CTEV · Industrials(services-business services, nec) · 9 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Claritev Corp reported revenue of $965.4 million in fiscal 2025. Of the $2.1 billion its operations generated over 9 years, 34.4% went back into the business and 10.7% to buybacks. On the accounting screens, it passes 5 of 8 Piotroski tests and its Altman Z'' of -1.67 is in the distress zone; 3 of the six cross-checks between its statements fire.
Revenue, fiscal 2025965.4M
Operating margin3.0%gross margin —
Return on invested capital0.8%-6.0% on average over 5 years
Free cash flow after stock pay-40.1M-4.2% of revenue
Net debt ÷ EBITDA35.3×net debt 4.6B
Piotroski F-score5/8tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
1-for-40 before fiscal 2023.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-2.0B-1.0B01.0B2.0B
2017
2018Revenue 1.0BOperating income 427.5M
2019Revenue 982.9MOperating income 368.2M
2020Revenue 937.8MOperating income -131.8M
2021Revenue 1.1BOperating income 386.1M
2022Revenue 1.1BOperating income -362.7M
2023Revenue 961.5MOperating income 162.0M
2024Revenue 930.6MOperating income -1.4B
2025Revenue 965.4MOperating income 28.8M
201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
8 yrs
Revenue
-3.7%
+0.6%
—
Shares
+1.0%
+6.9%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
—
Return on assets
-5.8%
Asset turnover
0.20×
Overheads (SG&A)
22.9% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-2.0B-1.5B-1.0B-500.0M0500.0M
2017
2018Net income 36.2MFree cash flow 228.7MAfter stock-based pay 224.0M
2019Net income 9.7MFree cash flow 217.9MAfter stock-based pay 232.8M
2020Net income -520.6MFree cash flow 306.6MAfter stock-based pay -99.5M
2021Net income 102.1MFree cash flow 320.1MAfter stock-based pay 302.1M
2022Net income -572.9MFree cash flow 282.6MAfter stock-based pay 265.9M
2023Net income -91.7MFree cash flow 62.9MAfter stock-based pay 44.9M
2024Net income -1.6BFree cash flow -10.5MAfter stock-based pay -37.2M
2025Net income -284.3MFree cash flow -12.3MAfter stock-based pay -40.1M
201720182019202020212022202320242025
Where 9 years of operating cash went, 2017–2025
2.1B generated by the business. Each band is its share of that total.
Reinvested in the business 34%731.7M
Acquisitions 7%144.8M
Dividends 0%0
Share buybacks 11%226.7M
Kept, or used to pay down debt 48%1.0B
Over the same years it paid 503.1M in stock. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-150.00$-100.00$-50.00$0.00$50.00
2017
2018
2019Earnings per share $0.93Free cash flow per share $20.97
2020Earnings per share $-44.23Free cash flow per share $26.05
2021Earnings per share $6.27Free cash flow per share $19.65
2022Earnings per share $-35.87Free cash flow per share $17.69
2023Earnings per share $-5.69Free cash flow per share $3.90
2024Earnings per share $-101.92Free cash flow per share $-0.65
2025Earnings per share $-17.30Free cash flow per share $-0.75
201720182019202020212022202320242025
Shares outstanding
Diluted shares
10.0M12.0M14.0M16.0M18.0M
2017
2018
2019Diluted shares 10.4M
2020Diluted shares 11.8M
2021Diluted shares 16.3M
2022Diluted shares 16.0M
2023Diluted shares 16.1M
2024Diluted shares 16.1M
2025Diluted shares 16.4M
201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-2.0B02.0B4.0B6.0B
2017
2018
2019
2020Net debt -126.8M
2021Net debt 4.8B
2022Net debt 4.5B
2023Net debt 4.5B
2024Net debt 4.6B
2025Net debt 4.6B
201720182019202020212022202320242025
Net debt ÷ EBITDA
35.3×
Interest coverage
0× operating income ÷ interest
Current ratio
0.86 current assets ÷ current liabilities
Cash conversion cycle
— collects in 48d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
5of 8 tests passed
✕ProfitableReturn on assets above zerofailed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-1.67distress zone
1.12.6
Working capital ÷ assets -0.01 × 6.56-0.05
Retained earnings ÷ assets -0.50 × 3.26-1.62
Operating income ÷ assets 0.01 × 6.72+0.04
Equity ÷ liabilities -0.03 × 1.05-0.04
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Receivables are growing 42% against revenue growing 4%.
Benign
A shift towards larger customers on longer terms, or sales concentrated at the end of the period.
Worrying
Sales are being made on looser credit, or revenue has been booked that may never be collected.
The effective tax rate is -23.8%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
Net debt is 35.3 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$249,6642 purchase(s) by 1 insider(s)
Sold on the open market$919,3454 sale(s) by 3 insider(s)
Under pre-arranged plans50%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (services-business services, nec) first, then the rest of industrials.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
