One-glance verdict
Within fair range
$1.78 our estimate vs market $1.87
Wall Street consensus: $2.97 (67.0% higher than our fair-value estimate)
5% above our estimate
Fundamentals snapshot
Clarivate Plc
CLVT · NYQ · Technology · Information Technology Services
Current price
$1.87
52-week range
$1.66 - $4.33
Market cap
$1.20B
Balance sheet
Distressed
0.65x Concerning
Net debt $4.05B. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Free cash flow was positive in 7/10 years.
- Risk Return on equity was -7.0% last year — the company lost money on shareholders' equity.
- Risk Operating margin compressed from 10.0% to 6.1% over 3 years.
What this company does
Clarivate Plc
Clarivate provides critical information and software to universities, drug companies, and law firms to help them with research and protecting their ideas like patents and trademarks. The company makes most of its money from subscriptions, which creates recurring revenue (a predictable and steady stream of income unlike one-time sales) because its clients depend on these specialized tools for their daily work. This makes Clarivate's services very integrated into its customers' operations, which can make it difficult for them to switch to a competitor.
How the company got here
Clarivate's story began as the Intellectual Property & Science division of the major information firm Thomson Reuters. In 2016, two private equity firms bought this division and established it as a standalone company named Clarivate Analytics. It became a publicly traded company in 2019 and has since grown significantly by acquiring other information and analytics companies, including ProQuest and CPA Global. These acquisitions have built Clarivate into a large provider of specialized data and software for researchers, universities, and companies focused on innovation.
What it actually does
Clarivate is a company that sells access to vast, curated collections of information and the tools to analyze it. Think of it like a highly specialized and trustworthy search engine and library for professionals in science, academia, and law. Instead of searching the open internet, its customers pay to access proprietary databases (collections of organized information) of academic papers, patent filings, and life sciences data. The company's software helps these professionals discover new ideas, protect their inventions, and bring new products to market faster.
Academia & Government
This is Clarivate's largest business, making up about half of its revenue. It serves universities, libraries, and government research centers. These institutions pay subscription fees to access well-known research databases like the Web of Science and ProQuest, which house millions of academic articles and dissertations. This segment also sells software, like Alma and Polaris, that helps libraries manage their own collections and day-to-day operations.
Intellectual Property
This segment, which accounts for about a third of the company's business, helps companies and law firms protect their inventions and brands. Customers pay for access to databases of patents (official rights to an invention) and trademarks (brand names and logos), such as the Derwent World Patents Index. Clarivate also provides software and services that help manage the complex process of filing patents and renewing trademarks around the world. Essentially, this division helps innovators understand what has already been invented and protect their own new ideas.
Life Sciences & Healthcare
This part of the company provides crucial data and intelligence to pharmaceutical, biotech, and medical technology companies. These customers subscribe to services like Cortellis to get information on clinical trials, drug safety regulations, and market trends to help them make better decisions about developing and selling new drugs and medical devices. In July 2026, Clarivate announced an agreement to sell this segment to focus more on its other two businesses. This was the smallest of the three segments, representing about 16% of total company revenue.
What management is betting on now
The company's current strategy focuses on sharpening its focus on the Academia & Government and Intellectual Property markets, highlighted by its decision to sell the Life Sciences & Healthcare division. A major priority is to use the money from this sale to reduce its debt (money owed to lenders), which will give it more financial flexibility. Management is also heavily investing in embedding artificial intelligence (AI) into its core products to help researchers and patent professionals find and analyze information more efficiently. The goal is to make its vast databases even more valuable and essential to its customers' daily work.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$60.30M
FY2024 Q3
$126.30M
FY2024 Q4
$59.10M
FY2025 Q1
$110.30M
FY2025 Q2
$50.30M
FY2025 Q3
$115.50M
FY2025 Q4
$89.20M
FY2026 Q1
$78.90M
Revenue
$585.50M
Net income
$-40.20M
Diluted EPS
-0.06
Operating cash flow
$134.70M
Free cash flow
$78.90M
Fetching…
Sources
Revenue
$617.00M
Net income
$3.10M
Diluted EPS
0.00
Operating cash flow
$159.90M
Free cash flow
$89.20M
Fetching…
Sources
Revenue
$623.10M
Net income
$-28.30M
Diluted EPS
-0.04
Operating cash flow
$181.10M
Free cash flow
$115.50M
Fetching…
Sources
Revenue
$621.40M
Net income
$-72.00M
Diluted EPS
-0.11
Operating cash flow
$116.30M
Free cash flow
$50.30M
Fetching…
Sources
Revenue
$593.70M
Net income
$-103.90M
Diluted EPS
-0.15
Operating cash flow
$171.20M
Free cash flow
$110.30M
Fetching…
Sources
Revenue
$663.00M
Net income
$-191.80M
Diluted EPS
-0.27
Operating cash flow
$141.30M
Free cash flow
$59.10M
Fetching…
Sources
Revenue
$622.20M
Net income
$-65.60M
Diluted EPS
-0.09
Operating cash flow
$202.90M
Free cash flow
$126.30M
Fetching…
Sources
Revenue
$650.30M
Net income
$-304.30M
Diluted EPS
-0.46
Operating cash flow
$126.20M
Free cash flow
$60.30M
Fetching…
Sources
Is it cheap or expensive?
Fair value $1.78 vs current price $1.87
Wall Street consensus is the average analyst price target: $2.97 (67.0% higher than our fair-value estimate).
Our most-likely fair value is $1.78 a share — about 5.0% away from today's price of $1.87, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $4.1B. Interest coverage 0.6x.
Net debt
$4.05B
Interest coverage
0.65x
Clarivate Plc's profit covers its interest bill about 0.6 times over. and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
CLVT
BASELINE
Clarivate Plc
Total debt $4.26B Interest coverage 0.65x This is the baseline the peer rows are being compared against.
Total debt $1.27B Interest coverage 19.37x +2,887% vs CLVT Carries about 29.9x more debt cushion than CLVT.
Total debt $3.33B Interest coverage 9.38x +1,347% vs CLVT Carries about 14.5x more debt cushion than CLVT.
Total debt $1.57B Interest coverage 13.29x +1,949% vs CLVT Carries about 20.5x more debt cushion than CLVT.
Total debt $1.16B Interest coverage -0.65x -100% vs CLVT This peer has almost no interest-payment cushion compared with CLVT.
Total debt $4.62B Interest coverage 7.86x +1,113% vs CLVT Carries about 12.1x more debt cushion than CLVT.
What you should know
The case for and against CLVT
1 Reward
2 Risks
Rewards
-
Free cash flow was positive in 7/10 years.
Risks
-
Return on equity was -7.0% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from 10.0% to 6.1% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
2.58x
P/B
0.26x
P/S
0.50x
EV/EBITDA
5.74x
PEG ratio
0.18x
Profitability
How much profit each dollar creates
Gross margin
66.8%
Operating margin
6.1%
Net margin
-13.8%
ROE
-7.0%
ROA
0.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.94x
Current ratio
0.85x
Quick ratio
0.72x
Total debt
$4.26B
Total cash
$206.70M
Growth
How the business has been compounding
Revenue TTM
$2.45B
Revenue 5Y CAGR
6.9%
EPS TTM
-0.52
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$592.00M
Free CF TTM
$365.30M
FCF margin
14.9%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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