Clarivate Plc (CLVT) valuation at a glance
- Price
- $1.87
- Forward P/E
- 2.6×
- Market cap
- $1.20B
- P/S (TTM)
- 0.5×
CompaniesCLVT
CLVT
Clarivate Plc
TechnologyInformation ServicesJersey/UKLeveragedDivestiture
Overview
$1.87-1.6%
Market Cap
$1.20B
SEC filings
P/E (TTM)
–
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
66.8%
SEC filings
FCF Yield
27.4%
Calculated from SEC filings
Fair Value
Not established
Yahoo chart 2026-09-16 close 1
Conviction
2/5Can a 42% EBITDA-margin subscription data business at roughly 0.5x revenue outrun a 4.25B debt stack while organic revenue still shrinks?
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 50/100
Value3/3
Futuren/a
Past2/4
Health2/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Clarivate sells subscription research, patent and life-science data (Web of Science, Derwent, ProQuest, Cortellis) to universities, governments and corporates. The FY2025 10-K shows revenue of 2,455.2M USD (down 4.0%, organic down 0.1%) and a net loss of 201.1M USD, while the Q2 2026 10-Q shows revenue of 587.3M USD (down 5.5%, organic down 1.5%), a 221.7M USD goodwill impairment on the Life Sciences and Healthcare unit, and total debt of 4,251.5M USD against 217.7M USD of cash. It screens as deep value because roughly 640M shares at 1.87 USD (Yahoo, 2026-09-16) imply a market value near 1.2B USD, under 0.5x annual revenue, for a business with a 42.1% adjusted EBITDA margin and renewal rates above 90% per the 10-K. The counter-evidence is that GAAP losses have run every year since 2023 with cumulative goodwill impairments above 1.3B USD, transactional revenue fell 25.2% in H1 2026, and free cash flow fell 23% year on year. Confirmation would be the 600M USD LS&H sale closing by year-end 2026 with proceeds applied to debt, organic ACV growth (1.5% at June 30 2026) turning into positive organic revenue, and the debt tender program continuing.
Bull Case
Recurring baseRecurring (subscription plus re-occurring) revenues were 1,018.7M USD in H1 2026, up 1.0%, and organic ACV grew 1.5% year on year at June 30 2026 per the 10-Q (https://www.sec.gov/Archives/edgar/data/1764046/000176404626000091/clvt-20260630.htm).
DeleveragingThe company agreed to sell its Life Sciences and Healthcare segment to an Altaris affiliate for 600M USD (500M cash at close) and states proceeds will reduce debt; it separately retired 117.6M USD of notes for 111.1M USD in H1 2026 and launched a 75M USD tender for the 2028 notes on 2026-09-17 (https://www.sec.gov/Archives/edgar/data/1764046/000095010326010269/dp249688_8k.htm, https://www.sec.gov/Archives/edgar/data/1764046/000095010326014070/dp253474_ex9901.htm).
Cash generationAdjusted EBITDA was 247.2M USD in Q2 2026 (42.1% margin) and H1 2026 free cash flow was 122.9M USD after 110.5M USD of capitalized development, per the 10-Q (https://www.sec.gov/Archives/edgar/data/1764046/000176404626000091/clvt-20260630.htm).
Bear Case
Debt loadTotal debt outstanding was 4,251.5M USD at June 30 2026 (825M 3.875% secured notes due 2028, 900M 4.875% notes due 2029, 2,499.2M term loans due 2031 at SOFR plus 2.75 to 3.25%) versus 217.7M USD cash; H1 2026 net interest expense was 119.4M USD (https://www.sec.gov/Archives/edgar/data/1764046/000176404626000091/clvt-20260630.htm).
Shrinking revenueQ2 2026 revenue fell 5.5% to 587.3M USD with organic revenue down 1.5%; transactional revenue fell 25.2% in H1 2026 and the IP segment was organically down 2.3% in Q2 (https://www.sec.gov/Archives/edgar/data/1764046/000176404626000091/clvt-20260630.htm).
Impairments and lossesQ2 2026 carried a 221.7M USD goodwill impairment on LS&H and a net loss of 268.6M USD, following goodwill impairments of 847.7M USD in FY2023 and 465.7M USD in FY2024 per the companyfacts data and the FY2025 10-K (https://www.sec.gov/Archives/edgar/data/1764046/000176404626000019/clvt-20251231.htm).
