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CLVT, Clarivate Plc

IT Services & Consulting asset-light UnprofitableDistress / turnaroundSerial acquirer

Clarivate Plc is a public limited company incorporated on January 7, 2019 under the laws of Jersey, Channel Islands.

From research and learning to commercialization, we offer intelligence solutions, workflow solutions, and tech-enabled services to customers in the Academia & Government, Intellectual Property, and Life Sciences & Healthcare end markets.

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Latest annual: FY2025 10-K

CLVT · Clarivate Plc

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.5B

−4.0% YoY · 14% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.4B 5-yr avg $2.4B

Gross margin 67% 5-yr avg 66%

Operating margin 5.0% 5-yr avg −37.6%

Owner-earnings margin 14% 5-yr avg 14%

Free cash flow margin 14% 5-yr avg 14%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is A&G (52%), IP (33%) and LS&H (16%).
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Serial acquirer. Goodwill and acquired intangibles are 86% of assets, with meaningful acquisition spending in 4 of the record's 9 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Operating margin has run around −11% through the cycle on a 66% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −2%, above 15% in 0 of 8 years). The steadier read is owner earnings: roughly 12% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 3 segments, the largest A&G at 52%.

Revenue by reportable segment, FY2025

A&G52%$1.3B
IP33%$799M
LS&H16%$390M

By geographyNorth America53%EMEA27%Asia Pacific20%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$918M	$968M	$974M	$1.3B	$1.9B	$2.7B	$2.6B	$2.6B	$2.5B	$2.4B	RevenueRevenue
—	—	64%	65%	67%	64%	66%	66%	66%	67%	Gross marginGross mgn
37%	43%	49%	43%	34%	27%	28%	28%	29%	29%	SG&A / revenueSG&A/rev
($147M)	($106M)	($82M)	($36M)	($87M)	($3.9B)	($735M)	($276M)	$72M	$123M	Operating incomeOp. inc.
−16.0%	−10.9%	−8.5%	−2.9%	−4.6%	−147.6%	−27.9%	−10.8%	2.9%	5.0%	Operating marginOp. mgn
($264M)	($242M)	($259M)	($351M)	($271M)	($4.0B)	($911M)	($637M)	($201M)	($137M)	Net incomeNet inc.
										Cash flow & returns
$7M	($26M)	$118M	$264M	$324M	$509M	$744M	$647M	$629M	$592M	Operating cash flowOp. cash
$228M	$237M	$201M	$303M	$538M	$711M	$708M	$727M	$757M	$756M	DepreciationDeprec.
$24M	($35M)	$124M	$277M	$23M	$3.7B	$838M	$496M	$9M	($93M)	Working capital & otherWC & other
—	$45M	$70M	$108M	$119M	$203M	$243M	$289M	$263M	$258M	CapexCapex
—	4.7%	7.2%	8.6%	6.3%	7.6%	9.2%	11.3%	10.7%	10.5%	Capex / revenueCapex/rev
—	($72M)	$48M	$156M	$205M	$306M	$502M	$358M	$365M	$334M	Owner earningsOwner earn.
—	−7.4%	4.9%	12.4%	10.9%	11.5%	19.1%	14.0%	14.9%	13.6%	Owner earnings marginOE mgn
—	($72M)	$48M	$156M	$205M	$306M	$502M	$358M	$365M	$334M	Free cash flowFCF
—	−7.4%	4.9%	12.4%	10.9%	11.5%	19.1%	14.0%	14.9%	13.6%	Free cash flow marginFCF mgn
$7M	$24M	$68M	$2.9B	$3.9B	$25M	$5M	$32M	$0	$0	AcquisitionsAcquis.
—	—	—	$0	$19M	$75M	$76M	$38M	$0	$0	Dividends paidDiv. paid
—	-3%	-2%	-0%	-0%	-27%	-6%	-2%	1%	—	ROICROIC
-21%	-23%	-21%	-4%	-2%	-58%	-15%	-12%	-4%	-3%	Return on equityROE
—	—	—	−4%	−2%	−59%	−16%	−13%	−4%	−3%	Retained to equityRetained/eq
										Balance sheet
$53M	$26M	$76M	$258M	$431M	$357M	$371M	$295M	$329M	$242M	Cash & investmentsCash+inv
$318M	$331M	$334M	$738M	$906M	$872M	$908M	$798M	$822M	$883M	ReceivablesReceiv.
—	$38M	$30M	$82M	$129M	$101M	$144M	$125M	$151M	$136M	Accounts payablePayables
$318M	$293M	$304M	$656M	$777M	$771M	$764M	$674M	$671M	$747M	Operating working capitalOper. WC
—	$409M	$365M	$1.1B	$1.6B	$1.4B	$1.5B	$1.2B	$1.3B	$1.3B	Current assetsCur. assets
—	$644M	$602M	$1.4B	$1.9B	$1.6B	$1.6B	$1.4B	$1.6B	$1.5B	Current liabilitiesCur. liab.
—	0.6×	0.6×	0.8×	0.9×	0.9×	0.9×	0.9×	0.8×	0.8×	Current ratioCurr. ratio
$1.3B	$1.3B	$1.3B	$6.0B	$7.9B	$2.9B	$2.0B	$1.6B	$1.6B	$1.6B	GoodwillGoodwill
—	$3.7B	$3.7B	$14.8B	$20.2B	$13.9B	$12.7B	$11.5B	$11.1B	$10.9B	Total assetsAssets
—	$2.0B	$1.6B	$3.5B	$5.6B	$5.1B	$4.8B	$4.6B	$4.5B	$5.5B	Total debtDebt
—	$2.0B	$1.6B	$3.2B	$5.1B	$4.7B	$4.4B	$4.3B	$4.1B	$5.2B	Net debt / (cash)Net debt
-1.1×	-0.8×	-0.5×	-0.3×	-0.3×	-14.5×	-2.5×	—	—	0.4×	Interest coverageInt. cov.
$1.3B	$1.1B	$1.2B	$9.0B	$11.9B	$6.8B	$6.0B	$5.1B	$4.8B	$4.8B	Shareholders’ equityEquity
1.9%	1.4%	5.3%	2.7%	1.8%	3.5%	4.1%	2.3%	2.6%	2.7%	Stock comp / revenueSBC/rev
—	—	—	—	—	$4.4B	$848M	$466M	$15M	$15M	Goodwill written downGW imp.
										Per share
217M	217M	274M	427M	641M	679M	672M	694M	673M	641M	Shares out (diluted)Shares
$4.23	$4.45	$3.56	$2.94	$2.93	$3.92	$3.91	$3.69	$3.65	$3.82	Revenue / shareRev/sh
$-1.22	$-1.11	$-0.94	$-0.82	$-0.42	$-5.84	$-1.36	$-0.92	$-0.30	$-0.21	EPS (diluted)EPS
—	$-0.33	$0.17	$0.36	$0.32	$0.45	$0.75	$0.52	$0.54	$0.52	Owner earnings / shareOE/sh
—	$-0.33	$0.17	$0.36	$0.32	$0.45	$0.75	$0.52	$0.54	$0.52	Free cash flow / shareFCF/sh
—	—	—	$0.00	$0.03	$0.11	$0.11	$0.05	$0.00	$0.00	Dividends / shareDiv/sh
—	$0.21	$0.25	$0.25	$0.18	$0.30	$0.36	$0.42	$0.39	$0.40	Cap. spending / shareCapex/sh
$5.93	$4.83	$4.56	$21.16	$18.61	$10.04	$8.92	$7.41	$7.19	$7.47	Book value / shareBVPS

