# Paper & Paper Products — company-by-company sector analysis

> Paper & Paper Products: Sylvamo Corporation owns the largest revenue base; Clearwater Paper Corporation has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Paper & Paper Products has underperformed S&P 500 by 26.7% over 52 weeks and 2.2% over 13 weeks. 0 of 2 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 2 beat the sector itself. Sylvamo Corporation leads with revenue of $3,285 million, based on 2 of 2 comparable companies through Mar 2026.

### Is the Paper & Paper Products sector outperforming S&P 500?

Paper & Paper Products has underperformed S&P 500 by 26.7% over 52 weeks and 2.2% over 13 weeks. 0 of 2 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 2 beat the sector itself.

### Which Paper & Paper Products company is largest by revenue?

Sylvamo Corporation leads with revenue of $3,285 million, based on 2 of 2 comparable companies through Mar 2026.

### Which Paper & Paper Products company is growing fastest?

Clearwater Paper Corporation has the fastest current revenue growth at 2.3%, across 2 of 2 comparable companies.

### Which Paper & Paper Products company has the strongest 4-Factor Sector Score?

Clearwater Paper Corporation ranks first at 38.2/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Paper & Paper Products company reports the most CAPEX?

Sylvamo Corporation reports the largest latest CAPEX at $49 million, with 2 of 2 companies comparable.

### Which Paper & Paper Products company has the least gross debt?

Clearwater Paper Corporation has the lowest comparable gross debt at $361 million. Sylvamo Corporation has the highest at $921 million.

### Which Paper & Paper Products company has the lowest comparable PEG?

Sylvamo Corporation has the lowest comparable Guarded PEG at 0.21, among 1 of 2 companies that pass the metric’s comparability rules.

### How much history does this Paper & Paper Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Paper & Paper Products has underperformed S&P 500 by 26.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.2%. 0 of 2 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Clearwater Paper Corporation is the strongest against the sector itself at +6.1%.

13-week sector return versus NIFTY 500: 2.2%
52-week sector return versus NIFTY 500: -27%
Stocks leading NIFTY: 0/2
Stocks leading sector: 1/2

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 2
Combined market value: ₹1.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Clearwater Paper Corporation (CLW): 38/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 9.2/35 | Capital efficiency 7.0/25 | Valuation 10.0/20 | Relative strength 12.0/20
   - Exact sum: 9.2 + 7 + 10 + 12 = 38.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Sylvamo Corporation (SLVM): 31/100 — Adverse evidence; evidence 77%
   - Growth & earnings 4.8/35 | Capital efficiency 8.1/25 | Valuation 15.0/20 | Relative strength 3.0/20
   - Exact sum: 4.8 + 8.1 + 15 + 3 = 30.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

## Revenue Scale & Growth Durability

What the numbers say: Sylvamo Corporation is the scale leader at $3,285 million, 113.7% ahead of Clearwater Paper Corporation. Clearwater Paper Corporation's growth is 2.3% from a $1,537 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Sylvamo Corporation is the scale benchmark; Clearwater Paper Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Sylvamo Corporation's growth falls below Clearwater Paper Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Sylvamo Corporation · $3,285 million | 113.7% versus #2 · Clearwater Paper Corporation | 3/8 recent comparable periods | 2/2 companies · 40 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Sylvamo Corporation (SLVM): ₹3.3K Cr
2. Clearwater Paper Corporation (CLW): ₹1.5K Cr

