olivLaw · US equity research
Clarivate Plc CLVT
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Clarivate is a global provider of intelligence solutions for academia, intellectual property and life sciences, with subscription revenues and renewal rates above 90 percent. In 2026 it is reshaping its portfolio through a value creation plan, and the sale of the LS&H segment could simplify its financial profile, according to. Second-quarter 2026 revenues reached 587.3 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Clarivate Plc (CLVT) stock was 2.12 USD (+1.44% on the day), with market capitalisation 1.4 bn USD, dividend yield 0.00%, beta 1.09, 52-week range 1.45–3.76 USD. Latest reported quarter (Q3 2026): revenue of 481.6 m USD (−9.2% YoY), net income of -80.8 m USD, diluted EPS -0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 68.9
- strong (55–70)
- Bollinger (20, 2)
- 1.48 – 2.05
- above the upper band · %B 1.12 · band width 32.4%
- SMA 50 / 200
- 1.81 / 2.21
- mixed trend
- MACD (12, 26, 9)
- 0.04 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +46.2% | −1.1% | +47.3 pp | — |
| 3 months | +9.3% | −0.5% | +9.7 pp | — |
| 6 months | −23.5% | +4.4% | −27.9 pp | — |
| Year to date | −36.5% | +12.3% | −48.8 pp | — |
| 1 year | −39.1% | +13.5% | −52.6 pp | −11.9% |
| 3 years | −69.1% | +76.4% | −145.6 pp | −6.2% |
| 5 years | −90.9% | +63.7% | −154.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 663.0 m | 593.7 m | 621.4 m | 530.3 m | 908.5 m | 585.5 m | 587.3 m | 481.6 m |
| Cost of revenue | 227.7 m | 207.0 m | 203.6 m | 178.5 m | 322.3 m | 192.1 m | 185.5 m | 139.0 m |
| SG&A | 180.8 m | 178.4 m | 181.1 m | 145.7 m | 255.4 m | 176.3 m | 181.6 m | 134.6 m |
| Operating income | -62.3 m | -20.8 m | 6.9 m | 45.9 m | 56.4 m | 30.2 m | -200.2 m | 40.1 m |
| Depreciation & amortisation | 186.0 m | 185.4 m | 190.9 m | 168.6 m | 258.0 m | 184.0 m | 185.7 m | 162.3 m |
| Pre-tax income | -132.2 m | -85.1 m | -59.7 m | -22.6 m | -9.6 m | -28.8 m | -260.6 m | -20.9 m |
| Income tax | 59.6 m | 18.8 m | 12.3 m | 2.3 m | -21.8 m | 11.4 m | 8.0 m | 5.5 m |
| Net income | -191.8 m | -103.9 m | -72.0 m | -28.3 m | 3.1 m | -40.2 m | -268.6 m | -80.8 m |
| Diluted EPS | -0.27 ≈ | -0.15 | -0.11 | -0.04 | 0.00 ≈ | -0.06 | -0.42 | -0.13 |
| Operating cash flow | 141.3 m | 171.2 m | 116.3 m ≈ | 181.1 m ≈ | 159.9 m | 134.7 m | 98.7 m ≈ | 165.6 m ≈ |
| Capex | 82.2 m | 60.9 m | 66.0 m ≈ | 65.6 m ≈ | 70.7 m | 55.8 m | 54.7 m ≈ | 55.4 m ≈ |
| Dividends paid | 0 | 0 | 0 ≈ | 0 ≈ | 0 | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 968.5 m | 974.3 m | 1.3 bn | 1.9 bn | 2.7 bn | 2.6 bn | 2.6 bn | 2.5 bn |
| Revenue YoY | +5.5% | +0.6% | +28.7% | +49.7% | +41.7% | −1.2% | −2.7% | −4.0% |
| Net income | -242.2 m | -258.6 m | -350.6 m | -270.5 m | -4.0 bn | -911.2 m | -636.7 m | -201.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -1.11 | -0.94 | -0.82 | -0.61 | -6.24 | -1.47 | -0.96 | -0.30 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -25.0% | -26.5% | -28.0% | -14.4% | -148.9% | -34.7% | -24.9% | -8.2% |
| Free cash flow | -71.5 m | 47.7 m | 155.8 m | 205.3 m | 306.4 m | 501.7 m | 357.5 m | 365.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 329.2 m USD
- Financial debt
- 101.5 m USD
- Net debt
- -227.7 m USD
- Equity
- 4.8 bn USD
- Total assets
- 11.1 bn USD
- Debt / equity
- 0.02x
- Current ratio
- 0.84x
- ROE
- -4.0%
- ROA
- -1.8%
- FCF margin
- 14.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.9 bn | 2.7 bn | 2.6 bn | 2.6 bn | 2.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 438.8 m | 626.1 m | 954.0 m | 906.4 m | 869.2 m | 833.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 815.3 m ≈ | 1.3 bn ≈ | 1.7 bn ≈ | 1.7 bn ≈ | 1.7 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| SG&A | 544.7 m | 643.0 m | 729.9 m | 739.7 m | 727.6 m | 708.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -36.3 m | -87.0 m | -3.9 bn | -734.7 m | -275.6 m | 71.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 303.2 m | 537.8 m | 710.5 m | 708.3 m | 727.0 m | 757.2 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 266.9 m ≈ | 450.8 m ≈ | -3.2 bn ≈ | -26.4 m ≈ | 451.4 m ≈ | 828.7 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 111.9 m | 252.5 m | 270.3 m | 293.7 m | — | — | SEC (XBRL)· 27 Feb 2024verified |
