CLARIVATE PLC financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data CLARIVATE PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	918	968	974	1,254	1,877	2,660	2,629	2,557	2,455
Cost of revenue			352	439	626	954	906	869	834
Gross profit			622	815	1,251	1,706	1,722	1,688	1,622
Research and development	17.7	13.7
Selling, general and administrative	343	413	475	545	643	730	740	728	709
Operating expenses	1,065	1,074	1,057	1,290
Operating income	-147	-106	-82.5	-36.3	-87	-3,926	-735	-276	71.5
Interest expense	138	131	158	112	253	270	294
Pre-tax income	-285	-237	-248	-353	-258	-3,989	-1,013	-554	-194
Income tax	-21.3	5.65	10.2	-2.7	12.3	-28.9	-101	82.9	7.2
Net income	-264	-242	-259	-351	-271	-3,960	-911	-637	-201
EBITDA	81.4	132	118	267	451	-3,215	-26.4	451	829
EPS, basic	-1.21	-147.14	-0.94	-0.82	-0.49	-5.97	-1.47	-0.96	-0.30
EPS, diluted	-1.21	-1.11	-0.94	-0.82	-0.61	-6.24	-1.47	-0.96	-0.30
Shares, basic (weighted)	218	1.65	274	427	631	676	672	694	673
Shares, diluted (weighted)	218	1.65	274	427	641	679	672	694	673

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	53.2	25.6	76.1	258	431	357	371	295	329
Receivables	318	331	334	738	906	872	908	798	822
Other current assets	20.2	20.7	11.8	79.2	66.6	76.9	68	65.2	64.9
Total current assets	444	409	493	1,148	1,637	1,395	1,462	1,245	1,310
Property, plant and equipment	23	20.6	18	36.3	83.8	54.5	51.6	53.5	52.7
Lease right-of-use assets		0	85.4	132	86	58.9	55.2	53.6	46.6
Goodwill	1,311	1,283	1,328	6,043	7,905	2,877	2,024	1,567	1,567
Intangible assets	2,160	1,959	1,829	7,370	10,392	9,438	9,007	8,441	8,008
Other non-current assets	60	26.6	18.6	31.3	50.8	97.9	60.8	82.2	68.1
Total assets	4,005	3,710	3,791	14,791	20,183	13,945	12,707	11,490	11,069
Accounts payable	60.8	38.4	26.5	82	129	101	144	125	151
Accrued liabilities			55.2	98.5	151	132	127	119	147
Deferred revenue	361	391	407	707	1,030	948	983	859	879
Short-term debt	45.3	60.3	9	28.6	30.6	1	1.2	1.3	102
Total current liabilities	661	644	651	1,423	1,902	1,560	1,600	1,434	1,569
Long-term debt	1,968	1,930	1,629	3,458	5,456	5,005	4,721	4,519	4,322
Lease liabilities		0	64.2	104	94	72.9	63.2	53.2	37.9
Other non-current liabilities	22.6	24.8	18.9	49.4	143	140	41.9	72.5	86.2
Total liabilities	2,719	2,659	2,543	5,756	8,257	7,132	6,715	6,351	6,227
Total debt	1,968	1,991	1,638	3,487	5,456	5,006	4,722	4,520	4,423
Paid-in capital	1,662	1,677	-4.88
Retained earnings	-390	-632	-891	-1,251	-1,604	-5,659	-6,646	-7,314	-7,515
Treasury stock				-196	-16.9	0
Other comprehensive income	14	5.36	-4.88	492	327	-666	-495	-526	-453
Shareholders' equity	1,286	1,051	1,249	9,035	11,926	6,813	5,992	5,139	4,843
Total equity	1,286	1,051	1,249	9,035	11,926	6,813	5,992	5,139	4,843
Total liabilities and equity	4,005	3,710	3,791	14,791	20,183	13,945	12,707	11,490	11,069
Shares outstanding	218	218	307	606	683	674	666	691	641

