CLVTCLARIVATE PLC

Services-Computer Processing & Data Preparation

Revenue: $2.5B; 4.0% YoY
Operating margin: 2.9%; 127% YoY
EBITDA: $829M; 84% YoY
Market cap: $1.1B
Employees: 12,000; $205K revenue each
Net debt / EBITDA: 5.0×; $4.2B net debt
AI in 10-K: 16.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$205K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
16.9 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$2.7B	$2.6B	$2.6B	$2.5B	4.0%
Operating income	−$87M	−$3.9B	−$735M	−$276M	$72M	126%
Net income	−$271M	−$4.0B	−$911M	−$637M	−$201M	68%
Operating cash flow	$324M	$509M	$744M	$647M	$629M	2.8%
Capex	$119M	$203M	$243M	$289M	$263M	9.0%
Stock-based comp	$33M	$94M	$109M	$60M	$63M	5.3%
Dividends	$19M	$75M	$76M	$38M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 6, 2026	Impactive Capital LP	SCHEDULE 13D/A	3.5%	Active
Mar 4, 2024	Exor N.V.	SC 13D/A	10.1%	Active
Dec 19, 2023	Exor N.V.	SC 13D/A	9.6%	Active
Dec 4, 2023	Exor N.V.	SC 13D/A	8.6%	Active
Nov 8, 2023	Exor N.V.	SC 13D/A	7.4%	Active
Oct 23, 2023	Exor N.V.	SC 13D	6.3%	Active
Oct 16, 2023	Impactive Capital LP	SC 13D	5.3%	Active
Jun 23, 2021	Green Equity Investors VII, L.P.	SC 13D/A	16.8%	Passive
Feb 16, 2021	Selige Co-Investor Pooling S.C.Sp	SC 13D/A	6.3%	Passive
Oct 13, 2020	Green Equity Investors VII, L.P.	SC 13D	19.2%	Passive

Insider trading

Open-market buys, 12 mo: $3M · 4
Open-market sells, 12 mo: $6M · 4
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.