Clarivate
CLVT on NYSE. Clarivate sells data and analytics tools to researchers, businesses, and universities. Market value $928m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a big one-time charge, so we price the company excluding that charge.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $34.84 of spare cash in the past 12 months. A savings account pays about $4.
You pay 32.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -2 cents a year. Above 10 is good.
Quality score: 60 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$1.47 a share, 3% above its 1-year low
Over the past year the price has ranged from $1.43 to $3.89.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.9bn | $2.7bn | $2.6bn | $2.6bn | $2.5bn |
| Operating margin | |||||
| Operating margin | -4.6% | -147.6% | -27.9% | -10.8% | 2.9% |
| Debt to equity | |||||
| Debt to equity | 0.47 | 0.73 | 0.79 | 0.88 | 0.91 |
| Shares outstanding | |||||
| Shares outstanding | 0.67bn | 0.66bn | 0.71bn | 0.66bn | 0.64bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.91× equity
- Revenue growth, five yearsStrong, 14.4% a year
- Buying back its own sharesYes, 5% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $587 million last quarter, down 5% on a year ago.
- A loss of $269 million, compared with a loss of $72 million a year ago.
- It loses 4 cents on each $1 of sales, compared with 2 cents a year earlier.
- Spare cash over the past 12 months: $328 million, down from $346 million.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $4 billion more than cash, down from $4.2 billion a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $622m |
| December 2024 | $663m |
| March 2025 | $594m |
| June 2025 | $621m |
| September 2025 | $623m |
| December 2025 | $617m |
| March 2026 | $586m |
| June 2026 | $587m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$66m |
| December 2024 | -$192m |
| March 2025 | -$104m |
| June 2025 | -$72m |
| September 2025 | -$28m |
| December 2025 | $3m |
| March 2026 | -$40m |
| June 2026 | -$269m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
4 long-term investors we follow own it, down from 5 last quarter. 242 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $3m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Clarkston Capital PartnersJeff Hakala | $99m | 8.3% | Added |
| LSV Asset ManagementJosef Lakonishok | $9m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $3m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $1m | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- Leonard Green & Partners, L.P.$252m
- Exor$145m
- Clarkston Capital Partners$99mAdded
- BlackRock$67mAdded
- Partners Group Holding AG$55m
- FIL$55m
- Dimensional Fund Advisors LP$41mCut
- Edmond de Rothschild Holding$35mCut
- Citadel Advisors$32mCut
- American Century Companies$31mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%; 1 of them is pushing for change.
- Clarkston Capital PartnersPassive investorat least 6.7%(filed with 4 related holders)Since 31 March 2026
- Impactive CapitalActivistat least 3.5%(filed with 3 related holders)Since 4 February 2026
- Baupost GroupPassive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
Clarkston Capital Partners Passive investor | at least 6.7% (filed with 4 related holders) | 31 March 2026 | |
Impactive Capital Activist | at least 3.5% (filed with 3 related holders) | 4 February 2026 | |
Baupost Group Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $9m of shares on the open market. 2 sold $6m, $1m of it under preset trading plans.
- Cornick Kenneth L.DirectorBought
- Date
- 7 August 2026
- Shares
- 250,000
- Price
- $1.85
- Value
- $462,500
- Cornick Kenneth L.DirectorBought
- Date
- 6 August 2026
- Shares
- 650,000
- Price
- $1.86
- Value
- $1m
- Snyder Andrew MilesDirectorSold
- Date
- 3 August 2026
- Shares
- 2,489,618
- Price
- $1.94
- Value
- $5m
- Veinstein BarPresident, A&GSoldunder a preset trading plan
- Date
- 1 December 2025
- Shares
- 309,902
- Price
- $3.74
- Value
- $1m
- Cornick Kenneth L.DirectorBought
- Date
- 10 November 2025
- Shares
- 100,000
- Price
- $3.45
- Value
- $345,000
- Cornick Kenneth L.DirectorBought
- Date
- 3 November 2025
- Shares
- 225,000
- Price
- $3.52
- Value
- $792,000
- Cornick Kenneth L.DirectorBought
- Date
- 31 October 2025
- Shares
- 500,000
- Price
- $3.38
- Value
- $2m
- Snyder Andrew MilesDirectorBought
- Date
- 31 October 2025
- Shares
- 1,460,000
- Price
- $3.33
- Value
- $5m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 7 August 2026 | Cornick Kenneth L. Director | Bought | 250,000 | $1.85 | $462,500 |
| 6 August 2026 | Cornick Kenneth L. Director | Bought | 650,000 | $1.86 | $1m |
| 3 August 2026 | Snyder Andrew Miles Director | Sold | 2,489,618 | $1.94 | $5m |
| 1 December 2025 | Veinstein Bar President, A&G | Sold under a preset trading plan | 309,902 | $3.74 | $1m |
| 10 November 2025 | Cornick Kenneth L. Director | Bought | 100,000 | $3.45 | $345,000 |
| 3 November 2025 | Cornick Kenneth L. Director | Bought | 225,000 | $3.52 | $792,000 |
| 31 October 2025 | Cornick Kenneth L. Director | Bought | 500,000 | $3.38 | $2m |
| 31 October 2025 | Snyder Andrew Miles Director | Bought | 1,460,000 | $3.33 | $5m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 11 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 32.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.