# Claritev (CTEV.US)

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

Analysis as of: 2026-10-16T07:27:48.347Z. Financial observations: FY2018–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: $23.86 per share; close as of 2026-10-15.

Estimated value: low $22.97 per share, central $26.14 per share, high $30.36 per share. Buy at or below the central value $26.14 per share. Valuation as of 2026-10-16T07:27:48.347Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 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: 9 years

- Years with declining revenue: 5

- Years with a net loss: 6

- Operating margin variation: 8.71×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.41×

- FY2019: 0.37×

- FY2020: -0.14×

- FY2021: 0.35×

- FY2022: -0.34×

- FY2023: 0.17×

- FY2024: -1.49×

- FY2025: 0.05×

- LTM to Jun 2026: 0.05×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 50.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 1.7%

- ROIC, second-lowest year: -11.3%

- Typical minus recent gross margin: 50.7 pp

- Typical gross margin (annual median): 78.3%

- Recent gross margin (lower of latest and 3-year median): 27.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.9%

- ROIC including acquisitions, ten-year median: 0.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 10.5%

- FY2020: -3.7%

- FY2021: 10.7%

- FY2022: -11.3%

- FY2023: 5.4%

- FY2024: -49.8%

- FY2025: 1.7%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$885M

- Net income, five-year total: -$2.5B

- Working capital / revenue, annual change: -0.1 pp

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

- FY2021: $430M

- FY2022: -$247M

- FY2023: $225M

- FY2024: -$1.3B

- FY2025: $35M

### management: fail

- buybacks unrelated to price (informational)

- Per-share earnings: 0.93 to -17.30 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 6.9%

- Diluted shares, 5-year annual growth: 6.9%

- Per-share value change: -$18.23

- Per-share value, starting three-year median: $0.93

- Per-share value, ending three-year median: -$17.30

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 5.0%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 1.7%

Chart: Earnings per share; fiscal year observations.

- FY2018: $3.62

- FY2019: $0.93

- FY2020: -$44.23

- FY2021: $6.27

- FY2022: -$35.87

- FY2023: -$5.69

- FY2024: -$101.92

- FY2025: -$17.30

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -8.2%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 23.7%

- Earnings backed by cash: Yes

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2019: -3.3%

- FY2020: -10.8%

- FY2021: -3.7%

- FY2022: -12.8%

- FY2023: -3.8%

- FY2024: -34.0%

- FY2025: -8.2%

## Holders

## Price story

Down 89% since Jun 2022 · sales +3%

Story as of 2026-10-16T09:58:35.295Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.2% a year for ten years

- 2025-08-06: Claritev beats top-line and bottom-line estimates; updates FY25 outlook ([seekingalpha.com](https://seekingalpha.com/news/4479560-claritev-beats-top-line-and-bottom-line-estimates-updates-fy25-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-07: Claritev targets $80M-$100M ACV bookings in 2026 while raising revenue outlook to $985M-$1B ([seekingalpha.com](https://seekingalpha.com/news/4589355-claritev-targets-80m-100m-acv-bookings-in-2026-while-raising-revenue-outlook-to-985m-1b?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-07: Claritev Reports Narrower Loss In Q2, Revenue Up 6.6%; Lifts FY26 Revenue Outlook ([nasdaq.com](https://www.nasdaq.com/articles/claritev-reports-narrower-loss-q2-revenue-66-lifts-fy26-revenue-outlook))

### Sales · FY2025–2026

sales +3%; source https://www.sec.gov/Archives/edgar/data/1793229/000179322926000017/ctev-20251231.htm; observed 2026-02-26.

- FY2018: $1.0B 

- FY2019: $983M 

- FY2020: $938M 

- FY2021: $1.1B 

- FY2022: $1.1B 

- FY2023: $962M 

- FY2024: $931M 

- FY2025: $965M 

- FY2026: $995M 

### Gross margin · FY2025

gross margin 27.6%; source https://www.sec.gov/Archives/edgar/data/1793229/000179322926000017/ctev-20251231.htm; observed 2026-02-26.

- FY2018: 85.6% 

- FY2019: 84.8% 

- FY2020: 66.0% 

- FY2021: 84.3% 

- FY2022: 81.1% 

- FY2023: 75.5% 

- FY2024: 74.3% 

- FY2025: 27.6% 

## Owner memo

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

### How it makes money

Operates in health information services; annual sales are USD 965.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/1793229/000179322926000017/ctev-20251231.htm (filed 2026-02-26); FY2025: revenue 965413000; grossProfit 266576000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); CTEV.US: Claritev Corporation, together with its subsidiaries, provides data analytics and technology-enabled end-to-end cost management, payment, and revenue integrity solutions to the healthcare industry in the United States. The company offers claims intelligence solutions, including reference-based pricing, negotiation services, surprise bill services, and Vistara; network solutions, such as primary networks, complementary networks, and network build and network management services; and payment and revenue integrity solutions comprising clinical negotiation, pre-payment integrity, post-payment integrity, and revenue integrity services. It also provides data and analytics solutions consists of PlanOptix, CompleteVue, BenInsights, risk scores, and supplemental carrier services. The company provides solutions to commercial healthcare payers, third party administrators, employers, brokers/consultants, providers, government healthcare payers and system integrators. It serves national and regional insurance companies, Blue Cross and Blue Shield plans, provider-sponsored and independent health plans, TPAs, property and casualty insurers, bill review companies and other companies involved in the claims adjudication process. The company was formerly known as MultiPlan Corporation and changed its name to Claritev Corporation in February 2025. Claritev Corporation was founded in 1980 and is headquartered in McLean, Virginia.