Key Metrics
Market Cap
$1.20B
SEC filings
Enterprise Value
$5.24B
Calculated from SEC filings
Revenue (TTM)
$2.41B
SEC filings
P/E (TTM)
–
SEC filings
Forward P/E
2.6×
Yahoo chart 2026-09-16 close 1
P/S (TTM)
0.5×
SEC filings
P/B
0.3×
SEC filings
EV/EBITDA
7.9×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
66.8%
SEC filings
Operating Margin
-3.5%
SEC filings
Net Margin
-13.8%
SEC filings
Free Cash Flow
$328M
SEC filings
FCF Yield
27.4%
Calculated from SEC filings
Debt / Equity
0.9×
SEC filings
Current Ratio
0.8×
SEC filings
Short Interest
14.0%
SEC filings
Institutional Own.
93.3%
SEC filings
Insider Own.
18.3%
SEC filings
Shares Out.
639.7M
SEC filings
Float
468.2M
SEC filings
Valuation
Price vs Fair Value
Now $1.87
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CLVT | $1.19B | – | 0.5× | 5.7× | -6.0% | 67.0% | -14.0% |
| RELX | $59.74B | 20.3× | 6.1× | 75.5× | +3.0% | 66.0% | 23.0% |
| TRI | $43.32B | 26.3× | 5.5× | 20.2× | +10.0% | 40.0% | 21.0% |
| WK | $3.94B | 86.1× | 4.1× | 93.6× | +19.0% | 80.0% | 5.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 2,660 | 2,629 | 2,557 | 2,455 |
| Cost of Revenue | 954.0 | 906.4 | 869.2 | 833.6 |
| Gross Profit | 1,706 | 1,722 | 1,688 | 1,622 |
| Operating Income | 266.3 | 274.1 | 234.2 | 172.1 |
| EBITDA | (3,008) | (10.5) | 456.6 | 828.7 |
| Net Income | (3,960) | (911.2) | (636.7) | (201.1) |
| Diluted EPS | -6.24 | -1.47 | -0.96 | -0.30 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 356.8 | 370.7 | 295.2 | 329.2 |
| Total Assets | 13,945 | 12,707 | 11,490 | 11,069 |
| Total Debt | 5,104 | 4,809 | 4,594 | 4,479 |
| Total Liabilities | 7,132 | 6,714 | 6,351 | 6,226 |
| Shareholders' Equity | 6,812 | 5,992 | 5,139 | 4,843 |
| Shares Out. (M) | 674.4 | 666.1 | 691.4 | 640.7 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 509.3 | 744.2 | 646.6 | 628.5 |
| Capital Expenditure | (202.9) | (242.5) | (289.1) | (263.2) |
| Free Cash Flow | 306.4 | 501.7 | 357.5 | 365.3 |
| Investing Cash Flow | 57.3 | (237.4) | (236.7) | (263.2) |
| Financing Cash Flow | (759.2) | (496.5) | (470.1) | (343.1) |
Figures normalized from Clarivate Plc's SEC 10-K filed 2026-02-24. USD millions; EPS and share count per their units. Annual periods. Source: 10-K filed 2026-02-24 ↗
Catalysts
Q3 '26
Corporate
Debt tender offer pricing for 2028 secured notes
Cash tender for up to 75M USD principal of the 3.875% Senior Secured Notes due 2028, price determination September 23 2026 per the 8-K exhibit https://www.sec.gov/Archives/edgar/data/1764046/000095010326014070/dp253474_ex9901.htm.
Q3 '26
Earningshigh relevance
Q3 2026 results with LS&H reclassified as discontinued operations
Q2 results were filed 2026-07-29; the 10-Q states LS&H will be presented as a discontinued operation from Q3 2026, giving the first clean view of the continuing A&G and IP businesses. Date is an estimate, not announced.
Q4 '26
Corporatehigh relevance
Closing of the 600M USD LS&H divestiture
Expected to close by end of calendar 2026 subject to regulatory approvals; outside date March 3 2027; 33M USD reverse termination fee guaranteed by Altaris funds (https://www.sec.gov/Archives/edgar/data/1764046/000095010326010269/dp249688_8k.htm).
