MERC vs SW vs CLW Stock Comparison

Mercer International, Smurfit Westrock and Clearwater Paper Prices as of Oct 28, 2026 Peers: Industry group
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SW Smurfit Westrock plc
$40.35 -10.5% 1M -6.4% 1Y
Market cap
$22.22B
P/E
46.8x
Revenue (TTM)
$31.48B
Div. yield
–
Paper Packaging Basic Materials
7 wins
CLW Clearwater Paper Corp
$13.05 -34.4% 1M -32.4% 1Y
Market cap
$209.42M
P/E
87.3x
Revenue (TTM)
$1.51B
Div. yield
–
Paper Packaging Basic Materials
2 wins

Head to Head

10 decided of 12

Smurfit Westrock leads on 7 of the 12 questions below (Smurfit Westrock 7, Clearwater Paper 2, Mercer International 1). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionMERCSWCLWLeader
Larger companyMarket capitalisation $8.13M $22.22B $209.42M SW
Cheaper on earningsLower P/E, profitable companies only 0.0x 46.8x 87.3x SW
Cheaper on forward earningsLower price / next fiscal year consensus EPS — 17.8x — –
Faster revenue growthRevenue growth, trailing twelve months -4.8% +1.1% -3.2% SW
More profitableNet margin, trailing twelve months -27.9% — 0.2% CLW
Better return on capitalReturn on invested capital -23.1% — -1.3% CLW
Less leveragedLower net debt / EBITDA -6.8x — 7.6x MERC
Higher dividend yieldTrailing dividend yield 1.24% 0.00% 0.00% –
Better 1-year returnPrice return, last 12 months -95.1% -6.4% -32.4% SW
Better 5-year returnAnnualised price return, 5 years -59.3%/yr -4.9%/yr -20.8%/yr SW
Less volatileAnnualised volatility, 1 year 97.9% 44.4% 63.0% SW
Higher overall scoreMean of the five percentile scores vs peers 14/100 64/100 49/100 SW

Percentile Scorecard

MERCSWCLW

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisMERCSWCLW
Valuation 20 #231 of 287 80 #4 of 16 100 #1 of 16
Growth 1 #264 of 266 13 #14 of 16 40 #10 of 16
Profitability 28 #170 of 234 79 #4 of 15 36 #10 of 15
Financial Health 8 #266 of 289 87 #3 of 16 53 #8 of 16
Shareholder Returns 14 #174 of 203 62 #6 of 14 15 #12 of 14
Overall 14 64 49
  • MERC ranked among 308 companies in Basic Materials
  • SW ranked among 17 companies in Packaging
  • CLW ranked among 17 companies in Packaging

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodMERCSWCLWSPY
1 month -62.5%-10.5%-34.4% +0.9%
3 months -80.0%-16.4%-39.7% +5.9%
6 months -88.8%+1.7%+1.2% +8.5%
Year to date -93.9%+4.3%-25.0% +13.3%
1 year -95.1%-6.4%-32.4% +12.4%
3 years -98.5%+29.8%-62.2% +88.1%
3 years, per year -75.4%+9.1%-27.7% +23.5%
5 years -98.9%-22.0%-68.8% +68.2%
5 years, per year -59.3%-4.9%-20.8% +11.0%
10 years -98.5%+84.2%-75.8% +263.4%
10 years, per year -34.2%+6.3%-13.2% +13.8%

Risk

MeasureMERCSWCLWSPY
Volatility, 1Y 97.9%44.4%63.0% 12.7%
Downside volatility, 1Y 115.2%41.0%70.1% 12.7%
Beta vs S&P 500, 1Y 1.861.450.80 1.00
Return / volatility, 1Y -0.97-0.14-0.51 0.98
Max drawdown, 5Y -99.3%-55.1%-77.8% -25.4%
From 52-week high -95.7%-22.2%-44.0% -0.9%
52-week high $2.79$51.84$23.30 $779.14
52-week low $0.12$32.79$12.44 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleMERCSWCLW
P/E now vs peer median 0.0xmedian 17.5x 46.8xmedian 19.1x 87.7xmedian 19.1x
P/S now vs peer median 0.0xmedian 1.8x 0.7xmedian 0.7x 0.1xmedian 0.7x
EV/EBITDA now vs peer median -6.8xmedian 9.8x —median 9.9x 10.6xmedian 9.9x
P/FCF now vs peer median -0.1xmedian 15.8x 22.9xmedian 15.5x 3.7xmedian 15.5x
P/B now vs peer median -0.1xmedian 1.8x 1.2xmedian 1.5x 0.3xmedian 1.5x
PEG now vs peer median 0.00median 0.78 —median 0.78 -1.27median 0.78

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsMERCSWCLW
Revenue $1.86B $31.48B $1.51B
Gross profit $52.72M $5.49B $27.10M
Operating income -$437.94M $1.44B -$24.30M
Net income -$517.45M $473.00M $2.40M
Free cash flow -$154.18M – $56.80M
EPS (diluted) $-7.72 – $0.15
Cash & equivalents $78.78M – $35.70M
Total debt $1.95B – $567.40M
Shares (diluted) 67.04M 526.00M 16.13M
Enterprise value -$440.10M $22.22B $11.12M

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricMERCSWCLW
P/E 0.0x 46.8x 87.7x
P/FCF -0.1x 22.9x 3.7x
P/Operating cash flow -0.1x 7.0x 2.0x
P/S 0.0x 0.7x 0.1x
P/B -0.1x 1.2x 0.3x
P/Tangible book -0.1x 1.2x 0.3x
EV/EBITDA -6.8x – 10.6x
EV/EBIT -4.3x – -30.5x
EV/Revenue 1.0x 0.7x 0.5x
EV/FCF -12.2x – 13.1x
EV/Operating cash flow -22.2x 7.0x 7.1x
PEG (3Y EPS CAGR) 0.00 – -1.27

