CLARIVATE PLC (CLVT)
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A data house that keeps more than 90 percent of its customers every year and has still posted losses for four straight years. Free cash flow looks cheap at 3.6 times market capitalization — until you set $4.0 billion of net debt beside it. And it arises mostly because Clarivate writes off the purchase prices of its acquisitions twice as fast as it invests. In July 2026 the company sold its healthcare business. Not investment advice — just an attempt to finish reading a balance sheet.
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AI Rating
Sells AIDer Geschäftsbericht 2025 führt KI als eigene Produktlinie: „Clarivate Academic AI“ als zentrale Plattform hinter den KI-gestützten Forschungs- und Lernassistenten, „Web of Science Research Intelligence“ ausdrücklich als KI-native Lösung, dazu KI-gestützte Recherche in Derwent Innovation und das Markenrisiko-Werkzeug RiskMark; der Ausbau KI-nativer Lösungen ist der erste Punkt des Konzernplans für 2026.
View the full file — quotes, sources, reviewed filings
„Building on this foundation, Clarivate Academic AI provides a centralized, secure infrastructure that powers our suite of AI-enabled research and learning assistants integrated across our portfolio of solutions. By combining large language model (“LLM”) technology with our trusted collection of curated, scholarly content, the platform provides retrieval-augmented generation, multilingual support, and emerging purpose-built agentic AI."
Auf dieser Grundlage stellt Clarivate Academic AI eine zentrale, gesicherte Infrastruktur bereit, die unsere Reihe KI-gestützter Forschungs- und Lernassistenten betreibt und über unser gesamtes Lösungsangebot hinweg eingebunden ist. Durch die Verbindung von Technik großer Sprachmodelle mit unserer vertrauenswürdigen Sammlung kuratierter wissenschaftlicher Inhalte bietet die Plattform abrufgestützte Texterzeugung, Mehrsprachigkeit und entstehende, eigens entwickelte agentische KI.
„Web of Science Research Intelligence, an AI-native solution, accelerates insight generation and supports institutions in measuring and demonstrating impact, informing strategy, and strengthening funding and investment decisions."
Web of Science Research Intelligence, eine KI-native Lösung, beschleunigt die Erkenntnisgewinnung und unterstützt Einrichtungen dabei, Wirkung zu messen und zu belegen, Strategien zu untermauern sowie Förder- und Investitionsentscheidungen zu stärken.
„Accelerate AI innovation at scale. Continue the deployment of generative and agentic AI, build on existing momentum to release new AI-native solutions in existing and adjacent markets, and extend AI-powered capabilities across our flagship product portfolio."
KI-Innovation in der Breite beschleunigen. Die Einführung generativer und agentischer KI fortsetzen, den bestehenden Schwung nutzen, um neue KI-native Lösungen in bestehenden und angrenzenden Märkten herauszubringen, und KI-gestützte Fähigkeiten über unser gesamtes Kernproduktangebot ausweiten.
Filings Reviewed: 10-K 2026-02-24 · 10-Q 2026-04-29 · 8-K 2026-07-06 · 8-K 2026-07-06
Rated on July 27, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.27 | – | 663 | -3.00 | -28.90 | 141 | 59 |
| 2025: Q1 | -0.15 | – | 594 | -4.40 | -17.50 | 171 | 110 |
| 2025: Q2 | -0.11 | – | 621 | -4.40 | -11.60 | 116 | 50 |
| 2025: Q3 | -0.04 | – | 623 | 0.10 | -4.50 | 181 | 116 |
| 2025: Q4 | 0.00 | – | 617 | -6.90 | 0.50 | 160 | 352 |
| 2026: Q1 | -0.06 | – | 586 | -1.40 | -6.90 | 135 | 79 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
More than 45,000 customers, an annual renewal rate above 90 percent and $2,039.7 million of recurring revenue — 83 percent of 2025 revenue. Adjusted operating income was $1,001.8 million, a margin of 40.8 percent. Only a product customers cannot easily switch away from produces numbers like that.
Free cash flow of $365.3 million (2025) rests largely on an accounting entry: $735.3 million of amortization on acquired intangibles faces just $263.2 million of own investment, with only $21.9 million of depreciation on property and equipment. The bottom line was a net loss of $201.1 million — the fourth loss-making year in a row, after $636.7 million (2024) and $911.2 million (2023).
Excluding acquisitions, disposals and currency, growth was −0.1 percent in 2025 and +0.6 percent in the first quarter of 2026, with currency contributing 2.2 percentage points there. The subscription core grew organically by 0.8 and 1.7 percent respectively, while transactional revenue fell 16.9 percent in 2025. An asset whose revenue stagnates while $735 million a year is amortized against it does not regrow.