### Why customers stay

Margins ranged from 27.6% to 75.5% during 2023–25; it earns 1.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 75.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 74.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1793229/000179322926000017/ctev-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 27.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 8-year return on capital observations [[2019,0.10464553607788331],[2020,-0.03737656664991745],[2021,0.10689133358604766],[2022,-0.1131004818718842],[2023,0.05384690932869453],[2024,-0.4979231343733661],[2025,0.01748544509613212]]; median 0.01748544509613212. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 13.7% of cash earnings; paid no dividends in 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 63556000; cash acquisitions 0; owner earnings 358988000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 66414000; cash acquisitions 0; owner earnings 342750000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 84590000; cash acquisitions 0; owner earnings 429548000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 108852000; cash acquisitions 0; owner earnings 225237000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1793229/000179322926000017/ctev-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 129601000; cash acquisitions 4750000; owner earnings 34571000. Growth capex plus acquisitions / owner earnings = 0.13739839750079547.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 7.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); CTEV.US SharesStats.PercentInsiders = 7.260999999999999 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 0.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.016213694292302405. Price 23.86; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2020-04: $398.00 per share

- 2020-05: $410.00 per share

- 2020-06: $431.60 per share

- 2020-07: $414.40 per share

- 2020-08: $460.80 per share

- 2020-09: $410.00 per share

- 2020-10: $292.00 per share

- 2020-11: $277.60 per share

- 2020-12: $319.60 per share

- 2021-01: $319.20 per share

- 2021-02: $284.40 per share

- 2021-03: $222.00 per share

- 2021-04: $297.20 per share

- 2021-05: $337.60 per share

- 2021-06: $380.80 per share

- 2021-07: $322.00 per share

- 2021-08: $240.00 per share

- 2021-09: $225.20 per share

- 2021-10: $172.40 per share

- 2021-11: $161.60 per share

- 2021-12: $177.20 per share

- 2022-01: $161.20 per share

- 2022-02: $150.40 per share

- 2022-03: $187.20 per share

- 2022-04: $177.20 per share

- 2022-05: $200.00 per share

- 2022-06: $219.60 per share

- 2022-07: $202.40 per share

- 2022-08: $140.80 per share

- 2022-09: $114.40 per share

- 2022-10: $114.80 per share

- 2022-11: $59.60 per share

- 2022-12: $46.00 per share

- 2023-01: $52.80 per share

- 2023-02: $40.40 per share

- 2023-03: $42.40 per share

- 2023-04: $39.12 per share

- 2023-05: $55.60 per share

- 2023-06: $84.40 per share

- 2023-07: $86.00 per share

- 2023-08: $68.40 per share

- 2023-09: $67.20 per share

- 2023-10: $67.60 per share

- 2023-11: $52.00 per share

- 2023-12: $57.60 per share

- 2024-01: $40.40 per share

- 2024-02: $44.80 per share

- 2024-03: $32.44 per share

- 2024-04: $26.00 per share

- 2024-05: $21.48 per share

- 2024-06: $15.52 per share

- 2024-07: $18.00 per share

- 2024-08: $9.40 per share

- 2024-09: $7.64 per share

- 2024-10: $8.96 per share

- 2024-11: $7.89 per share

- 2024-12: $14.78 per share

- 2025-01: $18.26 per share

- 2025-02: $20.99 per share

- 2025-03: $20.63 per share

- 2025-04: $22.43 per share

- 2025-05: $38.45 per share

- 2025-06: $45.13 per share

- 2025-07: $39.87 per share

- 2025-08: $68.91 per share

- 2025-09: $53.08 per share

- 2025-10: $65.10 per share

- 2025-11: $54.07 per share

- 2025-12: $42.75 per share

- 2026-01: $27.16 per share

- 2026-02: $13.47 per share

- 2026-03: $16.34 per share

- 2026-04: $24.33 per share

- 2026-05: $25.12 per share

- 2026-06: $34.11 per share

- 2026-07: $22.71 per share

- 2026-08: $39.83 per share

- 2026-09: $21.17 per share

- 2026-10: $23.86 per share

## Annual estimated value (USD per share)

- FY2022: low $274.38 per share, central $309.51 per share, high $356.28 per share

- FY2023: low $155.89 per share, central $176.93 per share, high $204.95 per share

- FY2025: low $22.99 per share, central $26.16 per share, high $30.38 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/1793229/000179322926000017/ctev-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.