 1.2% | $838K 1.1% |
| Selling, General & Admin | $48.4M 32.3% | $45.1M 35.9% | $42.3M 18.7% | $49.1M 18.1% | $35.9M 25.5% | $29.5M 31.7% | $27.5M 32.3% | $25.9M 33.4% | $25.0M 33.7% | $22.1M 29.4% |
| Operating Income | $2.1M 1.4% | -$19.2M -15.3% | $37.6M 16.6% | $63.8M 23.6% | $25.2M 17.9% | $8.4M 9.0% | $5.2M 6.1% | $5.1M 6.5% | $5.3M 7.2% | $10.7M 14.3% |
| Interest Expense | — | $506K 0.4% | $881K 0.4% | $311K 0.1% | — | — | — | — | — | — |
| Interest & Investment Income | $6.5M 4.4% | $7.5M 6.0% | $5.2M 2.3% | $328K 0.1% | $500K 0.4% | $771K 0.8% | $738K 0.9% | $457K 0.6% | $274K 0.4% | $157K 0.2% |
| Pretax Income | $8.7M 5.8% | -$11.8M -9.4% | $42.6M 18.9% | $63.8M 23.6% | $25.7M 18.3% | $9.2M 9.8% | $5.9M 7.0% | $5.5M 7.1% | $5.6M 7.6% | $10.9M 14.5% |
| Income Tax Expense | $2.4M 1.6% | -$3.2M -2.6% | $8.9M 3.9% | $14.5M 5.3% | $5.4M 3.8% | $1.9M 2.0% | $1.4M 1.6% | $1.3M 1.6% | $1.7M 2.4% | $2.9M 3.8% |
| Net Income | -$8.1M -5.4% | -$12.5M -9.9% | $32.5M 14.4% | $49.4M 18.2% | $20.3M 14.4% | $7.3M 7.8% | $4.6M 5.4% | $4.3M 5.5% | $3.8M 5.2% | $8.0M 10.6% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.58 | -$0.85 | $2.17 | $3.58 | $1.48 | $0.53 | $0.34 | $0.32 | $0.28 | $0.60 |
| EPS (Diluted) | -$0.58 | -$0.85 | $2.17 | $3.55 | $1.47 | $0.53 | $0.34 | $0.32 | $0.28 | $0.59 |
| Weighted Avg Shares (Basic) | 14.0M | 14.6M | 15.0M | 13.8M | 13.7M | 13.6M | 13.4M | 13.4M | 13.5M | 13.4M |
| Weighted Avg Shares (Diluted) | 14.0M | 14.6M | 15.0M | 13.9M | 13.8M | 13.6M | 13.5M | 13.5M | 13.7M | 13.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~22.7% on $2.2M of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $30.13 today, the market must believe free cash flow compounds 18.8%/yr for a decade (off $11.7M on the 3-yr avg basis).
On the basis ($7.7M) the requirement is 24.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 12.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt -$21.5M
mean 7.8% · volatility σ 137% · implied rate exceeded in 2/7 yrs
Central path = implied 18.8%/yr growth; shaded band = ±1σ (137%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 45th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -3% against ROIC -3% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 60.1 | 61.6 | 59.3 | 56.5 | 58.3 | 64.6 | 79.4 | 66.3 |
| Gross Profit | 39.9 | 38.4 | 40.7 | 43.5 | 41.7 | 35.4 | 20.6 | 33.7 |
| R&D | 1.0 | 1.3 | 1.4 | 0.2 | 0.3 | 1.4 | 2.4 | 1.6 |
| SG&A | 33.4 | 32.3 | 31.7 | 25.5 | 18.1 | 18.7 | 35.9 | 32.3 |
| Operating Income | 6.5 | 6.1 | 9.0 | 17.9 | 23.6 | 16.6 | -15.3 | 1.4 |
| Income Tax | 1.6 | 1.6 | 2.0 | 3.8 | 5.3 | 3.9 | -2.6 | 1.6 |
| Net Income | 5.5 | 5.4 | 7.8 | 14.4 | 18.2 | 14.4 | -9.9 | -5.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CLFD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns -11.41pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 6.0% | 12.1% (today's — no rate published for this year) | -6.1pts |
| FY2020 | 9.0% | 12.1% (today's — no rate published for this year) | -3.0pts |
| FY2021 | 20.1% | 12.1% (today's — no rate published for this year) | 8.0pts |
| FY2022 | 32.5% | 12.8% | 19.7pts |
| FY2023 | 9.6% | 12.3% | -2.7pts |
| FY2024 | -5.3% | 9.9% | -15.2pts |
| FY2025 | 0.7% | 12.1% (today's — no rate published for this year) | -11.4pts |
| Now | -3.1% | 12.1% | -15.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 43.7% | 14.3% | 10.6% |
| FY2017 | 40.9% | 7.2% | 5.2% |
| FY2018 | 39.9% | 6.5% | 5.5% |
| FY2019 | 38.4% | 6.1% | 5.4% |
| FY2020 | 40.7% | 9.0% | 7.8% |
| FY2021 | 43.5% | 17.9% | 14.4% |
| FY2022 | 41.7% | 23.6% | 18.2% |
| FY2023 | 35.4% | 16.6% | 14.4% |
| FY2024 | 20.6% | -15.3% | -9.9% |
| FY2025 | 33.7% | 1.4% | -5.4% |
Return on equity (-3%) and return on invested capital (-3%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$5M of goodwill — 2% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Net margin is -536.19% against 1822.26% 3 years ago — a step down the business has not recovered, whatever the spread says today.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Conversion has deteriorated: 0.21x over three years against 0.80x over 5.
Covers interest 2.9x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.19x |
| 5% | 3.98x |
| 10% | 3.77x |
| 15% | 3.56x |
| 20% | 3.35x |
| 25% | 3.14x |
| 30% | 2.93x |
| 35% | 2.72x |
| 40% | 2.51x |
| 45% | 2.30x |
| 50% | 2.09x |
| 55% | 1.88x |
| 60% | 1.67x |
Balance sheet at 2025-09-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.2x today but falls to 2.9x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $32.55, free cash flow must compound 20.25%/yr for 10 years. It has done 0.7%/yr over 5 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −60.3% | 20.3% |
| FY2021 | 82.6% | 20.3% |
| FY2022 | −170.5% | 20.3% |
| FY2024 | 17.8% | 20.3% |
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 9.5% | 15.1% | 5.6 points |
| FY2021 | 51.2% | 85.2% | 34.0 points |
| FY2022 | 92.5% | 176.3% | 83.8 points |
| FY2023 | -16.7% | -47.1% | -30.5 points |
| FY2024 | -44.4% | -51.2% | -6.9 points |
| FY2025 | 19.6% | 30.0% | 10.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 39.1 days | 62.8 days | 22.1 days | 79.9 days |
| FY2020 | 41.2 days | 95.3 days | 24.4 days | 112.1 days |
| FY2021 | 50.4 days | 126.2 days | 42.3 days | 134.4 days |
| FY2022 | 72.4 days | 190 days | 55.7 days | 206.6 days |
| FY2023 | 45.9 days | 245.4 days | 22.2 days | 269 days |
| FY2024 | 40.2 days | 205.3 days | 10.2 days | 235.4 days |
| FY2025 | 43.7 days | 154 days | 25.8 days | 172 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -12.4 percent |
| FY2020 | 0.7 percent |
| FY2021 | 7.5 percent |
| FY2022 | 20.6 percent |
| FY2023 | 4.0 percent |
| FY2024 | -11.0 percent |
| FY2025 | not reported |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.