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what it is
Clarus sells climbing, skiing, backpacking, and outdoor gear under brands like Black Diamond and PIEPS in more than 50 countries.
how it gets paid
Last year Clarus made $250M in revenue. climbing equipment was the main engine at $70M, or 28% of sales.
why growth slowed
Revenue fell 5.2% last year. Gross margin was 35.0%, but that did not save the quarter from a loss.
what just happened
Latest quarter: total revenue ~$60–65M ballpark on ~$250M FY—do not read ~$185M as company sales; that matches the Outdoor segment (~$185M), not the consolidated top line.
At a glance
B balance sheet — gets the job done, barely
25/100 earnings predictability — expect surprises
3.6% dividend yield — cash in your pocket every quarter
5.5% return on capital — nothing to write home about
-$2.49 fy2024 eps est
xvary composite: 47/100 — below average
What they do
Clarus sells climbing, skiing, backpacking, and outdoor gear under brands like Black Diamond and PIEPS in more than 50 countries.
This is a niche gear company, not a mass-market apparel machine. It sells technical equipment into climbing, skiing, and backcountry use, where failure matters more than fashion. Its products reach customers in over 50 countries with just 470 employees, which means your brand has to travel farther than your payroll.
How they make money
$250M
annual revenue · their business grew -5.2% last year
climbing equipment
$70M
6%
technical backpacks
$45M
4%
ski safety gear
$40M
8%
apparel gloves and mittens
$55M
7%
tents poles lamps and accessories
$40M
3%
The products that matter
core revenue segment
Outdoor Segment
$184.8M · 74% of revenue
This is the main business. At $184.8M, it carries roughly three-quarters of company revenue, so a turnaround here matters more than anything else.
main driver
secondary revenue segment
Adventure Segment
$65.2M · 26% of revenue
At $65.2M, this segment is meaningful but not decisive. Even strong execution here cannot fully offset weakness in the larger Outdoor business.
supporting piece
named product detail
Float, go! Mobile, Glide
3 named products
The current snapshot names three products but provides no standalone revenue. That's a clue: you should underwrite CLAR on segment recovery and margin repair, not on product-level precision that isn't here.
data is thin
Key numbers
-23.8%
operating margin
Operating margin means profit after running the business. Plain English: Clarus loses about 24 cents on every sales dollar at the operating line. So what: revenue alone does not fix this.
$10M
long-term debt
Long-term debt means money owed over years. Plain English: borrowings are small. So what: this is an income statement problem more than a balance sheet problem.
~$250M
2024 revenue (FY)
Consolidated FY revenue on this page is ~$250M; ~$264M is an alternate estimate—reconcile in the 10-K. So what: one bad season can move the whole story.
3.6%
dividend yield
Dividend yield means cash paid to shareholders relative to stock price. Plain English: you get income while waiting. So what: that support disappears fast if the payout gets cut.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $10M (8% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CLAR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Consolidated quarter revenue is ~$60–65M (order-of-magnitude vs ~$250M FY)—the old $185M line tracks the Outdoor segment, not total sales. EPS still came in at -$0.40.
Gross margin was 35.0%, but that did not save the quarter from a loss. The year tells the harsher story: full-year EPS deteriorated from -$0.42 in 2023 to -$2.49 in 2024.
~$62M
quarter revenue (approx.)
-$0.40
eps
35.0%
gross margin
the number that mattered
The number that mattered was -$2.49 in full-year EPS, because it shows the problem is not one messy quarter.
source: company earnings report, 2026
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What could go wrong
Your primary risk is margin compression in a shrinking outdoor portfolio. Clarus already lost $31.3M last year, so it does not have much room for another bad gross margin print.
high
sustained operating losses
A $31.3M annual net loss on $264M of revenue is not a rounding error. If losses continue near this level, equity value gets consumed by waiting.
losses are already equal to roughly 29% of the current $107M market cap
high
gross margin keeps sliding
Gross margin fell to 27.7% from 33.4% a year earlier. In a consumer products business, that kind of drop can overwhelm any cost-cutting plan.
5.7 points of margin lost is the biggest red flag on the page
med
dividend tension
The stock yields 3.6%, which sounds fine until you remember EPS is estimated at -$2.49. If operating results do not improve, the payout becomes a capital allocation question instead of a shareholder benefit.
you may be getting paid with capital the business needs elsewhere
med
thin visibility
Product-level detail is sparse in the current source set. When you can't clearly trace which product is fixing the business, you are underwriting management's turnaround story more than an identifiable growth engine.
harder to separate temporary noise from a structural problem
A 5.7-point gross margin drop plus a $31.3M annual loss is enough to make the 3.6% dividend look less like income and more like a test.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
gross margin
27.7% is the number running the story. If margin does not recover toward the low-30s, the turnaround math stays ugly.
earnings
next earnings report
You need two things at once: revenue stabilizing after the 7.6% decline and proof that Q4 free cash flow was not a one-quarter fluke.
risk
dividend vs. losses
A 3.6% yield looks generous on a $3 stock. It looks less generous next to -$2.49 of estimated EPS.
trend
outdoor segment sales
Outdoor is 74% of revenue at $184.8M. If that segment is still weak, the rest of the portfolio is too small to change the narrative.
Analyst rankings
earnings predictability
25 / 100
In human-speak: analysts do not trust the earnings pattern here, and neither should you without more evidence.
risk rank
3
Middle of the pack for risk. The balance sheet is not the crisis. The operations are.
price stability
20 / 100
Low stability means the stock tends to move around. Small-cap turnarounds rarely trade like calm utilities.
source: institutional data
Institutional activity
institutional ownership data for CLAR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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