Growth

14 metrics
MetricMERCSWCLW
Revenue growth (1Y) -4.8% 1.1% -3.2%
Revenue CAGR (3Y) -5.0% – 43.6%
Gross profit growth (1Y) -81.9% -10.1% -76.0%
Gross profit CAGR (3Y) -45.3% – 28.2%
Operating income growth (1Y) -5,891% -16.9% 62.7%
Operating income CAGR (3Y) -163.0% – -31.2%
Net income growth (1Y) -373.6% -36.8% -98.3%
Net income CAGR (3Y) -130.8% – -69.5%
EPS growth (1Y) -372.7% – -98.3%
EPS CAGR (3Y) -130.0% – -69.0%
Operating cash flow growth (1Y) -270.4% 2.0% 478.1%
Operating cash flow CAGR (3Y) -41.4% – -9.6%
Free cash flow growth (1Y) -261.2% – 142.2%
Free cash flow CAGR (3Y) -0.7% – -10.9%

Profitability

14 metrics
MetricMERCSWCLW
Gross margin 2.8% – 1.8%
EBITDA margin -14.9% – 4.6%
Operating margin -23.6% – -1.6%
Pretax margin -29.7% – -3.2%
Net margin -27.9% – 0.2%
FCF margin -8.3% – 3.8%
Operating cash flow margin -4.6% 9.6% 7.0%
Return on equity – 2.6% 0.3%
Return on assets -27.0% 1.0% 0.1%
Return on invested capital -23.1% – -1.3%
Return on capital employed -33.3% – -2.1%
Asset turnover 1.0x 0.7x 0.9x
Cash conversion (OCF / net income) 0.2x 6.4x 43.8x
Stock comp / revenue 0.0% 0.3% 0.3%

Financial Health

11 metrics
MetricMERCSWCLW
Debt / assets 104.3% – 31.9%
Debt / equity -19.9x – 0.7x
Net debt / EBITDA -6.8x – 7.6x
Debt / FCF -12.7x – 10.0x
Liabilities / assets 105.2% 60.1% 55.3%
Equity / assets -5.2% 39.9% 44.7%
Interest coverage -3.7x – –
Current ratio 1.3x 1.5x 1.5x
Quick ratio 0.6x – 0.4x
Cash ratio 0.1x – 0.1x
Altman Z-score 0.04 – 1.74

Shareholder Returns

7 metrics
MetricMERCSWCLW
Dividend yield 0.0% 4.4% –
Net buyback yield – – 0.0%
Shareholder yield 0.0% 4.4% 0.0%
Payout ratio (earnings) -1.9% – –
Payout ratio (FCF) -6.5% – –
Dividend growth (1Y) -60.0% – –
Dividend CAGR (3Y) -26.1% – –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusMERCSWCLW
Forward P/E – 17.8xFY2026 –
EPS, next fiscal year $-3.79FY2026 $2.27FY2026 $-3.74FY2026
EPS growth, next FY – +10.7%FY2026 –
EPS growth, the year after – +67.4% –
Revenue, next fiscal year $2.02BFY2026 $33.77BFY2026 $1.55BFY2026
Revenue growth, next FY +7.9%FY2026 +8.3%FY2026 -0.5%FY2026
Revenue growth, the year after +10.5% +9.3% +6.7%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersMERCSWCLW
Held by institutions 63.8% – 88.7%
Institutions holding 67 – 134
Change in shares held, QoQ -11.3% – +9.9%
Institutions buying 27 – 85
Institutions selling 19 – 33
Buyers to sellers 1.42 – 2.58

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

MERCSWCLW
MERC 1.00 0.20 0.09
SW 0.20 1.00 0.31
CLW 0.09 0.31 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, MERC, SW and CLW?

Smurfit Westrock (SW) is the largest by market capitalisation: Mercer International (MERC) $8.13M, Smurfit Westrock (SW) $22.22B, Clearwater Paper (CLW) $209.42M.

Which stock is cheaper, MERC, SW and CLW?

Smurfit Westrock (SW) trades on the lowest price-to-earnings ratio (Mercer International (MERC) 0.0x, Smurfit Westrock (SW) 46.8x, Clearwater Paper (CLW) 87.3x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Smurfit Westrock (SW) grew revenue fastest over the trailing twelve months: Mercer International (MERC) -4.8%, Smurfit Westrock (SW) +1.1%, Clearwater Paper (CLW) -3.2%.

Which company is more profitable?

Clearwater Paper (CLW) has the highest net margin (Mercer International (MERC) -27.9%, Clearwater Paper (CLW) 0.2%). On return on invested capital, Clearwater Paper (CLW) leads (Mercer International (MERC) -23.1%, Clearwater Paper (CLW) -1.3%).

Which stock has performed better?

Over the past year Smurfit Westrock (SW) returned the most: Mercer International (MERC) -95.1%, Smurfit Westrock (SW) -6.4%, Clearwater Paper (CLW) -32.4%. Over five years, Smurfit Westrock (SW) compounded fastest (Mercer International (MERC) -59.3%/yr, Smurfit Westrock (SW) -4.9%/yr, Clearwater Paper (CLW) -20.8%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Only one of these companies pays a dividend: Mercer International (MERC) 1.24%, Smurfit Westrock (SW) 0.00%, Clearwater Paper (CLW) 0.00%. Smurfit Westrock (SW) and Clearwater Paper (CLW) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Smurfit Westrock (SW) has been the steadiest (Mercer International (MERC) 97.9%, Smurfit Westrock (SW) 44.4%, Clearwater Paper (CLW) 63.0%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, MERC, SW and CLW?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Smurfit Westrock (SW) leads on 7. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.