# Clarivate (CLVT.US)

Canonical: https://gigainvestors.com/s/CLVT

Analysis as of: 2026-10-16T07:27:29.092Z. Financial observations: FY2014–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1.74 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 10

- Operating margin variation: 1.92×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.16×

- FY2018: -0.11×

- FY2019: -0.08×

- FY2020: 0.04×

- FY2021: -0.05×

- FY2022: -1.48×

- FY2023: -0.28×

- FY2024: -0.11×

- FY2025: 0.03×

- LTM to Jun 2026: -0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -3.5%

- ROIC, second-lowest year: -6.9%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 65.8%

- Recent gross margin (lower of latest and 3-year median): 66.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.3%

- ROIC including acquisitions, ten-year median: -1.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -6.0%

- FY2018: -4.8%

- FY2019: -4.2%

- FY2020: 0.7%

- FY2021: -0.8%

- FY2022: -35.7%

- FY2023: -6.9%

- FY2024: -2.8%

- FY2025: 0.8%

- LTM to Jun 2026: -0.9%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$3.7B

- Net income, five-year total: -$6.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -2.9 pp

- Working capital / revenue, final three-year average: 28.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $64M

- FY2022: -$3.5B

- FY2023: -$445M

- FY2024: -$199M

- FY2025: $293M

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- ROIC first 3 years vs last 3 years: -4.8% vs -2.8%

- Per-share earnings: 0.16 to -0.92 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 25.0%

- Ordinary dilution, 5-year annual growth: 9.5%

- Market cap gain: $63M

- Cumulative retained earnings: -$6.9B

- Diluted shares, 10-year annual growth: 25.0%

- Diluted shares, 5-year annual growth: 9.5%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.08

- Per-share value, starting three-year median: $0.16

- Per-share value, ending three-year median: -$0.92

- Buybacks concentrated in cheaper years (correlation): -0.54

- Average buyback yield: 3.9%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $19B

- Cumulative net income, 10 years: -$6.8B

- ROIC, first three-year median: -4.8%

- ROIC, last three-year median: -2.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.16

- FY2017: -$1.22

- FY2018: -$1.11

- FY2019: -$0.94

- FY2020: -$0.25

- FY2021: -$0.42

- FY2022: -$5.84

- FY2023: -$1.36

- FY2024: -$0.92

- FY2025: -$0.30

### accounting: pass

- Sloan accruals: -7.5%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 10.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.98×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.1%

- FY2017: -6.8%

- FY2018: -5.8%

- FY2019: -9.9%

- FY2020: -2.8%

- FY2021: -3.9%

- FY2022: -32.1%

- FY2023: -13.0%

- FY2024: -11.2%

- FY2025: -7.5%

## Holders

## Price story

Down 93% since Dec 2021 · "Clarivate (CLVT) Is Up 5.1% After Narrowing Impairments But Guiding For 2026 Net Losses" (finance.yahoo.com, Mar 2026) · sales -1.7%

Story as of 2026-10-16T09:58:30.988Z; price observation 2026-10-15.

- 2026-03-04: Clarivate (CLVT) Is Up 5.1% After Narrowing Impairments But Guiding For 2026 Net Losses ([finance.yahoo.com](https://finance.yahoo.com/news/clarivate-clvt-5-1-narrowing-181051134.html))

- 2026-04-29: Clarivate Shares Jump 7% After Earnings Beat and Outlook Reaffirmed ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/clarivate-shares-jump-7-earnings-125552576.html))

### Sales · FY2025–2026

sales -1.7%; source https://www.sec.gov/Archives/edgar/data/1764046/000176404626000019/clvt-20251231.htm; observed 2026-02-24.

- FY2017: $918M 

- FY2018: $968M 

- FY2019: $974M 

- FY2020: $1.3B 

- FY2021: $1.9B 

- FY2022: $2.7B 

- FY2023: $2.6B 

- FY2024: $2.6B 

- FY2025: $2.5B 

- FY2026: $2.4B 

### Gross margin · FY2026

gross margin 66.8%; source https://www.sec.gov/Archives/edgar/data/1764046/000176404626000019/clvt-20251231.htm; observed 2026-02-24.

- FY2017: 57.0% 

- FY2018: 59.1% 

- FY2019: 63.9% 

- FY2020: 68.2% 

- FY2021: 66.6% 

- FY2022: 64.1% 

- FY2023: 65.5% 

- FY2024: 66.0% 

- FY2025: 66.0% 

- FY2026: 66.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are USD 2.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1764046/000176404626000019/clvt-20251231.htm (filed 2026-02-24); FY2025: revenue 2455200000; grossProfit 1621600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CLVT.US: Clarivate Plc provides information services in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Intellectual Property, and Life Sciences & Healthcare. The company offers scientific and academic research solutions; Web of Science Research Intelligence, an AI-native solution; ProQuest solutions to access multidisciplinary curated content, such as databases, dissertations, news, primary sources, books, and video formats; library software, including Alma, library services platform; and Vega and Polaris for public libraries. It also provides patent maintenance and administrative services; Derwent Innovation, an AI-powered search; Derwent World Patents Index to identify related concepts in patent publications and navigate new or unfamiliar technology categories; CompuMark, a trademark search and watch solutions; IP Recordals managed services; and RiskMark, an AI-powered tool for evaluating trademark risk and argument drafting support. In addition, the company offers IPfolio, a management platform; FoundationIP solution for law firms; Cortellis for decisions related to assessing the market, analyzing competitors, regulatory compliance, and drug safety; Regulatory Intelligence platform; commercial solutions; and Medtech solutions. It serves academic institutions, government agencies, and life sciences, and pharmaceutical companies. The company was formerly known as Clarivate Analytics Plc and changed its name to Clarivate Plc in May 2020. Clarivate Plc was founded in 1864 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 65.5% to 66% during 2023–25; it lost 3.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 65.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 66%.