The diluted share count moved ×1.56 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.5 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	−1.8%/yr	+4.4%/yr
Owner earnings / share	—	+8.3%/yr
Capital spending / share	+9.4%/yr (7-yr)	+9.2%/yr
Book value / share	+2.4%/yr	−19.4%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

673Mpeak FY2024

ROIC

1%low FY2022

Gross margin

66%low FY2019

Net debt ÷ owner earnings

11.3×peak FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$365Mowner earningsvs.($201M)net incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $201M loss into $365M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($201M)	($637M)	($911M)	($4.0B)	($271M)
Depreciation & amortizationnon-cash charge added back	+$757M	+$727M	+$708M	+$711M	+$538M
Stock-based compensationreal costnon-cash, but a real cost	+$63M	+$60M	+$109M	+$94M	+$33M
Working capital & othertiming of cash in and out, other non-cash items	+$9M	+$496M	+$838M	+$3.7B	+$23M
Cash from operations	$629M	$647M	$744M	$509M	$324M
Capital expenditurecash put back in to keep running and to grow	−$263M	−$289M	−$243M	−$203M	−$119M
Owner earnings	$365M	$358M	$502M	$306M	$205M
Owner-earnings marginowner earnings ÷ revenue	15%	14%	19%	12%	11%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $63M), owner earnings is nearer $302M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 0.2×

Does not cover its interest

Operating income $72M ÷ interest expense $294M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $5.2B · 72.1× operating profit

Heavy net debt

Cash $329M − debt $5.5B

What this means
Netting $329M of cash and short-term investments against $5.5B of debt leaves $5.2B owed, about 72.1× a year's operating profit (76.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 56d

Tight

DSO 122 + DIO 0 − DPO 66 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital -2%

Below average through the cycle

8-yr median, range -27%–1%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median 10%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 12%

Solid through the cycle

8-yr median margin, range -7%–19%; latest $365M = operating cash $629M − maintenance capex $263M

Industry peers: median 8%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 15% of revenue this year, a 12% median across 8 years. Treating stock comp as the real expense it is (less $63M of SBC) leaves $302M.
Are earnings backed by cash? $629M