| Pre-tax income | -353.3 m | -258.2 m | -4.0 bn | -1.0 bn | -553.8 m | -193.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | -2.7 m | 12.3 m | -28.9 m | -101.3 m | 82.9 m | 7.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -350.6 m | -270.5 m | -4.0 bn | -911.2 m | -636.7 m | -201.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -0.82 | -0.61 | -6.24 | -1.47 | -0.96 | -0.30 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 427.0 m | 640.8 m | 678.6 m | 671.6 m | 693.6 m | 673.3 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 257.7 m | 430.9 m | 356.8 m | 370.7 m | 295.2 m | 329.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 737.7 m | 906.4 m | 872.1 m | 908.3 m | 798.3 m | 696.8 m | SEC (XBRL)· 03 Nov 2026verified |
| Current assets | 1.1 bn | 1.6 bn | 1.4 bn | 1.5 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 36.3 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Goodwill | 6.0 bn | 7.9 bn | 2.9 bn | 2.0 bn | 1.6 bn | 1.1 bn | SEC (XBRL)· 03 Nov 2026verified |
| Intangibles (excl. goodwill) | 7.4 bn | 10.4 bn | 9.4 bn | 9.0 bn | 8.4 bn | 7.5 bn | SEC (XBRL)· 03 Nov 2026verified |
| Total assets | 14.8 bn | 20.2 bn | 13.9 bn | 12.7 bn | 11.5 bn | 11.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 82.0 m | 129.2 m | 101.4 m | 144.1 m | 124.5 m | 138.8 m | SEC (XBRL)· 03 Nov 2026verified |
| Short-term debt | 28.6 m | 30.6 m | 1.0 m | 1.2 m | 1.3 m | 101.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 3.5 bn | 5.5 bn | — | — | — | — | SEC (XBRL)· 10 Mar 2022verified |
| Current liabilities | 1.4 bn | 1.9 bn | 1.6 bn | 1.6 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 5.8 bn | 8.3 bn | 7.1 bn | 6.7 bn | 6.4 bn | 6.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 9.0 bn † | 11.9 bn † | 6.8 bn † | 6.0 bn † | 5.1 bn † | 4.8 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 263.5 m | 323.8 m | 509.3 m | 744.2 m | 646.6 m | 628.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 107.7 m | 118.5 m | 202.9 m | 242.5 m | 289.1 m | 263.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 155.8 m ≈ | 205.3 m ≈ | 306.4 m ≈ | 501.7 m ≈ | 357.5 m ≈ | 365.3 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -3.0 bn | -4.0 bn | 57.3 m | -237.4 m | -236.7 m | -263.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 2.9 bn | 4.0 bn | -759.2 m | -496.5 m | -470.1 m | -343.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 0 | 18.9 m | 75.4 m | 75.5 m | 37.7 m | 0 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation85
- Balance sheet36
- Quality57
- Growth4
- Returns33
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.10 – 20.70 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Sales4.10 – 20.70 (Mid 7.96)11 companies used · median multiple 1.9x · quartiles 0.9x – 5.1xADP, EGHT, EVTC, IBEX, OOMA, PLTK, SOPH, SY, VRSK, WDAY, YEXT
- Peers: EV/EBITDA15.68 – 17.07 (Mid 16.08)3 companies used · median multiple 14.0x · quartiles 13.7x – 14.9xEGHT, EVTC, VRSK
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 67.3% | 68 (on a fixed band) | 11% |
| EBIT margin · Quality | -2.9% | 51 (vs peers) | 9% |
| FCF margin · Quality | 12.6% | 50 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -2.6% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | -4.0% | 11 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.4x | 67 (vs peers) | 6% |
| Current ratio · Balance sheet | 0.9x | 5 (on a fixed band) | 6% |
| EV/Sales · Valuation | 0.4x | 73 (vs peers) | 17% |
| FCF yield · Valuation | 23.8% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 33 (on a fixed band) | 4% |
Score groups
- Balance sheet36/100 · 2/2 factors with a value
- Growth4/100 · 2/2 factors with a value
- Quality57/100 · 3/3 factors with a value
- Returns33/100 · 1/1 factors with a value
- Valuation85/100 · 2/2 factors with a value
Memo
CLARIVATE PLC (CLVT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth -4.0%; net margin -15.1%; ROE -8.2%; net debt/EBITDA -0.4x.
