The purpose of this paper is to evaluate the financial performance of the paper, paperboard and derivatives industry in Colombia in the period 2010-2015, through an analysis of accounting and value management indicators that measure growth, efficiency, efficacy and effectiveness. It is found that this industry generates accounting returns in almost every year, less in 2014; and that the behavior of its effectiveness depends in order of importance to the efficacy in the control of costs and expenses, to the efficiency of the use of resources, leaving as a third factor the financial leverage; however, aggregate economic value (EVA) is destroyed each year, and its aggregate market value (VMA) is negative. This industry is a value-destroyer because the profitability of net operating assets is lower than the cost of capital, where profitability is increasing, with a considerable drop in 2014, and the cost of oscillating capital. This contrasts with the counterpart sector in the United States of America where value is created in five years, with higher net operating income and lower capital cost than Colombia. The results found could be complemented with similar studies for groups of companies more homogeneous in age, size and geographical location.