Loss, but cash-generative

Net income ($201M) · cash from operations $629M

In the filing’s words And the filing leans heavily on adjusted, non-GAAP earnings — steering you off the GAAP figure just where the cash is not backing it. Read the reconciliation in the notes before taking the adjusted number.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 0%

Reinvests most of it

Dividends + buybacks $0 ÷ Owner Earnings $365M

What this means
Of $365M Owner Earnings, $0 (0%) went back to shareholders, $0 dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.35×

Harvesting

Capex $263M ÷ depreciation $757M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.84×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $5.5B vs ($259M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (9-yr record) · 9 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 4 of 9 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.91/share (latest year $-0.31), the averaged base the calculator's gate runs on, and book value is $7.58/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 0 of 9

What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −12% → −12% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about −12% early, −12% lately, median −11%.
Reinvestment, incremental ROIC −4%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Worst year 2022 · −147.6% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“If we fail to keep pace with rapidly evolving AI technological developments, our competitive position and business results may be negatively impacted, and there can be no assurance that our use of AI will result in our business or operations being more efficient or profitable or otherwise result in our intended outcome…”

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.3B

Cash & short-term investments$242M
Receivables$883M
Other current assets$176M

Current liabilities$1.5B

Debt due within a year$31M
Accounts payable$136M
Other current liabilities$1.4B

Current ratio0.84×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.84×stricter: inventory excluded

Cash ratio0.16×strictest: cash alone against what's due

Working capital($241M)the cushion left after near-term bills

Debt due this year vs. cash$31M due · $242M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago−1.4%the freshest read on whether the business is still growing

Current ratio, recent quarters0.9× → 0.8×

Deeper floors

Tangible book value($4.6B)equity stripped of goodwill & intangibles

Net current asset value($4.8B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$5.5B$51M of it operating leases

Deferred revenue$1.0Bcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2018–2025

Over the record, the business generated $3.2B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.3B · 42%
Dividends$208M · 6%
Retained (debt / cash)$1.7B · 52%

Returned to owners$208M
11% of the owner earnings the business produced over the span, $208M as dividends and $0 as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $3.5B and cash and short-term investments rose $217M.
Net change in share count194.6%
The diluted count rose from 217M to 641M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.00/sh
Paid in 4 of the years on record. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$9.6B86% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity32%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$7.0Bover 9 years buying other businesses, against $1.3B of capital spent building

$5.8B written down across 4 years (2022, 2023, 2024, 2025): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 82% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	—	$5.3M	$2.8M	$205M
2022	Jonathan Gear	$8.4M	$5.4M	$306M
2022	—	$4.5M	−$2.2M	$306M
2023	Jonathan Gear	$12.5M	$10.6M	$502M
2024	Jonathan Gear	$21.9M	$1.6M	$358M
2024	Matti Shem Tov	$4.8M	$3.9M	$358M
2025	Matti Shem Tov	$8.4M	$5.8M	$365M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

Stock-based compensation$63M
The slice of the business handed to employees in shares this year, 3% of revenue, equal to 88% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Clarivate Plc is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

2 of the 4 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?194.6%
Diluted shares grew 194.6% over 2018–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereAre "one-time" charges a yearly habit?5 of 9 years
Management took an impairment or write-down in 5 of the last 9 years, $5.9B in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, IT Services & Consulting

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
VRSKVerisk Analytics Inc.	$3.1B	65%	40.3%	14%	32%
PLTKPlaytika Holding Corp.	$2.8B	72%	18.8%	34%	19%
RNGRingCentral Inc.	$2.5B	72%	-4.2%	-11%	7%
CLVTClarivate Plc	$2.5B	66%	-10.8%	-2%	12%
RDDTReddit Inc.	$2.2B	88%	-21.6%	22%	3%
PEGAPegasystems	$1.7B	71%	1.9%	3%	7%
FAFirst Advantage Corporation	$1.6B	—	9.8%	4%	17%
TASKTaskUs Inc.	$1.2B	—	10.2%	10%	8%
Group median	—	71%	5.8%	7%	10%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Clarivate Plc has delivered.

Clarivate Plc’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Clarivate Plc earns about $294M on its 12.0% median owner-earnings margin. This year’s 14.9% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($294M) Net of stock comp (−$67M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+9%/yr

Owner-earnings growth · since FY2019+40%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $334M on 639M shares outstanding, per the 10-Q cover, as of 2026-03-31; net debt $5.2B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CLVT against another business →

The owners of CLVT: the meeting and the votes →

Cite: Owner Scorecard, "Clarivate Plc (CLVT), the owner's record," https://ownerscorecard.com/c/CLVT, data as of 2026-07-09.

Manual order: ← CLSK its page in the Manual CLX →

Industry order: ← CDW the IT Services & Consulting chapter CTSH →