The estimated value range is 9.89–18.88 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 12.02 USD, the price of 2.12 USD leaves a potential of 466.9% (value / price − 1) and a margin of safety of 82.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/Sales: 0.4x
- FCF yield: 23.8%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -2.6%
- Revenue growth (YoY): -4.0%
- Current ratio: 0.9x
- The valuation methods diverge
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| FIRYFiry Inc. | 4.3 bn | — | -63.0% | -60.2% | +12.5% | +107% / +94% |
| EVTCEVERTEC, Inc. | 2.1 bn | 22.9 | 14.4% | 9.0% | +10.2% | +20% / −6% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −39% / −69% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| OOMAOoma, Inc. | 524.7 m | 49.8 | 11.7% | 3.6% | +6.5% | +69% / +64% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SOHUSohu.com Limited | 355.1 m | 1.0 | 35.8% | 67.4% | −2.4% | −12% / +70% |
| EGHT8x8, Inc. | 326.4 m | 55.5 | 3.5% | 0.6% | +2.9% | +16% / −27% |
| SYSo-Young International Inc. | 146.7 m | — | -14.6% | -15.9% | +8.4% | −29% / +86% |
| TCXTucows Inc | 140.3 m | — | — | -21.2% | +7.7% | −42% / −41% |
| DTCXDatacentrex, Inc. | 39.8 m | — | -36.2% | -165.4% | +939,640.5% | −75% / −81% |
| DGNXDiginex Limited | 38.7 m | — | — | -255.5% | +57.0% | −99% / unavailable |
| PHUNPhunware, Inc. | 36.6 m | — | -13.7% | -471.7% | −19.9% | −14% / −69% |
| DDIDoubleDown Interactive Co., Ltd. | 34.1 m | 0.3 | 11.4% | 28.5% | +5.5% | +48% / +72% |
| SJScienjoy Holding Corporation | 23.5 m | — | -66.6% | -47.3% | −4.9% | +28% / −68% |
| CHRCheer Holding, Inc. | 14.0 m | 0.1 | 7.6% | 17.2% | +1.1% | −77% / −100% |
1- and 3-year price returns: for CLVT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Clarivate is a global provider of intelligence solutions for academia, intellectual property and life sciences, with subscription revenues and renewal rates above 90 percent. In 2026 it is reshaping its portfolio through a value creation plan, and the sale of the LS&H segment could simplify its financial profile, according to 3. Second-quarter 2026 revenues reached 587.3 million USD 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on third-party datahigh
Many products rely on data from third parties, and renewal terms could become less favorable 1.
- Competition from free sourceshigh
Free or cheap information, including through AI, could reduce prices or demand 1.
- Goodwill impairmentmedium
Repeated impairments show asset values can fall, especially if the share price declines further 23.
- Reduced public budgetsmedium
Government research funding declined in 2025 and could decline further, affecting academic segments 1.
- Execution of the value creation planlow
The plan may not deliver the expected results, and the LS&H sale depends on approvals 12.
Investment thesis
What would need to be true (bull case)
- If renewals stay high and ACV growth accelerates, the recurring profile could support cash generation.
- Selling the LS&H segment could focus the company on assets with steadier growth and subscriptions.
- If AI tools are adopted widely, they could open new revenue streams from the existing customer base.
What would break the thesis
- If transactional revenue keeps falling, total growth could remain weak.