### Revenue growth — fastest growers
1. Clearwater Paper Corporation (CLW): 2.3%
2. Sylvamo Corporation (SLVM): -11%

### 20-quarter Revenue history
- SLVM: Jun 2021 ₹695 Cr | Sep 2021 ₹731 Cr | Dec 2021 ₹778 Cr | Mar 2022 ₹821 Cr | Jun 2022 ₹912 Cr | Sep 2022 ₹968 Cr | Dec 2022 ₹927 Cr | Mar 2023 ₹941 Cr | Jun 2023 ₹919 Cr | Sep 2023 ₹897 Cr | Dec 2023 ₹964 Cr | Mar 2024 ₹905 Cr | Jun 2024 ₹933 Cr | Sep 2024 ₹965 Cr | Dec 2024 ₹970 Cr | Mar 2025 ₹821 Cr | Jun 2025 ₹794 Cr | Sep 2025 ₹846 Cr | Dec 2025 ₹890 Cr | Mar 2026 ₹755 Cr
- CLW: Jun 2021 ₹406 Cr | Sep 2021 ₹451 Cr | Dec 2021 ₹490 Cr | Mar 2022 ₹488 Cr | Jun 2022 ₹526 Cr | Sep 2022 ₹539 Cr | Dec 2022 ₹527 Cr | Mar 2023 ₹525 Cr | Jun 2023 ₹525 Cr | Sep 2023 ₹279 Cr | Dec 2023 ₹269 Cr | Mar 2024 ₹259 Cr | Jun 2024 ₹344 Cr | Sep 2024 ₹393 Cr | Dec 2024 ₹387 Cr | Mar 2025 ₹378 Cr | Jun 2025 ₹392 Cr | Sep 2025 ₹399 Cr | Dec 2025 ₹386 Cr | Mar 2026 ₹360 Cr

### 20-quarter Revenue growth history
- SLVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 32% | Dec 2022 19% | Mar 2023 15% | Jun 2023 0.8% | Sep 2023 -7.3% | Dec 2023 4.0% | Mar 2024 -3.8% | Jun 2024 1.5% | Sep 2024 7.6% | Dec 2024 0.6% | Mar 2025 -9.3% | Jun 2025 -15% | Sep 2025 -12% | Dec 2025 -8.3% | Mar 2026 -8.0%
- CLW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 20% | Dec 2022 7.6% | Mar 2023 7.6% | Jun 2023 -0.2% | Sep 2023 -48% | Dec 2023 -49% | Mar 2024 -51% | Jun 2024 -34% | Sep 2024 41% | Dec 2024 44% | Mar 2025 46% | Jun 2025 14% | Sep 2025 1.5% | Dec 2025 -0.3% | Mar 2026 -4.8%

## Operating Economics & Margin Trend

What the numbers say: Sylvamo Corporation leads opm at 0.4%; Clearwater Paper Corporation leads margin change at -1.8 percentage points.

Investor read: Sylvamo Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Sylvamo Corporation · 0.4% | 113.8% versus #2 · Clearwater Paper Corporation | 3/8 recent comparable periods | 2/2 companies · 40 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Sylvamo Corporation (SLVM): 0.4%
2. Clearwater Paper Corporation (CLW): -2.9%

### Margin change — fastest expanders
1. Clearwater Paper Corporation (CLW): −1.8 pp
2. Sylvamo Corporation (SLVM): −4.7 pp

### 20-quarter OPM history
- SLVM: Jun 2021 16% | Sep 2021 12% | Dec 2021 9.6% | Mar 2022 12% | Jun 2022 15% | Sep 2022 17% | Dec 2022 15% | Mar 2023 16% | Jun 2023 8.9% | Sep 2023 11% | Dec 2023 7.6% | Mar 2024 7.6% | Jun 2024 13% | Sep 2024 15% | Dec 2024 11% | Mar 2025 5.1% | Jun 2025 3.8% | Sep 2025 12% | Dec 2025 9.0% | Mar 2026 0.4%
- CLW: Jun 2021 -14% | Sep 2021 3.1% | Dec 2021 5.6% | Mar 2022 6.7% | Jun 2022 6.0% | Sep 2022 9.1% | Dec 2022 0.1% | Mar 2023 7.6% | Jun 2023 9.0% | Sep 2023 7.4% | Dec 2023 0.9% | Mar 2024 -0.3% | Jun 2024 -14% | Sep 2024 -0.3% | Dec 2024 -4.1% | Mar 2025 -1.1% | Jun 2025 2.5% | Sep 2025 -14% | Dec 2025 2.0% | Mar 2026 -2.9%

### 20-quarter Margin change history
- SLVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 +5.0 pp | Dec 2022 +5.4 pp | Mar 2023 +3.8 pp | Jun 2023 −5.8 pp | Sep 2023 −5.9 pp | Dec 2023 −7.4 pp | Mar 2024 −8.1 pp | Jun 2024 +4.2 pp | Sep 2024 +4.0 pp | Dec 2024 +3.4 pp | Mar 2025 −2.5 pp | Jun 2025 −9.3 pp | Sep 2025 −3.6 pp | Dec 2025 −2.0 pp | Mar 2026 −4.7 pp
- CLW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +19.9 pp | Sep 2022 +6.0 pp | Dec 2022 −5.5 pp | Mar 2023 +0.9 pp | Jun 2023 +3.0 pp | Sep 2023 −1.7 pp | Dec 2023 +0.8 pp | Mar 2024 −7.9 pp | Jun 2024 −22.6 pp | Sep 2024 −7.7 pp | Dec 2024 −5.0 pp | Mar 2025 −0.8 pp | Jun 2025 +16.1 pp | Sep 2025 −13.6 pp | Dec 2025 +6.1 pp | Mar 2026 −1.8 pp

