Is CLW halal?
Clearwater Paper Corporation
Not halal
Clearwater Paper Corporation did not pass AAOIFI screening. The failed check is shown below.
Checked: 15 October 2026
Exchange
NYSE
Price
19.3
Day
+0.00%
Market cap
$307.6M
Industry
Paper & Paper Products
Sector
Basic Materials
What the company does
Clearwater Paper makes bleached paperboard (SBS) for packaging; it sold its tissue business in 2024 to focus solely on paperboard. Revenue comes from selling board to packaging and printing companies.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $373.10M ÷ current market cap $307.59M = 121.3%
121.3%
Fail
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $95.40M ÷ current market cap $307.59M = 31.0%
31.0%
Fail
Non-compliant income / total revenue
limit 5%
Interest income $1.80M ÷ annual revenue $1.56B (2025) = 0.1%
0.1%
Pass
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict.
For information (AAOIFI 3/1 note): cash + receivables are 16.4% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Superinvestors
SEC 13F, 2026 Q3. Up to 45 days delayed.Held by 1 superinvestors · Average reported price: $15.68
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- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
Our scanner watches 1454 halal stocks around the clock and fires a signal with entry, TP and SL when a technical setup completes. The full signal history — with outcomes — is public.
This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.