What is even more interesting is the relative Ebitda margins.

In Q3, Clearwater had a 25 % Ebitda margin compared with just under 10 % for Highliner.

High Ebitda margins means higher cash flows per unit of sales and higher profit margins to pay down debt and expand operations, or, when the time comes, to pay a dividend.

 

As debt margins are about the same for HLF and CLR, Clearwater is fundamentally a much better buy.