## Profit Scale & Acceleration

What the numbers say: Sylvamo Corporation leads with $102 million of TTM profit, 252.2% above Clearwater Paper Corporation. Sylvamo Corporation shows -64.3% growth from a $102 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Sylvamo Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Sylvamo Corporation · $102 million | 252.2% versus #2 · Clearwater Paper Corporation | 3/8 recent comparable periods | 2/2 companies · 40 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Sylvamo Corporation (SLVM): ₹102 Cr
2. Clearwater Paper Corporation (CLW): ₹-67 Cr

### Profit growth — fastest growers
1. Sylvamo Corporation (SLVM): -64%

### 20-quarter Net profit history
- SLVM: Jun 2021 ₹101 Cr | Sep 2021 ₹59 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹-3 Cr
- CLW: Jun 2021 ₹-85 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-47 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹-67 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹-13 Cr

### 20-quarter Profit growth history
- SLVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 85% | Dec 2022 203% | Mar 2023 76% | Jun 2023 -42% | Sep 2023 -47% | Dec 2023 -44% | Mar 2024 -56% | Jun 2024 69% | Sep 2024 64% | Dec 2024 65% | Mar 2025 -37% | Jun 2025 -82% | Sep 2025 -40% | Dec 2025 -59% | Mar 2026 -111%
- CLW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3,900% | Dec 2022 -136% | Mar 2023 39% | Jun 2023 163% | Sep 2023 -48% | Dec 2023 — | Mar 2024 -103% | Jun 2024 -194% | Sep 2024 -181% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Sylvamo Corporation reports $49 million of CAPEX; Sylvamo Corporation has the highest covered intensity at 6.5%. Coverage is only 2 of 2 companies and 40 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Sylvamo Corporation · $49 million | 444.4% versus #2 · Clearwater Paper Corporation | 8/8 recent comparable periods | 2/2 companies · 40 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Sylvamo Corporation (SLVM): ₹49 Cr
2. Clearwater Paper Corporation (CLW): ₹9 Cr

### CAPEX intensity — highest reinvestment intensity
1. Sylvamo Corporation (SLVM): 6.5%
2. Clearwater Paper Corporation (CLW): 2.5%

### 20-quarter CAPEX history
- SLVM: Jun 2021 ₹10 Cr | Sep 2021 ₹27 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹49 Cr
- CLW: Jun 2021 ₹10 Cr | Sep 2021 ₹9 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹9 Cr

### 20-quarter CAPEX intensity history
- SLVM: Jun 2021 1.4% | Sep 2021 3.7% | Dec 2021 2.8% | Mar 2022 1.9% | Jun 2022 4.7% | Sep 2022 3.3% | Dec 2022 6.3% | Mar 2023 6.5% | Jun 2023 4.8% | Sep 2023 4.7% | Dec 2023 6.5% | Mar 2024 6.6% | Jun 2024 5.7% | Sep 2024 4.6% | Dec 2024 6.6% | Mar 2025 5.8% | Jun 2025 8.3% | Sep 2025 6.4% | Dec 2025 6.3% | Mar 2026 6.5%
- CLW: Jun 2021 2.5% | Sep 2021 2.0% | Dec 2021 1.8% | Mar 2022 1.6% | Jun 2022 1.0% | Sep 2022 1.3% | Dec 2022 2.7% | Mar 2023 4.2% | Jun 2023 2.5% | Sep 2023 5.0% | Dec 2023 9.3% | Mar 2024 7.3% | Jun 2024 5.2% | Sep 2024 12% | Dec 2024 8.5% | Mar 2025 8.7% | Jun 2025 5.9% | Sep 2025 4.5% | Dec 2025 3.9% | Mar 2026 2.5%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Clearwater Paper Corporation has the clearest covered balance-sheet capacity with $324 million and gross debt of $361 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Clearwater Paper Corporation · $361 million | 60.8% versus #2 · Sylvamo Corporation | 0/8 recent comparable periods | 2/2 companies · 39 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Clearwater Paper Corporation (CLW): ₹361 Cr
2. Sylvamo Corporation (SLVM): ₹921 Cr