Q4 '26
Earnings
FY2026 results and 2027 outlook
First annual report after the divestiture; watch organic revenue for continuing operations and net debt after proceeds are applied.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Leverage and refinancing of the 2028 and 2029 notes | Financial | High | Medium | With 4,251.5M USD of debt and shrinking revenue, a failure to deleverage before the 2028 maturity could force refinancing at materially higher coupons than the 3.875% and 4.875% notes now outstanding. |
| Continued organic revenue decline | Operational | High | High | Organic revenue was down 1.5% in Q2 2026 and transactional revenue down 25.2% in H1 2026; further erosion would compress the EBITDA that services the debt. |
| Divestiture fails to close or proceeds shrink | Corporate | Medium | Low | The 600M USD sale includes 100M USD of deferred and seller-note consideration, and is subject to regulatory approvals; a delay past March 3 2027 would remove the main deleveraging step. |
| Further goodwill and intangible impairments | Financial | Medium | Medium | Intangible assets of 7,734.3M USD and goodwill of 1,344.9M USD remain on a 10,486.1M USD balance sheet; more write-downs would cut reported equity of 4,537.5M USD. |
| Securities class actions | Regulatory | Low | Medium | Federal and Pennsylvania state class actions over 2021 disclosures remain open; the federal motion to dismiss was granted in part and denied in part in March 2026 per the 10-Q. |
Technical Snapshot
52-Week Range
–$1.87–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Jersey-incorporated with 83 holders of record at December 31 2025 per the 10-K; beneficial ownership is incorporated by reference to the proxy and was not fetched this research pass. Multiple Form 4 filings were made in July and August 2026 (latest 2026-08-18) but their direction was not verified in this research pass.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Cornick Kenneth L. | Director | Buy | 650K | $1.86 | 2026-08-06 | $1.21M |
| Cornick Kenneth L. | Director | Buy | 250K | $1.85 | 2026-08-07 | $462.5K |
| Snyder Andrew Miles | Director | Sell | 310.7K | $1.94 | 2026-08-03 | $602.8K |
| Snyder Andrew Miles | Director | Sell | 176.7K | $1.94 | 2026-08-03 | $342.7K |
| Snyder Andrew Miles | Director | Sell | 2M | $1.94 | 2026-08-03 | $3.88M |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CLVT | $1.19B | – | 0.5× | 5.7× | -6.0% | 67.0% | -14.0% |
| RELX | $59.74B | 20.3× | 6.1× | 75.5× | +3.0% | 66.0% | 23.0% |
| TRI | $43.32B | 26.3× | 5.5× | 20.2× | +10.0% | 40.0% | 21.0% |
| WK | $3.94B | 86.1× | 4.1× | 93.6× | +19.0% | 80.0% | 5.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Q2 2026: revenue down 5.5%, 221.7M USD LS&H impairment, 4.25B USD debt
Revenue was 587.3M USD versus 621.4M USD a year earlier (organic down 1.5%; A&G organic up 0.3%, IP down 2.3%, LS&H down 5.2%). The company recognized a 221.7M USD non-cash goodwill impairment on the LS&H reporting unit using the pending sale price as fair value, producing a net loss of 268.6M USD. Cash was 217.7M USD, revolver availability 768.6M USD, total debt 4,251.5M USD; 7.0M shares were repurchased for 18.1M USD in H1 2026. https://www.sec.gov/Archives/edgar/data/1764046/000176404626000091/clvt-20260630.htm
2026-09-17SEC 8-K
LS&H sale to Altaris for 600M USD and a 75M USD notes tender
The 8-K of 2026-07-06 discloses a Stock and Asset Purchase Agreement to sell Life Sciences and Healthcare for 500M USD cash at close, 25M USD deferred to no later than January 31 2028, and a 75M USD unsecured seller note, expected to close by end of 2026 with no shareholder vote required. On 2026-09-17 a subsidiary commenced a cash tender for up to 75M USD of the 825M USD 3.875% Senior Secured Notes due 2028 at UST plus 50 basis points. https://www.sec.gov/Archives/edgar/data/1764046/000095010326010269/dp249688_8k.htm https://www.sec.gov/Archives/edgar/data/1764046/000095010326014070/dp253474_8k.htm
2026-09-17SEC 10-K
FY2025 baseline
FY2025 revenue was 2,455.2M USD, down 4.0% with organic revenue down 0.1%; net loss was 201.1M USD and operating cash flow 628.5M USD (companyfacts, 10-K filed 2026-02-24). The company repurchased 56.0M shares for 224.5M USD in 2025 at an average 4.01 USD, under a 500M USD authorization running through December 31 2026. An automatic shelf (S-3ASR) was filed 2025-11-04. https://www.sec.gov/Archives/edgar/data/1764046/000176404626000019/clvt-20251231.htm
Sources
Clarivate Plc valuation questions
What is Clarivate Plc's forward P/E ratio?
Clarivate Plc (CLVT) trades at a forward P/E of 2.6×, and 0.5× trailing sales.
What is Clarivate Plc's market cap?
Clarivate Plc (CLVT) has a market capitalization (its market value, often searched as "net worth") of $1.20B, and an enterprise value of $5.24B.