Goodwill and intangibles totaled $9,430.3 million as of March 31, 2026 — 86 percent of total assets and twice the $4,788.8 million of equity. Between 2023 and 2025, $1,535.6 million has already been written off, including $465.7 million in 2024 explicitly because of the company's own falling share price. The accumulated deficit stands at $7,554.8 million and the price-to-book ratio at 0.27.
Net debt of $4,040.9 million faces $1,304.0 million of market capitalization — $3.10 of debt per dollar of market cap. Interest expense was $265.4 million in 2025, or 20 percent of market capitalization. Refinancing is getting dearer: old notes cost 3.875 and 4.875 percent, new term loans 6.466 and 6.966 percent. On the plus side, no large maturity falls due before 2028 and the revolving facility stood untouched at $768.5 million at the end of 2025.
There is a single share class: 639,216,510 ordinary shares; the 14.4 million preferred shares converted fully into 55.3 million ordinary shares in 2024 and no conversion rights remain open. On July 3, 2026 the sale of the Life Sciences & Healthcare segment was agreed for $600 million — 1.54 times the segment's $389.8 million of revenue, while the market values the whole company at 0.53 times. At the same time the segment carries $477.8 million of allocated goodwill.
Clarivate is two things at once, and both sit in the same filings. The business underneath is strong: a renewal rate above 90 percent, 83 percent recurring revenue and a 40.8 percent margin on adjusted operating income of $1,001.8 million. The company on top is a debt pile assembled from acquisitions: $4,040.9 million of net debt against $1,304.0 million of market capitalization, $9,430.3 million of goodwill and intangibles against $4,788.8 million of equity, a $7,554.8 million accumulated deficit and a fourth consecutive loss-making year. Free cash flow of $365.3 million looks cheap at 3.6 times market capitalization and costs 14.6 times with the debt included; it arises mostly because amortization of acquisitions ($735.3 million) exceeds own investment ($263.2 million) by more than double. The business does not grow under its own steam: −0.1 percent in 2025. Not investment advice.
- Clarivate reached our research list through our in-house price-to-free-cash-flow ranking (U.S. selection). Important for context: the list had 545 U.S. hits on July 27, 2026, and CLVT sat at rank 45 with a reading of 2.10 — outside the 25 displayed places and without a tie against any other stock. The stock can be looked up through the stock screener (country United States, P/FCF filter "under 10", search box CLVT). It also appears in the price-to-sales and price-to-cash-flow rankings. All lists are recomputed daily. The ranking reading of 2.10 is based on a trailing twelve-month view; this analysis works throughout with the free cash flow the company itself published for fiscal 2025, $365.3 million, which produces 3.6 times.
- Legal form and filing status were checked before the source work: Clarivate Plc was incorporated on January 7, 2019 under the laws of Jersey, Channel Islands, and is based in London, but files with the SEC as a domestic filer on Forms 10-K, 10-Q and 8-K at "large accelerated filer" status — not as a foreign private issuer on Forms 20-F and 6-K. The data basis is therefore the annual report 10-K for 2025 (filed February 24, 2026), the quarterly report 10-Q as of March 31, 2026 (filed April 29, 2026, the most recent periodic report) and the two 8-K filings of July 6, 2026 on the sale of the Life Sciences & Healthcare segment.
- Market capitalization was calculated by us: 639,216,510 ordinary shares per the quarterly report cover page (as of March 31, 2026) times the $2.04 closing price of July 24, 2026 gives $1,304.0 million. There is only one share class — the preferred shares converted fully in 2024. The Altman Z-score of 1.78 comes from the Z-double-prime variant for non-manufacturers, whose thresholds are 1.1 (distress) and 2.6 (safe zone) — not from the original formula with 1.8 and 3.0; on that scale 1.78 means grey zone, not distress.
About the Company
Clarivate Plc bietet Informationsdienstleistungen in Amerika, im Nahen Osten, in Afrika, in Europa und im asiatisch-pazifischen Raum an. Es ist in drei Segmenten tätig: Academia & Government, Intellectual Property und Life Sciences & Healthcare.
| Employees | 12,000 |
|---|---|
| Headquarters | London, United Kingdom |
| Website | clarivate.com |
| IPO Date | 29. Oct 2018 |
| Next Earnings | 29. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Matitiahu Shem Tov | CEO & Director | 1961 |
| Jonathan M. Collins | Executive VP & CFO | 1980 |
| Bar Veinstein | President of Academia & Government | 1973 |
| Henry Levy | President of Life Sciences & Healthcare | 1973 |
| Maroun S. Mourad | Advisor | – |
| Michael Easton | Senior VP of Finance & Chief Accounting Officer | 1973 |
| William E. Graff | Executive VP & Chief Information Officer | – |
| Mark J. Donohue CPA | Head of Investor Relations | – |
| John Doulamis | Senior VP & General Counsel | – |
| Tabita Andersson | Senior Vice President of Communications & Brand | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.