### Net debt — lowest net debt
1. Clearwater Paper Corporation (CLW): ₹324 Cr
2. Sylvamo Corporation (SLVM): ₹791 Cr

### 20-quarter Gross debt history
- SLVM: Jun 2021 — | Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹999 Cr | Dec 2023 ₹959 Cr | Mar 2024 ₹949 Cr | Jun 2024 ₹922 Cr | Sep 2024 ₹926 Cr | Dec 2024 ₹804 Cr | Mar 2025 ₹817 Cr | Jun 2025 ₹813 Cr | Sep 2025 ₹808 Cr | Dec 2025 ₹853 Cr | Mar 2026 ₹921 Cr
- CLW: Jun 2021 ₹718 Cr | Sep 2021 ₹678 Cr | Dec 2021 ₹639 Cr | Mar 2022 ₹619 Cr | Jun 2022 ₹591 Cr | Sep 2022 ₹566 Cr | Dec 2022 ₹566 Cr | Mar 2023 ₹566 Cr | Jun 2023 ₹566 Cr | Sep 2023 ₹566 Cr | Dec 2023 ₹440 Cr | Mar 2024 ₹443 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹282 Cr | Jun 2025 ₹329 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹346 Cr | Mar 2026 ₹361 Cr

### 20-quarter Net debt history
- SLVM: Jun 2021 — | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹672 Cr | Mar 2023 ₹867 Cr | Jun 2023 ₹869 Cr | Sep 2023 ₹805 Cr | Dec 2023 ₹739 Cr | Mar 2024 ₹800 Cr | Jun 2024 ₹777 Cr | Sep 2024 ₹678 Cr | Dec 2024 ₹599 Cr | Mar 2025 ₹663 Cr | Jun 2025 ₹700 Cr | Sep 2025 ₹714 Cr | Dec 2025 ₹718 Cr | Mar 2026 ₹791 Cr
- CLW: Jun 2021 ₹657 Cr | Sep 2021 ₹650 Cr | Dec 2021 ₹614 Cr | Mar 2022 ₹583 Cr | Jun 2022 ₹521 Cr | Sep 2022 ₹515 Cr | Dec 2022 ₹512 Cr | Mar 2023 ₹549 Cr | Jun 2023 ₹524 Cr | Sep 2023 ₹456 Cr | Dec 2023 ₹398 Cr | Mar 2024 ₹388 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹282 Cr | Sep 2025 ₹302 Cr | Dec 2025 ₹315 Cr | Mar 2026 ₹324 Cr

## Return On Capital Employed

What the numbers say: Sylvamo Corporation leads ROCE at 0.1%, 0.9 percentage points above Clearwater Paper Corporation. Clearwater Paper Corporation has the strongest latest improvement at -0.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Sylvamo Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Sylvamo Corporation · 0.1% | 112.5% versus #2 · Clearwater Paper Corporation | 3/8 recent comparable periods | 2/2 companies · 38 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Sylvamo Corporation (SLVM): 0.1%
2. Clearwater Paper Corporation (CLW): -0.8%

### ROCE change — fastest improvers
1. Clearwater Paper Corporation (CLW): −0.5 pp
2. Sylvamo Corporation (SLVM): −1.9 pp

### 20-quarter ROCE history
- SLVM: Jun 2021 — | Sep 2021 4.0% | Dec 2021 3.5% | Mar 2022 9.7% | Jun 2022 14% | Sep 2022 8.9% | Dec 2022 7.3% | Mar 2023 7.2% | Jun 2023 4.1% | Sep 2023 5.2% | Dec 2023 3.5% | Mar 2024 3.3% | Jun 2024 5.8% | Sep 2024 6.9% | Dec 2024 5.2% | Mar 2025 2.0% | Jun 2025 1.5% | Sep 2025 4.6% | Dec 2025 4.0% | Mar 2026 0.1%
- CLW: Jun 2021 — | Sep 2021 0.9% | Dec 2021 1.8% | Mar 2022 2.2% | Jun 2022 2.2% | Sep 2022 3.4% | Dec 2022 0.0% | Mar 2023 2.8% | Jun 2023 3.3% | Sep 2023 1.4% | Dec 2023 0.2% | Mar 2024 -0.1% | Jun 2024 -2.7% | Sep 2024 -0.1% | Dec 2024 -1.1% | Mar 2025 -0.3% | Jun 2025 0.6% | Sep 2025 -3.3% | Dec 2025 0.6% | Mar 2026 -0.8%