- Free sources and general AI models could reduce demand and push prices down.
- If asset impairments recur, investor confidence could be further affected.
What to watch
- Completion of the LS&H sale and its effect on guidance2026
- Trend in annual renewal rate and organic ACVQ3 2026
- Transactional revenues in the A&G and IP segmentsQ3 2026
- Delivery against the 2026 outlook for free cash flow and adjusted EBITDA2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Clarivate Plc has its shares listed on the New York Stock Exchange under the symbol CLVT, with principal offices in London 1. The company presents itself as a provider of transformative intelligence covering the full innovation lifecycle, from research to protecting intellectual property 1. Its offering combines intelligence solutions, workflow solutions and tech-enabled services, serving more than 45,000 customers 1.
Most revenue comes from subscriptions and recurring contracts, with about 83 percent of fiscal 2025 revenue from subscription and re-occurring arrangements 1. Transactional revenues, tied to products, data sets or projects, are declining as the company shifts from one-off sales to subscriptions 12. The annual renewal rate was 92.5 percent in fiscal 2025 and 91.9 percent at June 30, 2026 12.
In July 2026 Clarivate announced a definitive agreement to sell the LS&H business, which will be presented as a discontinued operation from the third quarter of 2026 2. The company recorded a non-cash goodwill impairment of 221.7 million USD in the second quarter of 2026 3.
Segments
Academia & Government (A&G)
The A&G segment offers the Web of Science research family, ProQuest content and library software such as Alma, Vega and Polaris 1. The company says 99 percent of the top 400 universities use its solutions 1. Certain product groups in this segment are being wound down, reducing transactional revenue 3.
Intellectual Property (IP)
The IP segment covers patent and trademark maintenance services, data from the Derwent World Patents Index and IP management software 1. The company states it employs the largest pool of intellectual property experts in the industry 1. This segment was fully impaired in 2023, showing historical fragility in parts of the portfolio 1.
Life Sciences & Healthcare (LS&H)
The LS&H segment provides research, commercial and medtech intelligence through the Cortellis suite and serves more than 3,000 customers in pharma and medical technology 1. This segment is being sold and will be presented as a discontinued operation 2. Past goodwill impairments have focused especially on LS&H 1.
Market context
The target markets are higher education, governments, law firms, intellectual property services and pharmaceuticals, all dependent on public budgets or research spending 1. The company notes that government research funding declined in 2025 and that this could affect demand 1.
Competition comes from established companies with large financial resources, smaller specialized firms and free or low-cost information sources, including general AI models 1. Clarivate says it does not have a direct competitor across all the markets it serves, given the breadth of its offering 1.
Trends
- Generative and agentic AImixed
The company is building AI research assistants and agents into its products, which could expand adoption and create new revenue 1. At the same time, AI can make free sources that compete with Clarivate products more accessible 1.
- Shift toward subscriptionstailwind
A transition from transactional sales to subscriptions could stabilize revenue and margins 12. Transactional revenue fell 30.1 percent in the second quarter of 2026, partly due to customer migrations to subscriptions 2.
- Tighter public budgetsheadwind
Cuts in research funding at universities and government agencies could delay purchases and reduce transactional revenue 1.
- Debt reductiontailwind
The company reduced debt by more than 200 million USD in the first half of 2026, which could ease financial pressure if the pace continues 3.
Competitive position
Clarivate says the main competitive factors are the depth and accuracy of content, ease of use of delivery platforms and value for price 1. Competitors include established companies with strong positions in certain product lines, smaller and newer firms, and information services providers and search providers 1.
- Established scientific information companies
Rivals with large financial resources and strong positions in certain product lines and regions, as the company itself notes in its risk factors.
- Smaller and specialized firms
Newer companies with a narrower focus that can enter the market faster thanks to new technologies.
- Providers of free information sources
Public sources and general AI models that could substitute for paid products if they become good enough.
- Information services and search providers
Competitors that can bundle competing products with complementary ones into integrated packages.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Other events · Financial statements and exhibits
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)13 Oct 2026Acquisition or disposition of assets · Financial statements and exhibits
- Current report06 Oct 2026Acquisition or disposition of assets · Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report24 Sept 2026Other events · Financial statements and exhibits
- Current report23 Sept 2026Other events · Financial statements and exhibits
- Current report17 Sept 2026Other events · Financial statements and exhibits
- Current report29 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Clarivate Plc · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Clarivate Plc · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Clarivate Plc · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.