- Source: https://www.sec.gov/Archives/edgar/data/1764046/000176404626000019/clvt-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 66%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2017,-0.0600343765877399],[2018,-0.04819787202728792],[2019,-0.04154922833159584],[2020,0.00664495999550376],[2021,-0.00759751750314159],[2022,-0.356798821878092],[2023,-0.06904253800585254],[2024,-0.02766611179587532],[2025,0.007606075703917159],[2026,-0.00924091587854654]]; median -0.03460767006373558. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back USD 224.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 0; upkeep 31870000; owner earnings 19997000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2020: growth capex 0; upkeep 118543000; owner earnings 78297000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 202900000; owner earnings 64400000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1764046/000176404626000019/clvt-20251231.htm (filed 2026-02-24); FY2025: growth capex 0; upkeep 263200000; owner earnings 292900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,10138000],[2017,10189000],[2018,18868000],[2019,18868000],[2020,18868000],[2021,75400000],[2022,75400000],[2023,75500000],[2024,37700000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1764046/000176404626000019/clvt-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 224500000 USD.

### What the price says

The price is 0.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Closing price 1.74 USD; reporting-to-trading FX 1; FY2025 annual sales per share 3.6465171543145702; price multiple 0.47716764418377317. FY2025 cash earnings/share 0.43502153571959007. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-10: $9.60 per share

- 2018-11: $9.57 per share

- 2018-12: $9.55 per share

- 2019-01: $10.58 per share

- 2019-02: $11.02 per share

- 2019-03: $13.44 per share

- 2019-04: $14.40 per share

- 2019-05: $12.92 per share

- 2019-06: $15.38 per share

- 2019-07: $16.45 per share

- 2019-08: $17.62 per share

- 2019-09: $16.87 per share

- 2019-10: $16.74 per share

- 2019-11: $17.98 per share

- 2019-12: $16.80 per share

- 2020-01: $20.16 per share

- 2020-02: $20.34 per share

- 2020-03: $20.75 per share

- 2020-04: $22.98 per share

- 2020-05: $22.89 per share

- 2020-06: $22.33 per share

- 2020-07: $27.65 per share

- 2020-08: $29.44 per share

- 2020-09: $30.99 per share

- 2020-10: $27.75 per share

- 2020-11: $27.44 per share

- 2020-12: $29.71 per share

- 2021-01: $28.94 per share

- 2021-02: $22.75 per share

- 2021-03: $26.39 per share

- 2021-04: $27.93 per share

- 2021-05: $30.04 per share

- 2021-06: $27.53 per share

- 2021-07: $22.80 per share

- 2021-08: $25.19 per share

- 2021-09: $21.90 per share

- 2021-10: $23.45 per share

- 2021-11: $23.34 per share

- 2021-12: $23.52 per share

- 2022-01: $16.46 per share

- 2022-02: $14.98 per share

- 2022-03: $16.76 per share

- 2022-04: $15.68 per share

- 2022-05: $14.77 per share

- 2022-06: $13.86 per share

- 2022-07: $14.49 per share

- 2022-08: $11.67 per share

- 2022-09: $9.39 per share

- 2022-10: $10.33 per share

- 2022-11: $9.79 per share

- 2022-12: $8.34 per share

- 2023-01: $11.12 per share

- 2023-02: $10.13 per share

- 2023-03: $9.39 per share

- 2023-04: $8.86 per share

- 2023-05: $7.80 per share

- 2023-06: $9.53 per share

- 2023-07: $9.51 per share

- 2023-08: $7.43 per share

- 2023-09: $6.71 per share

- 2023-10: $6.38 per share

- 2023-11: $7.76 per share

- 2023-12: $9.26 per share

- 2024-01: $8.94 per share

- 2024-02: $7.18 per share

- 2024-03: $7.43 per share

- 2024-04: $6.76 per share

- 2024-05: $5.70 per share

- 2024-06: $5.69 per share

- 2024-07: $6.74 per share

- 2024-08: $6.86 per share

- 2024-09: $7.10 per share

- 2024-10: $6.60 per share

- 2024-11: $5.73 per share

- 2024-12: $5.08 per share

- 2025-01: $5.42 per share

- 2025-02: $4.29 per share

- 2025-03: $3.93 per share

- 2025-04: $4.31 per share

- 2025-05: $4.22 per share

- 2025-06: $4.30 per share

- 2025-07: $3.85 per share

- 2025-08: $4.35 per share

- 2025-09: $3.83 per share

- 2025-10: $3.40 per share

- 2025-11: $3.76 per share

- 2025-12: $3.34 per share

- 2026-01: $2.65 per share

- 2026-02: $2.30 per share

- 2026-03: $2.53 per share

- 2026-04: $2.87 per share

- 2026-05: $2.53 per share

- 2026-06: $2.16 per share

- 2026-07: $1.98 per share

- 2026-08: $2.05 per share

- 2026-09: $1.67 per share

- 2026-10: $1.74 per share

## Annual estimated value (USD per share)

- FY2018: low $1.46 per share, central $1.66 per share, high $1.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1764046/000176404626000019/clvt-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.