### 20-quarter ROCE change history
- SLVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 +3.8 pp | Mar 2023 −2.5 pp | Jun 2023 −10.3 pp | Sep 2023 −3.7 pp | Dec 2023 −3.8 pp | Mar 2024 −3.9 pp | Jun 2024 +1.7 pp | Sep 2024 +1.7 pp | Dec 2024 +1.7 pp | Mar 2025 −1.3 pp | Jun 2025 −4.3 pp | Sep 2025 −2.3 pp | Dec 2025 −1.2 pp | Mar 2026 −1.9 pp
- CLW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 −1.8 pp | Mar 2023 +0.6 pp | Jun 2023 +1.1 pp | Sep 2023 −2.0 pp | Dec 2023 +0.2 pp | Mar 2024 −2.9 pp | Jun 2024 −6.0 pp | Sep 2024 −1.5 pp | Dec 2024 −1.3 pp | Mar 2025 −0.2 pp | Jun 2025 +3.3 pp | Sep 2025 −3.2 pp | Dec 2025 +1.7 pp | Mar 2026 −0.5 pp

## Valuation Against Growth & Quality

What the numbers say: Sylvamo Corporation has the lowest comparable Guarded PEG at 0.21×. Only 1 of 2 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Sylvamo Corporation · 0.21× | Not enough peers | 0/8 recent comparable periods | 1/2 companies · 6 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Sylvamo Corporation (SLVM): 0.2

### P/E — lowest P/E
1. Clearwater Paper Corporation (CLW): 2.5
2. Sylvamo Corporation (SLVM): 16.7

### 20-quarter Guarded PEG history
- SLVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 0.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- CLW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- SLVM: Jun 2021 — | Sep 2021 5.0 | Dec 2021 5.4 | Mar 2022 6.0 | Jun 2022 6.4 | Sep 2022 5.4 | Dec 2022 6.4 | Mar 2023 5.4 | Jun 2023 5.2 | Sep 2023 6.5 | Dec 2023 8.3 | Mar 2024 13.2 | Jun 2024 12.4 | Sep 2024 13.4 | Dec 2024 11.0 | Mar 2025 9.8 | Jun 2025 9.6 | Sep 2025 10.1 | Dec 2025 14.9 | Mar 2026 16.7
- CLW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13.5 | Sep 2022 10.4 | Dec 2022 14.1 | Mar 2023 10.7 | Jun 2023 7.8 | Sep 2023 7.3 | Dec 2023 5.7 | Mar 2024 7.3 | Jun 2024 17.9 | Sep 2024 32.1 | Dec 2024 2.5 | Mar 2025 2.5 | Jun 2025 2.3 | Sep 2025 2.5 | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Clearwater Paper Corporation leads both ev/ebitda at 5.96× and p/bv at 0.28×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Clearwater Paper Corporation · 5.96× | 16.6% versus #2 · Sylvamo Corporation | 0/8 recent comparable periods | 2/2 companies · 37 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Clearwater Paper Corporation (CLW): 6.0
2. Sylvamo Corporation (SLVM): 7.2

### P/BV — lowest P/BV
1. Clearwater Paper Corporation (CLW): 0.3
2. Sylvamo Corporation (SLVM): 1.7

### 20-quarter EV/EBITDA history
- SLVM: Jun 2021 — | Sep 2021 — | Dec 2021 8.6 | Mar 2022 7.0 | Jun 2022 5.3 | Sep 2022 4.5 | Dec 2022 3.6 | Mar 2023 4.2 | Jun 2023 4.0 | Sep 2023 4.6 | Dec 2023 4.2 | Mar 2024 7.8 | Jun 2024 8.1 | Sep 2024 8.7 | Dec 2024 5.3 | Mar 2025 6.4 | Jun 2025 6.1 | Sep 2025 6.0 | Dec 2025 4.8 | Mar 2026 7.2
- CLW: Jun 2021 — | Sep 2021 9.7 | Dec 2021 10.5 | Mar 2022 8.7 | Jun 2022 5.2 | Sep 2022 4.7 | Dec 2022 5.3 | Mar 2023 5.0 | Jun 2023 4.4 | Sep 2023 5.1 | Dec 2023 5.6 | Mar 2024 6.7 | Jun 2024 24.3 | Sep 2024 28.1 | Dec 2024 19.6 | Mar 2025 21.1 | Jun 2025 9.1 | Sep 2025 25.6 | Dec 2025 11.8 | Mar 2026 6.0