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-264	-242	-259	-351	-271	-3,960	-911	-637	-201
Depreciation and amortization	228	237	201	303	538	711	708	727	757
Stock-based compensation	17.7	13.7	51.4	34.2	33.3	93.9	109	59.9	63.1
Deferred income tax	-35.7	-15	-8.34	-40.2	-17.4	-65.7	-78.2	21.7	-41.3
Change in receivables	43.1	-50.9	-0.59	29.9	-64.1	-28.3	-25.5	92.6	-5
Change in payables	-39.7	-18.1	-13.8	-2.9	31.2	-24	41.2	-15	22.8
Cash from operations	6.67	-26.1	118	264	324	509	744	647	629
Capital expenditures	-37.8	-45.4	-69.8	-108	-119	-203	-243	-289	-263
Acquisitions	-7.4	-23.5	-68.4	-2,923	-3,930	-24.8	-5.4	-32	0
Cash from investing	-40.2	11.9	-141	-2,989	-4,045	57.3	-237	-237	-263
Debt issued	30	45	1,600	1,960	1,843	0	0	0	500
Debt repaid	-15.4	-46.7			-28.6	-322	-300	-198	-600
Stock issued	9.06	1.57	0	844	728	0	0
Share buybacks				0	-159	-175	-100	-200	-225
Dividends paid				0	-18.9	-75.4	-75.5	-37.7	0
Cash from financing	22.8	-32.6	75.2	2,927	4,032	-759	-497	-470	-343
Exchange rate effect	3.25	-5.19	-0.97	-5	3.7	-38.2	3.6	-15.3	11.8
Net change in cash	-7.47	-52	50.9	196	315	-231	13.9	-75.5	34
Free cash flow	-31.1	-71.5	47.7	156	205	306	502	358	365
Interest paid	115	122	101	97.5	182	252	274	265	256
Income taxes paid	14.7	13.2	29.2	27.6	33.9	63.7	42.9	52.9	42.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $1.78 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.5%	Gross profit / revenue.
Operating margin	5.0%	Operating income / revenue.
EBITDA margin	35.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.6%	Pre-tax income / revenue.
Net margin	-5.6%	Net income / revenue.
FCF margin	13.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.2%	Cash from operations / revenue.
Return on equity (ROE)	-2.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.3%	Net income / average total assets.
Return on invested capital (ROIC)	1.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	28.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.5%	Capital expenditures / revenue.
D&A / revenue	30.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	83.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	25.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	2.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	18.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-10.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	9.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.84x	Current assets / current liabilities.
Quick ratio	0.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.89x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.2%	Total debt / total assets.
Liabilities / assets	56.2%	Total liabilities / total assets.
Net debt	$4.04B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.60x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$241.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	86.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$4.64B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.22x	Revenue / average total assets.
Fixed asset turnover	48.1x	Revenue / average property, plant and equipment.
Receivables turnover	2.77x	Revenue / average receivables.
Days sales outstanding	132 days	365 x average receivables / revenue.
Days payables	60 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	43.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.82	Revenue / diluted weighted shares.
FCF per share	$0.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.92	Cash from operations / diluted weighted shares.
Book value per share	$7.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.26	Tangible book value / shares outstanding.
Cash per share	$0.38	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	57.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.14B	Share price x shares outstanding.
Enterprise value	$5.18B	Market cap + total debt - cash - short-term investments.
P/S	0.47x	Market cap / revenue.
P/B	0.24x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	3.41x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.92x	Market cap / cash from operations, when positive.
EV/Sales	2.12x	Enterprise value / revenue.
EV/EBIT	42.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.90x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	29.3%	Free cash flow / market cap.
Earnings yield	-12.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	16.9%	(Dividends paid + share buybacks) / market cap.

What was CLARIVATE PLC's revenue in fiscal 2025?

CLARIVATE PLC reported revenue of $2.46B for fiscal 2025, 4% lower than the year before.

Was CLARIVATE PLC profitable in fiscal 2025?

No. It reported a net loss of $201.1M.

How much free cash flow did CLARIVATE PLC generate in fiscal 2025?

Cash from operations of $628.5M minus capital expenditures of $263.2M left free cash flow of $365.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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