### 20-quarter P/BV history
- SLVM: Jun 2021 — | Sep 2021 11.1 | Dec 2021 6.7 | Mar 2022 4.4 | Jun 2022 5.7 | Sep 2022 5.8 | Dec 2022 3.1 | Mar 2023 2.5 | Jun 2023 2.0 | Sep 2023 2.2 | Dec 2023 2.3 | Mar 2024 2.9 | Jun 2024 3.7 | Sep 2024 4.1 | Dec 2024 3.8 | Mar 2025 3.0 | Jun 2025 2.1 | Sep 2025 1.8 | Dec 2025 2.0 | Mar 2026 1.7
- CLW: Jun 2021 — | Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.3

## Market action

Sylvamo Corporation has the strongest one-year price move in Paper & Paper Products at -14%. Clearwater Paper Corporation leads on Mansfield relative strength against the S&P 500 at -6.8%. 0 of 2 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Sylvamo Corporation (SLVM): -14%
2. Clearwater Paper Corporation (CLW): -21%

### Strongest relative strength versus NIFTY 500
1. Clearwater Paper Corporation (CLW): -6.8%
2. Sylvamo Corporation (SLVM): -17%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Sylvamo Corporation (SLVM) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Clearwater Paper Corporation (CLW) — market value ₹282 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Paper & Paper Products company is the biggest?

Sylvamo Corporation is the largest, with trailing-twelve-month revenue of $3,285 million, ahead of Clearwater Paper Corporation at $1,537 million. That covers 2 of 2 companies with comparable reporting through Mar 2026.

### Which Paper & Paper Products company is growing fastest?

Clearwater Paper Corporation has the fastest revenue growth at 2.3% year on year, across 2 of 2 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Paper & Paper Products company has the best profit margins?

Sylvamo Corporation has the highest operating margin at 0.4%, from 2 of 2 comparable companies. Clearwater Paper Corporation shows the biggest recent improvement, at -1.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Paper & Paper Products company makes the most profit?

Sylvamo Corporation earns the most, at $102 million of trailing-twelve-month net profit, from 2 of 2 comparable companies. Sylvamo Corporation has the fastest profit growth at -64.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Paper & Paper Products company earns the highest return on capital?

Sylvamo Corporation leads on return on capital employed at 0.1%, across 2 of 2 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Paper & Paper Products stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Sylvamo Corporation screens cheapest at 0.21×. Only 1 of 2 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Paper & Paper Products company has the strongest balance sheet?

Clearwater Paper Corporation carries the lowest comparable gross debt at $361 million, from 2 of 2 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Paper & Paper Products company is investing most in new capacity?

Sylvamo Corporation reports the largest capital spending at $49 million, across 2 of 2 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Paper & Paper Products sector beating the market?

Paper & Paper Products has underperformed S&P 500 by 26.7% over the last 52 weeks and 2.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Paper & Paper Products stock has the strongest price momentum?

Clearwater Paper Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Paper & Paper Products company scores highest for research priority?

Clearwater Paper Corporation scores 38.2 out of 100 with 58.7% evidence confidence, from 9.2 points on growth and earnings, 7 on capital efficiency, 10 on valuation and 12 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Paper & Paper Products companies does this comparison cover, and over what period?

It compares 2 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Paper & Paper Products sector?

The 2 Paper & Paper Products companies on this page carry $1,829 million of combined market value. Sylvamo Corporation is the largest at $1,547 million, about 85% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### How is the Paper & Paper Products sector performing?

0 of the 2 covered Paper & Paper Products companies are beating S&P 500 on Mansfield relative strength. The sector itself is 26.7% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Paper & Paper Products stocks are listed in the US?

This comparison covers 2 listed Paper & Paper Products companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/paper-paper-products